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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
Kindness, like snow, beautifies everything it covers
TABLE OF CONTENTS
PAGE
Residential Sales & Charts Feb. 2017 thru Feb. 2018
2-6
California Association of Realtors® Current Housing Reports
7-9
Guild Mortgage Corner
10
The Transaction from End to End Tips – Opening/Closing a Vacation Home April Calendar of Events
11-12 13 14-16
Ski Resorts Closings & Conditions
17
Golf Course Opening Dates
18
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
The Dickson Realty Truckee Team is always available to provide excellent and dedicated client service whether you are considering buying or selling a home. Our team of seasoned professionals, all Realtors®, possess the most current and comprehensive market information and, combined with their knowledge and experience, they are uniquely qualified to be expert guides in your real estate venture. Contact us and become another satisfied client. Call, e-mail, visit our office, or access us on the web. We are here for you 24/7.
Office Phone: 530-587-7444 or (800) 541-4440 Email:truckeeinfo@dicksonrealty.com Web: www.DicksonRealty.com The following pages are Residential Sales Statistics for the areas of: Truckee Area (Inclusive), Tahoe Donner, Golf Course Communities of Gray’s Crossing, Lahontan, Old Greenwood, Schaffer’s Mill and Martis Camp
Alpine/Squaw, Donner Summit North Lake Tahoe, CA and. West Shore Lake Tahoe, CA
The sales statistics presented are a 12-month overview and comparison of sales activities for the months of February 2017 through February 2018, covering Median Prices, the Lowest and Highest Sales, Number of transactions and Average Days on Market. The sales presented are for Single Family Residential, Condominiums and Townhouses in each of the market areas. (Time share and/or shared ownership are not included in the statics presented.) The data source is the Tahoe Sierra Board of Realtors for the 12 month period February 1, 2017 through February 28, 2018, with the data pulled on March 10, 2018.
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
87 83
$623,500
54 44
$672,500
89,000 $ 8,800,000 90,000 $ 4,741,000
$685,000
81 90 124 48 64 33 53 70 72 73 73
$610,000
46 60 50 68 79 64 108 96 100 99 71
$620,000
4,600,000 5,375,000 2,300,000 6,195,000 6,800,000 7,400,000 8,350,000 7,000,000 6,047,500 7,500,000 7,200,000
$632,000
672,500 $ 623,500 $
$ $ $ $ $ $ $ $ $ $ $
$607,500
$ $
89,000 155,000 200,000 170,000 86,000 90,000 85,000 90,000 130,000 85,000 220,000
$506,000
$ $ $ $ $ $ $ $ $ $ $
$590,000
651,250 650,000 573,000 629,000 590,000 506,000 607,500 632,000 620,000 610,000 685,000
TRUCKEE INCLUSIVE 12 MONTH MEDIAN SALES PRICE FEB. 2017 - FEB. 2018
AVG. DAYS ON MARKET
$629,000
$ $ $ $ $ $ $ $ $ $ $
RESIDENTIAL SOLD
HIGHEST SALE
$573,000
LOWEST SALE
$650,000
2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 JAN FEB
MEDIAN SALES PRICE
$651,250
TRUCKEE INCLUSIVE
F E B M A R A P R M A Y J U N J U L A U G S E P O C TN O V D E C J A N F E B
TRUCKEE INCLUSIVE Contains total data for Truckee north, Truckee south, Tahoe Donner, and the Golf Course Communities. Specific data for Tahoe Donner and Golf Course Communities is on the next page.
