Update 9/10/10:  This home went into escrow less than 24 hours after going into the MLS.  It closed in 2 1/2 weeks for $1,000 over asking price ($428,900). 

REO property in Tahoe Donner. Property is being sold "As is" with no representations by Seller of condition. Bank installed range/oven, vent hood, dishwasher, downstairs carpet, and new knotty alder doors. Clean and shows very well! This home was once listed for over $900k. Nice floor plan including large great room, 2 master bedrooms, 2 fireplaces, custom cabinets, 3+ decks and more. Backs to Tahoe Donner campground.

Very well kept "Marlette" style Chalet. Located on a nicely wooded lot and features high ceilings, great room, diagonal redwood accent walls, upgraded conforming woodstove on a brick hearth, loft, mud room, metal roof and much more. For the buyer who is looking for a nice cabin in the woods at a very reasonable price. Tahoe Donner features many fine recreational amenities, common areas, and hiking and biking trails.

Really this is a great statement for Truckee and Tahoe in 2 ways.  First, it shows that the economy is recovering.  Second, it shows that people realize this is a first class skiing destination.  Both of these things are great signs for our real estate market!

We access the area using the Palisades Creek Trail which starts at the trail head between Cascade Lakes and Long Lake.  It is a 7 mile hike from the trail head to the North Fork of the American River with 2200 feet of elevation change.  The first couple of miles the terrain is very rocky with limited vegetation.  There are gorgeous views of the surronding peaks, particularly Devil's Peak, Castle Peak, and Tinker's Knob.  The middle section of the trail takes you threw fairly thick vegetation.  Most of it is pine trees and various shrubs with a mixture of redwood trees here and there.  The bottom third of the trail is where you approach Palisades Creek and, ultimately, the North Fork of the American River.  This section is quite a bit steeper and the vegetation remains pretty thick.  You'll start to see a lot more tall grasses and oak trees, and you have to be cautious of rattle snakes and poison oak.

This trail can be done as a day trip, but I highly recommend spending at least 1 night down at the river.  It is an incredibly beautiful area with waterfalls as large as 60 feet and numerous pools for swimming and relatively safe areas for cliff jumping.  There are a handful of established camp sites, but otherwise not many signs of people.  It is truly one of my favorite spots to visit.

This is a great event for people of all ages.  Bring your dinner and beverage of choice and enjoy the grass ampitheatre, the surrounding pine and aspen trees, the music, and friends!

Last week was the first week of the series.  You can take a look at the calendar of upcoming shows by clicking here:  Truckee Music in the Park Schedule.

The highlights of a week in The Transition Season:

Snow Skiing:  I love spring skiing and conditions did not dissapoint during the last weekend at Alpine Meadows.  I was lucky enough to be able to sneak out for 2 quick sessions on saturday and sunday morning.  The sun was out, the people were out, and there was still tons of snow.  I had a big smile on my face as I ran into numerous friends and made our final turns of the season together.  It really seemed like a shame, as I left the mountain late sunday morning, that the season was coming to an end.  Can anyone tell me why we open the ski areas in November, when there's barely a patch of snow on the mountains, and close them in April and May, when the mountains are completely covered in white?!!

Wakeboarding:  One of my best friends just got his boat out of winter storage, so we just had to take it out and make sure it was running right.  We took it out on Donner Lake late sunday evening.  It was a beautiful evening, with the air temp pushing into the mid 60's, and smooth water.  The water was viciously cold (ranging between 47 and 52 degrees on the boat thermometer) but thanks to the technology of "dry" suits, we didn't have to worry about that.  We took our first pulls of the season surrounded by snow covered shores and gorgeous views of Mt. Rose and Donner Peak covered in white.

Softball:  The Truckee recreational softball season starts next week, so my team needed to get together for a couple evening practices.  It felt a little strange to put on the spikes and glove just 2 days after going skiing, but that's life in the transition season in Truckee . . . there's snow on the mountains, but the grass is nice and green in town!! 

