Our very own Linda Granger has recently been recognized as a local top real estate agent! Linda has been selected as a candidate of Realtor of the Year by the Tahoe Sierra Board of Realtors. The 2011 winner will be announced during the installation dinner on December 8th. Congratulations on this honor, Linda and we are so proud of you! Click on the link to view recent article from the Tahoe Daily Tribune.
Great news for Lake Tahoe Real Estate! The market is once again seeing vacation home buyers from the Bay Area and Silicon Valley.
Pete Carey from the San Jose Mercury News recently wrote an article entitled Tech-rich Vacation Home Buyers Head to Tahoe. Carey says that because of the booming tech industry in the Bay Area and Silicon Valley, vacation home buyers are expected to purchase real estate in Lake Tahoe. See entire article below…
Tech Rich Vacation Home Buyers Head to Tahoe
Market Rebounds as buyers from Bay Area move in
By Pete Carey
San Jose Mercury NewsLake Tahoe area real estate agents, hungry for sales in the aftermath of the housing bubble, are counting on the Bay Area’s booming tech industry to help generate the next crop of million-dollar vacation home buyers.
The market for vacation homes costing more than $1 million, though down over the year, turned in a strong third-quarter performance, according to Coldwell Banker. That was partly due to buyers from Silicon Valley, vacation home developers and real estate agents said.
“People are starting to feel a little bit better about things. Silicon Valley is kind of spearheading that revival. We’re seeing those folks make their way into the Tahoe market,” said Jim Telling of East-West Partners, the developer of Home Run at Northstar.
Some buyers from the tech industry have snapped up vacation homes recently that run from $1 million to $4 million or more. (more…)
Remodels seem to be more popular lately. If homeowners are unable to sell their home, they decide to make some updates instead. Remodels are popular this time of year too with people trying to get their projects done before the holidays.
I recently found this article entitled Remodeling? Don’t Forget the Permit. This is a good reminder of why it’s important to get your remodel permitted. The article states “Home owners who fail to get a building permit for a remodeling project can jeopardize a sale.” In this market, sellers do not need to do anything to jeopardize the sale of their home! Click on the link to read entire article.
When home owners take on a remodeling project, they’re often far more focused on choosing glistening fixtures for a new bathroom or debating the type of granite to use on a kitchen countertop than, say, navigating the intricacies of the building permit process. That could be a huge mistake, however, and it may not even come to light until the house is put up for sale. Ignoring local approval requirements not only poses safety and legal problems but also can potentially derail an otherwise smooth sale.
Home owners using licensed contractors for remodeling work typically don’t have to get involved with permitting. Most licensed contractors will handle the cumbersome process for them—filling out the paperwork with the municipality, collecting fees, and being present for the required inspections, says Michael Hydeck, president of the National Association of the Remodeling Industry. But when home owners tackle do-it-yourself projects or use unlicensed contractors, they risk problems later.
The permit process varies widely from city to city and state to state). But the purpose of the document is the same everywhere: It offers assurance by a municipal building department that the work being done meets all safety codes.
Ask Home Sellers Before You List
Home owners may be asked about permits in the process of selling a home. At closing, they may have to disclose any remodeling work they did and verify permits. A home inspector evaluating a property for a buyer may want to know whether a permit was obtained. Furthermore, the buyer’s appraiser may want to see permit records to check the legality of any home renovations.
“If no permits are found and it’s obvious the home has been renovated, the bank will likely refuse to make the loan,” according to the American Bar Association’s book Legal Guide to Home Renovation (Random House Reference, 2006). If the permitless work isn’t discovered until after closing, the home’s value could even be subject to a lawsuit, such as in cases when an addition added extra square footage to the home’s value but the construction wasn’t done legally with a permit.
That’s why contractors and legal experts say real estate practitioners are well advised to ask sellers before they take on a listing for a renovated home: “Did you get a permit for that?”
Remodeling contractor John Price in Merced, Calif., has been called in to help home owners after permit problems have been uncovered. He once worked with a home owner who installed siding by himself, but added it too far down along the wall of the house, so it rubbed up against dirt and picked up moisture. Eventually the poor installation led to mold growing in the drywall throughout the inside of the house.
