Investor Report: Mixed 1031 Signals
Written by Kenneth R. Harney / Realty Times
February 27, 2009
When it comes to Section 1031 (ten thirty one) tax-deferred real estate exchanges, investors are getting some decidedly mixed signals.
On the one hand, there have been a number of high-profile financial failures of exchange intermediary companies, the folks who hold your money while the exchange is underway, putting small investors at risk of losing some or all their cash.
On the other hand, smaller-scale, long-time exchange intermediaries insist their business models are safe for investors -- they're well insured and bonded and pose no risk of loss at all.
The recent bankruptcy filing of one of the country's largest exchange intermediaries, Land America 1031 Exchange Services of Richmond, Virginia, froze nearly $420 million in funds held by the company on behalf of 450 investor clients.
Exchange intermediaries hold funds generated by Section 1031 real estate swaps. IRS rules require some form of independent middleman because the tax code prohibits receipt of cash by exchangers seeking to defer capital gains taxes.
The problem posed by intermediaries is that, in the event they experience financial distress, they may file for bankruptcy protection and claim the right to use escrowed funds from ongoing exchanges to pay creditors.
In the LandAmerica case, the intermediary disputed investors' claims that the company was holding their money in trust - making it untouchable by creditors in a bankruptcy. A federal judge is still looking at the arguments, and a resolution may be months away.
Meanwhile, small-scale exchange intermediaries around the country continue to handle clients' funds with no losses. Bill Horan, co-owner and vice president of Realty Exchange Corp, based in Gainesville, Virginia, argues that, with due diligence, "investors can do 1031 transactions through qualified intermediaries with complete confidence," he told Realty Times last week.
In Littleton, New Hampshire, the firm of Edmund & Wheeler focuses on smaller and medium-sized real estate exchanges, and this month posted guidelines for investors on what to look for in choosing an intermediary - essentially how to avoid a middleman that could cost you pain, time and money.
Tops on the list: Look for extensive track records of successful exchanges, documented by references from investors. Make sure the intermediary has substantial insurance coverage to protect you - including bonding and errors and omissions. Check how the intermediary handles client funds.
Are exchange escrows deposited in a reputable, well capitalized bank? Does the intermediary commingle clients' funds or create separate, safer individualized accounts?
How accessible are top executives to you as a client? Can you get funds out quickly if you need to?
All good questions and advice for anyone contemplating a 1031 exchange in troubled times.
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Friday, February 27, 2009
Wednesday, February 25, 2009
Why to Buy a Home Now
Written by: Phoebe Chongchua / Realty Times
If you're renting and wondering if you should buy a home, consider what bestselling author, David Bach, says, "The average homeowner is worth 35 times more than the average renter."
He advises renters to take action immediately and start saving part of their paycheck every month to help accumulate a down payment. He also encourages renters to borrow 10-20 percent less than what the bank is willing to lend; that way they're only buying as much home as they can afford.
The longer you rent, the longer it may take you to eventually get into homeownership. If the market conditions have scared you, perhaps you're not looking at the other side of the coin. Owning a home becomes part of your investment portfolio, provides tax benefits, allows you to build equity (it still exists), and, if you buy now, you may get an excellent deal.
According to a MarketWatch news article, buying a home now can provide some real negotiating power to request improvements, price reductions, help with closing costs, and more. "People can get a lot of what they need and almost all of what they want today," said Jay Papasan, one of the authors of "Your First Home".
While poor market conditions have created a troubling situation for some homeowners, the downturn has made the buying market ripe for others. The affordability of homes is better than ever. The National Association of Realtors' housing affordability index concluded that homes in December of 2008 were more affordable than at any other point since 1970 (the start of the index). And with numerous foreclosures on the market and prices dropping in many areas, now is a good time to buy. But in order to make your purchase profitable, here are some things you should consider.
How long will you be in the home? Some experts advise that if you are planning to move within a year, buying may not be the best option because of the expenses associated with moving. However, if you're searching for a place to live for, at least, several years, buying now could be a good choice for you.
How much you can afford. Don't let tighter lending regulations scare you off from making a purchase. Instead, understand what you truly can afford. Don't get caught up in buying too much home. In fact, these days, the trend is moving toward smaller homes -- simpler living.
Mortgage rates drop to historical low. How much home you can afford is affected by mortgage interest rates that, right now, are highly appealing. Good credit, documenting your income, and a substantial down payment will make you a better candidate for the better mortgage rates.
Freedom to choose. Now, unlike several years ago, the market has a large inventory in many areas. The market time to sell a home has increased which creates a large inventory of homes, everything including new, existing, and foreclosures. Buyers can peruse the market and have the freedom to select the home they really want. If your interest is in a new home, know that many developers are getting more competitive with their pricing because they also have taken a hit by the ailing economy.
Quality of life. Buying a home can create a higher quality of life, giving you pride of homeownership, and something to enjoy improving and developing over the years.
Tax credit benefit. Last summer, the federal government started providing up to a $7,500 tax credit to buyers who have not owned a home in at least three years; the tax credit must be repaid within 15 years. But that figure may increase. The National Home Builders Association and National Association of Realtors are pushing for more significant help for all home buyers -- not just those who are buying for the first time. The Senate, as part of a stimulus package, this month approved a temporary new tax credit to be applied to homebuyers' tax bills. The credit would give buyers 10 percent of the purchase price of any home, up to $15,000. Alan Zibel of the Associated Press writes, "Anyone who buys a home within a year of the bill's signature would qualify. To deter speculators, buyers must occupy the house as their main residence for at least two years." At the time of this writing, the stimulus package had not yet gone to the White House.
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
If you're renting and wondering if you should buy a home, consider what bestselling author, David Bach, says, "The average homeowner is worth 35 times more than the average renter."
He advises renters to take action immediately and start saving part of their paycheck every month to help accumulate a down payment. He also encourages renters to borrow 10-20 percent less than what the bank is willing to lend; that way they're only buying as much home as they can afford.
The longer you rent, the longer it may take you to eventually get into homeownership. If the market conditions have scared you, perhaps you're not looking at the other side of the coin. Owning a home becomes part of your investment portfolio, provides tax benefits, allows you to build equity (it still exists), and, if you buy now, you may get an excellent deal.
According to a MarketWatch news article, buying a home now can provide some real negotiating power to request improvements, price reductions, help with closing costs, and more. "People can get a lot of what they need and almost all of what they want today," said Jay Papasan, one of the authors of "Your First Home".
While poor market conditions have created a troubling situation for some homeowners, the downturn has made the buying market ripe for others. The affordability of homes is better than ever. The National Association of Realtors' housing affordability index concluded that homes in December of 2008 were more affordable than at any other point since 1970 (the start of the index). And with numerous foreclosures on the market and prices dropping in many areas, now is a good time to buy. But in order to make your purchase profitable, here are some things you should consider.
How long will you be in the home? Some experts advise that if you are planning to move within a year, buying may not be the best option because of the expenses associated with moving. However, if you're searching for a place to live for, at least, several years, buying now could be a good choice for you.
How much you can afford. Don't let tighter lending regulations scare you off from making a purchase. Instead, understand what you truly can afford. Don't get caught up in buying too much home. In fact, these days, the trend is moving toward smaller homes -- simpler living.
Mortgage rates drop to historical low. How much home you can afford is affected by mortgage interest rates that, right now, are highly appealing. Good credit, documenting your income, and a substantial down payment will make you a better candidate for the better mortgage rates.
Freedom to choose. Now, unlike several years ago, the market has a large inventory in many areas. The market time to sell a home has increased which creates a large inventory of homes, everything including new, existing, and foreclosures. Buyers can peruse the market and have the freedom to select the home they really want. If your interest is in a new home, know that many developers are getting more competitive with their pricing because they also have taken a hit by the ailing economy.
Quality of life. Buying a home can create a higher quality of life, giving you pride of homeownership, and something to enjoy improving and developing over the years.
Tax credit benefit. Last summer, the federal government started providing up to a $7,500 tax credit to buyers who have not owned a home in at least three years; the tax credit must be repaid within 15 years. But that figure may increase. The National Home Builders Association and National Association of Realtors are pushing for more significant help for all home buyers -- not just those who are buying for the first time. The Senate, as part of a stimulus package, this month approved a temporary new tax credit to be applied to homebuyers' tax bills. The credit would give buyers 10 percent of the purchase price of any home, up to $15,000. Alan Zibel of the Associated Press writes, "Anyone who buys a home within a year of the bill's signature would qualify. To deter speculators, buyers must occupy the house as their main residence for at least two years." At the time of this writing, the stimulus package had not yet gone to the White House.
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Monday, February 23, 2009
Brighter Housing Outlook for 2009: Buyers Take Heed
Written by: Phoebe Chongchua / Realty Times
The continual drop of housing prices is expected to end but not before home prices slide a little more, according to a report by Moody's Economy. This news along with the tax credit for eligible homebuyers, and further mortgage rate declines could mean now is the right time to buy.
"If you want to buy a house and are expecting to stay in the property for a long time -- it's not an investment property but a home -- then now is probably not a bad time to be buying," says Chen, co-author and Senior Director of Housing Economics, Moody's Economy.
According to the study, home prices in 381 US metropolitan areas have dropped on average 25 percent and will slip some more (another 11 percent) before stabilizing. The hardest hit markets include areas in California, Arizona, Nevada, Massachusetts, Florida, New York, DC, Virginia, Maryland, and West Virginia.
"Our finding is that we do expect on a national level that the housing correction will bottom by the end of this year. By bottoming we mean that home prices will have reached the lowest level and we expect that between the peak of the housing market in 2006 to the bottom that [housing prices nationally] will have lost 36 percent of their value," says Celia Chen, co-author of the report.
The bright side is that the "housing correction" is in sight, according to Chen; and may, in fact, close in faster with the help of the economic stimulus package.
"Our outlook depends heavily on policy measures that will help to shore up the economy and also to help mitigate foreclosures that are occurring right now," says Chen.
Chen says she believes that the stimulus package could help pull the economy out of a recession this year and "will help stabilize jobs which is a positive for the housing market."
She also expects that, "The Fed and the Treasury will work hard to keep mortgage rates low and, in fact, we do expect mortgage rates to fall to about 4.5 percent by mid-year. That will also help bolster demand for housing," says Chen.
"There is going to be some sort of foreclosure mitigation program put in place that will help forestall some of the foreclosures from happening. That's not to say that all of the foreclosures will end. I think that we'll still see quite a number this year but, at least, it will be better than if there is no policy at all," says Chen.
