Piedmont Perpsective, Vol 49 Tahoe Bound! May 22, 2008
What's New?
I am always thrilled when I hear from readers, but equally gratified when other REALTORS contact me who often send thoughtful ideas and insights my way (Realtors work best when we work collaboratively). This week I am teaming up with Linda Granger of Chase International in Tahoe. With Memorial Weekend just ahead of us, many of you may be setting your sights on the Tahoe marketplace. For those of you who thought that Tahoe/Truckee would never be in your future or who are interested in "moving up," read on - it may be closer than you think! Here's what Linda has to say about the Tahoe/Truckee market . . .
One quick observation before I turn over this week's Perspective. Piedmont had some fantastic pending sales this week, including the estate on Lincoln Avenue, listed at $7,800,000 and the wonderful Traditional on Oakmont Drive, listed for $1,550,000. Both of these properties went pending in quick time and with spectacular results - as did 17 Pacific Avenue - just this afternoon. (Smaller homes are finding great demand as well.)
This signals a return of confidence to the marketplace. Take note, this is my prediction of a Late Spring Market playing out. Good, well-priced homes sell! Piedmont is in high demand today.
Please take note of my new listing on 324 Sea View Avenue at the bottom of this week's e-letter!
Now back to Linda . . .
As a Tahoe/Truckee REALTOR who often works with buyers purchasing vacation/investment homes, one of the questions that I inevitably get asked is, "What are the tax benefits of owning a second home?" This leads me to believe that not everyone is aware of the difference in tax advantages between a primary home and an investment property or a second home. I have created a simple chart that spells out the advantages in easy to read format. (Please contact me for a copy at lgranger@chaseinternational.com .) As you will see, there are many ways in which the tax laws favor investment in real property and that's fabulous news!
Remember, there are always limitations and exceptions, so a prudent investor will consult with a tax professional.
What's Coming?
As we enter our summer season, the inventory at the Lake and in Truckee increases substantially. Homes that were rented through the winter as ski leases are put on the market for a quick summer sale. Traditionally summer offers you the greatest amount of choice. In other words, with the increase in inventory, the low interest rates, and the 22% decline in median price from the first quarter of 2007 compared to the first quarter of 2008, this is an outstanding time to purchase your Tahoe vacation/investment home! It is also an outstanding time for a seller of a Tahoe/Truckee home to "move up" in the market.(Think 22% of $500,000 and then 22% of $1,000,000. See the advantage?)
Now, don't get overly excited, thinking that every seller is giving their home away, because it doesn't bear out. Currently, there are only 20 homes in Tahoe's MLS that are short sales, in default, or bank owned sales (Interested?) With over 1400 single family listings and 700 lot listings in the Tahoe Sierra MLS, this is a very insignificant number.
The twist in the Tahoe market is that more properties are purchased with discretionary income than in Metropolitan areas. Property owners here, often have the financial depth to wait out a"choppy" market. As a result, we will experience fewer foreclosures than other areas. Still, the opportunities have never been better to own in the Tahoe Basin (that's where I come in) and prices will never be this low again!
Chase Nation is an innovative concept sponsored by Chase International, the leader in luxury real estate in the Reno-Tahoe area. Here we hope you will gather to discuss the local real estate market and the Reno-Tahoe lifestyle. Check it out or email me at chaseinternational.com . I invite you into join our network.
What's Pending?
In the Truckee area, there are currently 51 single-family residences in escrow under $1,000,000 and 29 homes over $1,000,000. In Tahoe Basin, Alpine Meadows and Squaw Valley, there are currently 25 single family homes in escrow under $1,000,000 and eight single family homes over $1,000,000, including five lakefront properties. I have all the statistics in full detail and in beautiful, easy to read bar graphs and charts for every area of the Lake and Truckee, including market comparisons by year. Just email me at lgranger@chaseinternational.com and I will forward them to you.
What's Happening?
Did you know that the Tahoe City Marina is in the process of expanding the marina by 81 new boat slips after 20 years of planning? The existing marina has 161 boat slips that are privately owned. In 2004, a 9'x24' slip sold for around $175,000 and today a 9'x24' slip goes for about $390,000! A 28' slip goes for about $450,000! (Wow!) Now that's appreciation!
The 81 new slips will not be privately owned, but leased, and there are currently several hundred people on the waiting list for those slips. There probably will be NO new marinas built on Lake Tahoe ever. It's quite an experience to "show" boat slips. I stand in front of the slip with my client looking at two feet of Trex decking on each side of a nine foot wide body of water and say, "All this, for only $450,000! www.tahoecitymarina.com
As for the Truckee area, the Ritz Carlton, the Hyatt, and The Village at Northstar are forging ahead at a breakneck pace. Do they know something that we don't know? My guess is that they do their research before moving into an area. If you are not aware of these projects, contact me and I will enlighten you. You will be blown away!
And how about Martis Camp in Truckee? It's spectacular! You've always known that life is about the people you love. At Martis Camp, there's room to enjoy your loved ones and embrace the things that matter. With an inspired range of amenities that include a Tom Fazio golf course, a direct ski connection to Northstar-at-TahoeTMResort, and miles of hiking trails, there are endless way to create memories.
