3rd Quarter 2009 Sales Analysis

Below is a Sales Analysis for the third quarter of 2009:

Source: Tahoe Sierra Board of Realtors - infomation contained herein is believe reliable but not guaranteed - verification is recommended.

CA Association of Realtors Calls for Extention of Tax Credit

C.A.R. calls for swift adoption of Dodd-Lieberman-Isakson amendment to extend home buyer tax credit.

LOS ANGELES (Oct. 23) - The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today called for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend and amplify the hugely successful first-time home buyer tax credit until June 30, 2010.

“The success of the home buyer tax credit and its positive impact on the real estate market is clear,” said C.A.R. President James Liptak. “According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.

“The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers,” he said. “The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.

“We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment,” Liptak said.

Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum

Washington, October 23, 2009

Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®.

Existing-home sales - including single-family, townhomes, condominiums and co-ops - jumped 9.4 percent to a seasonally adjusted annual rate1 of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Even with the improvement, Yun said the market is underperforming. “Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet,” he said. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy. Without a firm foundation for middle-class wealth recovery, the post-recession economic growth likely will be one of the weakest in U.S. history.”

Early information from a large annual consumer study to be released November 13, the 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows that first-time home buyers accounted for more than 45 percent of home sales during the past year. A separate practitioner survey shows that distressed homes accounted for 29 percent of transactions in September.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said affordability conditions remain historically high. “Potential first-time buyers can take heart in that affordability conditions this year are the highest on record dating back to 1970, but with the first-time buyer tax credit scheduled to expire at the end of next month, people could hold back from entering the market,” he said.

“Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average,” McMillan said.

Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply2 at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

“The current housing supply is the lowest we’ve seen in two and a half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.06 percent in September from 5.19 percent in August; the rate was 6.04 percent in September 2008.

The national median existing-home price3 for all housing types was $174,900 in September, which is 8.5 percent lower than September 2008. Distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales rose 9.4 percent to a seasonally adjusted annual rate of 4.89 million in September from a pace of 4.47 million in August, and are 7.7 percent above the 4.54 million-unit level in September 2008. The median existing single-family home price was $174,900 in September, which is 8.1 percent below a year ago.

Existing condominium and co-op sales jumped 9.7 percent to a seasonally adjusted annual rate of 680,000 units in September from 620,000 in August, and are 9.7 percent above the 561,000-unit pace a year ago. The median existing condo price4 was $175,100 in September, down 11.7 percent from September 2008.

Regionally, existing-home sales in the Northeast increased 4.4 percent to an annual level of 950,000 in September, and are 11.8 percent higher than September 2008. The median price in the Northeast was $234,700, down 7.0 percent from a year ago.

Existing-home sales in the Midwest jumped 9.6 percent in September to a pace of 1.25 million and are 7.8 percent above a year ago. The median price in the Midwest was $147,600, which is 1.0 percent below September 2008.

In the South, existing-home sales rose 9.0 percent to an annual level of 2.06 million in September and are 10.8 percent higher than September 2008. The median price in the South was $153,500, down 7.6 percent from a year ago.

Existing-home sales in the West surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago. The median price in the West was $219,000, which is 15.0 percent below September 2008.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

List / Sale Price Gap Diminishes

Home buyers still are paying less than a home’s asking price, but had slightly less negotiating power in August than they did in July, according to the August Zillow Real Estate Market Reports. Buyers paid a median $6,525, or 3 percent, less than the last listing price on homes bought in August, down from $7,018, or 3.3 percent, less for homes bought in July, according to the report. Negotiating power peaked in January 2009, when buyers were paying 4.5 percent less than last listing price, a median of $10,096.

Sellers also continued to cut prices on unsold homes. One quarter (24.7 percent) of all homes listed for sale on Zillow had at least one listing price reduction as of Oct. 1, 2009. For the U.S. as a whole, the median U.S. price reduction was 6.6 percent off the original listing price.

Several Metropolitan Statistical Areas (MSAs) in Florida made the top 25 list of markets nationwide with the greatest gap in list price to sale price; no MSA in California made the list. In two California markets, buyers paid more than asking price during August, according to the report: In the El Centro MSA, buyers paid 2.2 percent, or a median $2,479, more than asking price; in the Stockton MSA, buyers paid 1.3 percent, or $2,515, more.

“Negotiating power is a clear reflection of inventory levels, which dropped nationally in August. Tighter supply in some markets is translating into less of a discount off listing price,” said Zillow Chief Economist Dr. Stan Humphries. “Unfortunately, the brisk spring and summer home shopping season is drawing to a close now, and with foreclosures on the rise again, inventory levels will likely head back up in the coming months, leading buyers’ negotiating power to regain the ground it lost in August.”