She says without this help from the government, prices could fall "even further than what we're expecting."
The $789 billion economic stimulus plan aims to save and create 3.5 million jobs, pumping up consumer activity through spending programs, and tax relief efforts including a credit for homebuyers. (At the time of this writing, details are still being worked out but it appears the tax credit for eligible homebuyers will be around $8,000).
The National Association of Realtors predicts that the tax credit will stimulate an additional 200,000 home sales, according to reports by the Associated Press.
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
The continual drop of housing prices is expected to end but not before home prices slide a little more, according to a report by Moody's Economy. This news along with the tax credit for eligible homebuyers, and further mortgage rate declines could mean now is the right time to buy.
"If you want to buy a house and are expecting to stay in the property for a long time -- it's not an investment property but a home -- then now is probably not a bad time to be buying," says Chen, co-author and Senior Director of Housing Economics, Moody's Economy.
According to the study, home prices in 381 US metropolitan areas have dropped on average 25 percent and will slip some more (another 11 percent) before stabilizing. The hardest hit markets include areas in California, Arizona, Nevada, Massachusetts, Florida, New York, DC, Virginia, Maryland, and West Virginia.
"Our finding is that we do expect on a national level that the housing correction will bottom by the end of this year. By bottoming we mean that home prices will have reached the lowest level and we expect that between the peak of the housing market in 2006 to the bottom that [housing prices nationally] will have lost 36 percent of their value," says Celia Chen, co-author of the report.
The bright side is that the "housing correction" is in sight, according to Chen; and may, in fact, close in faster with the help of the economic stimulus package.
"Our outlook depends heavily on policy measures that will help to shore up the economy and also to help mitigate foreclosures that are occurring right now," says Chen.
Chen says she believes that the stimulus package could help pull the economy out of a recession this year and "will help stabilize jobs which is a positive for the housing market."
She also expects that, "The Fed and the Treasury will work hard to keep mortgage rates low and, in fact, we do expect mortgage rates to fall to about 4.5 percent by mid-year. That will also help bolster demand for housing," says Chen.
"There is going to be some sort of foreclosure mitigation program put in place that will help forestall some of the foreclosures from happening. That's not to say that all of the foreclosures will end. I think that we'll still see quite a number this year but, at least, it will be better than if there is no policy at all," says Chen.
She says without this help from the government, prices could fall "even further than what we're expecting."
The $789 billion economic stimulus plan aims to save and create 3.5 million jobs, pumping up consumer activity through spending programs, and tax relief efforts including a credit for homebuyers. (At the time of this writing, details are still being worked out but it appears the tax credit for eligible homebuyers will be around $8,000).
The National Association of Realtors predicts that the tax credit will stimulate an additional 200,000 home sales, according to reports by the Associated Press.
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Friday, February 20, 2009
GREAT Time To Buy A Vacation Home
In seaside Ocean City, MD, where 91 percent of the homes are vacation home properties, owners were buoyed by the prospect of reduced property taxes after assessed values dropped 36 to 45 percent over the last three years, according to county officials.
Scouting the slopes in Colorado's ski resort areas of Aspen, Beaver Creek, Steamboat and Vail will uncover some home prices in the toniest areas still holding steady, but overall sales are down by about 40 percent, according to a University of Colorado's real estate center.
In Maui, both home prices and sales are down about 25 percent each, according to the island's real estate association.
And don't forget California's resort areas. Home prices in the Golden State are down by 50 percent or more in many locations.
That's only the beginning. Lower prices and less competition are the tip of the iceberg-sized list of factors that make it a good time to consider a vacation home buy.
"In many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. In some markets, homes are back to 2000 prices," said vacation home guru Christine Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental Web site).
She says a host of market conditions have converged to make buying a second home a smart move right about now.
· Take the stock market. Please.
"Stock market woes have always pushed people to look for alternate investments, and real estate is a consistent stronghold," she says. "Yes, home values are down right now but they have always rebounded. I wouldn't recommend buying a second home with the expectation of flipping it for a quick buck, but if you hang onto it for a while -- and better still, turn it into a vacation rental property -- you'll make a nice profit," Karpinski says.
· Interest rates are cooperating.
On Dec. 24 Freddie Mac's Primary Mortgage Market Survey revealed 30-year fixed-rate mortgage hadn't been lower since Freddie Mac started the survey in 1971. "Rates have been reasonably low for awhile, following earlier rate cuts toward the beginning of the year. That's good news for anyone who's in the market for a mortgage," Karpinski added.
· The pressure of bidding wars is off.
"Housing bubble or no housing bubble, you're not going to get bargain basement prices on, say, a cottage right on the ocean—but if you're willing to buy a few rows back, you'll likely find that prices have fallen substantially," notes Karpinski. "Because houses aren't flying off the shelf, there's less pressure on you to make a quick decision. You can afford to take your time, do your research, and refine your plan," she added.
· Vacation rental demand is on.
Economic pressures on travel budgets are forcing those who once traveled abroad to stick closer to home. To further save travel dollars, domestic travelers want the most bang for their getaway bucks. Vacation homes provide all the comforts and options of home (eating in, game rooms, wirelessness, etc.), often at a per-person rate that's cheaper than a hotel.
Karpinski says, "Vacation homes tend to be less expensive than hotel rooms. This is especially true if you're traveling with extended family or a group of friends. Not incidentally, in many areas of the country, rental demand exceeds supply. The Sunshine State (Florida) is a prime example. Buy a vacation home in a market like Cape Coral, Daytona, Destin, Fort Lauderdale, Indian Rocks Beach, Kissimmee, Madeira Beach, Orlando, Panama City Beach, Sanibel Island, West Palm Beach, or Windsor Hills, and you can't lose."
The weak dollar makes American destinations attractive to European travelers and others holding stronger currencies. Also, business travel continues to generate vacation rental income -- especially when foreign business associates come calling.
"It's a far more comfortable option; plus many companies work out deals with homeowners whereby they can get volume discounts," said Karpinski
· A vacation home can pay for itself.
When your monthly mortgage payment is less than or equal to one peak week rental, twelve weeks of rental will cover your mortgage payments for the entire year. Other costs, including bills for your phone, power, cable, and association dues, may be paid out of your earnings from approximately five off-week rentals, Karpinski says.
The calculations don't consider the added cost of a property manger you may need if you are not a do-it-yourselfer. Despite the convergence of positive factors pointing to an opportunity to buy a second or vacations home, the fundamentals still apply. Strong credit, low debt, high savings and other assets are a plus.
Written by Broderick Perkins
Published in Realty Times
Published in Realty Times
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Wednesday, February 18, 2009
Housing and the Obama Stimulus Package - Status Report
Written by: Charles McMillan, CIPS, GRI, 2009 NAR President
Dear Fellow REALTOR®,
Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.
So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Dear Fellow REALTOR®,
Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.
So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Monday, February 16, 2009
SnowFest Is Coming To Tahoe!
OFFICIAL 2009 SNOWFEST EVENT CALENDAR
The 2009 calendar is now live! Take a look at all the great events lined up for the coming SnowFest! More events to be added - check back often!
Events are constantly changing. Please plan to pick up a Snow Festival Event Calendar and official Program at any participating event location or local merchant. Note: All events subject to change or cancellation without notice.
FRIDAY, FEBRUARY 27, 2009:
34th Annual "Dick Linkey" Rotary Ski Challenge - Come join in the Largest Rotarian Ski Challenge again this year! Lots of Fun races for all ages…for registration by Feb.20, go to the website at http://www.tahoecityrotary.org/. Look under Ski Challenge for sign ups and more info!
All Day
Alpine MeadowsHwy 89/ Alpine Meadows Rd.
4th Annual 2009 Science EXPO - The Science EXPO will feature interactive science experiments for kid’s ages 6-12 and their families on the themes of “Snow, Water, Ice & Earth”. In addition, this year, many of the activities will pertain to climate change / global warming and the local impacts here at Lake Tahoe. Admission is FREE and includes and ice cream cone! Hosted in part by the non-profit Organizations UC Davis Tahoe Environmental Research Center, Sierra Nevada College and Lake Tahoe School. http://terc.ucdavis.edu/
3-7pm FREE
Tahoe Center for Environmental Sciences, 291 Country Club Drive, Incline Village. (775) 881-7560 x 7583
Sugar Bowl presents the SF Indie Film Festival - The world-renowned film festival heads for higher ground, screening 4 independent films at Sugar Bowl's Judah Lodge over the weekend. Catch "yet to be released" studio films and off-the-radar independent gems after a day on the slopes! More info at http://www.sfindie.com/ and/or http://www.sugarbowl.com/
6pm & 8pm
Mt Judah Lodge, Coldstream Room Sugar Bowl Resort Donner Summit off old Hwy 40
Mamasake Extreme Food Challenge - Contestants try foods from around the world! In this challenge, the items get progressively more interesting…to say the least! If you’ve got a strong stomach, then you need to join in and enter this contest. Proceeds to benefit our bartender “Fro” who has hosted this event as well as our infamous wasabi eating contest each year. Come cheer on all the crazy eating!http://www.mamasake.com/
4:30pmFREE
Mamasake Patio Village @ Squaw Valley (530) 584-0110
Snowfest Queen Coronation - Come see the Crowning of this year’s Queen in person! Girls go against each other in the following categories: ticket sales, community involvement & interview, extracurricular activities, essay, and GPA! Proceeds to benefit numerous Non-profit organizations which sponsor each candidate.
6:30pm
Squaw Valley USA - Bottom of KT22 on the Plaza Deck
Squaw Valley USA Opening Night Ceremonies - Come to see this amazing 28th Annual Opening Ceremonies as Squaw Valley’s sky is lit up on Mountain with an amazing laser show, torchlight parade, and incredible fireworks display! Live DJ Music with the “Space Cowboys & the "Unimog” on the outside Sundeck. Watch all the festivities while Johnny Haines emcees it off the hook! Presented by the Squaw Valley Business Association, and Squaw Valley USA.Website
7:00pm
Squaw Valley USA, On the snow at the base of KT-22.
On-Mountain Fireworks Display - Presented by Coors Light
7:00pm
Squaw Valley USA, On the snow at the base of KT-22.
