October '08 Newsletter

Check Out The News

South Tahoe Real Estate Market Report

A day doesn't go by without our being inundated with news surrounding the crisis in the housing market. Certainly, the media implies that the situation is getting worse on a daily basis. At this time, it is predicted that the market will not see a turn until late 2009 or early 2010. Good news for potential investors, not so great for those needing to sell their homes in the near future.

Lake Tahoe homeowners, as a whole, may feel some relief in knowing that the big picture here at the lake is not quite as bleak as in other areas throughout the country. The following statistics were reported by the South Lake Tahoe Association of Realtor's Multiple Listing Services and are in regards to single family homes and condos throughout the South Lake Tahoe area. For the period of January 1 through August 31, 2008, there were 253 reported sales, down slightly from last year's 261. The median list price was $409,000 (down from last year's median of $455,000) and sold for $395,000 (down from last year's $440,000.) This shows an approximate drop of 4.5% in value since last year. Not bad when compared to the nation's report of an approximate 8.2% drop in value. The median square foot was 1,431 (fairly similar to last year's 1,451.) The average time on the market (including the escrow period) was 116 days (similar to last year's 133 days.) The average sale to list ratio is holding around 96.5%.

Wrapping up the comparisons, it was reported that there were 513 homes on the market with 45 of those being in escrow in 2008. On the same day last year, there were 583 homes on the market, again with 45 being in escrow. Not much, but it is a turn toward a reduced inventory which we desperately need.

Update on Lake Tahoe Vacation Rentals

In the ongoing quest to find balance between local residence and vacation rentals, the city council continues to create guidelines with the intention of reducing noise, garbage, and parking concerns.

Among the new changes are the requirement for a sign to be posted declaring the maximum occupancy, limited cars, curfew on noise and no weddings. It is highly recommended that all owners of vacation rentals as well as those considering the purchase of one, become familiar with the vacation rental ordinances.

Click here to review!

Update on "Burn" Lots

If you, or someone you know, lost a home in the 2007 Angora fire and have not yet begun the process of rebuilding, please know that you will need to "bank" your existing land coverage and future rights to build.

The TRPA will provide the application form as well as guidelines to complete the process. We are told that you may not need to supply all of the information listed (site plans, verified coverage, etc.) if you are in the burn project. Perhaps you will only need some information from the tax assessors office. Please feel free to call us toll free at 1.877.768.3775 for a copy of this application.

10 Tips to Save $$$ This Winter

Those of us lucky enough to live in Lake Tahoe, will tell you, the Fall weather simply cannot be beat. Yet, as we savor these last few days of an Indian Summer, we all know that winter (another favorite season) is just around the corner. And as we all know, when the leaves start falling, the heating bills are about to start rising. Following are some ideas from the U.S. Department of Energy for conserving heat and saving $$$. Check out these 10 Ways to Cut Energy Bills This Fall:

1. Plug air leaks with caulking, sealing, or weather stripping. Save 10 percent ($190 per year) or more on energy bills. Focus on windows, doors, outlets or switch plates on exterior walls.
2. Properly maintain the heating system. Heating accounts for half the average family's energy bill (approximately $950 per year). Make sure the furnace or heat pump receives professional maintenance each year. The small cost (about $75-100 for most service calls) will pay back in better performance all year long.
3. Install a programmable thermostat. Programming the thermostat from 72ºF to 65ºF for eight hours a day while no one is home, or everyone is tucked in bed, will cut the heating bill up to 10 percent ($90 per year), paying for a basic unit in less than a year.
4. Seal and insulate heating ducts. A system can lose up to 60 percent of its warmed air before it reaches the register (wasting $570 in warmed air per year) if ducts are not properly insulated in unheated areas such as attics and crawlspaces.
5. Insulate, insulate, insulate. Adequate insulation in the attic, ceilings, exterior and basement walls, floors, and crawlspaces can save up to 30 percent on home energy bills ($630 per year). Focus on the attic. (Heat rises.) Most homes should have between R-30 and R- 49 insulation in the attic. Learn more at www.eere.energy.gov/consumer.
6. Close fireplace dampers when not in use. When in use, reduce heat loss by opening dampers in the bottom of the firebox (if provided) or open the nearest window about an inch, close doors to the room, and lower thermostat setting to 50-55ºF.
7. Let the sun shine in. Open curtains on south facing windows during the day to allow sunlight to naturally heat the home, and close them at night to reduce the chill from cold windows.
8. Stay out of hot water. Water heating accounts for 15 percent of household energy use. Reduce water heating costs by lowering the water heater's thermostat setting. Each 10ºF reduction can save between 3-5 percent in energy costs. Also insulate the hot water heater and hot water pipes.
9. Install storm windows over single-pane windows or replace them with Energy Star qualified windows. Storm windows reduce heat loss by 25 to 50 percent, and storm windows with low-e coating that reflect heat back into the room during the winter months save even more energy. Look for the Energy Star label to maximize savings. Energy Star qualified windows reduce heating and cooling bills by an average of $345, but could be higher in cold and hot climates, compared with uncoated, single-pane windows. Can't afford new windows just now? Tape clear plastic sheeting to the inside of window frames if drafts, water condensation, or frost are present.
10. Net big savings with a little label. When replacing appliances, light bulbs, electronics, or heating and cooling systems, cut energy bills by up to 30 percent ($600 per year) with Energy Star labeled products. Use compact fluorescent light bulbs (CFLs) in place of comparable incandescent bulbs. Find retailers at www.energystar.gov.

