Archive for the 'Lake of the Pines' Category

Deer Resistant Plants for the Foothills

said on July 13th, 2012 filed under: Auburn, Country Property, Gardening, Lake of the Pines, Localism

Deer are everywhere in the Sierra Foothills, and nowhere are they more numerous than at Lake of the Pines, California, where they move around through the un-fenced yards, lordly and arrogant,  eating just about everything that grows.

Can you actually establish landscaping, green and lush, that is impervious to the plague of deer?  Yes.

These are shrubs and trees reputed to be deer resistant, though those of us gardening in our area know that some deer will eat almost anything, and that all deer will eat almost anything if they get hungry enough.  I have seen hungry deer nibbling on the needle tips of junipers, though I have never seen them touch an oleander.

The worst offenders within deer herds are the fawns.  Like most babies, the fawns haven’t yet learned what to avoid, and they put anything into their mouths.  Because of their small size, the lowest and most tender growth of almost any kind of plant gets the special attention of these youngsters.  You might think about protecting newly installed “deer resistant” plants for the first year with screen or fencing.

Other trouble makers are the bucks during the fall “season.”  These sex-crazed lads will tear up plants just for the hell of it, and they will use your new trees to tune up their antlers for the mating wars to come.  You might think about wrapping the trunks of newly installed trees with burlap until the lust dies down.

All that said, here are my 12 favorite deer resistant plants for the lower foothills.  The photos are all from my own un-fenced yard at Lake of the Pines.   I am putting my plants where the deer mouths are.  These are July photos, so most of the specimens have already lost their flowers.

A DOZEN FAVORITE DEER RESISTANT PLANTS FOR THE CALIFORNIA FOOTHILLS

Juniper.  Lots of people don’t like juniper because they are scratchy and boring, but many types have adapted to dry conditions and take little water to hang on through the summer.  Juniper can form screening hedges and hold down  problematic hillsides.

There are also “softer” and low growing species of juniper.

Oleander.  Thank God for oleanders in July.  Oleanders are profuse boomers and provide the most reliable color in the summer landscape.  They are, as you know, poisonous, so don’t eat them.  The deer are also well aware of the toxicity.

Grevillea.  Sturdy and reliable.  My favorite types have delicate pink flowers on them almost all year.  They are prickly.

St John’s Wort.  A surprise discovery.  This plant is 3 years old.

Elaegnus.  This is a new addition, a “silverberry” variety.  We put it in this year for the first time.  So far so good.

Nandina, aka Heavenly Bamboo.  Not a real bamboo, and it will not get out of control.  You can trim it like a hedge if that’s your thing.

Azelea (and rhododendrums) The deer will eat some species, and they will eat young, tender new growth, but they leave old leathery azeleas alone unless they are desparately hungry.

Abelia.  This is glossy abelia.  Takes very little water.

Barberry.  Gorgeous red foliage to contrast with the green and grey-green on most foothill shrubs.  Lots of thorns.  Ouch.

 

Wisteria.  Wisteria grows so high and so fast that it will soon grow itself out of reach.  Of couse, if you don’t keep it under control, it will eat your house.

Yarrow, CJ’s favorite,  and Lavender, my favorite.

 

Dafodils and Narcissus.  These are not shrubs, but they do come back year after year to enliven the early spring.  Each year you should plant new bulbs.

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Fourth of July at Lake of the Pines, California

said on July 7th, 2012 filed under: Cultural Events, Fun Things to Do Outdoors, Lake of the Pines, Localism

Fourth of July is the BIG DAY at lake of the Pines, California.  In the morning there’s a golf cart parade (cash prizes!) a fly-over by stunt planes, and a bunch of other stuff you don’t want to miss.

I missed it.  (A real estate “fire” ignited that I had to “stamp out.”)

But the 4th of July events last all day, so about noon Scott, Sara and I motored over to the festivities in my boat.

The celebration was a bit odd this year because the Club House is being re-built so the main events had to be moved up to the Sports Lounge parking lotb, but there was still plenty of action at the main beach.

One of the coolest things about living at Lake of the Pines is the small town atmopsphere.  You can’t go anywhere whithout knowing just about everybody.  That’s Kristine White waving.  We just represented Kristine and hubby Matt in the purchase of their first home over on Shadow Drive.