Olympic Plaza's Full House Opening Night Party - The party gets started immediately after the Opening Ceremonies on the snow! Come on inside the Olympic Plaza afterwards for live music,followed by the “Space Cowboys”. Come ready to party all night long!Website
7:30pm
Olympic House/Plaza Bar, Squaw Valley USA
SATURDAY, FEBRUARY 28, 2009:
Snowbomb Presents the Toyota Sick & Twisted Freestyle Tour-Halfpipe - Check out this SnowBomb Competition, and see who's got the best moves in this Halfpipe competition. This Tour showcases local talent in over 12 events per season and awards more than $25,000 in cash and prizes. Sponsors include: Under Armour, Volkl, Burton & Bern
ALL DAYReg: 9-10:30Contest: 11am
Boreal Mtn Resort
North Tahoe Firefighter’s Association Pancake Breakfast - Come join the North Tahoe Firefighter’s at the Annual Pancake breakfast in downtown Tahoe City! Featuring: pancakes, sausages, fruit, coffee & juice. . Proceeds benefit the North Tahoe Firefighter’s Association.
7-11am Under 5 free, under 12-$4, 12 & above-$7
Tahoe City Fire Station, 300 N. Lake Blvd
Fat Cat Drawing Contest - KIDS! Come and get your entry form and draw and color your best "Fat Cat" in your age category and win great prizes! Must draw your very own "Fat Cat", and return to the Café for judging no later than 5pm Saturday. Winners will be announced prior to the "Cat Fight" on Sunday, 2pm!
11am Ages 4-12
Fat Cat Cafe', Tahoe City 599 N.Lake Blvd (530) 583-3355
Tahoe City SnowFest! Parade - Produced by Tahoe City Downtown Association -See Tahoe's wackiest and wildest strut down North Lake Blvd. in Tahoe City. "Tahoe City Through Time" is this year's parade theme so come early and get the best spot to see Tahoe at its best. Don't miss out on the biggest party in North Lake Tahoe! To participate in the parade or to become a sponsor, go to the website for applications and more information click here.
11:30am - 12:30pm
Downtown Tahoe City - Arrive early - parking is limited and the main road is closed during the parade. Park on the edge of town and walk in.
“Color the Bear” @ North Tahoe Arts Center - A FREE event for children! North Tahoe Arts and the BEAR League invites children of all ages to stop by the North Tahoe Arts Center after the parade and decorate a wooden bear! Children will receive a bear that they can color however they want and can bring them home with afterwards! Juice and cookies will be provided. More info go to http://www.northtahoearts.com/.
12:00 - 2pm
Tahoe Art Center, 380 N. Lake Blvd in Tahoe City (530) 581-2787 or
Pete 'n Peters Post Parade Party - Right after the parade! Come and join in all the fun at Pete’s for drink specials and all the rest of the festivities. 395 N. Lake Blvd. Join the Jaeger Girls and the Vulcans for a fun filled afternoon! Over 21 only.
Noon-?
Pete & Peter's, 395 N. Lake Blvd in Tahoe City.530-583-2400
Stohlgren Brothers' Ice Cream Eating Contest - See if you can beat the reigning champion, who travels many miles to defend his crown. There will be different age categories so everyone can enjoy as much as their stomach's can handle!
1pm - after the parade
At the Tahoe City Fire Station.
19th Annual "Gar Woods" Polar Bear Swim - Participants compete in a swimming race in Lake Tahoe (40 degree water), beyond the end of Gar Woods’s pier and back (approx. 225 yards). Hundreds gather to watch brave souls swim in this race in Lake Tahoe in March! Come join them or, be a spectator from the sidelines while enjoying a Wet Woody! Prizes for men’s & women’s categories, huge raffle to follow! Website
2pm1:30 check in $30 advance entry fee / $35 day of event
Gar Woods is located at 5000 North Lake Blvd in Carnelian Bay. (530) 546-3366
Village Pizzeria "All You Can Eat Spaghetti Feed" - Join us and “carb up” for the Great Race tomorrow! Come on in with your group of friends or family and see who can eat the most! Includes garlic bread & Drink in this "food-a thon evening"! For more info call (530) 587-7171.
4-7pm$15 per person. Includes garlic bread and drink.
Village Pizzeria, Longs Center, Truckee 530-412-3504
Tahoe Comedy North Presents 'SnowFest Magic & Comedy' - Get the kids together and come enjoy an incredible Magic show, lakeside! Hosted by the North Tahoe Business Association, this fun filled evening will kick off with the family friendly magic show, followed at 8pm with a hilarious Comedy Show put on by Tahoe Comedy North. For more info on the event go to http://www.ntbamainstreet.org/, or http://www.tahoecomedynorth.com/
Magic: 5pmComedy: 8pmMagic: $5 kids/$8 adults Comedy: $10 pre sale $15@door
North Tahoe Conference Center, Kings Beach
Lakeside's "DJ Street Dance Party" - Come enjoy the great sights and sounds of the "Space Cowboys & the Unimog" Live Space Cowboys, & RIPE allstars DJ dance show outside of Lakeside Pizza until 10pm, then the party and DJ's move on inside for 21 and over, for late night DJ party with ice blocking breakbeat and heartwarming house music. See if you can keep up with this one! http://www.spacecowboys.org/
6pm-close
Lakeside Pizza, Tahoe City, behind Safeway
Sugar Bowl presents the SF Indie Film Festival - The world-renowned film festival heads for higher ground, screening 4 independent films at Sugar Bowl's Judah Lodge over the weekend. Catch "yet to be released" studio films and off-the-radar independent gems after a day on the slopes! More info at http://www.sfindie.com/ and/or http://www.sugarbowl.com/
6pm & 8pm
Mt. Judah Lodge, Coldstream Room -Sugar Bowl Resort Donner Summit off Hwy 40
SUNDAY, MARCH 1, 2009:
Tahoe Nordic Search & Rescue's "Great Ski Race" - Cross Country Ski Racers from all over the world will embark on the 33rd Annual Great Ski Race. The 30 km race begins at the Tahoe Cross Country Center in Tahoe City, and goes up andOver the ridges to end at the Cottonwood Restaurant in Truckee. The Great Ski Race is one of theLargest Nordic ski races west of the Mississippi! It is the main fundraising event for the Tahoe Nordic Search and Rescue Team, a non-profit organization. Website
9am
Start: Tahoe XC - Tahoe City Finish: Truckee
Snowbomb Presents the Toyota Sick & Twisted Freestyle Tour-Slopestyle - Check out this SnowBomb Competition, and see who's got the best moves in this Slopestyle competition. This Tour showcases local talent in over 12 events per season and awards more than $25,000 in cash and prizes. Sponsors include: Under Armour, Volkl, Burton & Bern
ALL DAYReg: 9-10:30Contest: 11am
Diamond Peak Ski Area, Incline Village
“Wacky Winter Bowling” sponsored by Tahoe City Downtown Association - Get Ready! Fly down the “bowling lane” on a snow saucer and take out as many giant bowling pins as you can during the Wacky Winter Bowling in Tahoe City @ the Tahoe City Golf Course. Helmets required for all sledders and participants 18 and under. Helmets available at event. Saucers provided. Age groups for participating are: 5-11, 12-17, 18 & Up. Lots of craz fun to be had by all! Proceeds to benefit the Tahoe City Downtown Association. Register at visittahoecity.com, or call (530) 583-3348 at 9am on the day of the event!
10am
Tahoe City Golf Course, Behind Bank of America in Tahoe City. More info: (530) 583-3348
Tahoe City Golf Course's "Dog Pull" - This great classic event is back again at the Tahoe City Golf Course! This is such a great place for all Ages to watch, as well as participate with their pooches! Come to see all the variety of sizes and shapes of dogs that participate in this Big Pull! Fun prizes for dogs, along with dog tag “prizes” to proudly wear around town to show off! For more info, email: tcgc@sbcglobal.net. Proceeds to benefit The Pet Network of Incline Village.
12pmRegister at 11am $20 entry
Tahoe City Golf Course, Behind Bank of America
Tahoe City PUD presents the Snowball Softball Tournament - It's time to test out your Softball skills in the snow! Bring your mitt and have fun…Tahoe style! The first 6 teams to sign up through the TCPUD will compete in a one-day, single elimination tournament at Conners Field. Proceeds from the event will benefit the Kidz Club/Teen Center at Ridout Community Center. Sign ups at (530) 583-3440 x 10
Noon-6pm18 & over $70/team
Conners Field, Tahoe City 375 Grove Street
A Cat Fight - Fat Cat Cafe' - Come join in the fun at one of the Funnest & Craziest events of the year! Wear your cutest, funniest, or sexiest cat costume and “scratch” your opponent with our padded pummel sticks! Prizes will also be awarded for costumes ,including a $100 gift certificate to the Fat Cat! You’ll definitely want to fight for that prize, as the food at Fat Cat is out of this world! Space is limited so sign up at the Fat Cat Café soon! Proceeds to benefit The Humane Society.
2pmadvanced sign ups at the café $10 entry
Fat Cat Cafe', Tahoe City (530) 583-3355
Sunnyside Luau - This authentic Hawaiian luau features an all-you-can-eat buffet with great Hawaiian dishes, as well as some great drink specials. Proceeds benefit the North Tahoe High School Scholarship Fund. Website
5:30pm-10pm
Sunnyside Resort, 1850 West Lake Blvd, 2 miles south of Tahoe City. 583-7200
MONDAY, MARCH 2, 2009:
Jake's Mardi Gras Party - This party is a New Orleans style theme party featuring Crescent City Cuisine, Hurricane Punches, Bawdy Costumes, Live music and Beads, Beads, Beads!! For more info, call (530) 583-0188 or visit http://www.jakestahoe.com/
4:30-10:30p
Jake's on the Lake, Boatworks Mall in Tahoe City.583-0188
The Tourist Club presents "The Fastest Bartender Contest" - Come join in the fun as this event comes back this year, and in Truckee!! See if you can outpour your fellow bartenders at this competition, and show off your mixology skills!
8pm
Tourist Club, 10110 Donner Pass Rd- Historic Downtown Truckee
TUESDAY, MARCH 3, 2009:
Pete 'n Peters Bar Game Olympics presented by Southern ComfortCome enjoy a fun evening of Pool, Shuffle-board, foosball & dice. Great Prizes for the top 3 Teams! More info call (530) 583-2400. 21 & over .
7pm 21+$10 entry
Pete 'N Peters, 395 North Lake Blvd Tahoe City.583-2400.
WEDNESDAY, MARCH 4, 2009:
Sunnyside's "Famous Fish Taco Night" - Come join in this "local's" favorite…1/2 price Famous tacos and beer specials! More info (530) 583-7200
4-9pm
Sunnyside Resort, 1850 W. Lake Blvd. 2 miles S. or Tahoe City.(530) 583-7200
Fat Cat Cafe's 'Cat's Meow Martini Party' - Get your Martini on with great drink specials and amazing appetizers! Cocktail attire requested! This will be one of those great nights to actually dress up in Tahoe, so get your outfits now! Space limited …so make sure to purchase your tickets ahead at the Fat Cat!
