SnowFest! 2018

March 1st – March 11th, 2018

SnowFest is a North Lake Tahoe tradition that originated in 1982.  It is an annual 10-day event that takes place all over North Lake Tahoe with over 100 activities for the whole family and even the family dog. With all the new snow falling this week/weekend, there is much to celebrate in and around Tahoe.  

The festival starts off with a bang with fireworks at Commons Beach in Tahoe City on Friday, March 2 at 7:30pm.

On Saturday March 3, the Tahoe City fire station will be hosting a pancake breakfast from 7-11 am before the Tahoe City SnowFest parade which starts at Safeway in Tahoe City and runs through town ending at Save Mart. The notorious Gar Woods 30^th Annual Polar Bear Swim will take place at 2:30pm with tons of crazy people braving 39 degree water and snow. Participants swim to the end of the Gar Woods pier and back to shore to try and win a cash prize, but most people just do it for fun. Enjoy the action with a famous Wet Woody or a hot cocoa to keep warm.

Throughout the week the fun doesn’t stop with events like: Pete ‘N Peters Bar Game Olympics, the Eagle Wings Dance Pageant where traditional Native American dances will be re-created and performed, Za’s annual Clam Bake, Bridgetender’s Ribfest and the Wine n’ Ice carving competition just to name a few.

The kids will enjoy meeting the rescue dogs of Squaw Valley, S’more Saturday in Kings Beach, the Snow Sculpture contest at the River Ranch, and the I-Did-A-Run race. Hosted at Tahoe Donner Downhill ski resort, the I-Did-A-Race is for dogs of all shapes and sizes. Dogs pull a covered wagon across a snowy track to raise money for the Humane Society of Truckee-Tahoe.

SnowFest is a perfect way to celebrate all the new snow we have received and to enjoy fun events all around the Tahoe region.

Click here to see full schedule of events. 

Katie Tyler

Realtor®

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Tahoe Truckee Market Summary 2017

Tahoe Truckee Market Summary 2017

The Tahoe-Truckee regional real estate market provided perhaps its healthiest year in 2017.  A record number of transactions led to over $1.5 billion of total sales volume for the first time ever. This successful run was complimented by steady, though not excessive appreciation. 

1763 residential transactions eclipsed 2016 by 7% as families elected to make an investment in a mountain lifestyle at record volume. Prices appreciated by a robust 8% over this period to $855,161, inching ever closer to pre-recession pricing, on a foundation substantially stronger than a decade prior. 

  

Resort communities found consumers anxious for newer, well-designed homes within amenity-rich settings, and those communities saw exceptional growth with a 15% increase in transactions between $1,000,000 - $2,000,000. Conversely, premium product, $2,000,000 and above saw a slight dip in overall volume, likely the result of limited offerings after an exceptional 2016 run. Nevertheless, Martis Camp continued its sensational run with yet another year selling 40+ homes at values in excess of $4,000,000. The popularity of Martis Camp is all the more sensational given that average price within its gates has exceeded that of Tahoe lakefront properties for two consecutive years as qualified consumers opted for contemporary architecture and a direct connection to both Northstar and the Truckee airport. 

Perhaps sensing a value opportunity, lakefront property saw more homes sell at more modest prices than in previous years.

An exceptional winter in 2016-2017 led to predictable results within resort communities. The Village at Northstar saw a 75% increase in transactions while the Stellar Townhomes found a sweet spot selling out 10 residences within 6 months.

No communities better represented the demands of the consumer in 2017 better than Old Greenwood and Gray’s Crossing. Each community offers a distinct personality but share an elegant design standard combined with an unpretentious sense complimented by family-friendly amenities. A diversity of product introduced in 2017 including the Legacy Collection and Old Greenwood and Fairway Townhomes in Gray’s Crossing provided consumers with optionality of size, style and pricing that was very well received. The sister resorts combined to sell 71 total properties. 

Not every class of real estate was rewarded during this banner year. Vacant land languished in the face of rising construction costs as transaction volume dropped 8%.  Developers perceived diminished value in land offers given thin construction margins to the tune of a 30% reduction in average land sale price. While new custom home construction remains abundant at the premium end of the market, numerous development projects have been deferred until market conditions provide less risk.

As a result, 2018 opens with the lowest volume of inventory on record with just over 3 months’ supply; a fairly dramatic tilt in the seller’s favor. A likely result of these unique conditions may be a slower than usual first half of the year while consumers wait for the right property to come available. 

Nevertheless, conditions remain optimal for the continued pursuit of real estate in the region. As wealth and congestion grow unfettered in the Bay Area, the escape provided by time spent in the mountains becomes ever more precious.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

October, 2017 Tahoe-Truckee Market Update

Tahoe-Truckee Market Update

October, 2017 

September 2017 was impressive for both quality and quantity of transactions delivered in the Tahoe Truckee region.

September is typically the peak of real estate closings in any given year and the last 30 days supported this with vigor.   The market delivered the first ever back-to-back months with over 200 residential closings as well as the first month to ever crest $200,000,000 in sales volume. 