Mountain biking:  Unlike skiing, a sport in which there is time between the start of the season and optimal conditions, mountain biking around Truckee and Lake Tahoe seems to start with optimal conditions.  Though some of the higher elevation trails are still covered in snow, conditions on many trails are perfect.  I went out for a quick ride on Emmigrant trail, just north of Truckee, after work Thursday night and found perfection.  No dust, smooth banked turns, and easy climbing conditions. 

What can I say, despite having to work 50+ hours this week, I still was able to enjoy a lot of time outside.  THAT IS WHY I LIVE IN TRUCKEE!!

This year the pond was easily 100 foot accross (its size varies year to year) and there was about a 3 foot drop off from the level of the snow to the surface of the water.  The contestants sported an array of costumes and attempted the crossing in every way imaginable.  Men and women, on skis, on snowboards, on cross country skis, on water skis, on all fours (attached to a pair of skis), 2 people on one pair of skis, 2 people on one snowboard (this didn't end well), a ski patroller pulling an emergency sled (luckily there wasn't anybody in it) and even one guy on stilts mounted to a pair of skis (yes, this was really attempted, and he came astonishingly close to making it accross the pond!).

Despite temperatures in the 30's, there was a throng of around 1,000 fans crowded around the shores to watch the 50 contestants.  There were many excited screams and loud groans.  Most importantly everyone was thoroughly entertained both by the costumes, the smooth crossings, and especially by the spectacular crashes!

1.  People don't realize the challenges and risks of buying a home in foreclosure.

2.  People don't realize that homes in foreclosure are NOT the only good deals out there!!

Despite my chuckles, I do recognize why people want to pay such close attention to the foreclosure market.  In light of that, I want to share an article I came accross today about purchasing homes in foreclosure.  I like the article because it was brief and to the point, but still gave a good overview of what to expect if you try to purchase a home in foreclosure.  Please take a look at the article, by clicking this link:  How to Buy a Foreclosure.  Then, review my comments relating the article to the specifics of the Truckee and Lake Tahoe home markets.

Preforeclosures:  In the Truckee and Lake Tahoe markets, preforeclosures are more commonly referred to as "short sales." The writer is on the mark when he says short sales are complicated and slow.  However, he also remarked that "prices are usually higher than at other stages of foreclosure."  This is not the case in the Truckee and Tahoe markets.  Why, you ask?  First, demand for short sale listings is not as strong because of the challenges of the short sale process.  Second, some banks are willing to let a house go for a little bit less as a short sale, so they don't have to deal with the time, cost, and hassles of repossessing a home.  Some of the best deals (sales prices of closed transactions) in this market have been on short sales.  The key to buying a short sale is to be patient and to focus on properties which only have one loan against them.

Sherriff's Auction:  In Truckee these auctions are commly referred to as the "trustee sale" or an auction "on the court house steps."  I completely agree with the writers statements here.  Great deals can be had, but these purchases are for the experts and investors.  I would not recommend an individual person trying to get involved, without doing major research first.  In fact, in the Truckee/Tahoe area, only a very small percentage of homes are sold at this step in the foreclosure process.  Most of them end up as REO's.

Repossession or REO's: I agree with the writer about most of his core points about REO's:

1.  This is the easiest and safest way to buy a foreclosure.

2.  You will get a chance to inspect the property (part of what makes them "safe").  He does not mention, however, that most banks try to accelerate the buyers inspection period significantly.  On standard transactions in the Truckee and Lake Tahoe market, a buyer has 17 days to do their inspections.  On most REO's in this area, the bank will try to force the buyer to complete their inspections in 5 days.  This is a short time period, but it can be done if you're Realtor is on the ball and can quickly get quality inspectors to the property (this is a strenth of the Nicholls Real Estate Group).