TRUCKEE INCLUSIVE 12 MONTH LOWEST/HIGHEST SALES PRICES FEB. 2017 - FEB. 2017
$8,800,000
AVG. DAYS ON MARKET
$89,000
$155,000
$200,000
$170,000
$86,000
$90,000
$85,000
$90,000
$130,000
$85,000
$220,000
$89,000
$90,000
33
44
54
71 73
73
83
99
100 72
70 53
64
64
48
46
50
60
68
79
81
87
90
96
108
124
RESIDENTIAL SOLD
$4,741,000
$7,200,000
$7,500,000
$6,047,500
$7,000,000
$8,350,000
$7,400,000
$6,800,000
$6,195,000
HIGHEST SALE
$2,300,000
$5,375,000
$4,600,000
LOWEST SALE
TRUCKEE INCLUSIVE 12 MONTH SALES & DOM CHART FEB. 2017 - FEB. 2018
1
2
3
4
5
6
7
8
9
10
11
12
13
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
31 45
MEDIAN SALES PRICE
2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 JAN FEB
MEDIAN SALES PRICE $ $ $ $ $ $ $ $ $ $ $
1,699,000 1,342,000 1,500,000 1,699,500 2,657,500 3,200,000 1,950,000 2,950,000 1,675,000 1,460,000 2,537,500
LOWEST SALE
HIGHEST SALE
RESIDENTIAL SOLD
AVG. DAYS ON MARKET
$ 1,025,000 $ 4,600,000 $ 849,000 $ 5,375,000 $ 995,000 $ 2,300,000 $ 675,000 $ 6,195,000 $ 1,225,000 $ 6,800,000 $ 729,000 $ 7,400,000 $ 527,500 $ 8,350,000 $ 1,060,000 $ 7,000,000 $ 989,000 $ 6,047,500 $ 795,000 $ 3,495,000 $ 899,000 $ 7,200,000
9 10 5 10 8 6 17 15 13 14 7
186 88 316 78 126 31 84 161 172 137 62
$ 2,495,500 $ 1,255,000 $ 8,800,000 $ 2,425,000 $ 1,349,000 $ 4,650,000
12 3
141 70
HIGHEST SALE
GOLF COURSE COMMUNITIES Gray's Landing, Lahontan, Old Greenwood, Schaffer's Mill, Martis Camp
12 Month Sales Chart FEB. 2017 - FEB. 2018 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $-
FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB
GOLF COURSE COMMUNITIES
LOWEST SALE
FEB
16 19
JAN
428,000 $ 1,322,500 90,000 $ 1,615,000
$2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $-
DEC
57 59 73 36 44 21 28 41 42 53 90
OCT
18 18 22 28 40 30 43 30 46 38 28
NOV
985,000 1,185,000 1,337,500 1,125,000 1,315,000 1,125,000 1,460,000 1,835,645 1,257,000 1,640,000 1,371,000
SEP
595,000 $ 675,000 $
$ $ $ $ $ $ $ $ $ $ $
JUL
$ $
89,000 280,000 235,000 170,000 228,000 225,000 85,000 340,000 130,000 85,000 220,000
TAHOE DONNER 12 Month Sales Chart Feb. 2017 - Feb. 2018
AUG
$ $ $ $ $ $ $ $ $ $ $
AVG. DAYS ON MARKET
JUN
590,000 562,250 540,500 622,500 564,500 545,000 584,000 726,500 562,500 570,000 822,000
RESIDENTIAL SOLD
APR
$ $ $ $ $ $ $ $ $ $ $
HIGHEST SALE
MAY
LOWEST SALE
MAR
2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 JAN FEB
MEDIAN SALES PRICE
FEB
TAHOE DONNER
MEDIAN SALES PRICE
LOWEST SALE
HIGHEST SALE
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
$ 412,500 $ 297,500
$500,000
MEDIAN SALES PRICE
AVG. DAYS ON MARKET
3 5 5 3 7 6 9 11 17 6 7
47 177 149 226 23 72 54 63 52 169 79
$ 360,000 $ 225,000
$ $
430,000 370,000
4 2
47 73
FEB
JAN
DEC
OCT
NOV
DONNER SUMMIT 12 Month Sales Chart Feb. 2017 – Feb. 2018 $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $-
MEDIAN SALES PRICE
LOWEST SALE
FEB
987,500 525,000 1,225,000 765,000 742,000 520,000 744,000 4,400,000 793,800 1,665,000 1,350,000
HIGHEST SALE
JAN
$ $ $ $ $ $ $ $ $ $ $
LOWEST SALE
DEC
320,000 195,000 140,000 172,500 175,000 195,000 195,000 195,000 190,000 350,000 315,000
SEP
$-
OCT
RESIDENTIAL SOLD
$1,000,000
NOV
$ $ $ $ $ $ $ $ $ $ $
HIGHEST SALE
$1,500,000
SEP
LOWEST SALE
$2,000,000
JUL
195 331
$2,500,000
AUG
6 7
$3,000,000
AUG
265,000 $ 1,150,000 292,800 $ 1,200,000
$3,500,000
JUN
128 449 362 176 34 74 348 117 194 207 224
APR
3 6 7 11 5 5 11 16 16 16 13
JUL
342,000 298,000 574,000 550,000 510,000 342,500 515,000 477,000 450,000 529,500 445,000
316,000 1,800,000 1,152,000 1,560,000 1,388,000 662,500 2,950,000 1,350,000 1,499,000 2,050,000 1,395,000
JUN
$ $ $ $ $ $ $ $ $ $ $
$ $ $ $ $ $ $ $ $ $ $
MAY
345,000 $ 435,000 $
286,000 146,000 167,000 231,000 465,000 380,000 420,000 270,000 398,000 170,000 365,000
ALPINE/SQUAW 12 Month Sales Chart Feb.2017 - Feb. 2018
MAY
$ $
MEDIAN SALES PRICE
$ $ $ $ $ $ $ $ $ $ $
AVG. DAYS ON MARKET
MAR
310,000 615,000 526,500 600,000 570,000 604,500 789,000 399,500 630,000 527,500 565,000
RESIDENTIAL SOLD
APR
2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 JAN FEB
$ $ $ $ $ $ $ $ $ $ $
HIGHEST SALE
MAR
DONNER SUMMIT
LOWEST SALE
