Lawrence Realty’s 2nd Quarter 2010 Real Estate Update
In the second quarter we have continued to see activity but not in the same volume as the first quarter. This is typical as real estate traffic and transactions usually slow down when the ski season ends. Buyer confidence continues to rise as evidenced by the high end homes currently in escrow. Condo sales have increased with 10 selling in the first quarter compared to 17 selling in the second quarter. The number of homes and non hotel condos for sale has increased slightly while the number of hotel condos and lots for sale has remained steady. There are several large acreage pieces for sale including a potential 16 residential lot subdivision on Squaw Creek, a 5 acre residential parcel and a 10 acre residential site. In addition to these opportunities we have listed a proposed luxury condo complex on Squaw Peak Road. It is listed for sale at $1,995,000 with the foundation in and a set of approved plans for the project. Check out www.SquawPeakResidences.com for more info.
Homes In the housing market, 9 homes sold in 2010 for the first half of the year. This number is up from a total of 8 sold in 2009. We feel this pace will continue thru the year bringing the totals up to the levels of 2006-08. Of the 9 homes sold year to date: 7 were sold under $1M, 1 at $1.125M and 1 at $2.3M. In addition to these sales a large custom home on the Truckee River about 1.5 miles from the entrance of Squaw just sold for $4.85M. This is great momentum for the upper end. The listing inventory has gone up slightly giving more opportunities to buyers when they come to the market. Currently two homes are contingent, listed at $1.7M and $3.4M. There are approximately 44 homes for sale out of approximately 750 in Squaw Valley with:
- 16 priced under $1M
- 15 listed from $1M to $2M
- 6 listed from $2M to $3M
- 7 listed over $3M
These listings include one bank sale. Overall, the values seem to be stabilizing.
Condos The condo market has two categories, condos and hotel condos. In the non hotel condo projects the inventory for sale has increased slightly and three sales occurred in the second quarter compared to zero in the first. There are about 320 condos in 13 projects with 13 currently for sale listed from $399K to $675K.
Hotel condos We are starting to get word that a few private money lenders and smaller banks may loan on the hotel condos. We are checking into two lenders out of the area. The hotel condo markets began recover the first quarter and have continued with slightly increased sales in the second quarter, up from 10 sales to 14 sales. This is 24 total sales for hotel condos year to date compared to 17 for last year.
The Village at Squaw Valley: There are 25 listings, up from 22 last quarter. There are 4 active contingent short sales awaiting lender approval and 7 solds for the year.
Squaw Valley Lodge: There are 8 listings, down from 10 last quarter, 2 active contingent sales, and 4 solds for the year.
Resort at Squaw Creek: There are 12 listings, up from 11 last quarter. In addition there 1 active contingent short sale awaiting lender approvals, 13 solds for the year.
LotsThere are currently 13 lots for sale which includes several bankruptcy lots in Creekside Estates. The bank and bankruptcy lots in Creekside Estates have lowered their listing prices and now range from $195K to $235K. The remaining residential lots for sale range from $275K to $995K. There were 3 lot sales in 2009, same number as in 2008. There have been no lot sales yet this year, but we expect to see a few before the end of this year.
Acreage There are still three acreage parcels for sale. On the east end of Sandy Way, there is a 5.3 acre piece listed at $2.7M and at the west end of Washoe Drive there is a 10.7 acre piece listed at $3.45M. At the entrance of Creekside Estates there is a approximately 4+ acre parcel with 16 lots to be developed listed at $2.899M. These offer some great opportunities for developers and builders.
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It all started in a round about way. Our son is attending the Challenger Sports British Soccer Camp this week and we are hosting one of the coaches. Lewis, the coach, is studying aviation in school back home in England. He noticed the Truckee Airport near the Riverview Park soccer fields and asked if we knew anyone who flies there. Sure enough we have a family friend who flies in and out of the Truckee Airport regularly. He happened to be available and kindly offerd us a ride. And that is what led up to my experience…
To raise the probability of a smooth flight we met at the Truckee Airport at 7:30am yesterday. As expected it was another beautiful, clear morning in Tahoe. Our pilot friend has a beautiful aircraft, about 9 years old and seemingly in mint condition, which he rolled out of the hangar when we arrived. We boarded the 6 passenger plane, buckled up and headed out on the runway. As we only saw one other plane out in the airport that morning, there was no wait for take off. We rounded the corner and off we went up into the Truckee skies. 
