Tag: Real Estate

Q3 2023 Lake Tahoe Real Estate Market Update

Posted on by Liza Muhl

Lake Tahoe Real Estate Market Update

In the first three quarters of 2023, all micro-regions with the exception of lakefronts continued to show a deep decline in the number of single-family homes sold. In fact, sales volume this year has hit decade lows. Median price has been far less impacted and, in all micro-regions, sits above pricing in 2021. The supply of available homes for sale remains at about half of pre-covid levels, which at least partially explains the retention of values. With a late start to summer, after our historic winter, lakefront sales began to rebound in Q3 but still hover around the lows we saw in 2009, yet median price reached a record high. In Incline Village & Crystal Bay, 14% of single-family homes sold above $5 million.

The ongoing discrepancy between the dramatic dip in sales volume compared to the minor movement in median price reminds us that post-covid pricing may be the new normal, despite slow sales. A burst in September real estate activity balanced the sluggish start to the season and is signaling a recovery of unit sales. Now, all eyes are on Q4 as we anticipate this fall momentum will bring a strong finish to the season, equalizing Q1.

  • Single-family homes sold decreased 15% year over year, hitting a 14-year low.
  • Median price increased 4% year over year.
  • Average Days on Market was 44 days. In 2021, DOM was 37. In 2019, DOM was 77.
  • 32 of 178 homes (18%) sold for over $2 million. 8 homes (4%) sold above $5 million.
  • Single-family homes sold decreased 14% year over year, hitting a 12-year low.
  • Median price decreased 10% year over year.
  • Average Days on Market was 119 days. In 2021, DOM was 86. In 2019, DOM was 166.
  • 56 of 99 homes (57%) sold for over $2 million. 14 homes (14%) sold above $5 million.
  • Single-family homes sold decreased 25% year over year, hitting a 14-year low.
  • Median price decreased 4% year over year.
  • Average Days on Market was 44 days. In 2021, DOM was 27. In 2019, DOM was 66.
  • 114 of 531 homes (21%) sold for over $2 million. 36 homes (7%) sold above $5 million.

 

For more information on the Lake Tahoe real estate market, contact Amie Quirarte.

JUST SOLD: 8748 Brockway Vista Avenue

Posted on by Liza Muhl

JUST SOLD | REPRESENTED BUYER

8748 Brockway Vista Avenue, Kings Beach, California

3 BR | 3 BA | Lakefront

Sale Price $4,500,000.00

Every home, and every sale, has a story. When I saw this listing hit the market at 8pm, I immediately reached out to my past client who owned the Chipmunk condo nearby that we recently sold, having no idea her and her family were in a position to upgrade.

The odds were against us being that our offer was contingent on another property selling and knowing that this home would likely garner significant interest and offers very quickly, but we decided to give it all we had regardless.

This came down to strong relationships and mutual trust with other realtors in your market.  And just like that, we were in escrow. Congratulations to my friend as we celebrate the successful close of this beauty.

For more information on North Shore real estate, contact Amie Quirarte.

Photo Courtesy: Jamison Blair/Compass

JUST SOLD: 144 CHIPMUNK STREET, UNIT 3

Posted on by Liza Muhl

JUST SOLD | REPRESENTED SELLER

144 Chipmunk Street, Unit 3, Kings Beach, California

3 BR | 3 BA | 1688 SF

Sale Price $2,175,000.00

Working with a buyer to find and purchase a property is an honor in itself, but when that same buyer enlists your expertise to sell that same property, it is the highest form of a compliment you can receive in this business. It means you have earned their trust, and that is something we don’t take lightly.

This fully remodeled 3-bedroom, 3-bath condo is located in the charming Brockway Shores lakefront complex with only 33 units. Open concept design with two ensuite bedrooms and two sunny decks. The spacious primary bedroom opens to a private deck with direct access to Lake Tahoe. Amenities include a private beach, pier, and HOA buoys. Congratulations to the new owners who will no doubt enjoy this spectacular unit and breathtaking lake-views!

For information on North Shore properties, contact Amie Quirarte.

