The Ultimate Apres Ski Condo-Northstar California

When nothing but the best will do, #212 Big Horn delivers the ultimate apres ski location at Northstar Calfornia. Big Horn is located in the Village at Northstar, on-slope, and is a pole-push away from the Gondola and Village Express quad chair. The 3 bedroom, 3 bath condo sits on the south east corner of the building on the slope of the trail. This backside location guarantees prime ski back access, as well as privacy from other units and buildings. Additionally, while located in the heart of the Village at Northstar, the backside location provides a quieter refuge from the happenings just on the other side of the building. The building has heated ski lockers, and as an owner in Big Horn, you receive the comfort of underground heated parking and use of exercise facilities, outdoor spa, and the Village Recreation and Fitness Center, located on the west side of the Village.
This very rare and special offering is now for sale at $1,245,000.

Real Estate Round-Up: Current Transaction Pricing Trends

Recent news of interest to homebuyers, home sellers, and the home-curious includes a survey that finds that almost half of Californians are currently paying more than list prices for homes. Hefty prices in San Francisco, meanwhile, aren't going away; in fact, home prices in the city just saw their biggest yearly gains in more than 12 years. Get all the news at http://bit.ly/1iGDKSq

3rd Quarter Report Expands Upon a Robust Home Sales in Truckee/Lake Tahoe!

Home prices remained solid across of all Pacific Union’s regions in the third quarter, while inventory slightly expanded in many, offering relief for buyers. Get an in-depth look into market conditions in the Bay Area and Tahoe/Truckee in our comprehensive Q3 quarterly report. It’s packed full of data and regional summaries that show why we’re optimistic that the Bay Area’s thriving real estate market will continue to be a solid barometer of the coming months and into 2014. Read the full Q3 quarterly report:
 http://issuu.com/pacificunion/docs/q32013_quarterlyreport_ezine

August Activity within the Tahoe-Sierra Market

Not surprising considering our smokey month, August saw a moderately sluggish sales period for our Truckee and Lake Tahoe areas, and some remaining sellers are considering modest price reductions to move their homes. The strongest sales activity occurred in single family homes between $300,000-$699,999, and in condos under $300,000. Tahoe Donner, a typical indicator of the general market overall, saw a total of 27 single family homes sell, while 78 remain active on market. There is still a lot to choose from out there, and we continue to see inventory hit the market on a daily basis. Today's buyer is patient, educated in their targeted market, and decisive in their offers. And, as it was at the beginning of the summer, cash is being used by more and more buyers. My last 4 transactions were all cash transactions, and I see a 5th cash transaction in the future. Desirable properties to watch out for as we enter into this fall include homes within Tahoe Donner, The Boulders, Squaw Valley (condos), and Northstar.

August Market Report  

You Can't Deny the Charm of Tahoe City!

Tahoe City: A Lakefront Community Ideal for Year-Round Living

Situated directly on the western shore of Lake Tahoe and a few miles from three popular ski resorts, Tahoe City will certainly appeal to home buyers looking for a seasonal getaway. However, the Placer County community offers enough year-round activities to convert second-home vacationers into full-time residents. Read our Tahoe City profile at http://bit.ly/1eqUMla

Pacific Union 2nd Quarter Report Is Out!

Craftsman Style Makes a Come-Back!

Craftsman style is making a big come-back throughout the U.S., and even our Sierra area sees hints and influences of it in remodels and new builds.  With the popularity of a Mountain Contemporary element in design, Craftsman design is favored in many of our new construction homes, both custom and spec. Here are a few examples of Craftsman design, from different eras. The first set of pictures is an excellent example of a home remodel in Incline Village, where the customer wanted that Craftsman look in his oak cabinetry.  The era is different from our contemporary look, but the style is undeniably Craftsman. Below that set is another example of a more mountain contemporary craftsman edge, where the designer chose solid beam detail over the ornate trim and crown molding which used to be so prevalent.  Whatever your style is, Craftsman design can usually be imbedded in your final product, and is sure to stand the test of time!

