A dialogue of Ski Area properties in the Lake Tahoe area
In my last Blog post I stated we are starting to see indicators that the real estate market is showing signs of leveling. One indication is investors buying up inventory that has been on the market a long time, and they are, in a sense, “creating next year’s price today”. After writing that blog, I had several conversations with clients and fellow Realtors, discussing the indicators of what that looks like. This provoked me to analyze some data in our local market and compare these markets because they are what I like to call The Exclusive Markets -defined as an area with limited home sites because of the desirability or other environmental factors which prevent endless development and sprawl. See the 3 charts below, representing a 3-year quarterly sample of our 3 biggest ski resort communities (Squaw Valley, Northstar and Alpine Meadows). Each one of these communities is unique, so it would be a shame to bulk them together because they offer such diverse terrain, inventory and amenities. Yet, within each of these communities there is a broad range of inventory. We have seen an increase of Sold and Pending properties, especially in the fall of 2010, and a decrease of new listings. This is a combination of many factors:
1. Affluent owners not needing to sell because they do not want to lose money, so they let their listings expire and choose NOT to relist.
2. Good deals and quality well-priced inventory being purchased usually at less than 60 days on the market.
3. Tired sellers with functionally obsolete properties taking the first offer that comes in. This is what the investors are feeding on, and many of the investors feel they have done well . . . and the good news is – they have!
Northstar Single Family Residence Median price of For Sale, Under Contact, and Sold Properties (There are 653 SFR, 29 lots, and 817 Condos according to First American Title Company)
Squaw Valley Single Family Residence Median price of For Sale, Under Contact, and Sold Properties (540 SFR, 68 Lots and 968 Condos according to First American Title Company)
Alpine Meadows Single Family Residence Median price of For Sale, Under Contact, and Sold Properties (448 SFR, 192 lots and 129 condos according to First American Title Company)
In all three of these markets, the median price of Sold properties increased compared to the median price of the newly listed properties. This, in my opinion, is the sign that demand is increasing because prices have dropped and will continue because of the lack of good, well-priced homes. Stay tuned next week when I compare the same data analyzing it from Supply and Demand, not reflective of price. For questions and comments contact us at [email protected] or “LIKE” our face book page.
Tagged with: david gemme • lake Tahoe • lake tahoe estates • lake Tahoe homes • lake Tahoe homes for sale • lake tahoe real estate • lake tahoe realty • Tahoe city homes for sale • Tahoe city real estate • Tahoe city realtor • Tahoe city realty • tahoe homes • tahoe homes for sale • Tahoe lakefronts • tahoe real estate • Tahoe realtor • Tahoe realty • trinkie watson • truckee homes • truckee homes for sale • truckee realty
Filed under: Lake Tahoe Real Estate
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