Join us for Spooky Saturday in Kings Beach, hosted by Amie Quirarte

Posted on by Liza Muhl

Spooky Saturday with Sneaky Creatures

Sponsored by Amie Quirarte

at Tahoe Backyard

8428 Trout Avenue, Kings Beach

Saturday | October 28 | 3PM – 6PM

Detalles del evento Sábado Escalofriante en español

‘Tis the season! There are not enough words to express my gratitude for the community I live in. The longer I am here, the deeper and stronger my relationships and connections become. In appreciation for all the community support I’ve received for my real estate business over the years, I am hosting a FREE event at Tahoe Backyard in Kings Beach.

Good vibrations, dancing and delicious food will be served by Man Wielding Fire at only 50 percent. It is my pleasure to sponsor the other 50 percent along with live music by Sneaky Creatures. Spread the word and bring a friend along with you. Costumes are encouraged.

We hope to see you there!

Just Listed: 400 Squaw Creek Road, Unit 218 + 220

Posted on by Liza Muhl

JUST LISTED

400 Squaw Creek Road, Unit 218 + 220

Olympic Valley, California

2 BR | 2 BA | 1025 SF

Listing  Price $799,000

CONCIERGE-STYLE LUXURY EXPERIENCE

This beautiful two-bedroom condo has breathtaking views of the Olympic Valley area, Resort Chair, and mountain run. The one-bedroom fireplace suite offers a master bedroom with a king bed, a bathroom with a separate shower and tub, an owner’s locked cabinet with ample storage space, a kitchenette, and living and dining spaces. The second unit has two queen beds (ideal for rental opportunities for families) with a refrigerator and a bathroom with a tub and shower combo. You can lock off one bedroom/bath separately from the fireplace suite, offering a great balance between owner usage and rental opportunities.

The second-floor location has many benefits, including direct, ski-in/ski-out access — from the ski lockers conveniently located down the hall which then leads right outside to the chair lift. Après-ski hosted happy hours occur in the “Owner’s Lounge” located in the ski locker area. The second floor is also located on the same level as the loading/unloading area and free electric vehicle charging stations. Move right into your condo without having to go up and down the elevator! A laundry room and ice machine are located right across the hall. The Everline facility boasts many dining options, shopping, and recreational options year-round. Because of its concierge-style luxury resort experience and ample facilities, it’s also a wedding and conference destination. You will enjoy generating income when you are not enjoying your condo.

For showing appointment, contact Amie Quirarte.

PRICE REDUCTION: 160 Cherry Street

Posted on by Liza Muhl

SUPREME PRIVACY IN NATURE

Beyond the A-symmetrical front gate lies 160 Cherry Street. Situated on 2.38 acres and backing to Forest Service land, this property encapsulates privacy and seclusion without compromising your proximity to the lake.

Completed in 2020, this home features endless unique components, such as a hanging staircase made out of forged steel, and the use of reclaimed wood from the original Tahoe Tavern Pier that was reworked for multiple pieces throughout this spectacular home. The 20-foot stone, floor-to-ceiling, double-sided fireplace centered in the great room is the heart for family gatherings and celebrations.

PRICE REDUCTION

160 Cherry Street, Homewood, California

6 BR | 5.5 BA | 5670 SF

Listing Price $9,800,000

The main home has five bedrooms, four and a half bathrooms, and a 1,400-square-foot deck with a covered patio and wood-burning fireplace. The guest house is a fully detached one-bedroom, one-bathroom unit with four additional built-in bunk beds to accommodate both friends and family.

Nestled between the guest and main homes is an outdoor patio with a gas fireplace and a 30′ outdoor water feature. There are two separate garages that can comfortably house five cars and a boat. The radiant heat, air conditioning units, air purifying system, elevator, and heated stairs and driveway are the finishing touches to ensure life at Cherry Street is as effortless as it gets.

As a member of Tahoe Swiss Village’s homeowner’s association, you can enjoy the use of two buoys, two piers, and a private beach located just across the street. This custom home was initially envisioned as a mountain lodge with an industrial feel, and the dedicated group of minds behind it brought this vision to life. It was designed, engineered, and built by local teams who have a deep affinity for this area and worked together to seamlessly integrate the intimate characteristics of the home with the nature that surrounds it.

For showing appointment, contact Amie Quirarte.