Beginning July 2008, owners who take advantage of the membership opportunities will enjoy a summer of the Fazio golf experience at Martis Camp. Contact me at lgranger@chaseinternational.com for more information.
What's Fun!
Tahoe City has a fun new restaurant coming our way with the introduction of the Lakeside Sports Bar; North Lake Tahoe's newest place for sports, family friendly dining, and nightly entertainment. The Lakeside Sports Bar, Restaurant & Nightclub offers lake front patio seating, a lunch and dinner menu featuring pizza and casual dining at "local's" pricing (yes, "local's" pricing!), plenty of high definition sports on TV, deejays, live music and the best dance floor on Tahoe's North shore. Grand Opening is Memorial Day Weekend! www.lakesidetahoecity.com or call 530-583-2000.
Here's one of my favorite activities . . . every Sunday evening beginning June 22 and running through September 7, the Tahoe City Parks and Recreation Department puts on FREE concerts from 4:00 PM to 7:00 PM at Commons Beach in the center of Tahoe City. It is a really family-friendly evening! Bring you beach chairs, coolers and dancing shoes, or launch your boat and listen to the concert from the lake. The music is always upbeat and the evening is always fun!
The Tahoe Plug!
Finally, I want to thank Julie for this opportunity to reach out to all of you. (I can't believe Julie does this every week when it took me weeks to do just one!) Perhaps writing doesn't come quite as easily, but I will tell you that my commitment to Real Estate in the Lake Tahoe and Truckee areas is second to none. Feel free to use me as your Tahoe connection, whatever the reason - I have been here for over 22 years, and know that I can help.
Whether you want the inside track on what restaurants to patronize or need to know where to stay for an easy-breezy weekend, OR would like to consider buying or selling a vacation/investment property in Tahoe/Truckee, you now know where to find me and I look forward to hearing from you! lgranger@chaseinternational.com
Julie's Newest Listing: 324 Sea View Ave, Piedmont!
I have just listed 324 Sea View Avenue and am looking forward to bringing it to market this Sunday, May 25 with all new staging and a new price of $2,200,000! This Classic Mediterranean, features sun-filled entry with adjacent courtyard, formal living and dining rooms, old-world library, 3bdrms/3.5bths, contemporary kitchen, hardwood floors, red-tiled roof, period details, and lush gardens. This Romantic Italian Retreat is only minutes to Piedmont's Parks, schools and the center of town. Please return to see it anew!
I am always thrilled when I hear from readers, but equally gratified when other REALTORS contact me who often send thoughtful ideas and insights my way (Realtors work best when we work collaboratively). This week I am teaming up with Linda Granger of Chase International in Tahoe. With Memorial Weekend just ahead of us, many of you may be setting your sights on the Tahoe marketplace. For those of you who thought that Tahoe/Truckee would never be in your future or who are interested in "moving up," read on - it may be closer than you think! Here's what Linda has to say about the Tahoe/Truckee market . . .
One quick observation before I turn over this week's Perspective. Piedmont had some fantastic pending sales this week, including the estate on Lincoln Avenue, listed at $7,800,000 and the wonderful Traditional on Oakmont Drive, listed for $1,550,000. Both of these properties went pending in quick time and with spectacular results - as did 17 Pacific Avenue - just this afternoon. (Smaller homes are finding great demand as well.)
This signals a return of confidence to the marketplace. Take note, this is my prediction of a Late Spring Market playing out. Good, well-priced homes sell! Piedmont is in high demand today.
Please take note of my new listing on 324 Sea View Avenue at the bottom of this week's e-letter!
Now back to Linda . . .
As a Tahoe/Truckee REALTOR who often works with buyers purchasing vacation/investment homes, one of the questions that I inevitably get asked is, "What are the tax benefits of owning a second home?" This leads me to believe that not everyone is aware of the difference in tax advantages between a primary home and an investment property or a second home. I have created a simple chart that spells out the advantages in easy to read format. (Please contact me for a copy at lgranger@chaseinternational.com .) As you will see, there are many ways in which the tax laws favor investment in real property and that's fabulous news!
Remember, there are always limitations and exceptions, so a prudent investor will consult with a tax professional.
What's Coming?
As we enter our summer season, the inventory at the Lake and in Truckee increases substantially. Homes that were rented through the winter as ski leases are put on the market for a quick summer sale. Traditionally summer offers you the greatest amount of choice. In other words, with the increase in inventory, the low interest rates, and the 22% decline in median price from the first quarter of 2007 compared to the first quarter of 2008, this is an outstanding time to purchase your Tahoe vacation/investment home! It is also an outstanding time for a seller of a Tahoe/Truckee home to "move up" in the market.(Think 22% of $500,000 and then 22% of $1,000,000. See the advantage?)