CJ and Malina had arrived earlier in the golf cart (Lake of the Pines’ most ubiquitous form of transportation).  I persuaded the family to gather for a quick photo op.

Our own band, Lopsided, was in the middle of a Beatles set.

People were starting to dance in the parking lot.

Our Century 21 booth was in full swing, stumping passersby with patriotic questions.  “Answer a question and win a prize!”

Really expensize prizes.

“Step right up.  Everyone’s a winner!”

There were dunkers.

There were whangers (or whatever they’re called).

Eaters.

Snow coners.

Hotrodders.

Laughers (That’s a flag hat on her head).

Burger flippers  (That’s Jim and Sheilagh Goetsch, clients and friends.  Jim is also the treasurer for the LOP board of directors)

After dark, of course, the Pinesmen sponsor a fireworks display.

 

Go out in the boat and enjoy the show right on the water.   One thing better than owning a patio boat?  Having friends who own a patio boat.  Thanks Bill and Gail Tudor!

Best way to wind up the day?  Sitting on the beach under a full moon roasting marshmellows around a fire.

Happy 4th of July from Lake of the Pines!

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Lake of the Pines Dreamscape

said on June 10th, 2012 filed under: Lake of the Pines

Another reason why we love Lake of the Pines, California.

 

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How to Build a Propane Tank Screen at Lake of the Pines

said on May 29th, 2012 filed under: Lake of the Pines

The rules for building propane tank screens at Lake of the Pines changed in January, 2012.  Again.  These rules are enforced whenever a Lake of the Pines home is sold.

Back in olden times the propane tank screens were built to hide the ugly tanks from your neighbors,  to obscure the “visual blight.”

For that purpose I built a pretty propane tank screen at my house.

 

Here’s a screen I made for an investment property CJ and I “flipped” on Lakeshore North.

Later, I made several screens for my clients.  This one was for Kieran and Gary Gibson when we sold their house on Oakmont.

Then came the first of the major changes in Environmental Control Committee requirements.  The posts had to be pressure treated and the siding had to be fire-resistant hardi-board, or hardie-panel, or something like that.  So, I built the screens to comply with the new code.  Here’s one I made for Corey and Christina Cregar when they bought their house on St. Andrews Court.

And another one for Sheila and Tom Sellers when they bought their house on Bobolink.

Here is the most difficult to build, and the most sturdy, of all my propane tank screens.  This one was for Ken and Cheryl Tune on Lakeshore South.  You could land a helicopter on this one.

Then came the next major change in requirements from the Environmental Control Committee.  This one has proved to be a pain in the behind.  The new rule requires that the entire enclosure, inside and out, reveal no combustible materials.

Quoting from one of my previous blogs:

Before the newest set of ECC standards (2012), you would dig the holes, set 4X4 pressure treated posts in concrete, build a frame out of 2X4 or 2X2 douglas fir, and hang fire-resistant concrete hard-board sheets for siding, put a redwood rain cap on top, paint it to match the house. You might put on some decorative trim or lattice work so the screen did not look like the ugly, ungainly squat box that it is.

Cost in materials?  About $200.

Now, you can not use pressure treated posts, 2X frames, or redwood rain caps unless you rip concrete hardi-board strips (or some other non-combustible material) and then clad all the wood on all sides.  Ever ripped long strips of hardi-board?  Ever tried to make the hardi-board edges match up with each other and look crisp and professional?

Or you can build the thing out of concrete block, or brick, or stone, or some other masonry technique.

Or you can hang the hard-board siding on a metal frame that you weld or bolt together.

Here’s one of the new 2012 models.  Because the three extant sides were coated with stucco, I was able to get away with hanging a  hardi-board front panel on a metal frame.  This one was for Peggy Upson when we sold her house on Sun Terrace.

My most recent screen was made by encasing 4X4 posts on all sides with hard-board and then hanging hardi-board panels for the siding.  Squat and unattractive.  But, by george, it’s in compliance with the new rules.  This one was for Hugh Stanton when we sold his house on Sycamore.

There are two main steps to the process:

First you have to submit two sets of plans to the ECC and get them approved.  That can take from a few dfays to a few weeks.  Each set of plans will include:

(1)  plot plan indicating the location of the tank

(2)  front elevation of your proposed screen design

(3)  cover letter identifying

  • address
  • statement of purpose
  • dimensions
  • materials
  • paint colors
  • owner’s signature

I would also advise you to include the following language:

“The screen will be painted to match the house.”

