Properties sold over $5 Million Lake Tahoe Region

Tahoe sales surge: duplex penthouse goes for $5 million

Tahoe sales surge: duplex penthouse goes for $5 million

 

 

Published: Thursday, Dec. 12, 2013 – 11:38 am
Last Modified: Thursday, Dec. 12, 2013 – 11:53 am

 

 

In another sign of a resurgent high-end real estate market around Lake Tahoe, a $5 million duplex penthouse at The Ritz-Carlton Residences, Lake Tahoe, has been sold to an unnamed buyer.

The sale of the 3,407-square-foot penthouse – featuring four bedrooms, three and a half bathrooms, a theater and spectacular views of Northstar Mountain and the surrounding area from an altitude of about 7,000 feet – was announced by the Beverly Hills-based international real estate investment and services company Kennedy Wilson.

The $5 million sale follows two other recent transactions at the site. The Residences are comprised of 23 luxury penthouses that became available for purchase in mid-February 2013. Fourteen homes remain on the market.

“We are delighted to have reached this sales benchmark as we kick off The Residences’ inaugural winter season,” said Stuart Cramer, president of Kennedy Wilson’s Residential Investment Group. “The strong sales affirm the enthusiasm we are seeing among buyers to acquire luxury vacation homes that provide the iconic services of The Ritz-Carlton and an elevated outdoor lifestyle set amid the stunning beauty of the Lake Tahoe region.”

According to Chase International, 2013 has seen a 60 percent year-over-year rise in home sales in the Lake Tahoe region.

The perks of ownership at The Ritz-Carlton Residences, Lake Tahoe, include special ski areas/services, concierge service, valet parking, private-entry corridor/elevator and priority access to a spa, lounges and the Manzanita Restaurant.

Read more here: http://www.sacbee.com/2013/12/12/5995540/tahoe-sales-surge-duplex-penthouse.html#storylink=cpy

Turn in the Real Estate Market?

Lake Tahoe Real Estate in the News! We are all wondering what is happening with the real estate market and when the turn might be. This interesting article was recently featured in the news and expounds on what is happening with the Lake Tahoe Real Estate Market.

John Seelmeyer of the North Lake Tahoe Bonanza recently published an article on October 15, 2012 entitled Northern Nevada housing market turns sharply, but why? The article states that the real estate market has seen a turn for the better. The article explains that inventory is low and buyers are facing multiple offer situations and much rejection when they begin the search for a home. Our Chase International broker, Craig King comments in this article about the market as well. Click on the link to read entire article. FoxReno.com also featured this article. Click here to read article.

Click on this link to begin your Lake Tahoe real estate search today!

Northern Nevada housing market turns sharply, but why?

RENO/TAHOE — Katie Elliott unfailingly cautions her first-time homebuyers in Reno and Sparks that they’re about to enter a highly competitive arena filled with multiple offers, bidding wars and frequent rejection.

They usually don’t listen at first, says the Dickson Realty agent. But after an experience or two in the fast-changing residential market, a market where it’s not unusual for a seller to get a dozen or more offers within a day or two of listing a property, Elliott’s buyers wise up fast.

The residential market clearly has taken a sharp turn for the better.

Still, there’s disagreement among realty professionals about the reasons that things have become so much better in the past 10 months, and much depends on which school of thought is proven to be prescient.

A handful of statistics summarize the story: The median price of existing homes sold in Washoe County has risen by nearly 30 percent since the start of this year — from $135,000 in January to $175,000 in August.

From July to August alone, the inventory of homes on the market in Reno and Sparks fell by more than 8 percent, says Theresa Thomson, a Realtor with Prudential Sierra Nevada Properties in Reno.

Craig King, chief operating officer of regional brokerage firm Chase International, notes that the current inventory of existing homes on the market — roughly 800 — is half of the figures that were common during the frenzied days of mid-2005.

Plus, King notes, the number of newly constructed houses on the market is only a shadow of the number built during the boom. The question that divides real estate professionals: Why are inventories so tight?

Nancy Fennell, president of Reno-based Dickson Realty, says a year-old state law — everyone knows it as AB 284 — that dramatically tightens the documentation standards on foreclosures is playing a critical role in tighter inventories.

Lenders are sufficiently spooked by the law, which includes criminal penalties, that they’ve dramatically reined-in foreclosures. Statewide, notices of default to homeowners fell from 5,000 in September 2011, the last month before the law took effect, to about 600 a month later. That’s been good news for people who faced losing their home; it’s been bad news for people who want to buy a house and now face higher prices because the supply is so tight, Fennell says.