FEB
2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 JAN FEB
MEDIAN SALES PRICE
FEB
ALPINE/ SQUAW
HIGHEST SALE
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
$5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000
MEDIAN SALES PRICE
184 140 62 61 36 84 36 53 49 110 67
525,000 $ 7,500,000 528,500 $ 2,935,000
7 9
137 63
FEB
$8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $-
MEDIAN SALES PRICE
LOWEST SALE
FEB
7 13 10 9 12 15 24 26 25 12 15
JAN
985,000 1,185,000 1,337,500 1,125,000 1,315,000 1,125,000 1,460,000 1,835,645 1,257,000 2,275,000 3,220,000
DEC
620,000 $ 895,000 $
$ $ $ $ $ $ $ $ $ $ $
OCT
$ $
200,000 215,000 375,000 425,000 205,000 489,000 235,000 317,000 215,000 295,000 220,000
WEST SHORE LAKE TAHOE, CA. 12 Month Sales Chart Feb. 2017 - Feb. 2018
NOV
$ $ $ $ $ $ $ $ $ $ $
HIGHEST SALE
AVG. DAYS ON MARKET
SEP
540,000 640,000 615,250 810,000 617,500 690,000 668,797 592,500 676,000 669,500 570,000
RESIDENTIAL SOLD
MAY
$ $ $ $ $ $ $ $ $ $ $
HIGHEST SALE
APR
LOWEST SALE
MAR
2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 JAN FEB
MEDIAN SALES PRICE
FEB
WEST SHORE LAKE TAHOE, CA
LOWEST SALE
JAN
$-
DEC
96 114
$6,000,000
OCT
14 15
$7,000,000
NOV
275,000 $ 2,450,000 210,000 $ 2,950,000
$8,000,000
SEP
113 152 53 70 92 49 51 70 76 85 80
JUL
8 17 14 18 33 21 29 44 37 29 26
AUG
852,000 1,100,000 1,115,000 5,725,000 1,700,000 5,250,000 3,300,000 7,000,000 4,850,000 7,000,000 5,400,000
AUG
510,000 $ 627,493 $
$ $ $ $ $ $ $ $ $ $ $
JUN
$ $
330,000 125,000 99,000 135,000 272,000 90,000 160,000 110,000 138,000 86,500 273,000
NO. LAKE TAHOE, CA. 12 Month Sales Chart Feb. 2017 - Feb. 2018
JUL
$ $ $ $ $ $ $ $ $ $ $
AVG. DAYS ON MARKET
JUN
532,500 565,000 499,500 694,000 675,000 675,000 556,500 595,000 630,000 597,000 555,000
RESIDENTIAL SOLD
APR
$ $ $ $ $ $ $ $ $ $ $
HIGHEST SALE
MAY
LOWEST SALE
MAR
2017 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 JAN FEB
MEDIAN SALES PRICE
FEB
NORTH LAKE TAHOE, CA
HIGHEST SALE
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
California Housing Market Update Monthly Sales and Price Statistics January 2018
CA Median Price Continued to Grow at a Fast Pace
Sales Started the Year with Down California, Jan. 2018 Sales: 388,800 Units, -2.9% YTD, -2.9% YTY
California, January 2018: $527,800, -4.0% MTM, +7.3%YTY $700,000
P:May-07 $594,530
Jan-17: $491,840
$600,000 $500,000 $400,000
Jan-18: $527,800
700,000 600,000 Jan-17: 400,580
500,000 T:Feb-09 $245,230 -59%from peak
Jan-18: 388,800
400,000 300,000
$300,000
200,000
$200,000
100,000 $100,000
-
Ja n05 Se p05 M ay -0 6 Ja n07 Se p07 M ay -0 8 Ja n09 Se p09 M ay -1 0 Ja n11 Se p11 M ay -1 2 Ja n13 Se p13 M ay -1 4 Ja n15 Se p15 M ay -1 6 Ja n17 Se p17
$-
SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES:Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OFREALTORS®
*Sales are seasonally adjusted and annualized
Share of Homes Sold In Line with2017
Inventory at the Lowest Level since June 2004 January 2017: 3.7 Months; January 2018: 3.6Months
Jan-18
Jan-17
30%
18.0
23%
16.0
21%
14.0
20%
12.0
16%
18%
10.0 8.0
10%
6.0
10% 8%
4.0
16% 17%
14% 14% 10% 9%
9%
8% 3% 3%
2.0
0%
0.0
Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.
SERIES:Unsold Inventory Index of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OFREALTORS®
SERIES:Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OFREALTORS®
The charts above are selections from the most recent C.A.R. update. Their February 16th news release is also presented for your interest.
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA. January 2017 of a revised 400,580. The monthto-month decline was the largest in more than two years. “A persistent shortage of housing inventory and continued affordability crunch is beginning to eat away at the market as buyers struggle to find available homes for sale,” said C.A.R. President Steve White. “As such, we’re seeing a shift in sales toward inland areas such as San Bernardino County in Southern California, and Placer, San Joaquin, Sacramento, and Stanislaus counties, which are all adjacent to the inventory- and price-challenged San Francisco Bay Area.”