“The posts will be 4X4 pressure-treated lumber encased on all sides with non-combustible material or metal posts whichever is most feasible.”

Then, you have to build it.  Or hire someone to build it for you.  I have seen quotes from contractors as high as $1800.00 for tank screens on steep slopes, in rocky ground, on welded metal frames, or with any trim or decoration.

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Lake of the Pines Imposes “Conditions” to Sell Your Home

said on May 27th, 2012 filed under: Lake of the Pines

Lake of the Pines “conditions” for sale of a residence are not new.  Each time a Lake of the Pines home goes into escrow, the Environmental Control Committee (ECC) sends a “compliance officer” to the property to write a report about the exterior condition of the home for sale.  The officer does not come inside the home. Nor does he have a warrant to poke around on your property unannounced, but he does it anyway.  Possibly there is some clause in the LOP Conditions, Covenants, and  Restrictions where you gave him permission for entry onto your property, but I have not yet found this clause. *

The officer’s report will specify items that must be brought into compliance with Lake of the Pines standards, either by the seller before close of escrow, or by the buyer soon after close of escrow.

What kind of items are typically reported by the officer?  Over the past 10 years, these 6 violations appear again and again:

1.  Unsightly vegetation.  Lawns that need to be mowed, weeds that need to be whacked, dead trees to be removed, piles of brush cleaned up.

2.  Trash.  All that stuff laying around on the ground that you should have cleaned up a long time ago.

3.  Unfinished or unpainted construction.  Broken windows, primed but not yet painted trim, half-done projects.

4.  Sheds.  This category really includes all outbuildings and accessory structures.  On one of my recent sales, the officer required the removal of a tree house!  On another sale, the removal of a pre-fabricated Tuff Shed.  Can you have sheds at LOP?  Yes, but they have to be approved by ECC.  Can you have tree houses?  No.

5.  Fences.  This is a complex topic unto itself, and I wont attempt to get into it now.  Can you have fences at Lake of the Pines?  No.  (except when you can).

6.  Propane tank screens.  In the olden days, propane tank screens were built for aesthetic reasons, to visually screen the unsightly tanks from your neighbors. Not any more.  Nowadays, propane tank screens are primarily designed to keep fire away from them.  Beginning this year (2012), propane tank screens must be built so that there is no combustible material visible on the outside or inside of the screen. 

This is a real pain in the ass–and also expensive and/or time-consuming.

I’ve built numerous propane tank screens for my clients over the years, and I will tell you for a fact, the new standards are easier “mandated” by the ECC than installed by the owners or contractors.

Before the newest set of ECC standards (2012), you would dig the holes, set 4X4 pressure treated posts in concrete, build a frame out of 2X4 or 2X2 douglas fir, and hang fire-resistant concrete hard-board sheets for siding, put a redwood rain cap on top, paint it to match the house. You might put on some decorative trim or lattice work so the screen did not look like the ugly, ungainly squat box that it is.

Cost in materials?  About $200.

Now, you can not use pressure treated posts, 2X frames, or redwood rain caps unless you rip concrete hardi-board strips (or some other non-combustible material) and then clad all the wood on all sides.  Ever ripped long strips of hardi-board?  Ever tried to make the hardi-board edges match up with each other and look crisp and professional?

Or you can build the thing out of concrete block, or brick, or stone, or some other masonry technique.

Or you can hang the hard-board siding on a metal frame that you weld or bolt together.

Doesn’t that sound like fun?

Did I forget anything?  Oh yes, before you build the screen, you have to submit plans to the ECC and have them approved.  If you are lucky, ECC approval could take a few days.  If you are unlucky, it could take several weeks.

Let’s see, you finally get into contract on the sale or purchase of your LOP home.  Perhaps 10 days into your 30-day escrow, you get the compliance report and discover that you have to submit plans for a propane tank screen, then install it.  By the time you get the plans together, ECC reviews and hopefully approves the plans, you may already be past the scheduled close of escrow.

What do you do?

