For Love or Money?

With the recent reductions we have seen in real estate prices, many of my friends and clients ask me how the people who bought their second homes at the top of the market are feeling right now.

*These are not active sellers, but people who are watching new comps in their neighborhood come in at 25%-50% below what they paid.

Fortunately, most of the folks who I ask about this have a great outlook on the situation.

Here are the reasons they bought back then:
1. They wanted a place to use with their families and create traditions.
2. They loved the property/location/amenities.
3. They believed in the long term value of the communities where they bought.
4. They had no intention of selling their properties in the foreseeable future.
5. They thought their property would end up being a good place to put their money.

Notice that the "love" comes before the "money". This list is in the order of what their priorities were when they bought.

Here are the reasons they are not mad now:
1. They have a place to use with their family now and are creating traditions.
2. They love their home/condo and the area.
3. They believe that values will increase again and that they bought in the right place.
4. They have no intention of selling their properties any time soon.
5. They still think they put their money in a good investment vehicle. (It may have been in the stock market otherwise).

This is a representation of a handful of people that I have spoken with. However, I think they make a solid point that when you buy real estate, you should do it for love AND money. Not one or the other.

You are not going to get the best deal on a property if you are too emotionally attached to it when you buy. You also are not going to "flip" a property that you buy now in a year and double your money. There must be a balance.

There are some amazing deals out there now, the market can be your oyster. With the right intentions and balanced, realistic expectations you can be successful in all aspects of purchasing real estate in this new climate.

Enough about real estate....


Fun local updates:
If you plan to be here for the Easter weekend, here are some tips-

Northstar will be having an Easter party with THE Easter Bunny and an egg hunt with over 2,000 eggs. Check it out!


Schaffer's Camp is serving Easter Brunch ONLY on Sunday, and you must have reservations. The Easter Bunny will make several appearances as well, and you must RSVP to see the Easter Bunny too! Please call 530.550.3800 for more details.


The Lone Eagle Grille at the Hyatt in Incline Village has an amazing brunch. They may be a little busy for Easter, but I highly recommend giving it a try. The atmosphere is unbeatable and the food is out of this world. You can try to book online or call 775.886.6899.


Squaw Valley is having a big tent sale and also a "Peaks and Lagoons" spring party, check out the the details.


In other news:


The Wild Goose restaurant will open the Friday of Memorial Day Weekend. They are adding some new twists to their menu and events such as Thursday night Jazz...more info to come.


Weather vane Brad says:

On and off showers as another storm moves in on Thursday. The main part of the storm splits and goes south of us so no significant accumulation maybe 3-6 inches on the mountain by Friday morning. Weekend should be nice and fairly cool with temps in the 40’s. Two potential systems for next week on Tuesday and Thursday, then the storm track should move North of us for a while bringing back sunny skies and warmer temps.

Ski now or forever hold your peace. Well, at least until next season.