June 2009 Newsletter

Glory Days are Back

What happened to May? Well, between moving back to our main home, glorious weather, business picking up, birthdays, (on and on,) May simply slipped by us at record speed. It was with much surprise that we realized we didn’t put together a newsletter in May. “We’re back!” as they say. Throughout this June edition of the Souers E-Newsletter, we are featuring: a 12 month market update report for South Lake Tahoe, recognition for South Lake Tahoe as a top investment opportunity, the latest in Pinnacle Real Estate of Lake Tahoe’s growth,

South Lake Tahoe Market Update

The overall picture for the past twelve months of sales throughout the South Lake Tahoe area shows that while the number of sale transactions remains relatively the same, buyers were getting “more house for the buck.” According to the South Lake Tahoe Association of Realtors Multiple Listing services sales for the period of May 31, 2008 through May 31, 2009 as compared to the same time one year earlier were as follows:

• 396 sales in 2009, 395 in 2008
• Median home price in 2009 was $375,000 down from $415,000 in 2008.
• Average sale price in 2009 was $450,700 as compared to $504.477 in 2008
• Median time on the market in 2009 was 116 up from 131 in 2009.
• Median list to sale ratio in 2009 was 93.9% in 2009 as compared to 95.4% in 2008
• Median $/SF in 2009 was $243 down from $290 in 2008.

South Tahoe Makes TOP TEN

It was a pleasant surprise to find an article posted by MSN Money naming South Lake Tahoe as one of the top 10 places in which to purchase a second home. The South Lake Tahoe Association of Realtors’ have been trying to get this message out for quite some time and now with the rare combination of low prices, high inventory and record low interest rates, the timing may be ideal.

We here in Lake Tahoe will take our “Blue Ribbon” yet feel it is important to clarify some incorrect information that was provided within the article. Within the article, Madeleine Gutierrez was identified as the Vice President of the South Lake Tahoe Association of Realtors. In fact, Gutierrez was President for the South Tahoe Association of REALTORS in 2005. Our current 2009 Vice President is Amanda Adams, and our 2009 President is Barbara Childs. Within the same article, it was mentioned that our median home price was up 21% over last year. The fact is that when comparing S.T.A.O.R.s’ Multiple Listing statistics year over year, the median sold price for a single family residential home is down 7.8% from the previous year. This figure covers the City & County areas of South Lake Tahoe in El Dorado County only and reflects the period of 4/30/08-4/30/09 as compared to sold listing data for the period of 4/30/07-4/30/08. This percentage drop is relatively small compared to other areas in the United States in the current economic climate, which actually highlights a strength and stability in our market.

The following criteria for inclusion into MSN’s Money TOP 10 (along with a beautiful setting) is taken directly from the May 17th posting by Liz Pulliam Weston:

• Proximity to growing urban centers. Vacation towns typically need to be within a two- to three-hour drive of a major city, or at least reasonably close to a big airport. For more information regarding the South Lake Tahoe real estate market, it is highly recommended that the services of an experienced Lake Tahoe Realtor® be obtained. This first step may well be the most important within your investment plans.
• Proximity to growing urban centers. Vacation towns typically need to be within a two- to three-hour drive of a major city, or at least reasonably close to a big airport.
• Plenty of recreational opportunities. There has to be lots of stuff to do beyond shopping, which is why most thriving resort towns are near ski lifts, beaches or mountains. Some cultural cachet – a theater or film festival, galleries or museums – is also nice.
• Decent weather. You have to be able to get outside to enjoy all that recreation.
• Significant commercial investment. The old-timers may grouse about the new hotels or malls, but these are good indicators that others think the community is on the way up.
• The “it” factor. The community gets discovered by movers, shakers and celebrities – or at least enough other folks like you – for prices to get bid up.

Click Here to Read the Entire Article

BIG NEWS FOR PINNACLE REAL ESTATE GROUP

Small is certainly the New Big, or so it appears within our real estate community. As a result of the efforts of our dedicated (and really fun) team of professional Realtors, the Pinnacle Real Estate Group of Lake Tahoe was recently included into the Leading Real Estate Companies of the World. The LeadingRE is a global network of nearly 700 premier real estate firms with 5,500 offices and 170,000 sales associates in 38 countries around the world.

Collectively, this group has sold over 1.2 million homes worth $370 billion in 2007, more than any national real estate brand. LeadingRE dominates the United States’ list of top 500 real estate firms, with more of the Number One market leaders in the top 90 markets than any network. To be included we had to prove a history of high performance, top quality agents and leadership in our community. As you can imagine, we are pretty darn thrilled.

