With a new decade just begun, it’s interesting to look back at where we’ve been these past 10 years. In 2002, there were 1023 single family homes sold in the Truckee/Lake Tahoe area, with a median price of $397,500. By 2006, we reached the peak of market value, at a median price of $680,000. Now, at the end of 2009, we’re down to a median price of $512,000, a total decrease of 25% in median value from the high in 2006, yet a 29% increase since 2002. However, this year has also seen an increase in number of homes sold (787), up 20% from the low in 2008 of 655.
In looking at the Tahoe Donner subdivision in Truckee, which comprises the largest percentage of the sales in the overall area, the statistics are similar. In 2002, there were 302 single family homes sold, with a median price of $495,000. The highest median market value was reached in 2005, at $765,000. At the end of 2009, the median price is at $568,500, again, a 25% drop since the high in 2005, yet still a 29% increase from where we were in 2002. And similar to the picture for the entire area, the number of homes sold in 2009 in Tahoe Donner (225) was up 16.5% from 2008.
During the past year, we’ve seen our share of distressed properties come on the market, although not near as many as many areas of our state and country. Of the 787 single family homes that sold in 2009, 127 (16%) were foreclosures and 85 (11%) were “short sales”. We currently have only 23 foreclosure properties active on the market (3% of the total inventory available), and 102 “short sales”, comprising 14%.
As we look towards this new decade, we’re excited about the opportunities in our industry that will hopefully allow many more buyers to realize their dreams of home ownership, be it here in our mountain paradise, or wherever their dreams may take them.
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At Dickson Realty we’ve just finished organizing our January – March training schedule. This particular session is designed to support and inspire both new and seasoned licensees with a re-newed focus on succeeding in a distressed market. I’m proud to say we’ve recently recruited almost a dozen new or newer licensees and all are looking forward to the cutting edge, extensive training we provide. For our agents, this training is free of charge.
I recently had one of my most seasoned agents ask me, “Why would anyone consider a career in Real Estate Sales, right now”? I have to admit that after 19 years in the business, I have seen easier environments to work in. There are some advantages too:
#1 While many of us “Old Pros” are grousing about how bad things are and reminiscing about the good old days (You know, like 2-3 years ago), a new licensee only sees the market as it is now. Most of us are working twice as hard for half the pay when compared to ‘05 or ‘06. A disciplined, hard working “new agent” is simply more likely to take that reality in stride.
#2 We’re finding that today’s environment requires a completely new skill set. Frankly Short Sale & Bank Owned (REO) transactions are vastly different from the traditional transactions we’ve typically conducted prior to this. Many top agents are strugglling with that reality. Think of the phrase “You can’t teach an old dog new tricks”. I think you can but only if one can throw some of the old conventions out the window. Many have to un-learn before they can start learning again.
#3 Technology and the generation gap. The average agent is around 52 years old. I don’t have the most current stats but in 2007 our typical buyers were in their early to mid 30’s. This creates some real challenges for all concerned; The seasoned agent wondering why their loveable, first time buyers aren’t listening to their sagely advise. Of course the buyer’s frustrated because they’ve already read all that on the internet and formed their own opinion.
We’ve placed a lot of talent and energy into solving these challenges. If you’d like to learn more, feel free to drop me a note DRider@DicksonRealty.com
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As the Labor Day holiday comes and goes, many people think of the summer season in Tahoe as being over. For exactly that reason it is one of our favorite times of year. For most families, the month of September represents kids getting back to school and the return to “normal” day to day activities. This also means that it’s more difficult to take days off or even sneak in a weekend getaway because of soccer and football and all the other activities the family becomes involved in. This leaves a little window of time (mother nature determines the length of it) where those who can make it up here get to really enjoy everything the Sierra summers have to offer without dealing with some of the congestion and hustle and bustle which can exist during the actual summer months.
One of the best examples is being able to go to the local golf courses, without having to make a tee time, and enjoying the perfectly green grass and great playing conditions which come together at this time of year. After a long winter our courses can be a little rough in the early season, but after a long summer the courses are in their absolute best condition in late August through September.
This is also a wonderful time for hiking and biking with slightly cooler temperatures but absolutely gorgeous surroundings. Or maybe you prefer to relax on what feels like a private beach or take out the boat in what can be incredibly calm and private waters.
You can wrap up your days with a comfortable evening on the deck of one of our many fine restaurants. Not only will you be seated immediately, but many of the establishments will also offer seasonal discounts to all of their patrons.
The combination of colder mornings and numerous ski shop sales also make us start thinking of what brought us here . . . ski season!! Believe it or not, it’s just around the corner.
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Are you getting sick of all the negative news like I am? I want you to read something today which puts a smile on your face, so let’s dig into one of my favorite topics . . . SPRING SKIING!!!
When the weather starts to warm up (and this year it started awfully early) a lot of people feel the desire to head for the ocean, pull out their golf clubs, get their boat out on the lake, or just do something which involves wearing shorts and flip flops. Those of us who are lucky enough to live in the Lake Tahoe/Truckee area (yes, I’m lucky enough!!) know that this really signifies time to get out your light weight ski clothes and head for the slopes. Sure, nothing beats the powder days we experienced in late January and early February, but I think spring skiing comes in a close second.
The key to great spring skiing is paying attention to the night time temperatures and the wind (the NOAA forecast gives you everything you need). If night time temps are barely reaching freezing, it’s best to get out on the mountain early (Alpine Meadows will start turning Summit Six as early as 8am when we get deep into spring). However, if the temps are getting down into the 20’s at night, or the wind is blowing over the ridges, you can sleep in a little and show up at the mountain at 10:30 or so.
If you’re timing is right, you’ll get there just as the snow starts to soften. You’ll want to start on the southeast and south facing slopes which have been absorbing the early morning sunshine. One of the best examples is the Mecca of spring skiing, High Traverse at Alpine Meadows (just call it “high T” if you want to sound like a local). Other great options are Sugar Bowl’s Disney Chair and numerous places at Squaw including skiing off the southeast side of Palisades to Sun Spot (my favorite) and Granite Chief Chair. These runs will treat you to some of the sweetest and smoothest skiing you’ve ever had. Your edges will dig in effortlessly and your skis will bend and carve heroically. As these runs start to turn from corn to slush, you’ll want to follow the sun to different exposures. Keep doing this until the temperature is high enough to soften the north facing slopes which will remain glorious longer than your legs will.
The highlights of spring skiing are numerous. Within just a couple hours you can get in more runs than you can imagine (no crowds! no lift lines!). When you’re done skiing, normally by noon or one if you’re like me, you don’t have to head to your car and sit in traffic. Instead, head to the lodge and peel off some layers and kick back in the sunshine on the deck. If you pick your days well it will be warm enough to wear the ultimate after ski boots . . . flip flops!!! Every ski area has local bands rocking, and ice cold beer pouring. There’s no better way to relax your muscles after your day on the slopes.
The moral of the story is . . . don’t put away your ski gear yet!!! Get out there and enjoy!
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Wednesday, January 13, 2010 By: Lil Schaller
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