The average sales price crested $1,000,000 in September, the first month to exceed this threshold since March 2014. Median price held steady with the year-to-date value of $599,000.

Driving this sensation period were a remarkable 56 purchases above $1,000,000 led by a $7,000,000 North Shore lakefront listed by Tahoe Mountain Realty. After lagging behind the previous year’s results, Martis Camp posted a robust 7 residential sales driving $31,000,000 in total volume.  Within the same neighborhood, Lahontan saw its two most expensive purchases of the year at $2,700,000 and $2,950,000.

The approaching winter, evidenced by a thick blanket of snow delivered in the final week of September, drove interest in on-mountain sales including a $3,360,000 sale in Northstar’s Stellar Residences as well as numerous luxury purchases in Alpine Meadows and Squaw Valley. 

Perhaps counter intuitively, a large number of September sales were driven by price reductions. Particularly in a seller’s market, consumers seem to anticipate a certain tolerance, or lack thereof, for offers substantially below asking price. Rather than offer what a consumer perceives to be market value, they will most often take no action on a property perceived to be overpriced.  Confirming that the early year malaise may have be attributed in part to ambitious sellers, the end of summer often brings motivation for sellers to find market value. 

In September 37% of sellers had reduced price at least once as the average asking upon selling was 3% below the original list price. Final sales price was another 3% below final asking price. Interestingly, those who did not have to reduce price before receiving an accepted offer (stated differently; those who priced accurately initially) yielded 1% more than those who were compelled to drop asking price.

October is typically the last strong push for real estate sales in the Tahoe Truckee region as consumers finalize purchases in anticipation of the winter to come. With more snow in the forecast, mountain resort community sales are likely to see strong activity in the very near terms.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Market Update: Spring 2017

Tahoe-Truckee Market Anticipates A Strong Spring

As winter turns to spring, resort real estate sales activity typically gains momentum.  Seeds of interest sewn from family vacation in December, January and February will often turn to reality with March escrows and April closings. The extraordinary snowfall from this winter has brought with it a surge in visitation to the region and a proportionate interest in real estate offerings.

Through March 15, Northstar, Alpine Meadows and Squaw Valley have combined for 42 residential transactions, exceeding recent seasons by a substantial margin. Moreover, consumer spending has increased along with the volume of snow as consumers opt for more luxurious resort offerings. The average sale is 32% higher in Squaw Valley than over the same period last year. 21% at Northstar signaling a willingness to spend on premium offerings, whether slopeside accommodations or simply more grand residences.

Similarly, inventory levels are very moderate as would-be sellers enjoy the utility of their real estate and, in many cases, a weather-driven surge in rental revenue.  Northstar Village currently stands at just 5 months’ supply; a far cry from the typical 12-month absorption. Squaw Valley offers similarly constrained residential offerings with less than 3 quarter’s supply available.

A prolonged spring will allow the local market to avoid a seasonal dip during the shoulder season. Expressions of interest and showing activity are on a dramatic upswing with clear skies and open roads make unchallenged access for consumers.

  

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

 

Tahoe-Truckee Market Update - February, 2017

Tahoe-Truckee Market Update 

February, 2017 

2017 has begun with extreme circumstances whether measuring snowfall, politics, or real estate activity in the Tahoe-Truckee region. A well-chronicled 24 feet of snow, complimented by nearly 8 inches of rain, fell over a two-week period to begin the year. This unprecedented snowfall paralyzed the region for several days rendering ski resorts inoperable and travel ill-advised while the process of digging out began. Despite the inconvenience of this process, Tahoe is now set up with a full winter’s worth of snow with barely 25% of ski season elapsed. And with the short-term sacrifice has come tremendous long term benefit as eager guests have flooded the region anxious to take a turn in the abundant snow.

It has been exactly a decade since economic vitality and meaningful snow were realized at once. Tahoe progressed directly from recession to drought leaving certain resort communities to languish despite dramatically improved demand for the region’s real estate. 2017 has already shown the commercial value of great snowfall with unseasonably strong resort real estate sales.

January, perennially the slowest month of the year for closed transactions, saw 85 residential sales exactly matching a very strong start to the prior year and 25% greater than historical average. More notably, ski communities including Northstar, Squaw Valley and Alpine Meadows have experienced a tremendous surge of activity well ahead of seasonal trends. At Northstar, 6 Stellar Townhomes, more than 50% of the entire project, have found purchasers already in 2017. Additionally, 3 residences in the Village at Northstar are newly pending equaling 20% of 2016’s total number. More notably, expressions of interest and showing activity have been robust despite most consumers’ compulsion to ski until last chair, maximizing time spent in marvelous conditions.

In a typical winter, real estate activity begins in earnest in mid-February, once families have visited one or more times spontaneously in addition to pre-planned trips around Christmas, MLK and President’s Weekend. While this trend will undoubtedly hold true, conditions have allowed for an earlier than usual start to the shopping season.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe-Truckee Market Update: December 2016

Tahoe-Truckee Market Update

December 2016 

November, 2016 was a notable month for many reasons; most larger than Tahoe-Truckee real estate activity. Nevertheless, the month produced a historical number of real estate closings. 142 transactions are the most for any November period on record, which continues an unseasonably strong 4^th quarter. By contrast, 132 residential transactions occurred in November 2014 and 125 in 2015. 