8pm
Fat Cat Cafe', Tahoe City (530) 583-3355
THURSDAY, MARCH 5, 2009:
Blue Agave's "Noche Loca' - This night will have a progressive series of fun games including: basketball, bowling, putting, Bean bag toss, pool table trick shots, and much, much more! Great prizes and FREE to all! (530) 583-8113
5:30-8pmFREE
Blue Agave Restaurant, Tahoe City.583-8113
Taco Feed & Pro Patroller's Race - Support your Patrol team at the annual Pro Patroller's Race. Paired with Homewood's popular taco feed, you won't want to miss this event.
6pm
Homewood Mountain Resort (530) 525-2992
Pete & Peter's 'Fastest Server Contest' - Come see your favorite “Servers” of all kinds battle against each through the obstacle course, and onto the "posing platform" to win the title of “best” on the North Shore of the Lake! Cash prizes for 1st, 2nd, and 3rd! Signup at Pete 'n Peter's ahead of time!
7pm
Pete & Peter's, 395 N. Lake Blvd in Tahoe City.530-583-2400
FRIDAY, MARCH 6, 2009
Geo-Snow Quest Adventure - Hosted by the Sierra Watershed Education Partnerships (SWEP). Learn how to use GPS, Maps and avalanche beacons in this snowbound adventure quest. Participants of all ages search on skis for clue caches hidden around the trails of the Tahoe Cross Country Center. Win prizes and stay to have hot cocoa in the Winter Discovery Center Yurt after the Quest. Great Family Fun!! For more info contact christing@4swep.org.
3:30-5:30
Tahoe Cross-Country Center, Highlands, 2mi east of Tahoe City
Bridgetender's 2nd Annual Rib-Fest - Come on in to enjoy the great Ribs at the BT, for this 2nd Annual Rib Fest! An outdoor extravaganza of BBQ’d Ribs takes place on the outside patio & bar of the BT. It’s like being in a snow cave, with lots of great ribs & drink to be had by all! Proceeds to benefit the Chris Park Memorial Scholarship Foundation
4-7pm
Bridgetender Bar & Grill, South side of Fanny Bridge in Tahoe City.530.583.3342
Kings Beach 'Dragon Snow Sculpture' Unveiling - Come see the final “Snow Sculpture” that has been being constructed all week long at the Beach, by local resident Jeremiah Johnson and his crew of snow sculptors. The transformation of the Snow into the “final sculpture” will be fun to see all week long, so make sure to stop by and watch! KIDS! Look for the Coloring Contest in the Tahoe World pull out section, and bring it down for judging At 4pm. Prizes and lots of fun!
5pm
Downtown Kings Beach
Joe King Poker TournamentProduced by the North Tahoe Business Association - Kings Beach came to be in 1925 when Joe King allegedly acquired the land after an all-night poker game. Joe took his poker winnings to develop Kings Beach from 5 small cabins to a flourishing funky beach town. Relive the 1920's and try your luck at becoming the Honorary Mayor of Kings Beach at the 2nd Annual Joe King Poker Tournament (Texas Hold-em tournament). www.ntbamainstreet.org. Proceeds to benefit the North Tahoe Business Association. Website
7-11pm
Tahoe Biltmore, Crystal Bay, NV
Punk Rock Karaoke - Get on your leather chokers and studded wristbands baby, and come on out and put on a screamin' good show for all to see at the Tourist Club in Truckee!! Yes folks, it's Punk Rock Karaoke, so you can be any of the good 'ol screamin punk rockers tonight!
9pm
Tourist Club, Downtown Truckee
SATURDAY, MARCH 7, 2009:
Pancake for Playgrounds 2009! Community EXPO - North Tahoe PUD Recreation and Parks Commission Pancake Breakfast and Community EXPO! N.Tahoe Conference Ctr Join your neighbors in supporting a new playground while eating delicious pancakes, strawberries, sausages and all the fixins’, coffee and OJ at this SnowFest! Tradition. This year, the proceeds will go to the Playground Project through the Friends of the Park Fund for a new Playground which will have separate play areas for children age ranges 0-5 and 5-12. This will Replace play equipment in the North Tahoe Regional Park that was removed due to non-compliance with current safety guidelines. http://www.ntpud.org/
8:30-10:30am
North Tahoe Conference Center, Kings Beach 8318 N. Lake Blvd.
'Dress Up Your Dog Contest' - A local’s favorite is back this year, sponsored by the Truckee North Tahoe Transportation Mgmt Association. The dress up your dog contest will have several categories this year, along with a Grand prize doing to the “Best Dressed Transit Dog”! Come bring your pooch and support this fun event!http://www.laketahoetransit.com/. Proceeds to benefit TNT-TMA, SnowFest, & NTBA.
9am
North Tahoe Conference Center, Kings Beach 8318 N. Lake Blvd.
Java Hut's 2nd Annual Dodgeball Tourney - Show off your "style and grace" at the 2nd Annual "DodgeBall Tourney"! This fun filled sporting event will consist of teams of 6-10 persons. Prizes will be awarded for Best Dressed Team as well as Dodge Ball Champs! Advanced sign ups suggested, but not required. Forms available at Java Hut in Kings Beach. (530)546-0602. Proceeds to benefit the Boys and Girls Club
11am Entry $100 per team
Kings Beach, On the beach behind Java Hut
Squaw Village Neighbourhood Co. presents "Doggie Agility Course of Snow" - Tails by the Lake & the Village @ Squaw are hosting this fun & crazy doggie agility race this year! This event features a dog agility course made entirely out of snow. Instead of cones to weave, your pup will maneuver a line of fire hydrants made of snow. Next, he’ll run through a tunnel of snow, jump bone shaped hurdles and finish up over a snow made ramp. The agility course is nothing like you have ever seen, and is a Great way to close out the week long festivities of SnowFest! Prizes for 1st, 2nd, & 3rd places. Proceeds to benefit The Humane Society of Truckee-Tahoe. http://www.thevillageatsquaw.com/
11am $10 entry Pets only!
Village at Squaw Valley, Village Courtyard
Kings Beach 'Winter Celebration Snowfest Parade' - Come out for the SnowFest! Closing Weekend Parade, presented by the North Tahoe Business Association. This parade has grown tons in the past few years and is definitely not something to be missed. Lots of color, beads, and fun to be had by all! To participate, call the NTBA office at (530)546-9000 or go the website at http://www.ntbamainstreet.org/
11:30am
Downtown Kings Beach
Caliente's After-Parade Party - Come see what all the “heats” about Southwest South of the Border at the after parade party @ the new Caliente! www.calientetahoe.com. Enjoy the famous “chucacabras”, and all the “post parade” festivities, with promos, and lots of Fun by all!. Website
12:30pmRight after the parade!
Caliente! Restaurant, East end of Kings Beach. 8791 N. Lake Blvd(530) 546-1000
1st Annual Ta-Hoe Nalu "Arctic Standup Paddleboard Race" - Come on out and get your chill on for this NEW Annual SnowFest event! A 1 mile Stand-Up Paddle Sprint Race, on Lake Tahoe….and YES, in March!! Make sure to stick around afterwards for the festivities including music by the Truckee Tribe! Ages-18 +. http://www.ta-hoenalu.com/
2pm Registration starts at 12:30pm
Blue Onion Cafe, Tahoe Vista Corner of 267/28 - Brassie Ave, Kings Beach, CA next to Safeway Store
SUNDAY, MARCH 8, 2009:
River Ranch Snow Sculpture Contest - Twelve invited teams build themed snow sculptures to be judged! Prizes awarded to the best teams. There is definitely some creativity going on at this one! Everyone looks forward to this final day event! Live music, BBQ & drink specials. info@riverranchlodge.com info@riverranchlodge.comWebsite
Noon-5pm
River Ranch, Hwy 89 and Alpine Meadows Road(530) 583-4264
4th Annual Tahoe Donner Association 'I-dida-Run' - This Donner Party themed dog pull race will pit dogs against dogs while pulling covered wagon sleds over a course. This is in a beautiful, safe environment and you can either view it from the comfort of the pub or under the heaters on the deck. Proceeds to benefit the Humane Society of Truckee-Tahoe & The National Kidney Foundation in the memory of John Carr. http://www.tahoedonnerassociation.com/
1pm $20 entry
The Lodge Restaurant, In Tahoe Donner at 12850 Northwoods Ave.(530) 587-9424
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
The 2009 calendar is now live! Take a look at all the great events lined up for the coming SnowFest! More events to be added - check back often!
Events are constantly changing. Please plan to pick up a Snow Festival Event Calendar and official Program at any participating event location or local merchant. Note: All events subject to change or cancellation without notice.
FRIDAY, FEBRUARY 27, 2009:
34th Annual "Dick Linkey" Rotary Ski Challenge - Come join in the Largest Rotarian Ski Challenge again this year! Lots of Fun races for all ages…for registration by Feb.20, go to the website at http://www.tahoecityrotary.org/. Look under Ski Challenge for sign ups and more info!
All Day
Alpine MeadowsHwy 89/ Alpine Meadows Rd.
4th Annual 2009 Science EXPO - The Science EXPO will feature interactive science experiments for kid’s ages 6-12 and their families on the themes of “Snow, Water, Ice & Earth”. In addition, this year, many of the activities will pertain to climate change / global warming and the local impacts here at Lake Tahoe. Admission is FREE and includes and ice cream cone! Hosted in part by the non-profit Organizations UC Davis Tahoe Environmental Research Center, Sierra Nevada College and Lake Tahoe School. http://terc.ucdavis.edu/
3-7pm FREE
Tahoe Center for Environmental Sciences, 291 Country Club Drive, Incline Village. (775) 881-7560 x 7583
Sugar Bowl presents the SF Indie Film Festival - The world-renowned film festival heads for higher ground, screening 4 independent films at Sugar Bowl's Judah Lodge over the weekend. Catch "yet to be released" studio films and off-the-radar independent gems after a day on the slopes! More info at http://www.sfindie.com/ and/or http://www.sugarbowl.com/
6pm & 8pm
Mt Judah Lodge, Coldstream Room Sugar Bowl Resort Donner Summit off old Hwy 40
Mamasake Extreme Food Challenge - Contestants try foods from around the world! In this challenge, the items get progressively more interesting…to say the least! If you’ve got a strong stomach, then you need to join in and enter this contest. Proceeds to benefit our bartender “Fro” who has hosted this event as well as our infamous wasabi eating contest each year. Come cheer on all the crazy eating!http://www.mamasake.com/
4:30pmFREE
Mamasake Patio Village @ Squaw Valley (530) 584-0110
Snowfest Queen Coronation - Come see the Crowning of this year’s Queen in person! Girls go against each other in the following categories: ticket sales, community involvement & interview, extracurricular activities, essay, and GPA! Proceeds to benefit numerous Non-profit organizations which sponsor each candidate.