The Nevada Supreme Court a few days ago validated a part of the disputed process, allowing foreclosure on loans involving the Mortgage Electronic Registration system, a database that tracked loans as they were repeatedly sold and split apart in the secondary market.

AB 284 may get a fresh look from next year’s Legislative session. Even if it changes, much depends on how lenders react — moving foreclosures into the market in a measured fashion or moving quickly to clean up their balance sheets while prices decline.

King, however, thinks that the impact of AB 284 has been dramatically overstated.

“It’s had a limited effect,” he says, noting that the same economic fundamentals that are strengthening the residential market in northern Nevada are at work in once-troubled markets such as Phoenix and Southern California.

Record low interest rates are attracting buyers, he says.

Pent-up demand, particularly among first-time buyers, is driving the market. Young people who’ve lived in their parents’ basements for several years are eager to get into a house of their own.

People who were forced into a short sale during the worst days of the crisis have regained their courage — and their financial resources — and are coming back into the market.

And investors, both individuals and investment funds, are putting money into single-family homes to earn returns better than anything they can get from a bank.

At the same time that those factors are pushing demand, King says a paucity of new-home construction in the region keeps inventories in check. Those market factors, he says, create sustainable growth no matter what the Legislature might do with AB 284.

Whatever the reasons that the market has tightened dramatically since late spring, Thomson says agents are watching new listings minute-by-minute.

“When something comes on the market, you’ve got to get out there with your buyer,” says Thomson. “You don’t want to wait a day. Maybe not 12 hours.”

It’s not unusual, Thomson says, for several real estate agents, their buyers in tow, to be waiting in line outside a newly listed home.

That creates angst among buyers, says Elliott, because they’re spooked about the possibility of becoming the victims of a temporary rise in prices at the same time that they worry that they won’t be able to get into house.

But so far, she says, buyers generally aren’t making ill-considered, panic-driven decisions.

Doing her part to bring more inventory onto the market, Thomson seeks out homeowners who have stopped making payments that they can no longer afford. She tries to convince them to work with their bank on a short sale, rather than hunkering down while they wait for a foreclosure to begin.

And she says more traditional sellers — people who aren’t forced to sell — are beginning to put houses on the market as they’re convinced they might get an attractive price.

All this is cold comfort to families who are weary of bidding wars and drop-everything-right-now visits to newly listed homes.

“Buyers are stressed,” Thomson says. “They just want a house.”

Top Real Estate Companies Update

The charts below show which brokerages are selling the most Lake Tahoe luxury real estate. The first two graphs represent home sales over $10 million. The first is for sales volume since 1995 and the second is for number of transactions sold since 2005. The third graph shows the number of units sold for each brokerage since 2005. Great job, Chase International for being at the top of all three!

2012 Top Company

Chase’N Around Lake Tahoe May 2011 Monthly Newsletter

 

Chase’N Around Lake Tahoe May 2011 Monthly Newsletter

 

 

In This Issue

:: LakeTahoe-Estates.com
:: Ski Area Market Recap
:: Real Estate Articles
:: Featured Property for Sale
:: Luxury Lakefront Rental
:: Community Spirit
:: Local Events of the Month & Future
:: Featured Restaurant

 

lake tahoe estates com

Click Here to Visit Our New Website

 

Ski Area Market Statistics for the 2010-2011 Ski Season

 

Rates & Cost of Ownership

Properly defining the “bottom of the market” should be the best time to buy and is a function of both purchase price and rate.  For a 30 yr fixed mortgage w/ 20% down, a 5% decrease in purchase price will wash with a .5% increase in interest rate.  So, if rates are more likely to up 1% before home prices drop another 10%, then the cost of ownership is currently on the rise….point being, NOW is the time we’ll look back years from now and realize was the sweet spot time to buy.