3.  The property will almost always be sold as-is.  He also mentions that most banks will be willing to take care of health and safety issues, however this is not always the case in Truckee Tahoe.  In our market, I find the banks which are willing to make any repairs, do so before putting the home on the market.  So, once the home is in the MLS, it is typically sold as is from that point.

One of the most important things about buying an REO in Truckee/Tahoe is not mentioned at all in the article . . . REO's are the foreclosure properties which see the strongest demand.  It seems that buyers come from far and wide as soon as they see the words "bank owned", "REO", or "Repo".  Because of this, it is very common to see multiple offers on REO properties in Truckee and Tahoe.  Because of this strong demand, many REO's, which appear to be great deals based on their asking price, end up selling at or above market value. 

Also, because of this strong demand, the banks will be picky about the offers they will accept.  They focus not just on price offered, but also put a lot of weight into quick closings, quick inspection periods, and cash offers or offers where financing is already in place ("pre-approved" as mentioned in the article).

Ultimately, this is just an overview of what to expect.  All in all, there are great deals to be had in the Truckee and Lake Tahoe real estate market, and foreclosures definitely play a part in that.  If you are considering buying a home, I strongly recommend you seek the advice of a real estate professional (hopefully us!!) who will advise you of everything you need to do to get a great deal.

If you're like me and you still have the itch to ski, this is a dream come true and it's why I choose to live in Truckee!!

In this space, over the coming weeks, months, and years, I will be highlighting some of my favorite activities which I'm lucky enough to be able to enjoy on a regular basis.  My hope is to share some experiences, highlight some of the great businesses and locations in this area, and also give visitors and/or new residents ideas of how to really take advantage of Truckee/Tahoe.

The first story is about one of the great ways to take advantage of spring time in Tahoe.  Early spring might be my favorite time of year up here.  The skiing is at its finest as the snowpack seems nearly bottomless, but the weather is warm enough to also do summer type activities.  If you plan right, you can do both . . .

8:30am:  AT THE OFFICE

You wouldn't think a great day would start at the office, but that's the beauty of living in Truckee.  If you know me, you've undoubtedly heard me say, "5 minutes after I leave the office, I'm doing the same things everyone else does when they're on vacation!"  This day, like most, I did have a meeting with a client.  There were a couple houses for sale near Donner Lake which a buyer wanted to see.  We met at the office, drove the 3 minutes over to the lake and let them see what these homes had to offer.  The highlight was the beauty of the lake.  On this morning the sky was blue, the water was perfectly smooth, and there was a perfect mirror image of Schallenberger Ridge reflecting off the surface of the water.  I may have been working, but this was something to enjoy!

11:30am:  SQUAW VALLEY - KT 22

Luckily today (Sunday, April 18) I only had the one appointment, so there was plenty of time to enjoy the perfect weather.  I pulled into the parking lot at Squaw at 11:30, threw my boots and ski clothes on, and headed for KT, where my friends had been skiing all morning.  The spring "corn" snow was absolutely perfect!  We knocked out 4 laps on KT, 4 more on Headwall, then a lap each on Siberia, Emmigrant, Granite Chief.  By this time we were starving, so it was time to head for lunch.  We took Shirley Lake up and then made our way down the ridge to . . .

2pm:  SQUAW VALLEY - HIGH CAMP

Like many spring days here, the day starts cold and ski conditions are perfect, but the afternoons are quite warm.  On this day the weather man was calling for 60 degree temperatures at lake level.  At over 8,000 feet they claimed the temperatures would be cooler, but at high camp it felt like it was 80 degrees!!  We grabbed a table, stripped off our ski gear (all of us had shorts and Tshirts on underneath), and ordered some burgers and a round of beers.  We basked in the sun.  Each time I closed my eyes I could have swarn I was in a tropical paradise, but then I would open them and look across the pool which is perfectly framed by people skiing down The Palisades.

After we polished off our meal, we relaxed for a bit longer.  Then it was time to hit the pool (or "The Lagoon" as they like to call it) and then the hot tub.  I couldn't help but laugh at the fact that we were at an elevation of 8,000 feet and in the middle of a world class ski area!