For release: February 16, 2018 Lack of housing inventory and deleterious effects of affordability take toll on January home sales - Existing, single-family home sales totaled 388,800 in January on a seasonally adjusted annualized rate, down 7.6 percent from December and down 2.9 percent from January 2017.
The statewide median price continued to grow at a strong pace over last year and remained above the $500,000 mark for the eleventh straight month. The $527,800 January median price was down 4.0 percent from December’s $549,560 and was 7.3 percent higher than the revised $491,840 recorded in January 2017. The year-over-year price gain has been growing at or above 7 percent for seven of the past eight months.
- January’s statewide median home price was $527,800, down 4.0 percent from December and up 7.3 percent from January 2017. - The most affordable 20 percent of the market now has a median price of $220,000 in California, up more than 10 percent from a year ago, when an entrylevel home averaged $200,000.
“A tale of two markets continues to be the theme of California’s housing market with the lower end of the market bearing the brunt of the housing shortage as sales of homes priced under $300,000 declined by 17.2 percent from a year ago,” said C.A.R. Senior Vice President and Chief Economist Leslie-AppletonYoung. “At the other end of the spectrum where inventory is less constrained, homes priced $1 million and higher posted solid annual sales gains, especially in the $1.5 million-$2 million range, which jumped 24 percent.”
LOS ANGELES (Feb. 16) – Following months of defying severe housing inventory shortages and eroding affordability, California’s housing market dropped below the 400,000-level sales benchmark for the first time in nearly two years as sales declined on both a monthly and annual basis, the CALIFORNIA ASSOCIATION OF REALTORS ® (C.A.R.) said today. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 388,800 units in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. It marked the first time since March 2016 that the statewide sales figure dropped below 400,000. The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. January’s sales figure was down 7.6 percent from the 420,960 level in December and down 2.9 percent compared with home sales in
Other key points from C.A.R.’s January 2018 resale housing report include: •
The Los Angeles metro region experience a 3.6 percent annual sales drop, while sales in the San Francisco Bay Area fell 4.6 percent from last year. The Inland Empire housing market remained flat.
•
Home prices across the state continued to grow in general in January. Nineteen counties posted double-digit yearly price increases, and nine counties posted price declines from last year, though prices in Napa and Monterey were mostly flat.
The Dickson Truckee Team
11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA. •
Prices grew most in markets that had the tightest inventory. For example, nearly half of all the counties with double-digit increases were in the two major employment centers—Southern California and the Bay Area. San Mateo and Santa Clara, already two of the state’s least affordable housing markets, saw home prices surge by at least 25 percent on a year-over-year basis. These parts of the state have both the highest prices and the lowest levels of unsold inventory. In the Central Valley and Central Coast, where inventory is relatively less constrained, price growth averaged in the midsingle-digits.
•
Statewide active listings declined in January, dropping 6.6 percent from a year ago. While the number of available listings for sale has trended downward for more than two years, January marked the first time in a year that the listings decline was in the single digits.
•
After hitting a 14-year low in December, the available supply of homes bounced back in January, primarily due to seasonal factors, with the statewide unsold inventory index climbing to 3.6 months in January from 2.5 months in December. The index measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index stood at 3.7 months in January 2017.
•
The median number of days it took to sell a single-family home remained low at 27 days in January, compared with 36 days in January 2017.
•
C.A.R.’s sales price-to-list price ratio* was 98.7 percent statewide in January, 98.7 percent in December, and 98.1 percent in January 2017.
•
The average statewide price per square foot** for an existing, single-family home statewide was $257 in January, up from $242 in January 2017.
•
Mortgage rates broke the 4.0 percent barrier in January as 30-year, fixed-mortgage interest rates averaged 4.03 percent in January, up from 3.95 percent in December but down from 4.15 percent in January 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also edged higher in January to an average of 3.47 percent from 3.39 percent in
December and from 3.24 percent in January 2017. Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes. *Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price. **Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties. Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
Benefits of a 1031 Tax Exchange What is a 1031 exchange? A 1031 exchange allows an investor to sell their old investment property and use all of the equity (not just the “after-tax” equity) to purchase their new investment property. Section 1031 is the greatest wealth building tool in the entire tax code! Unfortunately, also one of the most under used parts of the tax code. Why might you do a 1031? ● Diversification-turn 1 large property into 2 smaller ones ● Consolidation-turn multiple properties into one larger property that is easier to manage ● Move Markets- example: sell in California, buy in Nevada ● Estate Planning Now, how do you make your second home an investment property? EASY! In most cases a taxpayer can rent their vacation-second home for 14 days * per year for two years and then Exchange out of it, thereby meeting the IRS standard for investment property. The bonus when working with a lender: a 1031 exchange can help expedite the closing because the Exchanger has exchange funds held by the QI (Qualified Intermediary, the company that facilitates 1031’s) and available for immediate acquisition. From a lending standpoint 1031 tax exchanges are handled using investment property financing. No new restrictions on 1031 exchanges of real property were made in the new tax law.