6:30pm
Squaw Valley USA - Bottom of KT22 on the Plaza Deck
Squaw Valley USA Opening Night Ceremonies - Come to see this amazing 28th Annual Opening Ceremonies as Squaw Valley’s sky is lit up on Mountain with an amazing laser show, torchlight parade, and incredible fireworks display! Live DJ Music with the “Space Cowboys & the "Unimog” on the outside Sundeck. Watch all the festivities while Johnny Haines emcees it off the hook! Presented by the Squaw Valley Business Association, and Squaw Valley USA.Website
7:00pm
Squaw Valley USA, On the snow at the base of KT-22.
On-Mountain Fireworks Display - Presented by Coors Light
7:00pm
Squaw Valley USA, On the snow at the base of KT-22.
Olympic Plaza's Full House Opening Night Party - The party gets started immediately after the Opening Ceremonies on the snow! Come on inside the Olympic Plaza afterwards for live music,followed by the “Space Cowboys”. Come ready to party all night long!Website
7:30pm
Olympic House/Plaza Bar, Squaw Valley USA
SATURDAY, FEBRUARY 28, 2009:
Snowbomb Presents the Toyota Sick & Twisted Freestyle Tour-Halfpipe - Check out this SnowBomb Competition, and see who's got the best moves in this Halfpipe competition. This Tour showcases local talent in over 12 events per season and awards more than $25,000 in cash and prizes. Sponsors include: Under Armour, Volkl, Burton & Bern
ALL DAYReg: 9-10:30Contest: 11am
Boreal Mtn Resort
North Tahoe Firefighter’s Association Pancake Breakfast - Come join the North Tahoe Firefighter’s at the Annual Pancake breakfast in downtown Tahoe City! Featuring: pancakes, sausages, fruit, coffee & juice. . Proceeds benefit the North Tahoe Firefighter’s Association.
7-11am Under 5 free, under 12-$4, 12 & above-$7
Tahoe City Fire Station, 300 N. Lake Blvd
Fat Cat Drawing Contest - KIDS! Come and get your entry form and draw and color your best "Fat Cat" in your age category and win great prizes! Must draw your very own "Fat Cat", and return to the Café for judging no later than 5pm Saturday. Winners will be announced prior to the "Cat Fight" on Sunday, 2pm!
11am Ages 4-12
Fat Cat Cafe', Tahoe City 599 N.Lake Blvd (530) 583-3355
Tahoe City SnowFest! Parade - Produced by Tahoe City Downtown Association -See Tahoe's wackiest and wildest strut down North Lake Blvd. in Tahoe City. "Tahoe City Through Time" is this year's parade theme so come early and get the best spot to see Tahoe at its best. Don't miss out on the biggest party in North Lake Tahoe! To participate in the parade or to become a sponsor, go to the website for applications and more information click here.
11:30am - 12:30pm
Downtown Tahoe City - Arrive early - parking is limited and the main road is closed during the parade. Park on the edge of town and walk in.
“Color the Bear” @ North Tahoe Arts Center - A FREE event for children! North Tahoe Arts and the BEAR League invites children of all ages to stop by the North Tahoe Arts Center after the parade and decorate a wooden bear! Children will receive a bear that they can color however they want and can bring them home with afterwards! Juice and cookies will be provided. More info go to http://www.northtahoearts.com/.
12:00 - 2pm
Tahoe Art Center, 380 N. Lake Blvd in Tahoe City (530) 581-2787 or
Pete 'n Peters Post Parade Party - Right after the parade! Come and join in all the fun at Pete’s for drink specials and all the rest of the festivities. 395 N. Lake Blvd. Join the Jaeger Girls and the Vulcans for a fun filled afternoon! Over 21 only.
Noon-?
Pete & Peter's, 395 N. Lake Blvd in Tahoe City.530-583-2400
Stohlgren Brothers' Ice Cream Eating Contest - See if you can beat the reigning champion, who travels many miles to defend his crown. There will be different age categories so everyone can enjoy as much as their stomach's can handle!
1pm - after the parade
At the Tahoe City Fire Station.
19th Annual "Gar Woods" Polar Bear Swim - Participants compete in a swimming race in Lake Tahoe (40 degree water), beyond the end of Gar Woods’s pier and back (approx. 225 yards). Hundreds gather to watch brave souls swim in this race in Lake Tahoe in March! Come join them or, be a spectator from the sidelines while enjoying a Wet Woody! Prizes for men’s & women’s categories, huge raffle to follow! Website
2pm1:30 check in $30 advance entry fee / $35 day of event
Gar Woods is located at 5000 North Lake Blvd in Carnelian Bay. (530) 546-3366
Village Pizzeria "All You Can Eat Spaghetti Feed" - Join us and “carb up” for the Great Race tomorrow! Come on in with your group of friends or family and see who can eat the most! Includes garlic bread & Drink in this "food-a thon evening"! For more info call (530) 587-7171.
4-7pm$15 per person. Includes garlic bread and drink.
Village Pizzeria, Longs Center, Truckee 530-412-3504
Tahoe Comedy North Presents 'SnowFest Magic & Comedy' - Get the kids together and come enjoy an incredible Magic show, lakeside! Hosted by the North Tahoe Business Association, this fun filled evening will kick off with the family friendly magic show, followed at 8pm with a hilarious Comedy Show put on by Tahoe Comedy North. For more info on the event go to http://www.ntbamainstreet.org/, or http://www.tahoecomedynorth.com/
Magic: 5pmComedy: 8pmMagic: $5 kids/$8 adults Comedy: $10 pre sale $15@door
North Tahoe Conference Center, Kings Beach
Lakeside's "DJ Street Dance Party" - Come enjoy the great sights and sounds of the "Space Cowboys & the Unimog" Live Space Cowboys, & RIPE allstars DJ dance show outside of Lakeside Pizza until 10pm, then the party and DJ's move on inside for 21 and over, for late night DJ party with ice blocking breakbeat and heartwarming house music. See if you can keep up with this one! http://www.spacecowboys.org/
6pm-close
Lakeside Pizza, Tahoe City, behind Safeway
Sugar Bowl presents the SF Indie Film Festival - The world-renowned film festival heads for higher ground, screening 4 independent films at Sugar Bowl's Judah Lodge over the weekend. Catch "yet to be released" studio films and off-the-radar independent gems after a day on the slopes! More info at http://www.sfindie.com/ and/or http://www.sugarbowl.com/
6pm & 8pm
Mt. Judah Lodge, Coldstream Room -Sugar Bowl Resort Donner Summit off Hwy 40
SUNDAY, MARCH 1, 2009:
Tahoe Nordic Search & Rescue's "Great Ski Race" - Cross Country Ski Racers from all over the world will embark on the 33rd Annual Great Ski Race. The 30 km race begins at the Tahoe Cross Country Center in Tahoe City, and goes up andOver the ridges to end at the Cottonwood Restaurant in Truckee. The Great Ski Race is one of theLargest Nordic ski races west of the Mississippi! It is the main fundraising event for the Tahoe Nordic Search and Rescue Team, a non-profit organization. Website
9am
Start: Tahoe XC - Tahoe City Finish: Truckee
Snowbomb Presents the Toyota Sick & Twisted Freestyle Tour-Slopestyle - Check out this SnowBomb Competition, and see who's got the best moves in this Slopestyle competition. This Tour showcases local talent in over 12 events per season and awards more than $25,000 in cash and prizes. Sponsors include: Under Armour, Volkl, Burton & Bern
ALL DAYReg: 9-10:30Contest: 11am
Diamond Peak Ski Area, Incline Village
“Wacky Winter Bowling” sponsored by Tahoe City Downtown Association - Get Ready! Fly down the “bowling lane” on a snow saucer and take out as many giant bowling pins as you can during the Wacky Winter Bowling in Tahoe City @ the Tahoe City Golf Course. Helmets required for all sledders and participants 18 and under. Helmets available at event. Saucers provided. Age groups for participating are: 5-11, 12-17, 18 & Up. Lots of craz fun to be had by all! Proceeds to benefit the Tahoe City Downtown Association. Register at visittahoecity.com, or call (530) 583-3348 at 9am on the day of the event!
10am
Tahoe City Golf Course, Behind Bank of America in Tahoe City. More info: (530) 583-3348
Tahoe City Golf Course's "Dog Pull" - This great classic event is back again at the Tahoe City Golf Course! This is such a great place for all Ages to watch, as well as participate with their pooches! Come to see all the variety of sizes and shapes of dogs that participate in this Big Pull! Fun prizes for dogs, along with dog tag “prizes” to proudly wear around town to show off! For more info, email: tcgc@sbcglobal.net. Proceeds to benefit The Pet Network of Incline Village.
12pmRegister at 11am $20 entry
Tahoe City Golf Course, Behind Bank of America
Tahoe City PUD presents the Snowball Softball Tournament - It's time to test out your Softball skills in the snow! Bring your mitt and have fun…Tahoe style! The first 6 teams to sign up through the TCPUD will compete in a one-day, single elimination tournament at Conners Field. Proceeds from the event will benefit the Kidz Club/Teen Center at Ridout Community Center. Sign ups at (530) 583-3440 x 10
Noon-6pm18 & over $70/team
Conners Field, Tahoe City 375 Grove Street
A Cat Fight - Fat Cat Cafe' - Come join in the fun at one of the Funnest & Craziest events of the year! Wear your cutest, funniest, or sexiest cat costume and “scratch” your opponent with our padded pummel sticks! Prizes will also be awarded for costumes ,including a $100 gift certificate to the Fat Cat! You’ll definitely want to fight for that prize, as the food at Fat Cat is out of this world! Space is limited so sign up at the Fat Cat Café soon! Proceeds to benefit The Humane Society.