These and other improvements that impact the energy efficiency of your Lake Tahoe home can save you money in the short term and serve as a selling point to potential buyers later. Be sure to save receipts, documentation, and manufacturer's information. Not sure where to begin? Try the Department of Energy's online energy audit tool at www.hes.lbl.gov. In the long run, a whole-house energy audit is a fool proof way to make a plan to address wasted energy and make a home operate efficiently for years to come.

Click Here to find a Qualified Auditor in Your Neck of the Woods

Upcoming October Events

Oct 2 - Oct 4 Check this out, a female version of Neil Simon's "The Odd Couple" will be featured at the Valhalla Boathouse Theatre at the Tallac Historic Site in South Lake Tahoe. at 7:30 pm. This is considered a "hysterical comedy about mismatched roommates, from the female perspective." If you have not yet visited the Boathouse Theatre, you should be delighted with the renovated lakeside theater. For more information, call 530.541-4975

October 4th and 5th 19th Annual Kokanee Salmon Festival This year's 19th Annual Kokanee Salmon Festival will be held on from 10 a.m. until 4 p.m. at the U.S. Forest Service Visitor Center at Taylor Creek., This festival is a weekend of events celebrating the annual spawning run of the Kokanee Salmon up Taylor Creek and the golden colors of Fall. Among the events are: the Salmon Feed, 5k, 10k, a children's run, children's activities, educational programs and booths, and streamside programs. For more information, call: 530. 543.2600.

Oct 4 - Oct 5 The 13th Annual Camp Richardson Oktoberfest Warm up your yodeling skills and join all "Germans at Heart" at Camp Richardson Resort & Marina. This event is a delightful event for the entire family and is a traditional welcome to the fall. Among the events are: great food, music, craft booths, a pumpkin patch, and the famous German Beer and Wine Garden. Be sure to make your guess on the weight of the "Giant Pumpkin", the closest guess gets to take it home! For more information, call: 544-1801

Oct 4 WAR - A trip down memory lane from the 70's are spotlighted at Harrah's Casino. Show starts at 7:30 pm. For more information call: 800.HARRAHS or 775.588.6611

Oct 5 Kokanee Trail Runs Meet at the Taylor Creek Snow Park Parking Lot On Sunday October 5th the Tahoe Mountain Milers and Sagebrush Stompers Running Clubs will present the Kokanee Trail Runs. The children's 1/2 mile "Tadpole Trot" will start at 9:15 a.m. After the kids are finished, adults are invited to compete in the 5k & 10k trail runs starting at 10 a.m. All runs will start at the Taylor Creek Snopark parking lot. Routes will be announced and are subject to change. Race day registration will begin at 8 a.m. For more information, call 530.542.3424 or email: kokaneetrailruns@sbcglobal.net

Oct 9 Ruby Dee Philippa and master guitarist Jorge Harada lead a four-piece combo supported by Sean Hudson on electric bass and Kipp Craword on drums at the Valhalla Boathouse Theatre. An all-American venue includes: Northwest alt-country, Texas honky-tonk, Bakersfield country, Memphis rockabilly, Western swing and old-fashioned rock n' roll. Show starts at 7:30 pm. For more information, call: 530-541-4975 or visit their web site at: www.valhallatahoe.com Oct 11 Another trip down memory lane with Starship starring Mickey Thomas at Harrah's Lake Tahoe. The show starts at 7:30 pm

October 10,11,17,18 Annoyance - This hysterical play is about "a very annoying man who goes to see two therapists with the hope of becoming less annoying. His pursuit of mental stability drives the therapists a bit looney. Show starts at 7:30 pm (with a Sunday matinee at 2:00 pm.)at the Valhalla Boathouse Theatre. For more information, call: 530-541-4975 or visit their web site at: www.valhallatahoe.com

Oct 1 - Nov 1 The Smother's Brothers at Harrah's Lake Tahoe. Show starts at 7:30 pm. For more information, call: (800) HARRAHS or (775) 588-6611

Oct 31 30th Annual Freakers Ball. This is one of the year's most anticipated party events. Doors open at 8:00 pm. At the Club Blu/Opal Nightclub in MontBleu. Over $10,000 in cash and prizes with with celebrity judge, boxing champion "Joey Gilbert." For more information, call: 800.648-3353 or 775 588.3515