If you are the seller, you can:

  • attempt to extend the close of escrow (not likely)
  • build the screen without ECC approval and hope you get it right
  • pass the responsibility on to the buyer

If you are the buyer, you can:

  • accept the responsibility for building the screen yourself
  • require that the seller pay for it

How much will it cost to hire a contractor to build a compliant propane screen?  I have seen bids as high as $1800.

Here is the section from the CC&Rs that governs the inspection process:

 

*8.01 LOCATION OF INSPECTIONS

Routine inspections of all properties governed by these Standards may be conducted from the following locations:

(a)   From all common roadways throughoutLakeof the Pines.

(b)   From all areas of the golf course.

(c)   From all navigable areas of the lake.

(d)   From the parts of Combie Road that offer a view into Lake of the Pines properties.

(e)   From the parts of Magnolia Road that offer a view into Lake of the Pines properties.

(f)     From any other area in or around Lake of the Pines that is accessible without trespassing on private property.

(g)   From neighboring properties if permission to pass is provided by the owner(s) / occupants of those properties.

 

 

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Lake of the Pines Real Estate. How Are We Doing? Summary

said on May 23rd, 2012 filed under: Lake of the Pines, Localism, Neighborhood Profiles, Real Estate Nuts and Bolts

There are about 2,000 homes at Lake of the Pines.

159 Lake of the Pines homes sold during the past two years (May,2010-May,2012).  That’s about 4% per year.

 

(1) APPLES TO APPLES

Sales of “average” homes during the past two years

About the same number of “average” homes (43 to 46) sold this year as in the previous year, but sold 25 days  faster.

Prices of “average” homes have risen slightly, about 6%, (comparing the median of $224,000 in 2010-2011 with the median of $239,900 in 2011-2012).

Prices of “average” homes have risen slightly, about 3% (comparing the average of $241,992 in 2010-2011 with the average of $248,931 in 2011-2012).

Prices of “average” homes are almost identical (comparing price per square foot  ($130 to $129).

SUMMARY

Prices of “average”  homes sold at Lake of the Pines have been relatively unchanged from the previous year through this year.

 

 (2) THE WHOLE FRUIT BASKET

About the same “total” number of homes sold this year (81)  as in the previous year (78), but sold 24 days  faster (101 days on the market to 125).

Prices have risen slightly, about 3%, (comparing the median of $231,500 in 2010-2011 with the median of $239,500 in 2011-2012).

But . . .

Prices have fallen slightly, about 4% (comparing the average of $303,652 in 2010-2011 with the average of $290,019 in 2011-2012).

Prices have fallen slightly, about 4% (comparing price per square foot  ($145 to $139).

SUMMARY

Sales of larger, more expensive, lakefront homes in 2010/2011 skewed the data, rendering contradictory results

 

(3) APPLES AND ORANGES

Lots of mixed results.

The number of distressed home sales in 2011/2012 (13) was 50% less than it was the previous year in 2010/2011 (26).  What happened to the “flood” of foreclosures?

The number of regular home sales in 2011/2012 (30) was 33% more than it was the previous year in 2010/2011 (20).

In 2010/2011 distressed properties were on the market longer than regular sales; in 2011/2012 distressed properties were on the market for a shorter time than regular sales.

Consistently, across all types of Lake of the Pines Properties, sellers are getting about 95% of their asking price.

Distressed properties sell for less money.  Using “price/square foot sold” as the basis of comparison, distressed homes sold for 21% less than regular sales in 2010/2011 and for 29% less in 2011/2012.

Fewer distressed homes sold this year than distressed homes sold last year, and for 14% less money.

More regular homes sold this year than last year, but for 4%  less money.

 

(4) THE FARMER’S MARKET–HOMES CURRENTLY FOR SALE

48                     total number of homes for sale at Lake of the Pines on May 21, 2012

REGULAR SALES

37                    number of regular homes for sale (no foreclosures)

$1,549,000     highest priced regular home for sale

$160,000        lowest priced regular home for sale

$452,541        average priced regular home for sale

$330,000        median priced regular home for sale

105                  average days on the market (and counting–from 5 DOM to 419 DOM)

$182                average price per square foot (asking price not sold price which will be lower)

DISTRESSED SALES (foreclosures and short sales–does not include back-up shortsales)

