Archive for March 2014
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The Rainbow Lodge, tucked next to a lovely pool of the Yuba River on Old Highway 40 just a few miles west of Donner Summit, has reopened for business under new ownership and with a new name (Rainbow Tavern and Lodge) on February 20th. Currently it is open to bed and breakfast guests, with plans underway to open the bar and once popular restaurant in the spring.
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The Rainbow Lodge was most recently owned by Royal Gorge Cross-Country Ski Area. A fond memory for many a Tahoe area Nordic skier was having the rare opportunity of skiing from Summit Station at Royal Gorge all the way to Rainbow Lodge. With the failure a few years ago of the previous ownership of Royal Gorge, the Lodge set vacant until Craig and Wendy Mitchell from Rocklin recently purchased the property. The Mitchell’s plan on remodeling and upgrading the facility, while keeping its classic Sierra charm.
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The charming wood and rock structure that is Rainbow Lodge was built in the late 1800s. With it’s rustic wood bar, and comfy fireplace, it was always a happy place to spend a night in the snow. It has been a gambling hall, a stage stop, and a popular fishing spot where the Rainbow trout you caught could be cooked by the Rainbow Lodge chef for your enjoyment. It also sits next to an artesian spring water source that has been a supplier for drinking water companies. The popular Loch Levon Lakes hiking trail is just down the road, and the Lodge is on the route of one of the Tahoe-Truckee area’s most popular road bike routes from Donner Lake to Cisco Grove.
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Sunny day skiing at Lake Tahoe
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Period: February 16th to February 28th
Residential Sales Summary 2014
Total Sales: Through the end of February there have been 142 residential properties sold in the market. For the same period in 2013, there were 152 residential properties sold which is a year over year decrease in sales of almost (7%). Of the total sales in the market this year, 104 were single family homes, while 38 or 27% of the sales were condominiums. In 2013 there were 111 single family homes sold and 41 condominiums sold for the same period which represented 37% of the sales. Coldwell Banker ranks as the market leader year-to-date in both total units sold, 50 and total sales volume, $29 million.
REO & Short Sales: For 2014 thus far, short sale properties closed have gone down (74%) with 7 closed short sales in 2014 as compared to 27 closed short sales in 2013. REO properties closed in 2014 have gone up 9% with 12 properties closed in 2014 as compared to 11 properties closed in 2013. Overall, distressed property sales, (REO and Short Sales) represent 13% of the sales in 2014 which is significantly less than the 25% in 2013.
Median and Average Sales Prices: The median sales price for residential properties for 2014 stands at $561,250 which is up 51% from 2013 where the median sales price was $370,000 for the same period. The average sales price has gone up 6% to $774,428 as compared to last year’s average price of $728,032 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 66 residential properties sold at a price below $500,000, 48 properties sold between $500,000 and $1,000,000 and 28 properties sold over $1,000,000.
The segment of the market with the highest level of sales activity are homes priced under $500,000 as over 46% of the sales or 66 properties have sold in this price range. In 2013 for the same period, there were 99 properties sold in this price range which represented 65% of the sales.
Luxury home sales, homes priced above $1,000,000 have gone up 40% from 2013 which is the largest growing segment of the market for the year on a percentage basis. There have been 28 luxury properties sold in 2014 as compared to 20 properties sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,667,500 as compared to a median price of $1,813,000 in 2013 which is down (7%). The average sales price of luxury homes in 2014 is $1,902,839 as compared to $2,916,925 in 2013 which is down (34%).
The mid-range market sales, $500,000 to $1,000,000 are up 45% from last year with 48 properties sold in this segment or 34% of sales as compared to 33 properties sold or 21% of sale in this range in 2013.
Pending Sales: The pending sales through the end of February 15th stood at 132 pending residential sales in the market which is up slightly from the last report where we had 125 pending sales.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties stands at 611 properties for sale; 428 single family homes and 183 condominiums for sale. From the last report on February 15th, inventory rose 2% which is great for this time of year. For the same period in 2013, the active inventory was at 510 residential properties which is a 20% increase in inventory from last year to this year. Coldwell Banker has over 13% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 2 properties listed as short sales, and only 2 properties listed as an REO sale.
THERE ARE STILL GREAT BUYING OPPORTUNTIES: With current inventory levels there remain many quality properties to choose from throughout the north Lake Tahoe and Truckee area. When you compound the inventory available with homes priced at 10-year lows and favorable interest rates, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Think of me, Lynn Richardson, for all of your Truckee/Tahoe real estate needs
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The Sochi Olympic Games are over. For some athletes, medals in hand, they have won the ultimate prize they have worked their entire lives in pursuit of. For other athletes, the only spoils they take home are the memories. I hope for all who competed, they are glorious ones.
I thought it would be nice to do a follow up to the previous post from January as to how our local athletes did. Here’s the breakdown:
Julia Mancuso, Squaw Valley, Alpine Skiing, super combined- Bronze
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Jamie Anderson, South Lake Tahoe, Snowboarding – Gold
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Maddie Bowman, South Lake Tahoe, Freestyle Skiing- Gold
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David Wise, Reno, Freestyle Skiing – Gold
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Danny Davis, Truckee, Snowboarding half pipe – 10th
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Travis Ganong, Squaw Valley, Alpine Skiing – 5th
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Chas Guldemond, Reno, Snowboarding slopestyle – 15th
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Nate Holland, Truckee, Snowboardcross – sadly did not make it through qualifying rounds
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Tim Jitloff, Reno, Alpine Skiing – 15th
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Karly Shorr, Truckee, Snowboarding Slopestyle – 6th
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Marco Sullivan, Squaw Valley, Alpine Skiing – Downhill – 30th
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Hannah Teter -snowboard, half pipe- 4th
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Ryan Stassel -snowboard slopestyle – 14th
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And what were the final results for all of the marquis athletes that aren’t from the area, but NBC showcased as our top contenders?
From left to right:
Meryl Davis and Charlie White came home with the Gold for Ice Dancing, and a Bronze in the Team event.
Mikaela Shiffrin (Alpine Skiing) won a Slalom Gold.
Shani Davis (long track) surprisingly did not come home with any medals after multiple medal wins in previous Olympics and medal wins in several world cup competitions just before the Olympics.
J.R. Celski, along with his team mates Jordan Malone, Eddy Alvarez and Chris Creveling won a Silver medal in Short Track Speedskating in the 3000m relay, and the only medal for U.S. Speedskating.
Shaun White shockingly finished just off the podium at 4th in the half pipe. He did have the highest score at the event, unfortunately, during a qualifying round, not when it counted the most.
Gracie Gold brought home a Bronze medal in the team figure skating event, and just off the podium in 4th for the Ladies figure skating event.
Ted Ligety won a Gold medal in Giant Slalom.
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Congratulations to all our athletes, no matter where they placed. You represented the USA proud and well.
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Sign at Squaw Valley made by some of the local kids congratulating local skiers
Julia Mancuso and Travis Ganong.
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Think of me, Lynn Richardson, for all of your Truckee/Tahoe real estate needs
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YOUR FRIEND IN HIGH PLACES 