Tim Lampe, Lakeshore Realty
Displaying blog entries 1-10 of 680
756 Joyce Lane Incline Village, Nevada
Reduced Home Listing: Beautiful home in the very desirable Lakeview Subdivision in Incline Village, NV. Within minutes of Incline Amenities-outdoor pool, beaches, shopping, restaurants, coffee, etc. Like new inside with newer carpets, fresh paint and upgraded tile kitchen plus new roof.
553 Knotty Pine Dr. Incline Village, Nevada
Bright natural light in a serene single level living lake view home. Every room has a view. Great room floor plan w/ expansive deck for entertaining. Street to street lot. Expansion potential. Listen to music on the deck and take in the vista or stars.
Now priced to sell.
Panoramic Lakeview Listing: 577 Tyner Incline Village, Nevada
New on the Market
Incredible views of Lake Tahoe and the surrounding mountains. This mountain style home is 3 levels with a spacious master suite on the top level with a luxurious bath. Open floor plan with gourmet kitchen made for entertaining plus a game room. The Lake Tahoe views are to die for.
National Economic and Real Estate Commentary ~Incline Village Real Estate
February 17, 2012
It’s been an extremely active week politically—consider the agreement with major lenders to pay billions in fines to partially offset damages allegedly done to borrowers and the new budget from the White House—all sparking remarkable debates among the pundits, on the one hand, and apparently lulling the market to sleep on the other. We have, of course, had plenty to worry about the on-going doubts that Greece will be able (and its people willing) to handle its debt, but we saw only gentle tremors in the credit and stock markets as a result.
Gold declined slightly, for example, but not meaningfully. There are analysts who cheer every upward move for the metal, but its price is teasing us these days…moving very slowly and unsteadily into the $1700-an-ounce range. Silver is doing no better. Oil is slightly higher—as your most recent trips to the gas station will attest.
Interest rates, meanwhile, have barely moved over the prior week. They are simply telling no stories about where we may be headed in the future. And the dollar’s exchange rate, mixed against various leading currencies, has few further suggestions for us about where the markets are headed.
The Freddie Mac weekly average mortgage rate summed up the situation by staying at its all-time record low (3.87%) for yet another week. But with the orders for new purchase money mortgages up only 0.1% in the week before, there is little cheer in the real estate market even with Freddie’s continuing mortgage rate sale.
Still, refinancing stepped up 9.4% due to those low mortgage rates. It’s good to know that some few sectors of the market are awake.
The truly good piece of news last week was a decline to 358,000 new applications for unemployment insurance. Even more impressive was the fall to 366,250 for the 4-week moving average, which provides an even more credible account of what this indicator is doing. In short, jobless claims have been falling, indicative of an improving employment situation in this country. And that should translate into better home sales in the not-too-distant future.
The current quiet, unless an unforeseen storm is brewing, should lead us into a slightly better real estate market.
Intel provided by Moody's, posted by Tim Lampe
If you have the desire, you can always come and look at real estate with me, Tim Lampe.
Tahoe's hopes for a snowy holiday weekend are fading by the hour.
A little storm heading our way Friday night now looks like it will stay mostly north of the basin. It might bring us some clouds, but any snow will be showery and limited, with very light accumulations on Saturday.
The cloud cover will likely hang around until Sunday even if it is not producing much.
Another system heading south from the Gulf of Alaska Sunday night now looks even weaker than the first, so we really are looking at a dry weekend and, yes, another dry extended forecast.
Once these two teases pass by, the ridge of high pressure builds again next week and seems likely to hang on for at least several days, if not longer.
This is just not our winter for snow, folks. But it is not over yet. We've still got more than a month of official winter on the calendar, and the chance for some early spring dumps after that. The forecast models are hinting at a change by next weekend. But we have seen too many hints turn into mirages to count on that now.
High temperatures
Lake Level
Thursday 41
Friday 48
Saturday 34
Sunday 35
7000 feet
Thursday 46
Friday 46
Saturday 39
Sunday 36
Incline Village, Nevada
For the past ten or more years, I have been serving the real estate needs of clients who are either buying or selling million dollar-plus homes here in Lake Tahoe. Not until 2010/11 did we start to notice a significant increase in foreclosures of million dollar-plus homes – Homes that are Underwater. Here are the current stats from ForeclosureRadar for the Bay Area, which is a good comparison for Lake Tahoe and Incline Village. In 2011 there were 1,500 million dollar+ homes scheduled for auction. This was double the number for 2008. And, these numbers don’t reflect the high-end homes being sold for less than is owed which are not shown as foreclosed.
The question our clients are now asking is, “Is this a trend or just a momentary spike?” We believe it may become a more significant aspect of the Bay Area real estate market for next two years. So, what is causing the high-end housing market to move into the world of foreclosures? Here are three of our answers the question; 1) The length of the recession; 2) The luxury home owner’s dwindling resources; 3) and, Jobs.
Below are the details of the three reasons why we believe the trend for the higher-end housing market foreclosures will continue to increase over the next two years.
Recession: Yes, the current recession feels as if has gone on forever. In fact, it is the longest recession in our country’s history. All of us hoped that home values would begin to rise well before 2012. And, many Bay Area luxury home owners believed that if they could just hang on long enough the economy would take care of home prices. Well, it has not turned out that way. We are still on the tail end of the Perfect Storm regarding housing; fraudulent lending practices; ineffective government policies; home values dropping back to 2001 prices; and, specifically the ability to qualify for a mortgage.