11                       number of foreclosures and short sales

$350,000         highest priced distressed home for sale at lake of the Pines

$135,900          lowest priced distressed home for sale at lake of the Pines

$238,780          average priced distressed home for sale at lake of the Pines

$244,000          median priced distressed home for sale at lake of the Pines

125                    average days on the market

$101                  average price per square foot

PENDING SALES

21                     number of pending sales at Lake of the Pines

78                     average days on the market when home went into contract

$272,966         average list price when home went into contract

$137                 average price per square foot  when home went into contract

BACKUP SHORT SALES

(Backup short sales are similar to pending sales, but the offered price has not yet been approved by the lender)

9                       number of current backup short sales

165                   average days on the market when home was submitted for short sale approval

$162,211          average list price when home was submitted for short sale approval

$110                average price per square foot when home was submitted for short sale approval

 

(5)  GOLDEN APPLES?  LAKEFRONTS

The number of lakefront homes sold rose from 9 to 13, or 31% in the past two years.

Based on average sold price, prices declined 19%

Based on median sold price, prices declined 15%.

Based on price per square foot, prices declined 14%

Lakefront home prices are not being dragged down by foreclosures and short sales.

ACTIVE MARKET, LAKEFRONT HOMES FOR SALE RIGHT NOW (May 22,2012)

Number of Lakefront homes for sale                   7

Highest price                                                    $1,549,000

Lowest price                                                        $799,000

Average price                                                    $1,076,142

Median price                                                       $998,000

Average days on market                                         235

Average price per square foot                              $312

Based on price per square foot, the prices lakefront homes sold at Lake of the Pines declined 14-15% during the past two years.

Based on price per square foot, current sellers are asking almost twice as much for their homes.

 

 

 

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Lake of the Pines Real Estate. How Are We Doing? Part 5

said on May 22nd, 2012 filed under: Lake of the Pines, Localism, Market Trends, Neighborhood Profiles, Real Estate Nuts and Bolts

GOLDEN APPLES?

This is the fifth of a five-part analysis of real estate at Lake of the Pines, California.   In this fifth analysis, we’re going  to examine the most expensive group of homes at Lake of the Pines, the “lakefronts.”

We will look first at the lakefronts that sold one year ago (May 23, 2010 through May 22, 2011) as compared to lakefronts that sold during the past 12 months (May 23, 2011 through May 22, 2012).  Then we will look at the lakefronts that are for sale right now, also called the “actives.”

                                                          5/23/10 thru 5/22/11           5/23/11 thru 5/122/12

Number of lakefronts sold                                9                                                   13

Highest price sold                                    $1,095,000                                      $915,000

Lowest price sold                                        $450,000                                      $400,000

Average price sold                                       $736,702                                      $598,576

Median price sold                                        $735,000                                     $625,000

Average  list price                                         $773,944                                    $637,107

%sold price/list price                                       95%                                               94%

Price/square foot listed                                 $258                                              $227

Price/square foot sold                                    $246                                              $212

Average days on market                                  172                                                161

 

ANALYSIS

The number of lakefront homes sold rose from 9 to 13, or 31%.  The sample, however,  is too small for this increase to be especially meaningful.   Better than a poke in the eye, but don’t get too excited, because . . .

Prices fell off a cliff.

Based on average sold price, prices declined 19%

Based on median sold price, prices declined 15%.

Based on price per square foot, prices declined 14%

No way to mince words, spin it in a positive way, squint at it through rose-colored glasses and make it look better.  The lakefront homes at Lake of the Pines are taking a royal beating at the real estate  marketplace.  No, it’s not that lakefront home prices are being dragged down by foreclosures and short sales.  In the first period, 2010/2011, there was only 1 distressed sale out of 9, and that one sold higher than the other 8  in price per square foot ($285  per square foot vs. the group average of $246 per square foot).  In the second period, there was only 1 distressed sale out of 13, and that property was only slightly below the group average ($202 per square foot vs. $212 per square foot).

No, don’t try to blame the decline on foreclosures and short sales.

Were lakefront homes wildly over-valued and still correcting?

Are buyers still too tight to spend on “luxury” homes?