High Camp closes down at 4:00, so we got out of the water, dried off in the sun, put our ski gear back on and skied back down to our cars to end a glorious day. 

If you're lucky enough to live in the mountains . . . you're lucky enough!

Here are some of the keys to the program:

1.  Every homeowner must be considered for HAFA before the lender can pursue foreclosure.

2.  The seller must first apply for a mortgage modification, before being considered for a short sale or deed in lieu.

3.  If the borrower and the bank agree that a short sale is the best alternative, the bank agrees to respond to offers within 10 days of receipt of the complete offer (compared to a current average of 2+ months).

4.  The banks forfeits the ability to pursue a deficiency judgement against the borrower (seller) after the completion of the sale.

If all the banks participate in this program, I believe it will allow the market place to more efficiently work through the challenges that foreclosures are currently presenting.  If handled properly a short sale, or deed in lieu, is better for both the borrower (seller) and the bank who holds the note on the home.  It's also better for the health of the market as buyers will be more willing to write offers on short sales if they know the process will be handled efficiently, and homes won't sit vacant and unmaintained for prolonged periods of time. 

Here are links to some websites where more detailed information can be found:

makinghomeaffordable.gov

HAFA-Program.com 

California Tax Credit:

Amount Available:  5% of purchase price not to exceed $10,000 for first time homebuyers (haven't owned a principal residence within the last 3 years) or buyers of properties which have never been occupied (new construction).

Regulations:  The home being purchased must be the buyers principal residence.  Purchase must be completed between May 1, 2010 and July 31, 2001 and must be in contract by December 31, 2010.

For more information on the California Home Buyer Tax Credit, click here. 

Federal Tax Credit:

Amount Available:  10% of purchase price not to exceed $8,000 for first time home buyers or $6,500 for long term residents.

Regulations:  The home being purchased must be the buyers principal residence.  The transaction must be completed by June 30, 2010, and must be in contract by April 30, 2010.

For more information on the Federal Home Buyer Tax Credits, click here.

Delightful and beautifully maintained Chalet located in premier area of lower Tahoe Donner! This beautiful home is in impeccable condition and offers a wonderful open floor plan with three spacious bedrooms, 2.5 baths, lovely Great Room, spacious Dining area, Chef's kitchen and large upstairs Master Suite.  Enjoy the roomy downstairs Family Room adjacent to two bedrooms and a full bath. Generously sized garage, designer finishes, nice lighting and paint colors make this Tahoe living at its finest!

Upon returning from So. Carolina, I read several letters to the editor which included conversation over living here, feeling welcome, quality of life, etc. It is always interesting to see people’s perspectives and reasons for wanting to live in the area. 

I first became acquainted with the Truckee/Tahoe area in 1964 when I first came up here to learn to ski.  Besides spending weekends and holidays skiing in the winter, I would also come up several times each summer. Although a city boy from Oakland, I fell in love with the country.

In those days the population sign by the Donner Pass Rd. exit of east bound Interstate 80 read under 1000.  I imagine that was based on the census in 1960. The numbers have grown substantially since.

. . .

The draw to the area was the environment, the skiing, the lakes, and a slower, happier, pace of life.  Everyone knew your name, or at least your face. People worked together and played together.  Much of the population consisted of people from 25 to 50 years old.

What has stayed consistent over the years is that what you receive from living in this beautiful area is dependent upon what you seek out.  There are no welcome wagons, so to speak, or neighbors knocking down your door looking to borrow a cup of sugar.

If you wish to be a recluse, you can.  If you wish to be involved in your community, you certainly can. There are numerous clubs, organizations, non-profits, schools, youth organizations, churches, senior services, etc. looking for people who would like to get involved with them to help enhance their causes and the quality of our community.  The more involved one gets the more people you meet and friendships formed.

To read the complete article, plase click here