2pmadvanced sign ups at the café $10 entry
Fat Cat Cafe', Tahoe City (530) 583-3355
Sunnyside Luau - This authentic Hawaiian luau features an all-you-can-eat buffet with great Hawaiian dishes, as well as some great drink specials. Proceeds benefit the North Tahoe High School Scholarship Fund. Website
5:30pm-10pm
Sunnyside Resort, 1850 West Lake Blvd, 2 miles south of Tahoe City. 583-7200
MONDAY, MARCH 2, 2009:
Jake's Mardi Gras Party - This party is a New Orleans style theme party featuring Crescent City Cuisine, Hurricane Punches, Bawdy Costumes, Live music and Beads, Beads, Beads!! For more info, call (530) 583-0188 or visit http://www.jakestahoe.com/
4:30-10:30p
Jake's on the Lake, Boatworks Mall in Tahoe City.583-0188
The Tourist Club presents "The Fastest Bartender Contest" - Come join in the fun as this event comes back this year, and in Truckee!! See if you can outpour your fellow bartenders at this competition, and show off your mixology skills!
8pm
Tourist Club, 10110 Donner Pass Rd- Historic Downtown Truckee
TUESDAY, MARCH 3, 2009:
Pete 'n Peters Bar Game Olympics presented by Southern ComfortCome enjoy a fun evening of Pool, Shuffle-board, foosball & dice. Great Prizes for the top 3 Teams! More info call (530) 583-2400. 21 & over .
7pm 21+$10 entry
Pete 'N Peters, 395 North Lake Blvd Tahoe City.583-2400.
WEDNESDAY, MARCH 4, 2009:
Sunnyside's "Famous Fish Taco Night" - Come join in this "local's" favorite…1/2 price Famous tacos and beer specials! More info (530) 583-7200
4-9pm
Sunnyside Resort, 1850 W. Lake Blvd. 2 miles S. or Tahoe City.(530) 583-7200
Fat Cat Cafe's 'Cat's Meow Martini Party' - Get your Martini on with great drink specials and amazing appetizers! Cocktail attire requested! This will be one of those great nights to actually dress up in Tahoe, so get your outfits now! Space limited …so make sure to purchase your tickets ahead at the Fat Cat!
8pm
Fat Cat Cafe', Tahoe City (530) 583-3355
THURSDAY, MARCH 5, 2009:
Blue Agave's "Noche Loca' - This night will have a progressive series of fun games including: basketball, bowling, putting, Bean bag toss, pool table trick shots, and much, much more! Great prizes and FREE to all! (530) 583-8113
5:30-8pmFREE
Blue Agave Restaurant, Tahoe City.583-8113
Taco Feed & Pro Patroller's Race - Support your Patrol team at the annual Pro Patroller's Race. Paired with Homewood's popular taco feed, you won't want to miss this event.
6pm
Homewood Mountain Resort (530) 525-2992
Pete & Peter's 'Fastest Server Contest' - Come see your favorite “Servers” of all kinds battle against each through the obstacle course, and onto the "posing platform" to win the title of “best” on the North Shore of the Lake! Cash prizes for 1st, 2nd, and 3rd! Signup at Pete 'n Peter's ahead of time!
7pm
Pete & Peter's, 395 N. Lake Blvd in Tahoe City.530-583-2400
FRIDAY, MARCH 6, 2009
Geo-Snow Quest Adventure - Hosted by the Sierra Watershed Education Partnerships (SWEP). Learn how to use GPS, Maps and avalanche beacons in this snowbound adventure quest. Participants of all ages search on skis for clue caches hidden around the trails of the Tahoe Cross Country Center. Win prizes and stay to have hot cocoa in the Winter Discovery Center Yurt after the Quest. Great Family Fun!! For more info contact christing@4swep.org.
3:30-5:30
Tahoe Cross-Country Center, Highlands, 2mi east of Tahoe City
Bridgetender's 2nd Annual Rib-Fest - Come on in to enjoy the great Ribs at the BT, for this 2nd Annual Rib Fest! An outdoor extravaganza of BBQ’d Ribs takes place on the outside patio & bar of the BT. It’s like being in a snow cave, with lots of great ribs & drink to be had by all! Proceeds to benefit the Chris Park Memorial Scholarship Foundation
4-7pm
Bridgetender Bar & Grill, South side of Fanny Bridge in Tahoe City.530.583.3342
Kings Beach 'Dragon Snow Sculpture' Unveiling - Come see the final “Snow Sculpture” that has been being constructed all week long at the Beach, by local resident Jeremiah Johnson and his crew of snow sculptors. The transformation of the Snow into the “final sculpture” will be fun to see all week long, so make sure to stop by and watch! KIDS! Look for the Coloring Contest in the Tahoe World pull out section, and bring it down for judging At 4pm. Prizes and lots of fun!
5pm
Downtown Kings Beach
Joe King Poker TournamentProduced by the North Tahoe Business Association - Kings Beach came to be in 1925 when Joe King allegedly acquired the land after an all-night poker game. Joe took his poker winnings to develop Kings Beach from 5 small cabins to a flourishing funky beach town. Relive the 1920's and try your luck at becoming the Honorary Mayor of Kings Beach at the 2nd Annual Joe King Poker Tournament (Texas Hold-em tournament). www.ntbamainstreet.org. Proceeds to benefit the North Tahoe Business Association. Website
7-11pm
Tahoe Biltmore, Crystal Bay, NV
Punk Rock Karaoke - Get on your leather chokers and studded wristbands baby, and come on out and put on a screamin' good show for all to see at the Tourist Club in Truckee!! Yes folks, it's Punk Rock Karaoke, so you can be any of the good 'ol screamin punk rockers tonight!
9pm
Tourist Club, Downtown Truckee
SATURDAY, MARCH 7, 2009:
Pancake for Playgrounds 2009! Community EXPO - North Tahoe PUD Recreation and Parks Commission Pancake Breakfast and Community EXPO! N.Tahoe Conference Ctr Join your neighbors in supporting a new playground while eating delicious pancakes, strawberries, sausages and all the fixins’, coffee and OJ at this SnowFest! Tradition. This year, the proceeds will go to the Playground Project through the Friends of the Park Fund for a new Playground which will have separate play areas for children age ranges 0-5 and 5-12. This will Replace play equipment in the North Tahoe Regional Park that was removed due to non-compliance with current safety guidelines. http://www.ntpud.org/
8:30-10:30am
North Tahoe Conference Center, Kings Beach 8318 N. Lake Blvd.
'Dress Up Your Dog Contest' - A local’s favorite is back this year, sponsored by the Truckee North Tahoe Transportation Mgmt Association. The dress up your dog contest will have several categories this year, along with a Grand prize doing to the “Best Dressed Transit Dog”! Come bring your pooch and support this fun event!http://www.laketahoetransit.com/. Proceeds to benefit TNT-TMA, SnowFest, & NTBA.
9am
North Tahoe Conference Center, Kings Beach 8318 N. Lake Blvd.
Java Hut's 2nd Annual Dodgeball Tourney - Show off your "style and grace" at the 2nd Annual "DodgeBall Tourney"! This fun filled sporting event will consist of teams of 6-10 persons. Prizes will be awarded for Best Dressed Team as well as Dodge Ball Champs! Advanced sign ups suggested, but not required. Forms available at Java Hut in Kings Beach. (530)546-0602. Proceeds to benefit the Boys and Girls Club
11am Entry $100 per team
Kings Beach, On the beach behind Java Hut
Squaw Village Neighbourhood Co. presents "Doggie Agility Course of Snow" - Tails by the Lake & the Village @ Squaw are hosting this fun & crazy doggie agility race this year! This event features a dog agility course made entirely out of snow. Instead of cones to weave, your pup will maneuver a line of fire hydrants made of snow. Next, he’ll run through a tunnel of snow, jump bone shaped hurdles and finish up over a snow made ramp. The agility course is nothing like you have ever seen, and is a Great way to close out the week long festivities of SnowFest! Prizes for 1st, 2nd, & 3rd places. Proceeds to benefit The Humane Society of Truckee-Tahoe. http://www.thevillageatsquaw.com/
11am $10 entry Pets only!
Village at Squaw Valley, Village Courtyard
Kings Beach 'Winter Celebration Snowfest Parade' - Come out for the SnowFest! Closing Weekend Parade, presented by the North Tahoe Business Association. This parade has grown tons in the past few years and is definitely not something to be missed. Lots of color, beads, and fun to be had by all! To participate, call the NTBA office at (530)546-9000 or go the website at http://www.ntbamainstreet.org/
11:30am
Downtown Kings Beach
Caliente's After-Parade Party - Come see what all the “heats” about Southwest South of the Border at the after parade party @ the new Caliente! www.calientetahoe.com. Enjoy the famous “chucacabras”, and all the “post parade” festivities, with promos, and lots of Fun by all!. Website
12:30pmRight after the parade!
Caliente! Restaurant, East end of Kings Beach. 8791 N. Lake Blvd(530) 546-1000
1st Annual Ta-Hoe Nalu "Arctic Standup Paddleboard Race" - Come on out and get your chill on for this NEW Annual SnowFest event! A 1 mile Stand-Up Paddle Sprint Race, on Lake Tahoe….and YES, in March!! Make sure to stick around afterwards for the festivities including music by the Truckee Tribe! Ages-18 +. http://www.ta-hoenalu.com/
2pm Registration starts at 12:30pm
Blue Onion Cafe, Tahoe Vista Corner of 267/28 - Brassie Ave, Kings Beach, CA next to Safeway Store
SUNDAY, MARCH 8, 2009:
River Ranch Snow Sculpture Contest - Twelve invited teams build themed snow sculptures to be judged! Prizes awarded to the best teams. There is definitely some creativity going on at this one! Everyone looks forward to this final day event! Live music, BBQ & drink specials. info@riverranchlodge.com info@riverranchlodge.comWebsite
Noon-5pm
River Ranch, Hwy 89 and Alpine Meadows Road(530) 583-4264
4th Annual Tahoe Donner Association 'I-dida-Run' - This Donner Party themed dog pull race will pit dogs against dogs while pulling covered wagon sleds over a course. This is in a beautiful, safe environment and you can either view it from the comfort of the pub or under the heaters on the deck. Proceeds to benefit the Humane Society of Truckee-Tahoe & The National Kidney Foundation in the memory of John Carr. http://www.tahoedonnerassociation.com/
1pm $20 entry
The Lodge Restaurant, In Tahoe Donner at 12850 Northwoods Ave.(530) 587-9424
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Friday, February 13, 2009
January Round Up: Rates Hold Steady
Written by: Realty Times Staff
In Freddie Mac's results of its Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with an average 0.7 point for the week ending January 29, 2009, down from the previous week when it averaged 5.12 percent. Last year at this time, the 30-year FRM averaged 5.68 percent.