 

ACTIVE MARKET, LAKEFRONT HOMES FOR SALE RIGHT NOW (May 22,2012) 

Number of Lakefront homes for sale                   7

Highest price                                                    $1,549,000

Lowest price                                                        $799,000

Average price                                                    $1,076,142

Median price                                                       $998,000

Average days on market                                         235

Average price per square foot                              $312

ANALYSIS

The price per quare foot of the homes on the market today ($312) is almost exactly twice the price per square foot of homes sold in the past 12 months ($161).  Yes, there is 1 home out of the 7 (the most expensive) that is pulling the price per square foot up a bit, but even taking that one out of the sample, the other 6 current actives are way above the average price per square foot of the sold homes.

SUMMARY

Based on price per square foot, lakefront homes at Lake of the Pines declined 14-15% during the past two years, and yet based on price per square foot, current sellers are asking almost twice as much for their homes.  Does this give you some idea why lakefront homes are a tough sell right now?

 

 

 

 

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Lake of the Pines Real Estate. How Are We Doing? Part 4

said on May 21st, 2012 filed under: Lake of the Pines, Localism, Neighborhood Profiles, Real Estate Nuts and Bolts

THE FARMER’S MARKET

This is the fourth of a five-part analysis of real estate at Lake of the Pines, California.   In this fourth analysis, we’re going  to market and see what is for sale right now (May 21, 2012) at Lake of the Pines.

TOTAL SALES

48                     total number of homes for sale at Lake of the Pines on May 21, 2012 as reported on Paragon MLS

47                     total number of homes for sale at Lake of the Pines on May 21, 2012 as reported on Metrolist MLS

REGULAR SALES

37                    number of regular homes for sale (no foreclosures)

$1,549,000     highest priced regular home for sale

$160,000        lowest priced regular home for sale

$452,541        average priced regular home for sale

$330,000        median priced regular home for sale

105                  average days on the market (and counting–from 5 DOM to 419 DOM)

$182                average price per square foot (asking price not sold price which will be lower)

 

DISTRESSED SALES (foreclosures and short sales–does not include back-up shortsales)

5                       number of foreclosures and short sales

$350,000         highest priced distressed home for sale at lake of the Pines

$135,900          lowest priced distressed home for sale at lake of the Pines

$238,780          average priced distress home for sale at lake of the Pines

$244,000          median priced distress home for sale at lake of the Pines

125                    average days on the market

$101                  average price per square foot

 

PENDING SALES

21                     number of pending sales at Lake of the Pines

78                     average days on the market when home went into contract

$272,966         average list price when home went into contract

$137                 average price per square foot  when home went into contract

 

BACKUP SHORT SALES

(Backup short sales are similar to pending sales, but the offered price has not yet been approved by the lender)

9                       number of current backup short sales

165                   average days on the market when home was submitted for short sale approval

$162,211          average list price when home was submitted for short sale approval

$110                average price per square foot when home was submitted for short sale approval

 

 

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Lake of the Pines Real Estate. How Are We Doing? Part 3

said on May 19th, 2012 filed under: Lake of the Pines, Localism, Neighborhood Profiles, Real Estate Nuts and Bolts

APPLES AND ORANGES

Do foreclosure and short sale homes (distressed) at Lake of the Pines sell for less than regular homes?

Of course they do.

How much less?  Let’s examine the “distressed homes” market in Lake of the Pines, California for two different periods:

May 19,2010 through May 18, 2011 compared to the period of May 19, 2011 through May 18, 2012.

I selected “average” houses between 1500 and 2500 square feet that sold during these two periods.

                                                     5/19/10 thru 5/18/11           5/19/11 thru 5/18/12        

Number of distressed sales                           26                                                    13

Number of regular sales                                 20                                                   30

Highest distressed sold                             $280,000                                      $325,000

Highest regular sold                                  $435,000                                      $405,000

Lowest distressed sold                                 $165,000                                      $73,000

Lowest regular sold                                    $150,000                                      $150,000

Average distressed sold                              $210,025                                      $184,446

Average regular sold                                   $283,550                                      $275,171

Median distressed sold                               $207,500                                      $169,900

Median regular sold                                    $289,000                                     $272,500

Average distressed list price                       $218,759                                      $196,192

Average regular list price                            $301,409                                    $290,341

%sold price/list price distressed                    96%                                               94%

%sold price/list price regular                         94%                                                95%

Price/square foot listed distressed               $122                                              $107

Price/square foot listed regular                    $157                                              $150

Price/square foot sold distressed                  $117                                               $101

Price/square foot sold regular                       $148                                              $142

Average days on market distressed                 136                                                85

Average days on market regular                      98                                                103

 

ANALYSIS

Lots of mixed results.

