So, forget everything you’ve heard at those parties; here’s the real answer to the question, “How was the real estate market in 2009?” Armed with this information, you will impress even your most well-read friends!

Bottom line: Real Estate Sales rose exponentially in the Reno/Tahoe areas in 2009.

LAKE TAHOE, Nev. (Jan. 4, 2010) – For anyone who has been waiting for the market to hit rock bottom to get into their dream home in the Lake Tahoe or Reno areas, time is definitely running out. Sales of single-family homes are up dramatically throughout the region. And while home prices continued to fall in 2009, the overall number of units sold has made a remarkable recovery.

Year-end statistics released today by Chase International show single family home sales increased in all of the nine distinct communities they measure within the Reno/Tahoe area. “The numbers don’t lie. Sales have risen exponentially in 2009, and we expect that trend to continue into 2010,” notes Sue Lowe, corporate vice president of Chase International.  In fact, inventory is being absorbed at an astonishing rate.

For instance, the entire Lake Tahoe basin units sold are up 22% over the previous year.  Tahoe City increased 38%, South Shore saw a 22 percent increase, East Shore saw an increase of 17 percent, and Incline Village increased 4 percent. In Truckee, unit sales jumped 23 percent.

The 2009 numbers for Reno and Sparks were also extremely positive – with Reno single-family home sales measured in number of units up over the previous year by an impressive 41 percent, and sales in Sparks increasing by a whopping 52 percent.

Condominium sales continue to be volatile and vary greatly depending on the area but overall increased around the Lake by 17%. Condo sales along East Shore were up 69 percent, Tahoe City was up 47%, Incline Village up 8% but the South Shore was down  27 percent. Condo sales also were very strong in the Reno/Sparks area – up 59 percent in Reno over the previous year and up 100 percent in Sparks (70 condos sold in 2008 in Sparks while 140 sold in 2009).

The median sales price for both homes and condominiums continued to drop last year over 2008 prices, which contributed to the increase in sales. However, the experts at Chase International say this downward trend in sales prices might be coming to an end.

“We are definitely seeing signs that home prices may be reaching the bottom. Some of the home prices we saw in 2009 were equivalent to prices a decade ago, and buyers have taken advantage of these discounts by snapping up some of these great properties, thereby limiting available inventory. Now that the word is out about the amazing values to be had in the Reno/Tahoe area, we anticipate pricing will level off as even more buyers enter the market,” says Lowe.

A complete breakdown of Chase International’s year-end sales report can be viewed on Chasenation.com.

Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International has once again taken the reins of cutting edge technology by launching www.ChaseNation.com, the first interactive social networking website created by a real estate brokerage as a vehicle for direct interaction with consumers online.

With nearly 200 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels.  For more information about Chase International visit www.chaseinternational.com.

Young and in love!

The drive to the Ritz from Alpine Meadows took much longer than anticipated; forty minutes in all. The best part about it, however, was that it got better with each mile.  The beautifully paved road, no potholes in sight, winds gently for a couple of miles and by the time we reached the Ritz, we felt like we were in the clouds!  The views of Martis Valley and Northstar were spectacular and the hotel itself was commanding, yet welcoming. We were greeted at the valet by a handful of handsome, young men with impeccable Ritz manners (I have thought, on occasion when the door is closed for the um-teenth time in my face, that it might be beneficial for my three boys to spend some time at the Ritz boot camp).

Upon arrival, we were escorted upstairs around one of the most massive granite fireplaces I have ever seen! Entering the restaurant was impressive…a big, very stainless steel, open kitchen. The restaurant was packed, with only a few vacant seats in sight, and this was the weekend after New Years weekend which is traditionally slow. The waitress mentioned that the hotel was 90 percent full.  I love to hear that in this economy!

Throughout the evening we were waited on no less than 7, count ‘em, 7, servers! The ever-present manager, Laurent Vasseur imported from France to make sure we Americans know what service is, even checked in on us a couple of times.  I guess Laurent is the guy that quizzes the servers back in the kitchen about the names of each of the restaurant patrons (again, is that Ritz boot camp available for young boys?).  We were very happy to learn that several of our servers were Truckee locals. The food/menu was outstanding! Renowned chef, Traci Des Jardins, was at the helm and left no stone unturned. 

The evening ended up with a tab of about $350, including tip, but not dessert (Megan saw a friend that bought our dessert). It was a fantastic, festive evening,leaving us all  with nothing but good memories.

The only disappointment of the evening occurred at the bitter end, when the valet graciously brought our car up and it hadn’t been washed. The nerve!

Here’s to a marriage full of enrichment, dinners at the Ritz (after kids and college expenses, of course), love and happiness for Jesse and Megan!

The Ritz touch for Jesse and Megan

Any idea where this is?