* Please contact your CPA for any additional questions and for your specific situation. For 1031 exchanges, please contact James Callejas, 415.640.0794 or James.callejas@ipx1031.com. For all of your financing needs, please do not hesitate to reach out to us. 530.582.9991 or teamrice@guildmortgage.net If you have any questions regarding loan limits, refinancing or purchasing a home, please feel free to reach out to The Rice Team. 11050 Pioneer Trail Suite 201 Truckee, CA 96161 Phone: (530) 582-9991 Fax: (530) 582-9995. Web:wwwTheRiceTeam.com
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
The Transaction from End to End Now that you've found the perfect home, it's time to get the deal rolling. You'll need to sign a residential purchase agreement, make an offer, possibly put down a deposit, conduct inspections and close the sale. If this all sounds overwhelming to you, don't worry; your REALTOR® will guide you through each step. Making An Offer: Residential Purchase Agreements and Buyer Representation Agreements If you're ready to purchase the home, you must get all the details in writing. The offer begins with a written proposal spelling out your price and any stipulations regarding the purchase. If the seller has agreed to pay part of the closing costs, for example, that needs to be specified in the accepted offer. In addition, sometimes offers to purchase are contingent upon factors like the buyers' ability to obtain financing or the sellers finding housing within a certain time frame. The residential purchase agreement contains the comprehensive terms of the deal, including sales price, deposit, closing date, disclosure requirements, inspections, and fees agreed upon by both parties. Other provisions also are included, such as the buyer's final inspection and the method by which all real estate taxes and other bills will be pro-rated between buyer and seller. The CALIFORNIA ASSOCIATION OF REALTORS® offers its own official agreement, the C.A.R. Residential Purchase Agreement and Joint Escrow Instructions (RPA-11). This multi-functional document serves as an offer to purchase real property, a completed contract when its signed by the buyer and seller and communication of acceptance is received, a receipt for good faith earnest money deposit, and more. Summaries of the Residential Purchase Agreement are available in Spanish, Chinese, Korean, Tagalog and Vietnamese. Another standard form produced by C.A.R. and typically used by California REALTORS®, BR-11 (Buyer Broker Representation Agreement) is an agreement between a potential buyer of real property and a real estate broker. The agreement defines the scope of the tasks and duties to be performed by the buyer and broker leading up to the completion of a real estate sale. The form also provides a written consent to a dual agency, if one develops, and informs the buyer that the broker or agents for the broker may be working with other buyers looking for similar properties. The agreement does not, however, obligate a buyer to pay the broker for services rendered. Even if an agreement is signed, a broker must still look to a seller or a listing broker for compensation. This form is nonexclusive and may be revoked at any time by either the buyer or broker. In addition, the agreement places a limit on the time within which a legal action can be brought against
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
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APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA. agreements. REALTORS® can either answer any questions you might have or refer you to the appropriate authority. Buyers' Up-Front Fees In conjunction with the residential purchase agreement, buyers are usually expected to put down a deposit at the beginning of the transaction. If the buyer completes the sale, this money will be credited toward the buyer's down-pay ment. If the buyer doesn't complete the sale for legal or contractual reasons, the money is typically returned. However, if the buyer doesn't complete the sale for other reasons, the seller may be entitled to keep the deposit. The U.S. Dep art men t of Ho u si n g an d Urb an Dev el o p men t (HUD) advises that deposits should be "substantial enough to demonstrate good faith," usually 1 to 5 percent of the purchase price. Often, buyers may put up to 20 percent down. Because buyers frequently pay for most inspections, it may be a good idea to investigate the costs of the inspections you plan to obtain before an offer is made. Inspections and Appraisals Home inspections vary greatly. Some check the home's structure, construction and mechanical systems, and appliances, which may be transferred with the property. Although different inspectors look for and test different things and may not discover everything that is wrong with a property, obtaining inspections is the best way to become informed of necessary repairs or problems with the home. Be advised that inspectors do not assess the value of your home. According to HUD, an inspector typically checks the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, the HVAC system, water source and quality, ceilings, walls, floors, and roof. In addition to being inspected, the home will undergo an appraisal by a trained professional. An appraisal is an opinion of the property's value used primarily to protect the lender's interest. In contrast to home inspections, appraisals are based on past sales data, the location of the home, the size of the lot and the condition of the home. For mortgages insured through the FHA, appraisers must disclose potential problems relating to the physical condition of the home; there are no similar stipulations for non-FHA mortgages. Closing The closing is the day you've been waiting for: when ownership