Some home owners, however, are tempted to sidestep the permit process not wanting to pay the fees (municipalities generally charge a minimum issuing fee—such as $25—as well as an additional fee—sometimes 1 percent—of total construction costs), or they might not want to risk delaying a project or a sale by waiting for city inspections (obtaining permits can take anywhere from a day to six weeks or more).
“People have strong incentives to cheat, and some of that lays squarely on the feet of policymakers who have sometimes created a system that is time-consuming and frustrating,” Price says.
But caught without a permit during resale, home owners may face big consequences. They may have to pay fines (possibly up to quadruple the original permit cost) or may have to tear the project down and redo it.
Virtually No Job Is Too Small
Home owners making any changes to the structures of a home will likely need a permit—and you may need more than one, Price says.
While kitchen and bathroom remodels and housing additions are obvious permit candidates, people may not realize they might also need one for such projects as installing a window, adding a new light switch, or replacing a shower. “There are not too many jobs you don’t need a permit for,” Hydeck adds. “It’s better to be safe than sorry.”
One of my favorite referral partners, Julie Gardner sent me her most recent blog post and I could not get over how right-on it was! Before I share it with you (and yes, I have made a few changes so that all of you Tahoe buyers and sellers can relate), I wanted to let you know that if you haven’t already connected with Julie, a top producer and true professional with Grubb, Co. in Piedmont, I highly recommend that you do. If for no other reason, to sign up to receive her newsletter which is one of the best, most well written in the industry. She is a fantastic writer, which is no surprise, as it seems that everything she does is exceptional! Click on the link to read the original entire article.
“I want four bedrooms upstairs, three bathrooms, a beautiful lake view, chef’s kitchen with a great room, great central location that’s ‘walk-to’ everything and close to the best ski areas, and ‘turn-key’ condition,” my client emphatically stated. “Oh, and I need it for only . . .” (Hmmm . . . )
As a friend of mine jokes, “Find me that house and I’ll purchase it myself!
The reality is that I can probably find you the bedroom/bathroom count you seek, OR the coveted location, OR the immaculate condition, but it’s next to impossible to find everything you want, given a limited budget. And while we’re being frank (why not; in for a penny, in for a pound) it’s nearly impossible to hit ALL of the bullet points on any buyer’s “wish list” - even when price isn’t an issue!
Really?
Really. In my experience, there is always a bit of compromise, regardless of how much a buyer can – or is willing – to spend. BTW, this isn’t just true of buyers; it’s true for sellers as well, who expect a result that is literally, “unattainable.”
I liken it to hunting for the “endangered species,” but a much better term for the impossible outcome is probably “looking
Unicorn
for the unicorn!” (That’s brilliant.)
I don’t mean to dampen your dreams. In fact, I want to encourage them; nothing gives a REALTOR more pleasure than matching buyers with the right homes and given the unprecedented low interest rates now available, within a softer housing market - making purchasing truly more affordable than it has been in fifty years - now is an exceptional time to buy (if you qualify – but that’s another column)!
But I have also spent untold hours too numerous to count with clients seeking the “mythical home” that truly doesn’t exist. No matter how many properties I show them, they are unwilling – or incapable – of writing. For them, it’s all about the shortcomings – never the opportunities. In short, they’re looking for the unicorn.
Here’s the skinny, “real” Buyers write and what’s more, they often write on several properties before successfully obtaining “the one.” However, these near misses are never wasted. With each new purchase offer, Buyers sharpen their skills, adapt to the demands of the marketplace, and develop a finely honed sense of “value” that makes it possible to ultimately craft a winning offer. (Oh, I get it!”)
With respect to “real” Sellers, they absorb the results of the marketplace, take into account the comparable sales, adjust their asking price quickly when the market speaks, listen to their Realtor’s advice, and understand the BIG picture. In other words, they don’t test the market; they come ready to sell.
In both cases, it’s about being focused, teachable, goal-oriented and open to the possibilities. Otherwise, you may as well spend your time looking for a unicorn.
