“I’d like to ask you a quick question because I’m taking on new clients in my real estate business now. Who do you know of your family, friends, neighbors or work associates that I can help sell a home or buy a new one in the next 6-12 months?”
The Nevada East Shore real estate market heated up in 2019. Thus far we’ve experienced 25% more single family residential sales than during 2018. The increase in numbers from 106 to 133 units does not include 6 lakefront sales. The median sales price for the area also increased 13.9% to $900,000. Days on market to sell a home declined by 15%. I’m seeing an increase in the number of families wanting to leave California. Happy Holidays!
It is slowing down a bit in the South Lake Tahoe real estate market but primarily within the county area. While the number of sales in the past 12 months within the city limits stayed steady near 350 we had a 20% drop in the number of sales in our county areas along the N. Upper Truckee and Pioneer Trail corridor. I noticed quite a few vacation rental home sales this year. I wonder if the city maintained 2018 sales numbers because of Proposition T which bans vacation rentals outside of the tourist corridor at the end of 2021? Days on market for both areas however stayed near 2018 levels at 79 which tells me urgency levels have been sustained. Sales prices increased 5.4% within the city limits while county areas received an increase of only 3.9%. I would have thought county levels would increase higher in value along with an increase in the number of sales but that was not the case. There have been 226 county sales within the Tahoe Basin in the last 12 months. Final numbers for all of Lake Tahoe areas should arrive before mid-January. Happy Holidays!
Fannie Mae and Freddie Mac released a redesigned mortgage application form in October. The Uniform Residential Loan Application is a standardized form used by borrowers when applying for a mortgage. This is the first time in 20 years there has been a change to the standard mortgage application form.
Presently, no specific date for the mandatory use of the new URLA has been set. But the GSEs will publish an interactive fillable PDF version of the new URLA in early 2020.
The new form explicitly references real estate sales contracts and requires the borrower to submit to the lender before closing any changes or new information including “providing any updated/supplemental real estate sales contract.” Additionally, the new form demands the borrower state that the terms and conditions of any real estate sales contract are true the best of their knowledge and that, “I have not entered into any other agreement, written or oral, in connection with this real estate transaction.”
The new form also requires a more explicit statement as to the borrower’s intended occupancy. For single family property the borrower will indicate whether their intended occupancy is “Investment, Primary Residence, Second Home” or “Other.”
Contributions from Vail Resorts’ EpicPromise guest donation program helped meet funding gap required to complete new multi-use trail accessing Fallen Leaf Lake and Desolation Wilderness
TAHOE CITY, Calif. (Nov. 19, 2019) – Thanks to a triple match from Vail Resorts’ EpicPromise guest donation program at Northstar, Heavenly and Kirkwood, completion of the Lily Lake Trail will be a reality in 2020. Earlier this year, the planned 2.1-mile multi-use trail designed to provide new access to Fallen Leaf Lake and Desolation Wilderness faced a $75,000 funding gap. The nonprofit Tahoe Fund mobilized its supporters, and within a few short months, secured funding commitments from Vail Resorts EpicPromise, the Mathman family and other contributors to ensure the trail can be completed next summer by the US Forest Service and Tahoe Area Mountain Biking Association.
“Our goal has always been to help environmental and sustainable recreation projects like this one achieve completion in the Tahoe Basin,” said Katy Simon Holland, Tahoe Fund board chair. “This effort truly demonstrated the incredible power of philanthropy – among our partners in both the public and private sectors – and the support our community has for projects that enhance sustainable recreation and access to our public lands.”
“Those who visit our resorts are passionate about the outdoors,” said Tom Fortune, vice president and general manager of Heavenly Mountain Resort. “It’s important to Vail Resorts that we provide opportunities for our guests to give back and support projects like this in the mountain communities where we operate. Lending support to aid in the completion of the Lily Lake Trail, a new trail I myself look forward to using, aligned perfectly with the intent of our guest donation program.”
Once complete, the Lily Lake Trail, designed to connect to the newly built trail system on Angora Ridge, will feature stunning views of Desolation Wilderness, Fallen Leaf Lake and Lake Tahoe, reduce traffic on narrow roads, and offer new access to hikers and mountain bikers who want a car-free way to enjoy Fallen Leaf Lake, Glen Alpine Springs and Desolation Wilderness. The trail will be comprised of aspects unique to the Tahoe trail repertoire — slickrock, boulder traverses, and an expansive view of Fallen Leaf Lake on the edge of a 75-foot cliff.
Construction started in 2018; however, due to the challenges of building through dense vegetation and unforgiving talus, and the requirement of funding that has now been achieved to pay for professional engineering and building crews, completion isn’t expected until late 2020.“Without the active support of the Tahoe Fund and Vail Resorts’ EpicPromise triple match, construction of the Lily Lake Trail simply wouldn’t be possible,” said Scott Brown, Tahoe Area Mountain Biking Association board member and crew leader. “It’s incredibly inspiring to know that when we put out the call for help, this community is willing to step up and make it happen.”
Learn more about the Lily Lake Trail project at www.tahoefund.org.
October’s median sales price for single family residences on the NV East Shore was $1,000,000. Days on market averaged 111. The lowest priced unit sold was located on Tina Ct for $499,000. The highest was in the Glenbrook community for $5,450,000. Most of last month’s sales occurred in the mid Kingsbury and Zephyr Heights communities. There were a total of 15 sales last month. This compares to only 10 residential units sold last year at this time with a median sales price of $778,750.