The number of distressed home sales in 2011/2012 (13) was 50% less than it was the previous year in 2010/2011 (26).  What happened to the “flood” of foreclosures?

The number of regular home sales in 2011/2012 (30) was 33% more than it was the previous year in 2010/2011 (20).

In 2010/2011 distressed properties were on the market longer than regular sales; in 2011/2012 distressed properties were on the market shorter than regular sales.  Go figure.

Consistently, across all types of Lake of the Pines Properties, sellers are getting about 95% of their asking price.  But this statistic is deceptive.  The original price (the price at which a home first came on the market) and the asking price (the price at which the home was for sale when an acceptable contract was negotiated) are often different.  Frequently the price has been reduced, sometimes more than once, so that the asking price is much lower than the original price.  When that happens, the %sold price/original price may be much less than 95%.

Distressed properties sell for less money.  How much less?  A lot less.  Distressed markets and regular markets are like two separate realities within the same town.  Using “price/square foot sold” as the basis of comparison, distressed homes sold for 21% less than regular sales in 2010/2011 and for 29% less in 2011/2012.

How did distressed sales fare from 2010/2011 to 2011/2012?  Again, using “price/square foot sold” as the basis of comparison, prices of “average sized” distressed properties declined 14% in 2011/2012.

How did regular sales fare from 2010.2011 to 2011/2012?  Prices of “average sized” regular homes declined slightly in 2011/2012, about 4%.

SUMMARY

Fewer distressed homes sold this year than last year, and for 14% less money.

More regular homes sold this year than last year, but for 4%  less money.

 

 

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Lake of the Pines Real Estate. How Are We Doing? Part 2

said on May 18th, 2012 filed under: Lake of the Pines, Localism, Neighborhood Profiles, Real Estate Nuts and Bolts

THE WHOLE FRUIT BASKET

This is the second of a five-part analysis of real estate at Lake of the Pines, California.   In this second analysis, I’m not going to compare apples to apples .  With this one, you get the whole fruit basket–regular sales, foreclosures, short sales, lake fronts, golf course homes, good streets, better streets, and best streets, tiny houses, average-sized houses, and a few behemoths–all of it.  I will compare ALL of the Lake of the Pines homes that sold during the past 12 months (May 19, 2011 through May 18, 2012) with ALL of the homes that sold the previous year (May 19, 2010 through May 18, 2011).

                                                     5/19/10 thru 5/18/11           5/19/11 thru 5/19/12        

Number of homes sold                                  78                                                    81

Highest price sold                                   $1,095,000                                      $915,000

Lowest price sold                                      $120,000                                         $73,000

Average price sold                                    $303,652                                       $290,019

Median price sold                                      $231,500                                      $239,500

Average list price                                       $321,626                                      $306,056

%sold price/list price                                     94%                                               95%

Price per square foot listed                         $154                                             $147

Price per square foot sold                           $145                                              $139

Average days on the market                          125                                                 101

 

ANALYSIS

You can see that about the same number of homes sold this year (81)  as in the previous year (78), but sold 24 days  faster (101 days on the market to 125).

Prices have risen slightly, about 3%, (comparing the median of $231,500 in 2010-2011 with the median of $239,500 in 2011-2012).

But . . .

Prices have fallen slightly, about 4% (comparing the average of $303,652 in 2010-2011 with the average of $290,019 in 2011-2012).

Prices have fallen slightly, about 4%  (comparing price per square foot  ($145 to $139).  This is probably the most reliable indicator of value.

 SUMMARY

Sales of larger, more expensive, lakefront homes in 2010/2011 skewed the data, rendering contradictory results.  Almost all of the decline in prices can be found at the upper end of the price range.  Keeping this in mind, it is reasonable to state that prices of homes sold at Lake of the Pines, except for the lakefronts, have been relatively unchanged from the previous year through this year.  

In the next  blog, we’re going to get even more sophisticated.  We’ll look at the same Lake of the Pines market for the same two periods of time, but we”ll compare conventional sales with homes sold as foreclosures and short sales.

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