Tahoe Donner Sees Busy Week in Real Estate! May 31-June 7, 2013

Tahoe Donner, the most popular second home community in all of Truckee and Lake Tahoe, saw a busy week of real estate activity following on the heels of what was a very productive Memorial Day weekend. I personally had a tour scheduled for that weekend, and unfortunately, my clients had to cancel. Upon reviewing the homes I had scheduled to show (the "best of the best" in the $400,000-$600,000 price range) the following week, 4 of the homes on my list of 6 were already in contract!
Over the past 7 days, Tahoe Donner has seen 8 new homes to market, 9 homes go into contract, 2 remove contingencies, 8 properties sell, and 7 properties either expire or cancel.
Tahoe Donner Activity
That's a busy week for the area, and our other areas are following suit.  Appears to me like we have jumped into the buying season a little early this year, which holds great confidence for our market climate.  Cheers to a busy and satisfying summer season!

Memorial Day Weekend Top 5 Homes and Land

Happy Memorial Day! In Tahoe, this weekend typically marks the start of boating season on our various lakes.  It also tends to see a high volume of property previewers.  In addition to remembering our US Service men and women, people's thoughts often turn to real estate.  It will be a busy weekend of showing property no doubt, and our office at The Boulders will be open all weekend long, 10 am-5pm Saturday and Sunday, and 10 am-2pm on Monday.  Please stop on by for a tour of this beautiful community and learn about the new construction phase for the final 48 condominium units, and 7 single family homes.  Reservations are now being taken for the first two buildings to be completed, so please contact me for more details!
My Top 5 properties for this holiday weekend include a lakefront property, a special piece of land in Martis Camp, and a large estate home in Martiswoods Estates, Truckee.  They are all unique properties in their own right, and have many amenities to offer.  Enjoy the view, and if fresh mountain air is your thing, then Tahoe is the place to be this weekend!
Katie Benty/530.318.8280/www.KatieBenty.com

The Boulders at Truckee Announces Pre-Sale Registration for Final Phase!

Katie Benty | Pacific Union International | 530.587.7098 x 107

The Ultimate Tahoe Escape in the Best Truckee Location!

Prices starting at $389,000 (not including the upgrade package)

Reservations are now being accepted at The Boulders for their next phase of NEW construction. 8 condos with fantastic private views of open space from south facing decks and patios, with excellent access to the pool, recreation center, and bocce/picnic area. Developer will be offering two interior upgrade packages: the mountain rustic design (as shown in model photos) and a NEW mountain modern design. Pricing on the upgrade packages to be determined.

Learn more at: www.BoudersAtTruckee.com or LIKE US on Facebook: www.facebook.com/BouldersAtTruckee	Come see why The Boulders is Truckee's most convenient, enjoyable and aesthetic condominium community.

	Katie Benty
	Sales Associate, RSPS
	530.587.7098 x 107
	Katie.Benty@pacunion.com
	www.KatieBenty.com
	DRE# 1400292

The information contained herein has been provided by various sources which may include the seller, public records, multiple listing service, or others. Pacific Union has not verified or investigated the accuracy of this information. Prospective buyers are advised to conduct their own investigation of the property and the information contained herein, utilizing licensed professionals where appropriate, before purchasing this property.

Gem of the Week: 405 Carrie Pryor, Lahontan

This week's gem is a mountain contemporary home in the seasoned golf community of Lahontan, where homeowners enjoy gated living at one of Truckee's most immaculate golf courses.  405 Carrie Pryor is a 4 bedroom (all ensuite), 6 bath home nestled on a wooded knoll overlooking the 14th fairway.  It's unique contemporary design, conceived by local architects The Ryan Group and built by renowned builder Jim Morrison, captures the essence of true mountain living while maintaining a clean, modern presentation.  At 5,256 square feet of interior living space, each room invites you to appreciate the intentional connection between your outdoor mountain surroundings and the peaceful indoor enclaves.  Strikingly rich woods and distinct materials will catch your attention as they contribute to appealing and efficient living spaces.  Just a short walk away from the cul de sac lies an extensive network of Martis Valley trails, and if hiking has left you parched, then jumping over to the Lodge or Camp at Lahontan will provide you with refreshing amenities, inside and out.  

Listed at $6,000,000, this incredibly unique and detailed home will leave you breathless upon entering, yet relaxed in the integral flow between man-made and natural.