Now, don't get overly excited, thinking that every seller is giving their home away, because it doesn't bear out. Currently, there are only 20 homes in Tahoe's MLS that are short sales, in default, or bank owned sales (Interested?) With over 1400 single family listings and 700 lot listings in the Tahoe Sierra MLS, this is a very insignificant number.
The twist in the Tahoe market is that more properties are purchased with discretionary income than in Metropolitan areas. Property owners here, often have the financial depth to wait out a"choppy" market. As a result, we will experience fewer foreclosures than other areas. Still, the opportunities have never been better to own in the Tahoe Basin (that's where I come in) and prices will never be this low again!
Chase Nation is an innovative concept sponsored by Chase International, the leader in luxury real estate in the Reno-Tahoe area. Here we hope you will gather to discuss the local real estate market and the Reno-Tahoe lifestyle. Check it out or email me at chaseinternational.com . I invite you into join our network.
What's Pending?
In the Truckee area, there are currently 51 single-family residences in escrow under $1,000,000 and 29 homes over $1,000,000. In Tahoe Basin, Alpine Meadows and Squaw Valley, there are currently 25 single family homes in escrow under $1,000,000 and eight single family homes over $1,000,000, including five lakefront properties. I have all the statistics in full detail and in beautiful, easy to read bar graphs and charts for every area of the Lake and Truckee, including market comparisons by year. Just email me at lgranger@chaseinternational.com and I will forward them to you.
What's Happening?
Did you know that the Tahoe City Marina is in the process of expanding the marina by 81 new boat slips after 20 years of planning? The existing marina has 161 boat slips that are privately owned. In 2004, a 9'x24' slip sold for around $175,000 and today a 9'x24' slip goes for about $390,000! A 28' slip goes for about $450,000! (Wow!) Now that's appreciation!
The 81 new slips will not be privately owned, but leased, and there are currently several hundred people on the waiting list for those slips. There probably will be NO new marinas built on Lake Tahoe ever. It's quite an experience to "show" boat slips. I stand in front of the slip with my client looking at two feet of Trex decking on each side of a nine foot wide body of water and say, "All this, for only $450,000! www.tahoecitymarina.com
As for the Truckee area, the Ritz Carlton, the Hyatt, and The Village at Northstar are forging ahead at a breakneck pace. Do they know something that we don't know? My guess is that they do their research before moving into an area. If you are not aware of these projects, contact me and I will enlighten you. You will be blown away!
And how about Martis Camp in Truckee? It's spectacular! You've always known that life is about the people you love. At Martis Camp, there's room to enjoy your loved ones and embrace the things that matter. With an inspired range of amenities that include a Tom Fazio golf course, a direct ski connection to Northstar-at-TahoeTMResort, and miles of hiking trails, there are endless way to create memories.
Beginning July 2008, owners who take advantage of the membership opportunities will enjoy a summer of the Fazio golf experience at Martis Camp. Contact me at lgranger@chaseinternational.com for more information.
What's Fun!
Tahoe City has a fun new restaurant coming our way with the introduction of the Lakeside Sports Bar; North Lake Tahoe's newest place for sports, family friendly dining, and nightly entertainment. The Lakeside Sports Bar, Restaurant & Nightclub offers lake front patio seating, a lunch and dinner menu featuring pizza and casual dining at "local's" pricing (yes, "local's" pricing!), plenty of high definition sports on TV, deejays, live music and the best dance floor on Tahoe's North shore. Grand Opening is Memorial Day Weekend! www.lakesidetahoecity.com or call 530-583-2000.
Here's one of my favorite activities . . . every Sunday evening beginning June 22 and running through September 7, the Tahoe City Parks and Recreation Department puts on FREE concerts from 4:00 PM to 7:00 PM at Commons Beach in the center of Tahoe City. It is a really family-friendly evening! Bring you beach chairs, coolers and dancing shoes, or launch your boat and listen to the concert from the lake. The music is always upbeat and the evening is always fun!
The Tahoe Plug!
Finally, I want to thank Julie for this opportunity to reach out to all of you. (I can't believe Julie does this every week when it took me weeks to do just one!) Perhaps writing doesn't come quite as easily, but I will tell you that my commitment to Real Estate in the Lake Tahoe and Truckee areas is second to none. Feel free to use me as your Tahoe connection, whatever the reason - I have been here for over 22 years, and know that I can help.
Whether you want the inside track on what restaurants to patronize or need to know where to stay for an easy-breezy weekend, OR would like to consider buying or selling a vacation/investment property in Tahoe/Truckee, you now know where to find me and I look forward to hearing from you! lgranger@chaseinternational.com
Julie's Newest Listing: 324 Sea View Ave, Piedmont!
I have just listed 324 Sea View Avenue and am looking forward to bringing it to market this Sunday, May 25 with all new staging and a new price of $2,200,000! This Classic Mediterranean, features sun-filled entry with adjacent courtyard, formal living and dining rooms, old-world library, 3bdrms/3.5bths, contemporary kitchen, hardwood floors, red-tiled roof, period details, and lush gardens. This Romantic Italian Retreat is only minutes to Piedmont's Parks, schools and the center of town. Please return to see it anew!
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