of the home officially transfers from the seller to you! Prior to the closing, the escrow agent will present you with scores of legal documents to review and sign, and you'll be expected to pay your down-payment and closing costs. In addition, a number of other legal procedures must be completed before the sale can close, including approving the mortgage application, clearing the title, appraising the property and recording the deed. The Real Estate Settlement Procedures Act (RESPA) provides specific protection to buyers before, during and after closing. If a settlement service has referred you to a REALTOR® with whom the service has abusiness connection, an Affiliated Business Arrangement Disclosure is required prior to closing. You're entitled to receive a preliminary copy of a HUD-1 Settlement Statement, which lists estimates of all settlement fees to be paid by buyer and seller, if you request it 24 hours before closing; the final HUD-1 Statement is a requisite part of closing. In addition, an Initial Escrow Settlement Statement is required at closing or within 45 days of closing. This details the estimated taxes, insurance premiums and other charges that must be paid from the escrow account during the first year of the loan. Within three days after your loan application is received, your lender must deliver or mail you a "good faith estimate" of the total amount due at closing, as well as a copy of the HUD publication Settlement Costs: A HUD Guide. Closing costs typically are comprised of attorneys' or escrow fees, property taxes, interest, loan origination fees, recording fees, survey fees, first premium of mortgage insurance, title insurance, loan discount points, first payment to escrow account, paid receipt for homeowner's insurance policy and any document ation preparation fees. F an n i e Mae estimates that most buyers' closing costs amount to 3 to 6 percent of the sales
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
Opening and Closing a Vacation Home
Don’t neglect to budget time and money for opening and closing a vacation home before the season starts and after it ends. When opening up a vacation home for the season, set up the outdoor furniture. Bring it back inside when the season's over. A big reason for owning a vacation home is rest and relaxation, but it’s not all fun and games. Opening and closing a vacation home takes time and money. Plan to spend a day before the season starts to open your vacation home, and another day at season’s end to close it down. Specific tasks, such as draining off pipes or turning on utilities, will depend on climate, as well as when and how the vacation home is used. A beach cottage has different requirements than a mountain cabin. If you don’t live nearby or don’t want to do the work yourself, be sure to budget for a property manager or local caretaker. When it’s time to visit your vacation home for the first time, or to start renting it out for the season, you’ll need to get it ready. A ski chalet might require you to shovel snow and chop firewood, while a summer retreat by the shore might call for cleaning patio furniture and staining the deck.
Much depends on how well the house is maintained throughout the year. Opening your vacation home could be as easy as stocking the pantry, or if the house was neglected in the offseason, you could have multiple repairs on your hands.
If the house is only going to be vacant for a couple of months, call your utility providers to see if discounted “vacation rates” are available. It might be cheaper than turning off services and paying a reconnection fee a few weeks later.
A well-maintained vacation home shouldn’t take more than a day to get in shape for the season, assuming no major repairs are needed.
Property manager vs. caretaker It’s costly to hire a property management company to maintain your vacation home, including opening it and closing it. If you plan to rent out your vacation home, a property manager typically gets 20% to 60% of the rental income, according to Christine Karpinski of HomeAway, a vacation rental website.
Opening Check List: Turn on utilities Clean and stock kitchen and bathrooms Look for evidence of plumbing and roof leaks Cut lawn and trim shrubs/trees Clear walkways and driveway Set up outdoor furniture Change light bulbs and smoke detector batteries Replace furnace filters Check for signs of pest infestation Closing a vacation home also takes about a day to complete. The emphasis should be on safeguarding your home against the elements as well as fire risks.
Closing Check List: Turn off nonessential utilities Secure all windows and doors Turn on alarm system Close storm shutters Dispose of trash and perishable foods Adjust furnace settings for climate Bring in outdoor furniture Unplug appliances and electronics Drain water lines to prevent freezing (in cold climates) Request mail-forwarding service To deter vandalism and theft, consider installing a home security system. You can also put in automatic indoor lights that turn on at dusk or outside flood lights that are motionactivated.
A less expensive alternative is hiring a local housecleaner or handyman to open and close your vacation home, and to keep an eye on the property during the offseason. A good rule of thumb for calculating cleaning fees is to budget $20 for each bedroom and bathroom, so a 3-bed/2-bath home would cost $100 to clean. If you live far from your vacation home, you may have little choice but to hire local help. Ask owners of nearby vacation homes for referrals. Look for a property manager or caretaker with good references who has been in business locally for an extended period of time. And no matter who you end up hiring, be sure that anyone coming onto your property to do work is bonded and insured.