Gems of the Week: Top 5 Lake Tahoe Lakefronts

With spring tentatively upon us, it is only prudent to start turning our eyes towards the water, and focusing on

the market surrounding the true "Gem" of the area, our gorgeous alpine lake!  Lakefront buying has seen an immense upswing over the past 7 months, and is another market which currently is sincerely lacking in inventory.  Last year, lakefront sales increased 123% over 2011, an incredible jump considering the economic times.  Over $153,000,000 in lakefronts were sold during 2012, with December alone enjoying $70,000,000 in sales!  Today, we have only 32 lakefronts on the market at Lake Tahoe.  Only 32!  I have selected 5 which are standout values, encapsulating the Lake Tahoe dream as only a lakefront can.  Some are priced inexplicably well, and I hope you contact me for more information should you wish to view any of these gems!

Top 5 Lakefronts

Mobile: 530-318-8280/Katie.Benty@PacUnion.com

Pacific Union Real Estate Sales Shine in 2012

2012 Sales Up Phenomenal 45% at Pacific Union

Pacific Union experienced tremendous growth over the past year, but even we were surprised (and pleased!) to learn that our sales growth in 2012 was more than double that of any other large real estate firm in the Bay Area.

The San Francisco Business Times recently published its annual list of the Bay Area’s top residential real estate firms, and Pacific Union retained its ranking as the third largest in the region with 2012 gross sales of $3.3 billion in San Francisco, Marin, Alameda, and Contra Costa counties. Measured by sales growth, Pacific Union led the pack with 2012 sales rising a phenomenal 45 percent from the year before.

Here’s the story: http://bit.ly/11hk6qx

Gem Of The Week: 10942 Olana Drive at Martis Camp

Before I launch into this week's "Gem", I would like to congratulate the new owners of 12315 Snowpeak, a gem of a home I featured in a previous posting.  Selling at $1,325,000 on April 3, this beautiful custom home located on the golf course in Tahoe Donner is a harmonious example of mixed materials and woods, creating a masterpiece that is stunning yet not overbearing.  Tahoe Donner offers so many design options for homeowners, and with a responsible HOA backing its standards, an owner in this neighborhood can feel that their interest is being protected.

10942 Olana is gorgeous mountain-contemporary home on a 2.8 estate parcel, nestled in the rolling elevations of Truckee's renowned Martis Camp community.

4 bedrooms plus flex room (suitable as a 5th bedroom, recreation/media room, or multipurpose room) and 5.5 baths comfortably reside in this 6100+ square foot home.  The design is quintessential Sandbox Designs, with clean, fluid lines, pleasing exterior spaces, and most notably, best use of space and views.  Sandbox is also famous for creating a separate recluse for the couple that wants to have some quiet time, and this home does not disappoint, with a stunning master suite separated by a staircase wrapped in stone and floor to ceiling glass.  Of course, we come to the mountains to enjoy the outdoors.  While this property is thoughtfully landscaped in flagstone, indigenous plantings and lawn, the property owner can simply enjoy the outdoors from any glass-encased room.  There is nothing more soothing than watching the snow fall right outside your window while you curl up on the sofa with a cup of tea and a good book!  

Priced at $5,995,000, this very custom and modern home is well within the value norm at Martis Camp, and is this week's best candidate for Gem of the Week!

"God Is In The Details"

I have recently subscribed to Houzz, an app that allows me to browse homes, read articles, and save pictures to different "idea books".  I love this concept, as it allows me not only a personal moment in home reflection, but I can share certain ideas and concepts with my clients.  Mountain Contemporary architecture is quickly catching, and I found one home that is a prime example of this style.  Click on the widget below to view the home portrayed in project #3.  The complex use of multiple materials, woven seamlessly together, is the key ingredient to a Mountain Contemporary home.  While the home pictured is actually on a lake, I can imagine this project finding a suitable spot in many locales all over our alpine region.  It is a brilliant design, with incredible detail to the outdoor space.  Enjoy the pictorial!

Architecture: How Details Can Make All the Difference

Houzz- Kitchen Remodel, Bathroom Remodel and More »

Decorating Ideas and Photos- For Example:

Kids Photos · Kitchen Photos · Basement Photos · Laundry Room Photos · Home Office Photos · Staircase Photos · Bedroom Photos ·

Lakeside Gem of the Week Sells for Full Price!