Following those exhausting skate skiing days, we recovered by enjoying some snowmobiling from Tahoe City to Northstar and relaxing on the deck in the sunshine with a hot chocolate. In the evenings, time was spent with close friends and family and then on New Years Eve we were treated as guests to the clean-cut, San Francisco band called Diegos Umbrella at the Plaza Bar at Squaw Valley USA.

In case the above forms of recreation and entertainment don’t do it for you, if you are in the know, you can follow the underground pond hockey players around in hopes of finding perfect skating ice.  The average Lake Tahoe or Truckee pond hockey player has played hockey as a child, but is of the age where they realize that they are not invincible and ‘no check’ hockey is no longer just for sissys; rather, it is now for the more intelligent, wise and experienced players. The other players usually on the ice are the up-and-coming children of the ‘no check’ players. 

Pond hockey at Donner Lake

The kids on the ice have been enjoying all day skate parties, roasting hot dogs out at the ice, and learning to skate by pushing  crates or chairs around the ice for hours, since they were 3 years old. When they become proficient enough, it is an honor to be asked by the pond hockey ‘organizer’ to join the game with the big dogs. At first they are advised to skate around the outside of the game, but as time goes on,

they are able to join in the play and look forward to the moments where they are able to steal the puck from Dad!

So, where are the secret spots? Well, it’s actually no secret…there are a few local private ponds, Prosser Reservoir, Boca Reservoir, the lakes in Coldstream Canyon and  Donner Lake. The secret is, which ponds have the human Zamboni’s cleared and flooded and on what day? I bet if you are serious about pond hockey, you’ll be in the know. If you’re not that serious, there’s always the charming, old-town outdoor ice rink in Truckee, the ice rink in the Village at Northstar and the, arguably, most majestic ice rink in the US at the Olympic Ice Pavilion in Squaw Valley. Here’s to sharp blades and taped sticks…!

What we do know is that Phase 1 of the Shorezone Plan is a go, which in a nutshell is the plan in place for permitting of allowed existing buoys and for pier expansions.  What we don’t know is the fate of Phase 2 of the Shorezone Plan which covers the potential for new buoys, new piers and new boatlifts.  There are still some lawsuits that need to be settled prior to revealing the details of Phase 2.

As it stands, the TRPA approved new shorezone regulations, called Alternative 6A. The delay in implementation stems from the fact that there is a current lawsuit in the Federal Court in Sacramento by the League to Save Lake Tahoe in conjunction with the Tahoe Area Sierra Club and the Tahoe Lakefront Property Owners Association (TLPOA). The League to Save Lake Tahoe and the Tahoe Area Sierra Club are on opposite sides of the issue with the TLPOA. The dispute involves issues relating to mitigation measures as stated in the environmental document as well as restrictions on the number of allowed buoys and piers. The current plan allows for 128 new piers (5/year) and a TOTAL of 6316 moorings on Lake Tahoe.

Judge Carlton in Sacramento has been assigned to the case. He has allowed processing of permits to continue, but no construction or installation of new buoys or piers.  So, yes, what this means is that you may have a pier permit from the TRPA to build a pier but you are not allowed to build the pier…yet.  The court case is set for the Spring of 2010. Under consideration are the 5 new piers chosen by the TRPA last January to continue the permitting process.

The Shorezone ordinance allows 6316 TOTAL moorings (which include boatlifts, boat houses, buoys) at a $175.00/year inspection fee.  The cap on the number of buoys alone is 4454 buoys. The new Shorezone ordinance will allow you to trade a buoy for a boatlift…beware, however, that it may not be a straight-across- the-board trade.  The TRPA will probably also require you to do some visual screening, etc., while they have you wrapped around their fingers!

Phase 1 Lake Tahoe buoy application deadline was October 15, 2009 for all buoys on Lake Tahoe that were grandfathered in as of 1972 or were previously permitted by State Lands, TRPA and/or Army Corps of Engineers.

To date, 500 buoys currently in Lake Tahoe have been identified by the TRPA as illegal.  In the Spring of 2010, the TRPA will require that either the floats or the concrete blocks with the floats be removed (they have not yet decided).  150 of the buoy applications submitted to the TRPA are on hold due to littoral rights issues, mainly located in Placer County.

As of October 15, 2009, the following applications were submitted (numbers are approximate):

• Buoys                                     3273
• Boathouses                            54
• Boatlifts                                  275
• Total Moorings                      3602
• Phase II would allow for an additional 2714 moorings, 1181 of those being buoys.