Dwindling Resources: The demographics of our high-end home buyer are; people 45 years old and above; business owners or high level executives; have reserves such as their kid’s college fund, stocks/mutual funds, retirement accounts, and savings. The challenge this group has experienced the last four years is they could service all of their debt including the mortgage because of their reserves. Since the recession has continued longer than any other in our history they have blown through much or all of their reserves. They now need to either have the bank take the house back or sell it for less than is owed and pay the difference.
Jobs, Jobs, Jobs: Unemployment has been one of the major drags on our Bay Area economy, with the bright spot being Silicon Valley. Because of this factor, unemployed homeowners of high-end properties are in the worst possible position. They have no income and the reserves they spent years accumulating are being spent on their daily expenses and debt, including their mortgages. As you can imagine, it doesn’t take long to just plain run out of money, or come to the conclusion that they will stop making their mortgage payment and live in the house as long as they can – sometimes more than a year. Or, they attempt to secure a loan modification from their lender. Just in Contra Costa alone, there were twice as many Short Sales in 2011 of high-end homes as there were in 2009, according the DataQuick – one of our most reliable real estate information source.
And, to put this topic in its proper perspective, the high-end home foreclosures in the Bay Area represent a small percentage of all the Bay Area homes sold in 2011. It is still a trend to watch carefully, and it is a BIG issue for the high-end homeowners who are now experiencing what the rest of the foreclosure market has endured the last four years. We will report back as to how this trend unfolds in 2012. Contact me today for a free price analysis of your home, or for any of your real estate needs.
Until next time. Tim Lampe for Jim Walberg
Central, low-elevation location. 3 br., 2 ba. Bavarian style home with attached single car garage. Large lot with RV parking. Great room with vaulted beam ceilings. Tiled granite counters & knotty alder cabinets in kitchen. Short sale terms apply. Sold as-is. This is the type of property you would consider to get into this hot Tahoe market. This property could be a great cabin or rental property. Call me for more information. Tim Lampe
712 Lakeshore Blvd. Incline Village, Nevada
Best location right across the street from Burnt Cedar Beach. Close to everything. Lots of sun and skylights.watch the fireworks on the 4th of July from your large patio, yard or dining room. Maximum entertainment venue, with game room , two family rooms and atrium entry. Artists will love.
836 Lakeshore Blvd Incline Village, Nevada
Short Sale price reduction--Lakeshore Blvd. Luxury Home--large level lot w/beautiful landscaping and peek of the lake. Granite and stainless appliances in kitchen. Large master with FP and Jacuzzi tub. Hot tub on deck. Close to beaches. This is a top to bottom remodel. Thanks for looking, Tim Lampe.
Look at some of these sale prices on the bank owned homes. Market is firming. No new NOD's. If buying Incline Village distressed property is your desire, keep a close eye on this market. Thanks for looking, Tim Lampe
SOLD
917 Michael, APN 125-161-34, Rec. 2/6/12, Deutsche Bank c/o Onewest Bank FSB, 888 E. Walnut, Pasadena, CA 91101 - Sold for $580,000
966 Little Burro, APN 128-032-03, TS#1276247-15, Rec. 1/31/12, Pacifica Loan Pool LLC, 222 W. Las Colinas Blvd., #1252 E, Irving, TX 75039 – Sold for $537,500
573 Knotty Pine, APN 122-131-04, TS#NV09002010-11-1, Rec. 2/7/12 – Sold at Trustee’s Sale for $257,114
968 Granite Ct., APN 128-060-08, TS#11-40523-WF-NV, Rec. 2/6/12 – Sold for $650,000
NEW NOTICES OF SALE: NOS
456 Ponderosa, APN 123-010-07, TS#11-11206, NOD Rec. 6/13/11 – TRUSTEES SALE SCHEDULED ON THURS. 3/15/12 AT 11AM
989 Tahoe Blvd - Tahoe Racquet Club #67, APN 127-362-27, TS#3958 & 11-40656-WF-NV, NOD Rec. 8/12/09 & 4/25/11 – TRUSTEES SALE POSTPONED UNTIL MON. 3/12/12 AT 11AM
666 Tyner, APN 125-462-03, TS#146182NV, NOD Rec. 3/16/11 – TRUSTEES SALE SCHEDULED ON MON. 3/5/12 AT 11AM
940 Wendy Ln., APN 131-133-06, TS#11-00420-3NV, NOD Rec. 1/27/11 – TRUSTEES SALE POSTPONED UNTIL MON. 3/26/12 AT 11AM
928 Wendy #4, APN 131-340-04, TS#10-42873-WF-NV, NOD Rec. 9/2/10 – TRUSTEES SALE SCHEDULED ON MON. 3/6/12 AT 11AM
522 McDonald, APN 124-072-08, TS#NV09004384-10-1, NOD Rec. 8/9/10 – TRUSTEES SALE POSTPONED UNTIL MON. 2/13/12 AT 11AM
830 Oriole – White Pines Condo #16, APN 132-251-16, TS#8/9/5554, TS#10-06-7158-NV, NOD Rec. 11/6/08, 4/8/10, & 7/8/10 – Bank & HOA – TRUSTEE’S SALE ON 2/8/12 CANCELLED
Displaying blog entries 1-10 of 680