Recognizing that this data is indicative of market conditions 30-45 days past when these originally contracted, election-related volatility is not reflected. Studying newly pending sales over the past month in comparison to the same period a year ago, the market appears on a continued ascent but for a very minor blip during Election Week:

The composition of these transactions has followed a seasonal trend as premium sales resulting from peak tourist activity swoons ahead of ski season. With no lakefront property or Martis Camp homes trading, average price dropped to $671,302; nearly a third below peak summer months. Median price remained steady at $560,000 delineative of a greater volume of primary and sub-premium transactions.

15% of all transactions in November may be classified as “luxury” having exceeded $1,000,000. Of these, nearly half were found in ski communities including Squaw Valley, Alpine Meadows, Northstar and Sugar Bowl signaling a shift toward winter product typical of the season.

December and January are typically the quietest months of any year as retail activity in November and December is minimal. The chart above indicates that it is likely for these months to outperform historical averages. Early snow, a strong economy, and perhaps some urgency relative to rising interest rates are driving showing activity during an otherwise quiet period.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe-Truckee Market Update: Q1, 2016

Tahoe-Truckee Market Update

Q1, 2016 

The 2015-2016 winter has been a bounce back period on many fronts. After a series of disappointing ski seasons, our region was thirsty not only for water but for the audience that drives our tourist economy. With over 400 inches of snow, nearly half of which graced us in March, the region has been propelled into recovery. Local real estate has returned to “normalized” conditions that include a healthy balance of inventory and sales momentum.

Q1 saw a 15% increase in overall transactions over the same period in 2015 from 235 sales to 270. Of these new acquisitions, a greater percentage fall into the luxury category with 20%, or 55 total sales, creating $1,000,000 as compared to 15%, or 35 in 2015. Correspondingly, average sales price grew 4% to $872,575.

These figures, in realty, are as much a reflection of a poor start to 2015. Case in point is the performance of ski communities during a season with abundant snowfall compared to the compounding impact of several down years.

	Northstar
Q1 - 2015		Q1 - 2016
14	Total Transactions	23
$598,000	Average Price	$1,004,231

Other luxury, resort communities have seen a similar increase in Q1 activity:

Q1 - 2015		Q1 - 2016
5	Martis Camp	9
$4,063,000	Average Price	$4,835,777
6	Lahontan	7
$2,158,000	Average Price	$1,961,428
0	Gray's Crossing	4
0	Average Price	$1,191,500

Increased velocity has not yet resulted in Bay Area-type frenzies for real estate given several years of supply still overhanging certain pockets of the market resulting in a handful of exceptional buying opportunities.

Given the continued force of the Bay Area housing market and its direct impact on second home purchase in the Tahoe-Truckee region, there is no reason to believe that the rest of 2016 will not follow suit with a similar robust finish.

In addition to a projected sell out of Martis Camp and The Ritz-Carlton Residences, the region stands to see the first closings of Northstar Mountainside’s Stellar Collection, continued momentum for new home and land sales at Schaffer’s Camp, as well as the ongoing surge of new construction in Gray’s Crossing, Old Greenwood and Lahontan.  Additionally, several projects dormant since the downturn will return with reinvigorated offerings including The Fairway Townhomes at Gray’s Crossing and The Legacy Collection at Old Greenwood.

With a new fresh foot of snow to close out March, there will undoubtedly be strong energy through the last weeks of ski season driving the market toward greater spring activity. Watching the joy on the faces of consumers walking past TMR’s Village Showroom, the inherent happiness that results from time spent with family on the mountain is a commodity impervious to the whims of the market. Undoubtedly, families will continue to find great value in owning a family home in our region. We look forward to being the facilitator of such investments for years to come.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

35th Annual North Lake Tahoe SnowFest

​35th Annual North Lake Tahoe SnowFest

The highly anticipated North Lake Tahoe SnowFest begins this Thursday, March 3rd and runs through Sunday, March 13th. This year marks the 35th anniversary of SnowFest, and the theme is "SnowFest - Through the Years". 

Since 1982, the North Lake Tahoe area has been celebrating winter with 10 days and nights of activities and events. Each day is packed with a variety of options including food, music, and lively winter competitions such as Human Bowling, the Polar Bear Swim, Dress up your Dog contest, and snow sculpting. The ski resorts including Squaw Valley, Homewood, Alpine Meadows, Diamond Peak, and Northstar all host on-mountain events. Many local shops and restaurants participate as well with specials, wine, and dining options in conjunction with SnowFest.

The best way to keep track of the action packed SnowFest is to pay attention to the online calendar of events. There is no shortage of things to do, particularly on the weekends. This Saturday, March 5th the official SnowFest parade will start at 11:30 in Tahoe City followed by the classic Gar Woods Polar Bear Swim at 2:30. A fireworks show closes out the day at 7PM.

With a lot of snow in the forecast, the 35th annual SnowFest will surely be one to remember. 

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012