The 15-year FRM this week averaged 4.80 percent with an average 0.7 point, unchanged from the previous week when it averaged 4.80 percent. A year ago at this time, the 15-year FRM averaged 5.17 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.27 percent this week, with an average 0.6 point, up from the previous week when it averaged 5.24 percent. A year ago, the 5-year ARM averaged 5.32 percent.
One-year Treasury-indexed ARMs averaged 4.90 percent this week with an average 0.6 point, down from the previous week when it averaged 4.92 percent. At this time last year, the 1-year ARM averaged 5.05 percent.
"Mortgage rates held steady this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "The index of leading indicators rose 0.3 percent in December, the first increase in 6 months, fueled by an expansion in the money supply. However, the Federal Reserve acknowledged in its January 28th policy committee statement that since December the economy has weakened further.
"Both the S&P/Case-Shiller® 20-city composite index, which registered an 18 percent annual decline through November, and the National Association of Realtors® (NAR) sales data, down 15 percent in December from a year ago, indicate sharply lower house prices across many U.S. metropolitan areas. At the same time, interest rates for 30-year fixed-rate mortgages reached a 50-year low toward the end of December. These two factors contributed to housing affordability reaching its highest level since 1973, as measured by the NAR's monthly affordability index and help to explain the 7.0 percent increase in existing home sales in December."
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
In Freddie Mac's results of its Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with an average 0.7 point for the week ending January 29, 2009, down from the previous week when it averaged 5.12 percent. Last year at this time, the 30-year FRM averaged 5.68 percent.
The 15-year FRM this week averaged 4.80 percent with an average 0.7 point, unchanged from the previous week when it averaged 4.80 percent. A year ago at this time, the 15-year FRM averaged 5.17 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.27 percent this week, with an average 0.6 point, up from the previous week when it averaged 5.24 percent. A year ago, the 5-year ARM averaged 5.32 percent.
One-year Treasury-indexed ARMs averaged 4.90 percent this week with an average 0.6 point, down from the previous week when it averaged 4.92 percent. At this time last year, the 1-year ARM averaged 5.05 percent.
"Mortgage rates held steady this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "The index of leading indicators rose 0.3 percent in December, the first increase in 6 months, fueled by an expansion in the money supply. However, the Federal Reserve acknowledged in its January 28th policy committee statement that since December the economy has weakened further.
"Both the S&P/Case-Shiller® 20-city composite index, which registered an 18 percent annual decline through November, and the National Association of Realtors® (NAR) sales data, down 15 percent in December from a year ago, indicate sharply lower house prices across many U.S. metropolitan areas. At the same time, interest rates for 30-year fixed-rate mortgages reached a 50-year low toward the end of December. These two factors contributed to housing affordability reaching its highest level since 1973, as measured by the NAR's monthly affordability index and help to explain the 7.0 percent increase in existing home sales in December."
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, February 11, 2009
Excellent Potential - Incline Village, Lake Tahoe!
Alvin's newest listing is an excellent development or remodel opportunity!
This 3 bedroom, 2 bath home has a great peek of Lake Tahoe and is located just five blocks above Highway 28 in a very desirable neighborhood. If you're looking for a remodel project or want to build your own dream home, this property is priced to knock your socks off at $595,000!
Call us for details!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/
Monday, February 9, 2009
Good Time To Buy A Vacation Home
Written by: Broderick Perkins / Realty Times
In seaside Ocean City, MD, where 91 percent of the homes are vacation home properties, owners were buoyed by the prospect of reduced property taxes after assessed values dropped 36 to 45 percent over the last three years, according to county officials.
Scouting the slopes in Colorado's ski resort areas of Aspen, Beaver Creek, Steamboat and Vail will uncover some home prices in the toniest areas still holding steady, but overall sales are down by about 40 percent, according to a University of Colorado's real estate center.
In Maui, both home prices and sales are down about 25 percent each, according to the island's real estate association.
And don't forget California's resort areas. Home prices in the Golden State are down by 50 percent or more in many locations.
That's only the beginning. Lower prices and less competition are the tip of the iceberg-sized list of factors that make it a good time to consider a vacation home buy.
"In many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. In some markets, homes are back to 2000 prices," said vacation home guru Christine Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental Web site).
She says a host of market conditions have converged to make buying a second home a smart move right about now.
Take the stock market. Please.
"Stock market woes have always pushed people to look for alternate investments, and real estate is a consistent stronghold," she says. "Yes, home values are down right now but they have always rebounded. I wouldn't recommend buying a second home with the expectation of flipping it for a quick buck, but if you hang onto it for a while -- and better still, turn it into a vacation rental property -- you'll make a nice profit," Karpinski says.
Interest rates are cooperating.
On Dec. 24 Freddie Mac's Primary Mortgage Market Survey revealed 30-year fixed-rate mortgage hadn't been lower since Freddie Mac started the survey in 1971. "Rates have been reasonably low for awhile, following earlier rate cuts toward the beginning of the year. That's good news for anyone who's in the market for a mortgage," Karpinski added.
The pressure of bidding wars is off.
"Housing bubble or no housing bubble, you're not going to get bargain basement prices on, say, a cottage right on the ocean—but if you're willing to buy a few rows back, you'll likely find that prices have fallen substantially," notes Karpinski. "Because houses aren't flying off the shelf, there's less pressure on you to make a quick decision. You can afford to take your time, do your research, and refine your plan," she added.
Vacation rental demand is on.
Economic pressures on travel budgets are forcing those who once traveled abroad to stick closer to home. To further save travel dollars, domestic travelers want the most bang for their getaway bucks. Vacation homes provide all the comforts and options of home (eating in, game rooms, wirelessness, etc.), often at a per-person rate that's cheaper than a hotel.
Karpinski says, "Vacation homes tend to be less expensive than hotel rooms. This is especially true if you're traveling with extended family or a group of friends. Not incidentally, in many areas of the country, rental demand exceeds supply. The Sunshine State (Florida) is a prime example. Buy a vacation home in a market like Cape Coral, Daytona, Destin, Fort Lauderdale, Indian Rocks Beach, Kissimmee, Madeira Beach, Orlando, Panama City Beach, Sanibel Island, West Palm Beach, or Windsor Hills, and you can't lose."
The weak dollar makes American destinations attractive to European travelers and others holding stronger currencies. Also, business travel continues to generate vacation rental income -- especially when foreign business associates come calling.
"It's a far more comfortable option; plus many companies work out deals with homeowners whereby they can get volume discounts," said Karpinski.
A vacation home can pay for itself.
When your monthly mortgage payment is less than or equal to one peak week rental, twelve weeks of rental will cover your mortgage payments for the entire year. Other costs, including bills for your phone, power, cable, and association dues, may be paid out of your earnings from approximately five off-week rentals, Karpinski says.
The calculations don't consider the added cost of a property manger you may need if you are not a do-it-yourselfer. Despite the convergence of positive factors pointing to an opportunity to buy a second or vacations home, the fundamentals still apply. Strong credit, low debt, high savings and other assets are a plus.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/
In seaside Ocean City, MD, where 91 percent of the homes are vacation home properties, owners were buoyed by the prospect of reduced property taxes after assessed values dropped 36 to 45 percent over the last three years, according to county officials.
Scouting the slopes in Colorado's ski resort areas of Aspen, Beaver Creek, Steamboat and Vail will uncover some home prices in the toniest areas still holding steady, but overall sales are down by about 40 percent, according to a University of Colorado's real estate center.
In Maui, both home prices and sales are down about 25 percent each, according to the island's real estate association.
And don't forget California's resort areas. Home prices in the Golden State are down by 50 percent or more in many locations.
That's only the beginning. Lower prices and less competition are the tip of the iceberg-sized list of factors that make it a good time to consider a vacation home buy.
"In many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. In some markets, homes are back to 2000 prices," said vacation home guru Christine Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental Web site).
She says a host of market conditions have converged to make buying a second home a smart move right about now.
Take the stock market. Please.
"Stock market woes have always pushed people to look for alternate investments, and real estate is a consistent stronghold," she says. "Yes, home values are down right now but they have always rebounded. I wouldn't recommend buying a second home with the expectation of flipping it for a quick buck, but if you hang onto it for a while -- and better still, turn it into a vacation rental property -- you'll make a nice profit," Karpinski says.
Interest rates are cooperating.
On Dec. 24 Freddie Mac's Primary Mortgage Market Survey revealed 30-year fixed-rate mortgage hadn't been lower since Freddie Mac started the survey in 1971. "Rates have been reasonably low for awhile, following earlier rate cuts toward the beginning of the year. That's good news for anyone who's in the market for a mortgage," Karpinski added.
The pressure of bidding wars is off.
"Housing bubble or no housing bubble, you're not going to get bargain basement prices on, say, a cottage right on the ocean—but if you're willing to buy a few rows back, you'll likely find that prices have fallen substantially," notes Karpinski. "Because houses aren't flying off the shelf, there's less pressure on you to make a quick decision. You can afford to take your time, do your research, and refine your plan," she added.
Vacation rental demand is on.
Economic pressures on travel budgets are forcing those who once traveled abroad to stick closer to home. To further save travel dollars, domestic travelers want the most bang for their getaway bucks. Vacation homes provide all the comforts and options of home (eating in, game rooms, wirelessness, etc.), often at a per-person rate that's cheaper than a hotel.
Karpinski says, "Vacation homes tend to be less expensive than hotel rooms. This is especially true if you're traveling with extended family or a group of friends. Not incidentally, in many areas of the country, rental demand exceeds supply. The Sunshine State (Florida) is a prime example. Buy a vacation home in a market like Cape Coral, Daytona, Destin, Fort Lauderdale, Indian Rocks Beach, Kissimmee, Madeira Beach, Orlando, Panama City Beach, Sanibel Island, West Palm Beach, or Windsor Hills, and you can't lose."
The weak dollar makes American destinations attractive to European travelers and others holding stronger currencies. Also, business travel continues to generate vacation rental income -- especially when foreign business associates come calling.
"It's a far more comfortable option; plus many companies work out deals with homeowners whereby they can get volume discounts," said Karpinski.
A vacation home can pay for itself.
When your monthly mortgage payment is less than or equal to one peak week rental, twelve weeks of rental will cover your mortgage payments for the entire year. Other costs, including bills for your phone, power, cable, and association dues, may be paid out of your earnings from approximately five off-week rentals, Karpinski says.