Phase II would be for buoys that were not grandfathered in or permitted plus new moorings (2714).  Phase II, as I mentioned above, is currently on hold due to litigation and the adoption of the “Blue Boating Program”.  In a nutshell, the Blue Boating Program is a more extensive inspection of every boat that launches on Lake Tahoe, including inspection of the engine, bilge, muffler and pumps for invasive species along with noise and air quality monitoring.  There appears to be some concern about invasive species in the lake (milfoil, clams, mussels to name a few) and the Tahoe Restoration Act will likely be throwing millions of dollars in an effort to mitigate these issues.

There is one other issue that will be discussed at the December 16 TRPA Governing Board Meeting regarding the distance of the buoys from the high water line at the shoreline. The current TRPA Code requires buoys to be located within 350 feet of the high-water line, although more than 50% of buoys in Lake Tahoe exceed the 350’ limitation (some as far out as 1000’!).  At the TRPA Governing Board Meeting, a buoy line extension to 600’ will be discussed.

January 15, 2010 is the deadline for Pier Permitting Applications.  The TRPA will select 5 new piers based on criteria such as the number of parcels sharing the pier and the linear feet of lake frontage retired.  Don’t hold your breath on these permits, however. The TRPA is so busy with buoys that they may be requesting a year delay.

A question came up in the meeting regarding modifications of existing piers. On the Nevada side of Lake Tahoe, pier extensions and modifications are being allowed if a lakefront property owner meets the criteria.  On the California side of Lake Tahoe, however, the Lahontan Regional Water Quality Control Board is involved in an effort to protect certain ‘spawning’ areas. So there may be some prohibition from Lahontan.

Abstract: The Town of Truckee, in partnership with its Redevelopment Agency, has established a first-time homebuyer’s down-payment assistance program (a.k.a. “silent second”) to increase for-purchase housing opportunities. The program is geared towards working folks in three income classifications that are prevalent locally: “low-income”, “moderate-income”, and “above-moderate income”. Program participants are required to either live or work within the Town’s boundaries. This down-payment assistance program targets the existing housing stock, with most all forms of residential dwellings eligible to participate (i.e., single-family detached homes, duplexes, tri-and-four plex units, condominiums, and even manufactured homes – so long as the unit has a permanent foundation). There are very few “strings” attached to participation in this program, which is why many anticipate that this housing affordability expansion effort will actually be embraced by the community, receiving great attention and extensive use. The primary conditions for inclusion involve meeting the income parameters, having not owned real property within the previous 36 months, the geographic connection to the Town through current residence or job, and that the unit to be purchased is utilized as participant’s primary residence for the duration of the conditions of the loan. 

The loan terms involve a 30-year deferred payment structure, with 2% to 3% interest, which is recorded against the real property at the same time, but in second position, when the first loan/primary mortgage is recorded. The program makes use of existing housing inventory, which should serve to enhance our industry’s sales activity. Perhaps of greatest importance to a functional framework, this program is free-market based. Units are purchased at market-rate pricing, and can then be resold to whoever is interested in the property, again without any ornorus restrictions upon the asking or selling price. The Town is to be made whole (i.e., the loan repaid), but the property itself is never saddled with the “affordable-only” or “low-income restricted” housing label. The deed restrictions essentially attach to and run with the loan-holder, not the property’s title. This is a major step forward towards an effective and fully functional home ownership program. 

The timeline for program implementation is as follows: 18 Dec. 2009 is the date slated to officially launch the program; January 2010 multiple workshops will be held to inform the public of this down payment assistance opportunity, and an industry professional’s workshop is also planned specifically for and geared to the real estate industry; 05 Feb. 2010 is the closing date for the Town to receive the first round of applications; with the remainder of February being dedicated to participant selection and initial contact. The Town’s website will be posting information, announcements, and forms as they become available.

Program particulars: Established on 19 November 2009 by Town Council Resolution # 2009-57, the Town of Truckee First-Time Homebuyer Down Payment Assistance Program became a reality. Intended to serve the “low”, “moderate”, and “above-moderate” income segments of the Truckee community, this program provides valuable down payment assistance to those who possess the desire, and meet the lending requirements, to purchase a home of their own. Perhaps the most common question regarding such a program is how the income levels are established, defined, and what this abstract formula converts to in real dollars locally. 

To break this system down into manageable chunks of information, let us begin with a few definitions. Each rung on the income ladder is based on “AMI”, “Area Median Income” for that region. The area used in the service of setting the income averages are the county boundaries. In this instance, the entire County of Nevada is the dataset. Yes, there are differences in income and expense profiles from community-to-community within a county, but for the purposes of establishing the Median Income no such sub-area breakouts are allowed. This is the standardized statistical methodology used by State and Federal Governmental entities, such as Housing and Community Development in California (HCD), or the department of Housing and Urban Development (HUD) in Washington, D.C.. The income numbers are adjusted annually. Turning next to income categories, the pertinent classifications for Truckee’s program are as follows: “low-income” = up to 80% of AMI; “moderate-income” = up to 120% of AMI; and “above-moderate income” = 121% to 160% of AMI. “Income” is broadly defined as gross amount of income of all adult household members anticipated to be received during the coming 12-month period. A household can be a single adult living alone, or any number of permutations of adults living together, with or without children. The point here is that income level must take into account the contributions of all working adults in residence. As such, household-level income establishes eligibility. The formula does recognize and adjust for the fact that larger families require more resources (income) for their existence. Therefore, a family of six could have a combined household income far in excess of a single adult living alone, yet both could be set on the same income strata (e.g., “low-income”…). 