Note: Rates have already gone up 1% in the past 6 months.  Current cost of ownership is approx equivalent to purchasing a home in 1989.  The arch enemy of mortgage rates is INFLATION.  Anyone watching where rates are headed should be focused on inflation.  The Fed is actively trying to create some inflation, so what the Fed is currently doing every day, will indirectly push mortgage rates higher.  For condos the health of HOA’s are more crucial than ever to loan approvals.  The high cost conforming (aka “confumbo”) loan limits are currently set to expire in September.  We hope these will be extended, but expect Congress to wait until the very last minute to address this debate.  Current limits are – Nevada County:  $562,500    Placer County: $580,000.  Credit score requirement for best case scenario rates continue to tighten.  740 credit score is now top tier pricing for 20% down payment scenarios.  www.omglenders.com

Environmental Impact Report Next Steps

The public draft environmental impact report (EIR) for the proposed Homewood Ski Area Master Plan was issued by the Tahoe Regional Planning Agency (TRPA) and Placer County last January 21st. The draft EIR includes a detailed description of the proposed project as well as thorough analysis of potential impacts to areas such as biological resources, geology, hydrology, air quality, transportation, scenic resources and noise. 

The official public comment period came to a close on April 21st, following a 90-day review period. From here, the third-party environmental consultant Hauge Brueck & Associates will prepare written responses to all public comment in coordination with the public agencies. The final EIR document is expected to be published later in the year leading up to final public hearings with the TRPA and Placer County.

Stay Informed on the Homewood Master Plan

Featured Property

3600 W Lake

Lucky 13!

Private path to 13′ on the water with beach and one  buoy

Virtual Tour

Located in a Historic area, this 1947 cabin was enlarged and remodeled in 2001. There are 4 bedrooms with the master suite having an adjoining loft.  There are 2 bedrooms and 1 bathroom on living level; 4th bedroom on entry level with access to full bath. Breakfast area in kitchen, black granite kitchen counters, tile accents, butcher block island. Wood-burn fireplace in living, gas fireplace in Bunk/Family room. Great coverage…over 10,000 sf and about 4800 in use. Pickwick pine paneling, lots of windows, three decks, lovely landscaping, antique mantle from Blackwood Canyon, hardwood floors, slate entry and steps up, On rental program.

west shore  

West Shore Lakefront Rental

Property offers 4+ bedrooms, 6 bathrooms, pier, hot tub. 2 week min. Available end of June through August.  530 582 0722
Ferrari 

David Gemme’s Ferrari Test Drive Video

Chase International Realty’s Tamara McKinney & Jeff Hamilton were recognized by the Nevada State Assembly for their Olympic accomplishments and for the work they have been doing toward securing the winter Olympics to Tahoe for 2022.  This is a very high honor and well deserved.
TahoeAMGEN 

MAY 13-16, 2011

America’s largest alpine lake welcomes the world’s cycling elite to the Overall Start and Stage 1 Finish and Stage 2 Start. The mountain air will challenge. The scenery will inspire. The adrenaline will electrify…

Race Information for Tour of California

homewood 

Memorial Day Weekend Open House

Sunday, May 29th, 2-5 p.m.
Homewood Mountain Resort is planning a master plan oriented open house at the South Lodge at Tahoe Ski Bowl Way on Sunday afternoon, May 29th, from 2-5 p.m. Plans, architectural renderings and other information will be available at the South Lodge for public review. So if you are in the Homewood area, please stop by.

Click Here for More Informaton

ski day with high fives
The Guys from High Fives

The Landon Mcgauley Project with High Fives was a HUGE success. With the support of High Fives and  LakeTahoe-Estates.com Landon was back on the ski hill this past month!   We had a great ski day followed by a fabulous dinner. We will continue to support High Fives and their athletes.

For more information on how you can help email us!


 

Christy Hill

“A Special Thank You to Christy Hill for Hosting The High Fives Dinner with Landon McGauley”

A memorable dining experience awaits you as you enter the Christy Hill Restaurant in the center of Tahoe City. The restaurant sits just 100″ above the shoreline of Lake Tahoe on an elevated embankment offering diners a panoramic vista. The intimate setting offers guests a view that is only upstaged by the cuisine. Voted “Most Romantic Restaurant” by the San Francisco Chronicle.

www.ChristyHill.com

trinkie and dave 

Trinkie Watson, CIPS,CLHMS

David Gemme, CRS

530.582.0722 Office

www.LakeTahoe-Estates.com

chasen@chaseinternational.com

10% Off

Summer is here and now is a great time to set up a property tour with us. When you plan your next trip here use Pullen Rental Group for lodging and receive 10% off your total when you mention being Trinkie Watson or David Gemme’s client. Plus if you stay 3 nights the 4th is automatically free!

http://www.pullenrentalgroup.com

Give us a call or send an email to set up a property tour!

Don’t forget that the annual Lakefront Estates tour is scheduled for June 29th! A must attend event for all.

 

Offer Expires: September 1, 2011