January 2009 Newsletter

Hat’s off to a New Year

If it is true that how you spend the first day of the New Year will set the trend for the rest of the year, we here in Lake Tahoe are truly in for a fine 2009. Following a magical Christmas winter storm, moods are uplifted, hope for positive change is high and as I used to sing in Up With People, “Life is Getting Better Every Day . . . ” Check out this photo of Don and my friend/sister, Lynette taken the day after Christmas. Location? Right out the door in Montgomery Estates, South Lake Tahoe. If this isn’t Tahoe magic, I don’t know what is. Many thanks to photographer, Dewitt Jones for capturing this moment in blissful time.

South Tahoe Real Estate Market Report

The year-end real estate report is in and despite the doom and gloom that greats us nearly every morning via the media, while not great, the news for South Lake Tahoe is not as bad as rumors would convey.

According the to South Lake Tahoe Association of Realtors, as of January 5th, 2009, there were 400 single family homes and condos sold in 2008. this number nearly matched the 404 sold in 2007. The median home price for 2008 was $396,000 and averaged a sold to list ratio of 95% and a median of 120 cumulative days on the market. In comparison the 2007 sales reflected a median home price of $435,000 with a 96% sold to list ratio and 145 cumulative days on the market.

Overall, when comparing the 2008 median home prices are approximately 84% of the numbers reported at the end of 2006 ($474,000.) October 2006 was the peak of the South Lake Tahoe real estate market.

Local Governmental Agencies Affected by
State Budget

California’s current budget struggles have recently put an “indefinite hold” on many South Shore projects following suspension of state funds. It appears as though many of the local governmental agencies such as the California Conservancy, Tahoe Regional Planning Agency and the Lahontan Regional Water Quality Control Board are currently in a state of confusion.

Among the projects currently on hold are: The 56-acre project, Sawmill Bike Path, Upper Truckee River Restoration Project, Bijou Area Erosion Control Project, Sierra Tract Erosion Control Project, the Tahoe Regional Planning Agency’s best management practices program and numerous erosion-control projects along state highways. Also affected by the suspended funding is the Measure G bond recently voted through to improve the local schools.” However, according to Lake Tahoe Unified School District Superintendent Jim Tarwater, it is expected that the replacement of approximately 16 portable classrooms and the old boiler system along with the construction of the auto shop building and tboiler at South Tahoe High School will get underway this year.

Click Here to Read the Article Posted in the Tahoe Daily Tribune

Is Now the Time to Buy?

Fortunately, Don and I have been through some tough real estate markets before and therefore are fully aware that it is important to continue working hard to get through todays’ difficult economic times. History does repeat itself and it is important to look back from time to time to see what could be lying ahead. No panic here – just getting ready.

Traditionally, we here in Lake Tahoe watch the California Bay real estate market closely. Our market trends generally follow the Bay Area by approximately 6 – 9 months. And now more than ever, the “watch” is in full force. Interest rates are at record lows at the same time that the housing market is in a slump. These are the signs that first time homebuyers and investors have been waiting for.

According to an article we read in the San Jose Mercury News, home sales in Santa Clara County were up 14 % in November as compared to the same month in 2007. The FHA is offering some incredible opportunities and the folks are scrambling to find homes under $400,000. Under $400,000? Be sure to check out our annual South Tahoe real estate report within this newsletter.

Click Here to Read Full Article from the Mercury News

Lots to Do In January

Take a look at the old man, Don, tele-skiing at Kirkwood. Kudos to son, Scott for sharing this photo with mom who had to stay home to work. If you are planning a trip to Tahoe during the next few weeks, you may want to check out some of the following events taking place.

January 17 – is the date set for the 26th annual Kiwanis Crab Feed. The party starts at 6pm at Harrah’s Lake Tahoe. Dancing with 5 0′Clock Charlie, raffles and a silent auction will be among the scheduled fun. All proceeds will benefit local charitable activities. Call 775-588-6611 for more information.

January 19 – Get ready for some great laughs with comedian, Damon Wayans at MontBleau Resort. Doors open at 8 PM. Call 775)588-3515 for information.

January 23 & 24 – More laughs to be had with Don Rickles at Harrah’s, Lake Tahoe. Call 800-786- 8208 for tickets and more inforamtion

January 23-27 – Blue Gay-La, South Lake Tahoe’s Gay & Lesbian Ski Week will highlight world class skiing and nightly entertainment. Scheduled activities will include all night dance parties to the “Queen of the Mountain” competition at the “no holds barred,” Drag Race. Call: (800)AT- TAHOE for information.

January 25 – revisit the 80′s Ska Sensation, English Beat at the MontBleu Resort.

Jan. 26 – Paula Poundstone and ANT will be playing at the MontBleau Casino starting at 9 pm. Call (775)588-3515 for information.

January 30 – ACT 5th Annual Winter Party – “Pizza For Pups” The Animal Coalition of Tahoe will be hositng a fun-filled evening featuring a pizza buffet, silent auction, raffle and chances to win prizes. Don’t miss out on this great opportunity to help ACT help the animals in our community! Starts: 6-7:30pm on Friday. Cost: $20 for adults, $10 for children under 13. Lake Tahoe Pizza Company, 1168 Lake Tahoe BLVD, South Lake Tahoe, CA- Call: (530)400-4766 or (530) 222-9183 or E-mail for more information.

Hard Work Pays Off

We’ve always believed in hard work. And as the total sale results are coming in for the past year, we are thrilled to announce that according to the South Lake Tahoe Association of Realtors, the Souers team, ranked among the top 5 in residential real estate sales throughout the South Lake Tahoe area. We are even more proud of the fact that the Pinnacle Real Estate Group of Lake Tahoe (just two years in business) also ranked among the top 5 offices within the same parameters (residential sales in South Lake Tahoe.) This is pretty exciting news among our company, especially when one considers that our company actually out produces the “big dogs” when looking at the number of agents involved.

And finally, we were honored to have Theresa presented with the Distinguished Service Award during the recent South Tahoe Association of Realtors Installation dinner. It was a long hard year yet the overall results are very rewarding. Now, let’s get back to work.