The calculations don't consider the added cost of a property manger you may need if you are not a do-it-yourselfer. Despite the convergence of positive factors pointing to an opportunity to buy a second or vacations home, the fundamentals still apply. Strong credit, low debt, high savings and other assets are a plus.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/
Friday, February 6, 2009
Buyer Advice for Purchasing a Home
Written by Phoebe Chongchua / Realty Times
January 30, 2009
January 30, 2009
There's a lot of doom and gloom being spread in the media about the housing market and overall turbulent economy. But, if you're in a position to take advantage of falling housing prices, getting a loan and moving forward with a real estate purchase could, in the long run, add strength to your financial portfolio.
However, the rules for getting a loan have changed. Being aware of how this affects you before you find the home that you love, can help you ensure that you're able to buy it. Even though bidding wars aren't as prevalent as they once were, timing and being ready to initiate a well-planned offer are important to the successful closing of a home.
I spoke with New York real estate attorney, Edward Mermelstein, who specializes in connecting clients to real estate opportunities in the US, Russia, Ukraine, and other emerging markets about buyer advice for qualifying for a loan and how not to end up with a property that's likely to be upside down.
Appraisal is a must. "First and foremost, make sure that the property appraises properly," says Mermelstein. The appraisal determines the true market value of the home. It also shows discrepancies such as if the seller lists an erroneous square footage, the appraisal should reflect the correct figure (which in some cases is less than advertised). Banks, especially these days, use the appraisal to make sure the home appraises at or higher than the requested loan thereby lowering the bank's risk if you default on the loan.
Save, save, save for that down payment. Everyone knows that tighter restrictions are being called for in the real estate lending market, but what that means for each person is different. "The reality of what was taking place about a year ago is totally different from what it is today," he says.
Mermelstein says understanding the bank requirements is vital. Buyers need to know that shopping for a home needs to fit their budget, rather than finding a wonderful place they'd like to live in and then attempting to leverage beyond their means. "Pretty much no income verification doesn't exist anymore. You can't expect to get a 95 percent or 100 percent mortgage on your property -- that's also gone," says Mermelstein.
Check your credit score. "If you don't have a very good credit score, it's going to be difficult in terms of borrowing. Be prepared to give enough information to document your employment and taxes," says Mermelstein. He adds, "Tax returns are seldom, these days, taken from the borrower; the banks will generally request the tax return themselves."
Set contingencies. Making sure that the appraisal comes in at the right price and making sure that you can get financing are two critical aspects of buying a home. Even with a loan approval, there are other factors that can lead to the denial/approval of a loan. Contingencies help to make sure that you don't get locked into a legally-binding contract to purchase a home that you can't get financing for or that doesn't meet the expected appraisal. There are numerous other contingencies that can be set; be sure to discuss them with your real estate agent.
Prepare for worst case scenario. Many people use mortgage brokers to arrange their loans but some buyers are going straight to the bank. Mermelstein says if you do that, be sure to stick with the more solid banks "because later on if they do get taken over by somebody or do have financial issues, your loan may become difficult to work on."
He says if you end up in a situation where you need to renegotiate your loan, having your loan with a less-known bank could equate to trouble. "It's much easier to negotiate a loan if your lender still owns the loan. Once it goes into a pool of other loans it becomes close to impossible to negotiate," says Mermelstein.
Always go into the real estate market with the desire to learn as much as you can. Even those who have bought and sold multiple properties frequently discover some aspect of the transaction that causes them to research, talk to experts, and grow their knowledge.
Here's a look at one of Alvin's top listings!
Spacious, Comfortable & Convenient 
504 Jensen Circle
504 Jensen Circle
This spacious and comfortable home has an ideal setting in a quiet, low elevation neighborhood. On the entry level there is a half bath, kitchen with a lovely garden window and breakfast area, dining area and living room that opens onto a large deck overlooking the spacious backyard. On the upper level there is a master bedroom with full bath, kitchenette and its own private deck which could be utilized as a separate unit. There are also two oversized bedrooms and another full bath on this level. A sizeable bonus room was built on the garage level during construction but was not shown on the building plans or recorded. Other features include hydronic gas heat with three separate area control thermostats, a large laundry room with extra office space and a huge crawl space under the house that can be used for storage. With nearly half an acre lot, there is ample parking for an RV and a boat. This property has unlimited possibilities for expansion and addition!
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Wednesday, February 4, 2009
Interest Rates at a Record Low
With interest rates at a record low... NOW is the time to buy!!
Take a look at Alvin's newest listing:
This is an excellent value for a fantastic 3 bedroom, 3 bath, mountain style home. Enjoy your own peek of Lake Tahoe from the spacious sun deck off the living area. Vaulted wood ceilings are featured in the living room and master bedroom. Other features include a loft/office area, den, large utility room with sink and storage area and an oversized 2 car attached garage that is perfect for storing all of your winter and summer toys. All this and more for only $621,000!!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/
Monday, February 2, 2009
Buy Now And Beat The Spring Rush
Written by: Broderick Perkins / Realty Times
Down market. Up market. It doesn't matter. Spring showers typically bring spring buyers.
But if you wait for the seasonal thaw you'll join what could be a throng of market savvy buyers who have already scoped the lay of the land and are elbowing for position.
In many communities, an over-supply of homes for sale with reduced prices, foreclosures, auction sales and sellers shopping for short sale buyers, all make it an opportune time not to procrastinate.
"We are seeing a confluence of events that contributes to the increase in the number of closed sales," said Quincy Virgilio, president of the Santa Clara County Association of Realtors in San Jose, CA.
"Interest rates are at a record low and the affordability index nears a 5-year high. For first-time buyers, rents are skyrocketing and that's an added incentive to buy a home now," added Virgilio.
That doesn't mean every home is a Blue Light Special or that you can shop with reckless abandon. It's a better idea to prepare now, become a savvy buyer and beat the spring rush.
Check your home-buying pulse. Just because there's a convergence of favorable market conditions doesn't mean it's your time to buy.
Base your decision solely on the state of your housing market and you'll overlook why the current market is littered with the former homes of those who borrowed more than they could afford.
Likewise, if you wait for prices to fall more your could miss out. No one knows when the market will hit bottom until it begins a sustained upward turn and you can look back and actually see bottom.
Buy a home because, for you, it's the right thing to do. Buy because it's more affordable than renting, because you plan on staying put until it pays off, buy because it is a good fit for your lifestyle and your personal goals.
Learn your local market. While you certainly need to be up on the most recent housing news, get news from your local media outlets, your real estate agent and data providers that regularly generate information about your community.
Get some basic training. Even if you've purchased before, bone up now. Regulations, local practices and market conditions change. Use well-established, frequently-updated information sources on and off line. Attend real estate industry-sponsored seminars, workshops, counseling sessions and post-secondary level realty classes.
Examine your credit. Pull your credit report and check your credit score before your lender does. You need to make sure both are where they need to be to land you a home loan. AnnualCreditReport.com (also at 877-322-8228) is the one and only official, federally sanctioned program giving you free annual access to your credit report. The nominal fee to obtain your credit score from one of the three credit reporting agencies is worth the cost.
Shop with money in your pocket. Get a mortgage approved before you begin to shop for a home. You need to know how much you can afford and how much home you can buy so you can negotiate from a position of strength. Shop around for the best mortgage possible.
Buy like a savvy investor. Buy low now, sell high later. Shop in the least expensive neighborhood in the best community or the least expensive city in the region. Drill down to buy the least expensive home on the best block or the cheapest home in a neighborhood in transition.
Your Agent. Use your real estate agent as your point person, tell friends, family and co-workers you are in the market.
For the immediate future, look for distressed properties to continue flooding the low-performing markets, which will keep sales high but hurt property values. In the more stable markets, the upper end will continue to cool, but record-low interest rates should keep demand relatively strong for well-positioned mid-value properties.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/
Down market. Up market. It doesn't matter. Spring showers typically bring spring buyers.
But if you wait for the seasonal thaw you'll join what could be a throng of market savvy buyers who have already scoped the lay of the land and are elbowing for position.
In many communities, an over-supply of homes for sale with reduced prices, foreclosures, auction sales and sellers shopping for short sale buyers, all make it an opportune time not to procrastinate.
"We are seeing a confluence of events that contributes to the increase in the number of closed sales," said Quincy Virgilio, president of the Santa Clara County Association of Realtors in San Jose, CA.
"Interest rates are at a record low and the affordability index nears a 5-year high. For first-time buyers, rents are skyrocketing and that's an added incentive to buy a home now," added Virgilio.
That doesn't mean every home is a Blue Light Special or that you can shop with reckless abandon. It's a better idea to prepare now, become a savvy buyer and beat the spring rush.
Check your home-buying pulse. Just because there's a convergence of favorable market conditions doesn't mean it's your time to buy.
Base your decision solely on the state of your housing market and you'll overlook why the current market is littered with the former homes of those who borrowed more than they could afford.
Likewise, if you wait for prices to fall more your could miss out. No one knows when the market will hit bottom until it begins a sustained upward turn and you can look back and actually see bottom.
Buy a home because, for you, it's the right thing to do. Buy because it's more affordable than renting, because you plan on staying put until it pays off, buy because it is a good fit for your lifestyle and your personal goals.
Learn your local market. While you certainly need to be up on the most recent housing news, get news from your local media outlets, your real estate agent and data providers that regularly generate information about your community.
Get some basic training. Even if you've purchased before, bone up now. Regulations, local practices and market conditions change. Use well-established, frequently-updated information sources on and off line. Attend real estate industry-sponsored seminars, workshops, counseling sessions and post-secondary level realty classes.
Examine your credit. Pull your credit report and check your credit score before your lender does. You need to make sure both are where they need to be to land you a home loan. AnnualCreditReport.com (also at 877-322-8228) is the one and only official, federally sanctioned program giving you free annual access to your credit report. The nominal fee to obtain your credit score from one of the three credit reporting agencies is worth the cost.
Shop with money in your pocket. Get a mortgage approved before you begin to shop for a home. You need to know how much you can afford and how much home you can buy so you can negotiate from a position of strength. Shop around for the best mortgage possible.
Buy like a savvy investor. Buy low now, sell high later. Shop in the least expensive neighborhood in the best community or the least expensive city in the region. Drill down to buy the least expensive home on the best block or the cheapest home in a neighborhood in transition.
Your Agent. Use your real estate agent as your point person, tell friends, family and co-workers you are in the market.
For the immediate future, look for distressed properties to continue flooding the low-performing markets, which will keep sales high but hurt property values. In the more stable markets, the upper end will continue to cool, but record-low interest rates should keep demand relatively strong for well-positioned mid-value properties.
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: http://www.livinglaketahoe.com/
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