 

JUST LISTED: 144 Chipmunk Street, Unit 3

Posted on by Liza Muhl

AN OASIS OF SERENITY IN KINGS BEACH

Breathtaking lake-views from this fully remodeled 3-bedroom, 3-bath condo located in the charming Brockway Shores lakefront complex with only 33 units. Open concept design with two ensuite bedrooms and two sunny decks. The spacious primary bedroom opens to a private deck with direct access to Lake Tahoe. Amenities include a private beach, pier, and HOA buoys. Enjoy relaxing on the beach or playing horseshoes on the lawn. Downtown Kings Beach is just a short walk from this spectacular unit.

JUST LISTED

144 Chipmunk Street, Unit 3, Kings Beach, California

3 BR | 3 BA | 1688 SF

Listing  Price $2,200,000

For showing appointment, contact Amie Quirarte.

JUST LISTED: 160 CHERRY STREET

Posted on by Liza Muhl

Custom home mountain lodge

JUST LISTED

160 Cherry Street, Homewood, California

6 BR | 5.5 BA | 5670 SF

Listing  Price $10,200,000

Situated on 2.38 acres and backing to Forest Service land, this property encapsulates privacy and seclusion without compromising your proximity to the lake. As a member of Tahoe Swiss Village’s homeowner’s association, you can enjoy the use of two buoys, two piers, and a private beach located just across the street. This custom home was initially envisioned as a mountain lodge with an industrial feel, and the dedicated group of minds behind it brought this vision to life. It was designed, engineered, and built by local teams who have a deep affinity for this area and worked together to seamlessly integrate the intimate characteristics of the home with the nature that surrounds it. The methodical detail put into every decision is evident from the moment you walk in the 10-foot front door.

Completed in 2020, this home features endless unique components, such as a hanging staircase made out of forged steel, the use of reclaimed wood from the original Tahoe Tavern pier that was used for multiple pieces throughout the home, a custom A-symmetrical front gate, a 20-foot stone, floor-to-ceiling, double-sided fireplace centered in the great room, and much more. The main home has five bedrooms, four and a half bathrooms, and a 1,400-square-foot deck with a covered patio and wood-burning fireplace. The guest house is a fully detached one-bedroom, one-bathroom unit with four additional built-in bunk beds to accommodate both friends and family.

Nestled between the guest and main homes is an outdoor patio with a gas fireplace and a 30′ outdoor water feature. There are two separate garages that can comfortably house five cars and a boat. The radiant heat, air conditioning units, air purifying system, elevator, and heated stairs and driveway are the finishing touches to ensure life at Cherry Street is as effortless as it gets.

For showing appointment, contact Amie Quirarte.

FED HIKES RATES FOR 10TH TIME

Posted on by Liza Muhl
BY EPHRAIM SCHWARTZ
Partner, Mortgage Consultant CMPS
O’Dette Mortgage Group
May 8, 2023

This past week the Federal Reserve raised rates for the 10th time in a little over a year. Let’s discuss what happened as we await yet another Fed rate hike next Wednesday.

“Was it something I said or something I did? Did the words not come out right?” Every Rose Has Its Thorn by Poison.

The Last Hike?

As we expected, the Federal Reserve raised the Fed Funds Rate to a range of 5.00% – 5.25%. Remember, this interest rate affects short-term loans like credit cards, autos, and home equity lines of credit.

The big question is whether this will be the last hike. When the Fed statement was released, the markets believed the Fed was signaling a pause by omitting the following line from the previous statement: “The Committee anticipates that some additional policy firming may be appropriate.”

However, shortly after the statement was released, Fed Chair Powell hosted a press conference and right at the top said the Fed Members have not discussed a “pause” in rates. Bottom line? Expect more uncertainty and volatility as it relates to rates.

Sound And Resilient

This is the term Fed Chair Powell used to describe the banking sector. Unfortunately, we are seeing more banks have issues. This week it was First Republic taken over by JP Morgan Chase and as of this writing PacWest was said to be “exploring strategic options.” The fear of banking contagion has elevated uncertainty in the financial markets. It’s not clear if and how many more banks will continue to have issues. Bottom line? The fear of this story has created a “safe haven” to trade into bonds where prices move higher, and rates move lower.

