I though you would be interested in this note I received from my real estate broker in Squaw Valley, California, where I sold my ski cabin in 2005 for $3 million. This is the high beta end of the housing market in the Golden State.
“Here are some stats (from the multiple listing system and other sources) and developing trends:
2012 Summary of Sales info
• 24 cabins and homes sold from $385.5K to $2.9M
*3 over $2M – 6 from $1M to $2M and 9 under $1M
• 4 lots sold from $385K to $750K-
• 9 non- hotel condos sold from $154.9K to $580K
• 11 Resort at Squaw Creek condos from $84K to $745K
• 6 Squaw Valley Lodge condos from $220K to $815K
• 17 Village at Squaw Valley condos from $235K to $825K
Most of the short sales, bank sales and foreclosures are gone from the market and the real estate market is showing signs of recovery. As the market recovers, the biggest problem is for the buyers to grasp that prices are rising and trying to buy a property based on the comparable sales data is now difficult as the comparable sales data may not support the listing prices and ultimate selling prices of the properties selling. Most of you are now aware of the potential development plans for the valley at the base of the ski area. If you have not already checked it out here is a link www.SquawRenaissance.com.
Listing inventory is beginning to decrease and we expect to see this continue into 2013. This makes for tough decisions for buyers who have not already purchased a property as the longer they wait to buy, the more changes that are occurring in the availability of properties.”