For the Town of Truckee, Nevada County’s Area Median Income figures provide the basis for determining program eligibility. Using 2009 AMI numbers, the actual gross income amounts reflective of the categories for program participation are reported in the table directly below.

Number of Persons in Household
Category	1	2	3	4	5
“low”- up to 80% AMI	$38,700	$44,250	$49,750	$55,300	$59,700
“moderate” 80%-120% AMI	$58,050	$66,300	$74,600	$82,900	$89,500
“above-mod” 121% -160% AMI	‘$77,360	$88,480	$99,520	$110,560	$119,440

                                         These numbers reflect annual gross family/household income. 

Using the current AMI parameters, in combination with Town program requirements, the price-point for housing purchase would fall within three distinct “max-out” sales pricing. Reflected below:

Maximum Purchase Price of Housing Unit
Low Income Category (up to 80% AMI)	$265,000
Moderate Income Category (Above 80% to 120% AMI)	$355,000
Above-Moderate Income Category (Above 120% to 160% AMI)	$445,000

 

Number of persons per household would move this price-point up or down as family size increased or decreased. The above table is, I believe, reflective of the purchasing power of a family of four at each income category. 

Converting this information into a sense of how much financial aid is potentially available to assist in the down payment and/or closing costs is discussed in the “Draft Program Guidelines”. It states, in pertinent part, that, “…the maximum combined assistance allowable from all sources is $100,000.” (p. 9)

In the few thousand words contained within the text of this informational outreach, I can only begin to scratch the surface of the program’s components. The interested reader is urged to refer to the original source documents for a more comprehensive discussion of the Town of Truckee’s First-Time Homebuyer’s Down Payment Assistance Program. The program specifics are worthy of review, but are well beyond the scope of this “brief” information update. The true experts in this arena are the folks who put together this program, and will be administering its resources distribution. Specifically, Mr. David Griffith, Redevelopment and Housing Coordinator for the Town of Truckee, has a wealth of information on the program particulars. If you contact him, please offer our thanks for his leadership in spearheading this much-needed program. 

Reference materials: Posted to the TSBOR/TSMLS website, within the PDF library, the LGR Committee has created a new category entitled, “Truckee First-Time Homebuyer Program”. Presently, the Town staff report to the Council on this subject has been uploaded. Additionally, the draft Down Payment Assistance Program Guidelines are posted as well. You will also find a copy of the Redevelopment Agency’s staff report to the Council regarding funding levels and sources listed in this newly generated category. Additional documents will be added as they become available.

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Property Description:

Amenities:
3 large decks, Hot tub, 2 queen beds, 1 full, 1 Areo bed (full), Central heat, Wood burning stove (great room), Gas fireplace (master bedroom), Washer/dryer, WiFi Internet and Cable TV, Off street parking (2-3 cars), Loaded kitchen for all your cooking needs, 3-burner BBQ, No Smoking (inside), Ask about pets (no fence in yard)

Pricing:
Nov 25^th – Nov 29^th 175.00 / night (2 night min)
Nov 30^th – Dec 18^th 150.00 / night (2 night min)
Dec 19^th – Dec 26^th 250.00 / night (6 night min)
Dec 27^th – Jan 3^rd 275.00 / night (6 night min)
Jan 4^th – Feb 6^th 150.00 / night (2 night min)
Feb 7^th – Feb 20^th 200.00 / night (4 night min)
Feb 21^st – Mar 29^th 150.00 / night (2 night min)

500.00 refundable deposit
150.00 cleaning fee (100.00 additional pet cleaning) Non-refundable
Plow service extra (on demand price not known at this time)
Cash / Check / Money Order

Contact:
Brodie Faulkner
(408)431-4616

Bear Creek

Tahoe Getaways
Jim Winterberger
(530) 583-0220

Tahoe Vacation Properties
Sharon Silver
(530) 583-8986

For Owners/Looking to Rent Property: Click here to fill out form with necessary information to post your property to the site. Please also send professional photos to info@lindagranger.com. We will then post your property to the site in hopes of finding you a renter!

Renters/Looking for a Property: Please click here to fill out a form with your criteria. We will then post your criteria and hope to find that perfect property for you!