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The Dickson Truckee Team
11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
APRIL 2018 SUN
MON
TUES
WED
THUR
FRI
SAT
01
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03
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07 Sugar Bowl’s Quad Crusher Race& Competition
08
09
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12 Snow Sport History Celebration Squaw Valley
13 Snow Sport History Celebration Squaw Valley
14 Snow Sport History Celebration Squaw Valley
15 Snow Sport History Celebration Squaw Valley
16
17 Taxes due
18
19
20 Wild and Scenic Film Festival Truckee
21 Earth Day Celebration Squaw Valley
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23
24
25
27 Arts for the Schools Event
28 TRUCKEE CRAWL, THAW, BEER & MUSIC FESTIVAL
26 SEE SPECIAL EVENT POSTER TRUCKEE FOLLIES 26TH – 28TH
Inagural Truckee Crawl 27th and 28th
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The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
Let's Laugh! Truckee Follies 2018! "Base Camp for a High Life"...come and enjoy 3 hours of #truckeestyle laughter! This event is one of the longest running Truckee events celebrating community like no other...Proceeds support High School Scholarships as well as Beautification projects, Downtown Holiday Festival, and Year-Round lighting of Historic Downtown Truckee. Food Provided by Marty's Cafe! LOCATION: Community Art Center, 10046 Church Street, Truckee Show Times: 7:00 pm – 10:00 pm Ticket Sales starting April 2, 2018 at Cabona’s (Downtown) WEB: www.historictruckee.com
The Dickson Truckee Team
11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA. Date and Event
Where Held
Time
Contact Info.
Details
BENEFIT April thru May 18, 2018 Skiing For Schools Discount Lift Tickets SUPPORT LOCAL SCHOOLS!
Homewood, Northstar, Tahoe Donner, Squaw/Alpine, Tahoe Donner Cross County, Tahoe XC
ALL SEASON
Laura Brown E-mail to: exed@ttcf.net
Ticket holders can enjoy flexibility in terms of when lift tickets can be used, as the resorts offer validity throughout the season to get on the slopes; save money and contribute to the success of local students. Tickets are not available for purchase at the resorts. Purchases can be make on line at www.exined.org or in person at Dave’s Ski Shops; (530) 546-5800, located at 8299 No. Lake Boulevard, Kings Beach, CA. Pricing varies per resort.
April 7th SUGAR BOWL’S QUAD CRUSHER
Sugar Bowl Resort
7:00 am 4:00 pm
www.sugarbowl.com/ events
An endurance race staged across Sugar Bowl’s four iconic peaks—Mt. Judah, Mt. Lincoln, Mt. Disney and Crow’s Nest Peak—the “Quad Crusher” is an uphill event that will test stamina, grit, and determination while highlighting Sugar Bowl's beauty and terrain variety. Two divisions and distinct courses will make this event fun for both seasoned athletes and passionate citizen up-hillers. An awards ceremony party with live music follows the race.
April 20th WILD & SCENIC FILM FESTIVAL
DOWNTOWN COMMUNITY ARTS CENTER 10046 Church Street Truckee
5:00 pm 9:00 pm
Tickets will go on sale March 5th at www.Mountain AreaPreservation.org
Celebrate Earth Day with Mountain Area Preservation (MAP) at the Downtown Community Arts Center in Truckee on Friday, April 20th from 5-9pm for an evening full of award-winning films focused on adventure, activism and conservation. This is the third Wild & Scenic Film Festival hosted by MAP in Truckee, CA. For more information on the festival, sponsorship and volunteer opportunities, and the stewardship project contact Alexis@ mapf.org or 530-582-6751.
Village at Squaw Valley
11:00 am 5:00 pm
Kyle Faucher (530) 584-6266
The Tahoe Truckee Earth Day Festival is a volunteer run, non-profit event to recognize, celebrate and promote the region’s unique beauty. Come to the Village at Squaw Valley for fun, live music and entertainment, and learn how to preserve and protect our local and global natural resources. The Earth Day Festival provides a multitude of educational booths on the topics of watershed, health, forest health, pollution prevention, alternative energy, waste management, local art and more.
APRIL 21st EARTH DAY CELEBRATION
Tickets are $20 for film festival; $50 for VIP
www.Tahoe truckeeearthday. com
April 27th Arts For the Schools Presents
Tahoe City High School Theatre 2945 Polaris Road, Tahoe City
NEW EVENT APRIL 27/28 INAGURAL TRUCKEE CRAWL, THAW, BEER & MUSIC FESTIVAL
Historic Downtown Truckee
7:00 pm 9:00 pm
Contra-Tiempo is a bold, multilingual Los Angeles-based dance company creating physically intense and politically astute performance work that moves audiences to imagine what is possible. They create a new physical, visual and sonic vocabulary that collages Salsa, AfroCuban, hip-hop, and contemporary dance with theater, compelling text, and original music to bring dynamic multi-modal experiences to the stage. Tickets range $5.00-$20.00 contact: admin@artsfortheschools.org
Http://Truckee.com Friday evening and Saturday noon to night! Check website for event schedules
A New Orleans-inspired spring festival, the Truckee Craw Thaw, Beer & Music Festival will bring a diverse lineup of American roots-inspired musicians, Cajun cuisine and family fun to historic downtown Truckee, California April 27 & 28, 2018. Festival goers will enjoy a feast of Creole and Cajun-style cuisine, as well as a Bloody Mary bar, New Orleans-style craft cocktails, and beer by Lagunitas. Designed to be a fun event for the whole family, kids activities will include crawfishing, races and other games.
