Regardless, only 2 West Shore real estate deals have closed so far this year – and they were battling for cheapest sales in a decade (one was $99k). However there are 25 homes in escrow from Tahoe City down through Rubicon with listings prices ranging from $89,900 to $3.15 million. The average is $574k and the median is $399k. The numbers hint at at a 200 day supply of homes which isn’t too bad in this market.

Who would have thought?

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“..More broadly, the nascent recovery in the mortgage bond market supports a view that the housing slump may have bottomed out. Sales of existing homes are picking up. State and federal authorities have reached a $26 billion settlement with the big banks that is expected to provide some mortgage relief. And the Federal Reserve Bank of New York has been able to auction off billions of dollars of mortgage securities that it acquired as part of the financial crisis bailouts.

“There is light at the end of the tunnel,” said Kenneth J. Taubes, the head of United States investment for Pioneer Investments, a global investment manager that owns these securities. “The mortgage crisis is getting behind us, and things are getting back to some semblance of normality.”

That optimism is an about-face from 2006 and 2007, when Mr. Lippmann and others told investors that housing was a bubble ready to burst. On Wall Street, Mr. Lippmann became known as “Bubble Boy,” and one of his traders wore a joking T-shirt that read, “I Shorted Your House.”

His exploits were chronicled in Michael Lewis’s best seller “The Big Short,” which described him as somewhat brash and crass. He was known for maintaining a sushi spreadsheet, where he ranked the top Japanese restaurants in Manhattan on ambiance, quality and cost. (He still maintains the spreadsheet.)

These days, industry competitors describe Mr. Lippmann, who runs LibreMax Capital, as a more mellow presence. And he is much more positive about the market, telling investors that his fund is reducing its hedge against a potential market crash. Through a spokesman, Mr. Lippmann declined to comment.

Others in the industry are also bullish, pouring money back into mortgage securities. Trading has surged in recent weeks. Prices have risen more than 15 percent in the first two months of 2012, after dropping by as much as 40 percent last year.

“There was a lot of money waiting on the sidelines because yields were starting to look very attractive,” said Jasraj Vaidya, a strategist at Barclays Capital. “Lots of it seems to have come out now.”

Yet the tide could turn again and wipe out investors. Chief among the risks is Europe: the Continent’s banks still hold a significant amount of United States mortgage securities, and if they are forced to sell assets, it could wreak havoc on the market.

Washington is a question mark, too. If banks have to pay for loans they issued under dubious circumstances, it would be a home run for investors, who could receive full payment for a mortgage in a security they bought at a discount. But if borrowers whose houses are worth less than their mortgages are able to reduce their principals on a large scale, bond investors could suffer because the securities would be worth even less than they paid…”

Link to 1015 Windsor Drive

Here’s the write up from the Tahoe Sierra MLS:

“Wonderful home in a desirable neighborhood. Bright and sunny location. Aggressively priced for a quick sale, seller is family Trustee. Beautiful kitchen with granite counter tops. Easy, level access and only 10 minutes to Northstar – only 5 minutes to the sandy beach.”

A Rubicon lakefront and adjacent lot just sold. This is the old Kaiser place next to Dianne Feinstein’s property. They pulled it off the market to make the deal less transparent but the lot and the home sold to two different parties. We don’t know the exact closing prices yet but the list prices were $3.5m for the house and $2m for the lot.

A Hurricane Bay lakefront is on the market but not on MLS. It’s at $6.5m and had a flurry of showings when it went on.

A North Shore estate (Flick Point) is set to close soon – list price $10.5m.

Four listings at the link below: The property right near my Homewood office reduced price by roughly $400,000 to $4.25m (5090 W. Lake Blvd).  A very nice piece of property near Tahoma went off the market but was recently re-listed  – for $5k more than before. This is 7097 W Lake Blvd. The third one is in Tahoe Pines on Belleview, a fantastic street. The owner is an international rock’n'roll star (email Alex if you’d like to know who). The last is in Dollar Point because yesterday afternoon the price was dropped from $3.4m to $2.9m – it’s a nice house and the comps put it right at or over $3m. This generated a lot of action (since 5pm yesterday) and odds are that it will be in escrow by the end of the week – a good buy for sure (no pier but 2 moorings; address 3328 Edgewater Dr.):

Click Here to View Listings

3328 Edgewater Drive, Dollar Point

2012TahoeBasinSoldsCMA

As compared with last year there has been an increase of 27 vs. 20 units sold. Here are the quick numbers:

2012 Year to Date (YTD):

Jan 1 – Feb 11, 2011:

Link to 675 Balsam on Tahoe Sierra MLS

Here’s the write-up from the Tahoe Sierra MLS:

“DELIGHTFUL PINELAND HOME – Don’t miss this IMMACULATE Sherman built home – popular and proven floorplan with vaulted ceilings, lots of windows, and tons of charm. Awesome level lot, fully fenced backyard, three large decks, horseshoe pit, and spectacular landscaping. Great location close to Sunnyside and Ward Canyon. Sold mostly furnished with some exclusions. Never rented, same owners for the last 17 years. One of the best values on the West Shore.”

Chamberlands saw a home hit the market and sell in just two days – list price $499,000, sold price $490,000; 3 bed, 2 bath, 1 car garage. Closing Date 1/31/12.

Tahoe Donner-like price in Carnelian Bay: 4 bed, 2.5 bath, 2 car garage, 2200 square feet, 15 year old home sells for $520,000.

Bass Ave short sale in Kings Beach closes: unbelievable deal with a sales price of $532,500 = 1.1 acres, view, sun, nice architecture, ultimate seclusion and privacy yet right near the action of the North Shore.

Two homes sell in Dollar Point: Both were right around $700k, one was a foreclosure which sold in a week.

Tahoe Park HOA – 4 bed, 2.5 bath, 2 car, 2600 square feet sells for $810,000 on 2/2/12

Rubicon lakefront sells “off the market.” Price not yet disclosed but the asking price for the home was $3.5m and the adjacent lot was on for $2m.

For more information on these or any other sales, feel free to contact Alex on the forms below or call/email directly: 530.214.6100, alex @ thebigbluelake.com.

One listing caught my attention because it was a high-end home listed for top dollar and just went into escrow. This is above the Sunnyside, or Tahoe Park, neighborhood on the way up to Talmont. There are a few other options on the market but they were obviously bypassed by these buyers. My company has an incredible panoramic luxury home in Dollar Point which is priced slightly higher than the one in escrow (list price = $3.1m; ours is listed at $3.5m). Ours has had some good showings since the holidays but as of yet no offers.

Here are the number’s for available lakeview homes and condos for sale:

Here are the numbers on last year’s panoramic lakeview property sales:

Link to Current Lakeview Properties for Sale

Link to our listing in Dollar Point, 9 Tahoma Way

Lakefront Short Sales and Foreclosure Listings (3 total)

All Lakefront Listings