Source: California Association of Realtors

 

Green Building Code Goes Into Effect

The state’s green building code, the first of its kind in the nation, took effect August 1st, the California Building Standards Commission has announced. This new code standardizes practices for reducing the environmental impact of buildings in a variety of ways. It encourages the use of renewable, recyclable, and recycled material in the building process. It also encourages the reduction of a building’s potable water use by 20 percent, and it establishes a two tiered 15 or 30 percent energy savings above current levels for all buildings through a combination of more efficient appliances and windows, better insulation, and other performance enhancing measures. Application of the code is currently voluntary. It was adopted last year as a step toward mandatory green building standards, which Gov. Arnold Schwarzenegger has called for by 2010.

North Tahoe Ski Swap to Support Schools

Celebrating its 47th consecutive year, the North Tahoe Ski Swap, slated for Saturday, Oct. 24, 9 a.m. to 3 p.m., at North Tahoe High School gymnasium, is a beloved annual local event that heralds the beginning of the much-anticipated winter snow and snowboard season.Offering a vast variety of snow sports equipment and clothing, this year’s event will not disappoint the masses who enjoy getting a great deal, while also supporting worthwhile programs at North Tahoe High School and North Tahoe School.

“We feel that we are still the best place to get your winter shopping done,” explains Dee Driller, event director. “However this year we are also offering a venue for folks to get the best deals on all sorts of recreational items like water sports, in-line skates, bikes and more.

The event began almost five decades ago as a glorified garage sale to benefit a Tahoe Community Nursery School. As interest grew, the sale later moved to more spacious digs including the high school gymnasium, as well as Alpine Meadows. Now the swap is under the auspices of North Tahoe’s public high school and middle school and will again be held in the North Tahoe High School gymnasium.

“A percentage of each sale goes to the student fund accounts,” Driller says, adding that proceeds from a fantastic raffle will also benefit the schools. “Many of the classes use the money for field trips like Catalina or school events and equipment.”

Mega bargain shoppers who want to beat the crowds should consider signing up as a volunteer for the event. Positions are available on Friday, Saturday and Sunday. Best of all, volunteers get to pre-shop at 7 a.m. Saturday, Oct. 24 before the swap opens.

Admission to the Saturday, Oct. 24 North Tahoe Ski Swap is $1. Additionally, students will be selling raffling tickets for awesome prizes including ski passes, dining gift certificates and much more.

Interested in selling some equipment at the swap? On Friday, Oct. 23, both public and merchant sellers are asked to register equipment at the middle school gymnasium entrance from 3 to 10 p.m. Public payout and unsold item pickup is on Sunday, Oct. 25 from 9 a.m. to 1 p.m. Items left after 1 p.m. are considered donations.

For more information, call 581-7050 ext. 4344.

Ski Swap Primer
For those who have never been to a North Tahoe Ski Swap, here are some veteran swap shoppers’ tips for novices:

Volunteer for the event and you’ll get to pre-shop at 7 a.m. on Saturday.

Get there early for the best selection and while waiting in line buy some raffle tickets from the enthusiastic students working the line.

The night before figure out your equipment/clothing wish list. With more than 17,000 different items (imagine racks upon racks of skis and bleachers stacked with ski boots) you’ll want to focus on your top priorities and then move on to the I-didn’t-know-I-needed-it-but-now-I-can’t-live-without-it items.

Shop for great deals on items such as poles, helmets bindings and ski clothing for the entire family.

Do your research ahead of time. Check out ski web sites that rated last year’s best equipment or ask knowledgeable ski/rider geeks who can offer tips. Once at the swap you can zero in on your dream equipment.

Think stocking stuffers! Everyone needs more ski socks and there are hundreds of wonderful hats and gloves to score as well.

For ease of shopping, leave your heavy coat in the car and tuck your wallet in your pocket.

Take time to say hi to old friends and ski buddies, conjecture about the winter forecast and get psyched for the season ahead!

2009-2010 Ski Resort Information

By Ryan Slabaugh and Kevin MacMillan
www.SierraSun.com

HOMEWOOD
Website: www.skihomewood.com 
Opening day: To be deter­mined, although the resort histori­cally opens mid-December.
What’s new: The resort offers a new freeride ski team and as well as a new alpine race team for 2009-2010. Both teams are for ages 7 to 15. A new GPS tracking system will be put in place for all kids enrolled in ski and snowboard day camps, according to Homewood press releases.
One can’t-miss ski pass deal:
The $29 Day - This ticket is avail­able Monday through Thursday from January through April, except for holidays. These tickets are sold online only, 24 hours in advance, and are valid only for the date of purchase.

DIAMOND PEAK
Website: www.diamondpeak.com.
Opening day: Dec. 10, 2009, conditions permitting.
What’s new: Diamond Peak has been finishing up major work on its new snowmaking system, which will allow the resort to make snow faster and more efficient, thus giv­ing it the potential to stay open longer, weather permitting, said spokeswoman Milena Regos.
One can’t-miss ski pass deal:
The Holiday Season Pass - this pass is only valid during the resort’s blackout dates. Purchase this pass for $249, and save during the holi­day season. 