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA. Date and Event
Where Held
Time
Cost Contact Info.
April 12th thru 15th SNOW SPORT HISTORY CELEBRATION
Village at Squaw Valley
All day events; Check website for listings
Prices Vary https://squawalpine. com/events
Details
Come celebrate the history of American skiing and snowboarding at the 2018 U.S. Ski and Snowboard Hall of Fame Induction. This year marks the 27th annual Snow Sports History Celebration at Squaw Valley. Check web site for all the events throughout the days of this celebration
Sundays On-Going Art of Mixology
Ritz-Carlton Hotel 13031 Ritz Carlton Highlands Ct. Truckee
4:00 pm 6:00 pm
E-Mail Giles.priestland @ritzcarlton.com
Cost $60/per person at the Manzanita Bar. Entertaining and educational experience will feature freshly cut herbs, classic ingredients such as bitters and infused liquors to create three unique cocktails paired with appetizers.
Mondays On-Going Song Group
Tahoe Truckee School of Music 10038 Meadow Way, Ste. E Truckee
6:15 pm 7:30 pm
$20.00
Song group for everyone! Any instrument, any experience level, any age. Led by Ben Martin. Come to learn and share music in a fun creative environment. For more information contact: http://chamber.truckee.com/events/details/song-group Contact: Ben Martin (530) 587-3274
Tuesdays On-Going Knitting Group
Atelier 10128 Donner Pass Road Truckee
4:00 pm 6:00 pm
Free
Join us for a knitting group. Open to all knitters, crotchetiers, loom artists‌whatever your thread you are welcome. This is NOT A CLASS; it is a group activity intended for individuals who enjoy the company of other yarn artists. Bring your own project or start a new one; come for a few minutes or the whole 2 hours. For more information on this and other workshops contact: www.ateliertruckee.com
Wednesday Fridays On-Going Crafting
Tahoe Modern Makers 3668 Lake Tahoe Blvd, Ste. K So. Lake Tahoe
4:00 pm 5:00 pm
Free
FREE! All Craft event every Wednesday and Friday; all ages welcome. No reservations required. Craft changes weekly. Call for questions: (530) 600-3388 or e-mail: tahoemodernmakers@gmail.com
On-Going Check Schedules on line
Atelier 10128 Donner Pass Road Truckee
Varies
Class offerings are offered throughout the month and offerings change monthly throughout the year. Prices vary
Take a fun class! All classes are interesting and open to the public. Check their website at www.ateliertruckee.com for current calendar. See the their many April offerings including Introduction to Intermediate Sewing (Aprons), making sacred smudge sticks, Watercolor painting (Spring Flowers) Screen Printing with stencils and with photos, just to name a few. On April 29th there is Donner Lake photo walk
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA. See the resort estimated closing dates shown below. These dates are subject to weather and snow conditions. With the most recent snow falls, we anticipate some closing dates to be extended. This fresh snow makes Spring Skiing ideal. We hope you have the opportunity to enjoy the slopes in your favorite way. Both Mount Rose and Squaw/Alpine intend to stay open into May. Current terrain conditions, as of March 8th, are also shown below. Data courtesy of www.snowpack.com a site where you get the latest information.
Resort
Acres
Skiable Terrain
Runs
Runs
Bear Valley Est. closing date 4/15
1680
25%
40%
35%
Boreal Est, closing date 4/17
380
30%
55%
15%
Heavenly Valley Est. closing date 4/15
4800
20%
45%
35%
Homewood Est. closing date 4/8
1260
15%
50%
35%
Kirkwood Est. closing date 4/8
2300
12%
30%
58%
Mt. Rose Est. closing date 5/9
1200
20%
30%
50%
Northstar California Est. closing date 4/15
3120
16%
47%
37%
Soda Springs Est. closing date 4/15
200
23%
31%
46%
Sugar Bowl Est. closing date 4/15
1650
17%
45%
38%
Squaw/Alpine Est. closing date 5/31
6000
25%
42%
33%
Tahoe Donner Est. closing date 3/20
120
40%
60%
N/A
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440
NEWS YOU CAN USE
APRIL 2018 MARKET NEWSLETTER
Truckee, Tahoe Donner, Alpine/Squaw, Donner Summit, Golf Course Communities, North and West Lake Tahoe, CA.
June 14, 2018
June 14, 2018
June 14, 2018
13051 Fairway Drive. Truckee, CA 96161 (530) 550-9400
Renovations Scheduled August 2018
May 11, 2018 May 11, 2018
9045 Heartwood Drive Truckee, CA 96161 info@schaffersmill.com Phone: 530-582-6964
12700 Lodgetrail Dr., Truckee, CA, 96161 (530) 550-2400
Golf Course Opening Dates (weather permitting)
May 18, 2018 12000 Lodge Trail Dr., Truckee, CA 96161 (530) 550-6020
The Dickson Truckee Team 11836 Donner Pass Road | Truckee, CA 96161 | 800.541.4440