European Central Bank Hikes By Less

The European Central Bank (ECB) hiked their benchmark rate by .25%, the smallest since the start of their hiking cycle. Like our Fed, they too signaled they would be “data-dependent” going forward, leading markets to speculate a pause on future rate hikes.

Bottom line: The Federal Reserve is sending mixed messages on the future direction of rates. Meanwhile, long-term rates, which the Fed doesn’t control, are near their best levels in months and sense all the uncertainty in our economy will prompt the Fed to pause and potentially cut rates later this year. The incoming data and issues in the banking system will determine what happens next.

Looking Ahead

Expect market volatility to continue next week. The Consumer Price Index (inflation) will be reported. If this number comes in higher than expected, rates could rise. The opposite is true. Despite this being a backward-looking number, we will have Fed officials continue to speak and comment on the release and how they feel it impacts future Fed policy and interest rate decisions.

 

Changes to LLPA’s on May 1st

Posted on by Liza Muhl
BY EPHRAIM SCHWARTZ
Partner, Mortgage Consultant CMPS
O’Dette Mortgage Group
April 27, 2023

We’ve been getting a lot of questions about the new LLPA (loan level price adjustment) for Conforming loans and if people with worse credit will really get better rates than borrowers with excellent credit.  The short answer is NO, and your clients should never intentionally damage their credit.  Surprise, surprise, there’s some entirely incorrect information circulating that your clients may be exposed to.  Below is an explanation and FAQ’s:

What is changing?

Fannie May & Freddie Mac base pricing adjustments for credit scores & down payment are changing.  Borrowers with a lower credit score & lower down payment will not be as heavily penalized.  And, borrowers with best case scenario credit scores & down payment will receive less of a benefit than before.  So, the difference in rates between best case credit profile vs. lower credit score will be less significant.  These changes apply to every conforming loan funded by each & every mortgage company.

Does this mean borrowers with lower credit scores get better terms than those with higher credit score?

No.  People will still be in better position with a better credit & more down payment.   The difference between excellent & lower credit tiers will be less significant.

When does this go into effect?:

It’s been priced into rates for over a month now.  The May 1st date is when these adjustments go into effect for the mortgages purchased on the secondary market by Fannie/Freddie.   Banks knew this was coming, so these changes have already priced in and borrowers will not see any changes to rates over the next week, outside of the normal day to day bond/rate fluctuations.

What is the FHFA trying to achieve with these pricing adjustment? 

We all know Fannie/Freddie’s mission to increase access to affordable housing.  It’s always been their mission and it’s been a priority for the director of FHFA.   The new director of the FHFA has been vocal in disapproval of the solutions provided by Franny and Freddie and she thinks more is required of them to increase access to affordable housing, and she thinks this will help increase access to affordable housing.

Is this a good idea and will it work?:   We don’t like it but the whole world has to deal with it, so it is what it is at this point.  We do not see these pricing changes moving the needle in making homeownership more attainable for more Americans because even after these changes a borrower with low 600’s credit score is still better off going with an FHA loan, and those who have done a great job managing credit are stuck a hair worse pricing.  A better idea would be a campaign to educate people on how to manager credit; it’s not complicated and the information could be shared on something as simple as this one page I put together and have been sharing with clients for over a decade (see attached).   WE (all of us on the real estate community) continue to be the front lines in educating the public on all things related to buying, investing, & enjoying real estate.

Credit Health Tips

If you want to dig into the details, here are some example of scenarios that will be most affected: Attached is a matrix showing which scenarios have pricing improvements (green) vs. hits (red), relative to the old standard LLPA’s.

  • LTV’s in the 80% – 85% range are most significantly affected, so more borrowers in the ~19.99% – ~15% down might consider just doing 10%.
  • Cash-out refinances hits are mostly greater, unless you have top tier (>780) credit, or extremely low LTV (<30%).   So, cash-out refi is actually a scenario where if credit is >780, pricing adjustments have improved.
  • Price improvements for 2 & 3 unit properties.
  • Price improvements for low LTV investment properties.
  • Vacation Homes & Investment Properties essentially priced the same now.

LLPA Changes 2023