TAHOE DONNER
Website: www.skitahoedonner.com.
Opening day: Dec. 18, conditions permitting.
What’s new: The resort has upgrad­ed its Rental Shop, which includes more equipment, a computer sign-in system, new boot dryers and more. Also, the resort has added a ticket and lesson location where staff can help patrons get into the right lesson. Also new is the improved Snowflakes Ski School, which will allows the resort to enroll several more 3- to 6-year-olds, and the resort also in the process of launching its new website, which should be running by next weekend, according to information provided by ski manager Robert McClendon.
One can’t-miss ski pass deal:
McClendon encourages patrons to fol­low the resort on Twitter and Facebook this season for exclusive deals.

SIERRA-AT-TAHOE
Website: www.sierraattahoe.com.
Opening day: When conditions per­mit
What’s new: Sierra-at-Tahoe Resort will offer a $35 Learn to Ski/Ride pack­age that includes a 2.5 hour lesson, rentals and limited access lift ticket.
One can’t-miss ski pass deal: Get the two-pass Whammy Pass for just $399 this winter.

DONNER SKI RANCH
Web site: www.donnerskiranch.com.

ALPINE MEADOWS
Website: www.skiapline.com.
Opening day: Dec. 5, 2009, condi­tions
permitting.
What’s new: The resort offers new chairlift access technology that pro­vides hands-free lift access and lets patrons purchase lift tickets online. A new GPS tracking system will be put in place for kids enrolled in ski and snowboard day camps. The resort also features a revamped terrain park for 2009-2010, according to Alpine press releases.
One can’t-miss ski pass deal: The College Pass - This pass is $299 and valid at both Alpine and Homewood every day at except holidays during winter 2009/2010.

KIRKWOOD
Website: www.kirkwood.com.
Opening day: To be determined, conditions permitting.
What’s new: Fantastic events schedule with a pretty full calendar every weekend from January until the end of the season in April.
One can’t-miss ski pass deal:
Kirkwood is selling passes at fall rates. The Adult 6 Wood (Sunday-Friday, non-holiday) is just $259.

BOREAL
Website: www.rideboreal.com.
Opening day: Halloween 2009, conditions permitting.
What’s new: The mountain is upgrading its snowmaking, expanding terrain in the Lost Dutchman area, adding a snow cat and hip cutter to the grooming fleet, and improving night lighting on the upper mountain, said spokesman Jon Slaughter. Boreal also is adding a new daily TART shut­tle bus from Truckee and installing six speakers to provide music for riders in the CORE terrain park.
One can’t-miss ski pass deal: The iRide Card - This pass lets someone ride two days this season, and get a third day for free.

HEAVENLY
Website: www.skiheavenly.com.
Opening day: Nov. 20, conditions permitting.
What’s new: Trail enhancements and a new, state-of-the-art tubing lift headline the changes, which also include upgrades to overall food qual­ity and variety, well-groomed snow surfaces, ski and snowboard school programs, and ease of planning/book­ing a vacation.
One can’t-miss pass deal: Refer A Friend pass deals for $369. If you refer a friend, you get $20 in on­mountain money. Friends you refer get $20 off the pass price.

MT. ROSE
Website: www.skirose.com.
Opening day: Halloween, condi­tions permitting.
What’s new: Mt. Rose will open the new Slide Lodge, a modern facili­ty with a contemporary style that will be the first of its kind in Lake Tahoe.
Located on the southeastern-most edge of the Slide Bowl, the new building will include a restaurant, cozy bar and spacious outdoor deck.
One can’t-miss pass deal: For visi­tors, Mount Rose want to offer great deals during the week.

NORTHSTAR
Website: www.northstar@tahoe.com.
Opening day: To be determined, conditions permitting.
What’s new: The Ritz-Carlton Highlands, Lake Tahoe, opens Dec. 9, 2009. The new fixed-grip quad chair­lift greatly improves access to Northstar Resort’s beginner teaching terrain One can’t-miss ski pass deal: Get the two-pass Whammy Pass for $399.

SODA SPRINGS
Website: www.skisodasprings.com.
Opening day: To be determined, conditions permitting.
What’s new: Planet Kids is expanding at Soda Springs, featuring a new location, an expanded learning area, new features, new equipment and the best part - a sleigh ride to get there. Also, check out the expanded Tube Town, which extended its moving carpet by 80 feet.
One can’t miss ski pass deal:
Season passes are just $99 for kids ages 5 through 12.

SUGAR BOWL
Website: www.sugarbowl.com.
Opening day: To be determined, conditions permitting.
What’s new: Sugar Bowl opens the Summit Chair accessing the Judah Bowl area of the mountain, for steep yet wide-open bowl skiing. Also new is the ski-cross/boarder-X course the US Ski Team will be training on pre­Olympics, opening up for public use once the races begin in Vancouver.
One can’t-miss ski pass deal:
Sugar Bowl offers its best rates of the season through Oct. 31.

SQUAW VALLEY
Website: www.squaw.com.
Opening day: Nov. 21, conditions permitting.
What’s new: It’s Squaw’s 60th anniversary, so look for celebrations all year, including opening day.
Movies at the base, and J.T. Holmes’ jump out of the cable car, are just two of the many festivities planned.
One can’t miss ski pass deal: Oct. 15 is the deadline for season pass sales at the current discounted rate.