How hard have we been working? We are proud to announce that according to the South Lake Tahoe Association of Realtors’ MLS statistics, the Pinnacle Real Estate Team of Lake Tahoe was number one in sales volume for the period of January 1 through May 31, 2009 with almost 15% of the market share. Not bad for a group with less than half the number of agents as most companies in this town. Pats on the back all around.

Foreclosures & Tax Credits

Finally (we thought) the number of listings that were bank owned appeared to be dwindling in the South Lake Tahoe multiple listing services. Was the tide turning? However, based upon the number of “Broker Price Opinions” we have been seeing recently, it is likely that the numbers of such listings will be back on the rise during the upcoming months.

This is good news for Tahoe buyers that have been previously priced out of the market. Recently, we have had the joy of working with young families that are finally in a position to purchase a home of their own. We have known many of these “kids” since they were in high school and it is delightful to see our next generation making the move back to the lake.

Cash appears to be “king” yet, the majority of today’s buyers are not in such a financial position. The next best approach is to be pre-approved. An offer presented with full pre-approval goes a long way these days and usually rises above the competition. If you are lucky enough to be in a position to invest in today’s market, it can be well worth your time and effort to meet with a reputable lender to begin the process. In fact, it is highly recommended this step be taken prior to looking at homes. Those of you looking to help your young family members get into their first homes should make a point of accompanying them to meet with the lender. If a financial “gift” is part of the plan, there are proper steps that need to be followed. If you plan to co-sign, there are necessary documents to review. So, plan early and prepare to be in the strongest position possible during the next six months. Such effort will result in hearty pats on the back.

Finally, don’t forget to check into the Fed’s latest move to stimulate the real estate market. Now, first time buyers may not have to wait a full year to take advantage of the $8,000 tax credit.

Click Here to Learn More about the $8,000 Tax Credit

Summer’s Back in Tahoe – Let the Fun Begin

As much as we LOVE the shoulder seasons here in Lake Tahoe, we locals look forward to the tourist seasons as well. Along with increased visitors to our slice of Paradise comes entertainment galore! Don & I kicked off the season with our hero, Buddy Guy.

• June 6: Legendary funny man, Bob Newhart will entertain at Harrah’s.
• June 6 & 7: The Valhalla Renaissance Fair will return to Camp Rich Woods where visitors can experience jousting, singing, dancing, storytelling, feasts, on and on. Hours are 10 am – 6 pm.
• June 6 – 14: Relive days gone by with the 60 yr. Annual Hwy 50 Wagon Train.
• June 7: America’s Most Beautiful Bike Ride. This will be the 18th annual event with a reputation for spectacular scenery, great food and support.
• June 13 & 14: The South Shore Lake Tahoe Summer Kick-Off. Activities will incldue the Ski Run Food & Wine Festival, Geocaching, Rolling Chrome/Tahoe Thunder Car & Motorcycle Show, the Great Lake Tahoe Sternwheeler Race, Heavenly Village Recreational Expo, music in Kahle Park and much more.
• June 19 – 20: The Smother’s Brothers will perform at Harrah’s
• June 19 – 21: Lake Tahoe Concours d’Elegance & Wooden Boat Week, 2009. For 37 years now, Lake Tahoe has celebrated the grace and style of elegant wooden boats.
• June 19-21: Corvettes at Lake Tahoe, 2009. This will be the 7th annual celebration. Guests will include legendary race car drivers, Bob Bondurant and Dick Guldstrand.
• June 28: Wilco – The group formed by guitarist and songwriter Jeff Tweedy in the mid-1990s. 2009 will see the release of their 7th new studio album.
• June 24: Film Night at the Boathouse (Valhalla off of Emerald Bay Hwy) If you have not yet enjoyed an evening at the Boathouse, be sure to put it on your 2009 summer “must do” list. This year’s film series will focus on classics.

Time to Clean Those Windows?

We wanted to take this opportunity to promote a service you may not be aware of (yet.) The parents of our most spectacular granddaughter have a business called Tahoe Home Lookout. Basically, they help oversee second homes and offer too many services to mention here. HOWEVER, one of their primary jobs is professional window cleaning.

Josh works full time at Sierra Ski Resort and during these current economic times, the employees are asked to take May and June off (without pay.) This is perfect timing for those that are looking to have windows washed and ready to take in the glorious beauty of summer. To learn more about their services, click here. or give them a call at (530) 318-0441. Hey, we’re proud parents – what can we say?