One month ago I spotlighted a lakefront home in Fleur Du Lac, on Lake Tahoe's beautiful West Shore, as that week's Gem of the Week.  Reduced from $4,750,000 to $3,900,000, it sold for full price yesterday, suggesting that we may have another busy lakefront buying season ahead of us. Certainly, this spring-like weather is only helping our buyers imagine days filled with sunshine, wooden CrissCrafts, and lakeside barbeques.  While I hate to jinx our final months of winter weather, I don't think it's too early to start whetting the summertime appetite.  Here are the lakefront homes available for sale right now, on the California side:
Lake Tahoe Lakefronts

If you feel like it's time to push winter aside and jump into Spring/Summer, feel free to give me a call and tour   a lakefront or two.  We can finish the day off with a refreshment at Sunnyside!
Katie Benty (530) 318-8180  katie.benty@pacunion.com

Gem of the Week: 4455 Huckleberry, Cedar Flat

4455 Huckleberry, nestled in the quaint lakeside neighborhood of north shore's Ridgewood Highlands, is a gorgeous example of classic mountain contemporary design.  The 5 bedroom/4 bath home divides its 3448 square feet into two separate living spaces: a main home at over 2600 square feet, and a nearly 800 square foot living space above the 2 car garage.  The finishes of this home are reminiscent of old Tahoe design, with dark stained wood beams and trim, beautiful custom tile in the bathrooms, and classic exterior stone patio boasting a stamped concrete floor, barbeque nook and firepit.  Other amenities include grassy lawn in the rear, landscaped side yard, filtered lake views, and optional HOA providing access to a pier, buoy field and private beach.  This incredible Lake Tahoe home is offered at $1,199,000, an impressive price for a lake home of this craftsmanship and location.

Gem of the Week: 12315 Snowpeak Way, Tahoe Donner

Having just returned from a family vacation in Costa Rica, I have re-entered into a spring-like feeling in the air in Truckee!  The weather is beautiful, people are enjoying the outdoors, and more homes are coming on market (and instantly going into contract!).  Buyers are active and eagerly looking at the hot sheet everyday, and our competitive climate currently mirrors the real estate happenings in the Bay Area. Because of this early active buying season, our inventory continues to be slim, with appealing homes lasting on market for just days.  With that said, my Gem of the Week has just come to market today, and with its unique custom nature, I don't expect it to last very long!

12315 Snowpeak Way is a beautiful custom home located on Tahoe Donner's award-winning golf course.  It's European design is understated yet lies firmly in the details: the 150 year old barnwood flooring, distressed open beams on the ceiling, strategically placed fireplaces in cozy spaces, vaulted windows and skylights, arched doorways and rounded corners, custom iron railings and artisan stonework throughout.  A truly special and thoughtful design, this is a standout home in Truckee's most reputable communities. Offered at $1,350,000, the property is listed well-below replacement value.  If Lahontan style is your cup of tea, then 12315 Snowpeak is a perfect fit!  Shown by appointment only, please give me a call to set up a tour of this stunning home!  Katie's cell: 530-318-8280

Gem of the Week: 4000 West Lake Blvd #10

Live like the Godfather in this timeless Fleur Du Lac lakeside home on Lake Tahoe's prestigious West Shore.  Unit #10 is a gorgeous 4 bedroom + library home situated just steps from the pristine waters and homeowner boatslip.  Outside, against the backdrop of Lake Tahoe's majestic East Shore, lies a large flagstone patio and BBQ area, and inside you will find wide-planked oak floors, generously-sized bedrooms, stunning 2nd floor master suite with expansive lake views, and open beamed vaulted ceilings. The original Boat House, so gloriously showcased in The Godfather 2, is under renovation, and will be the owners lounge upon completion.  Tennis courts, swimming pool, and 24 hour guard are also amenities which Fleur du Lac homeowners enjoy.  Offered at $3,900,000, this home is not only a signature Lake Tahoe property, but a beautiful example of luxurious lakeside living.  

Real Estate Round Up-California Style!

 Luxury Homes in Demand, Mortgage Rates, Home Prices Rising!

Recent news of interest to homebuyers, home sellers, and the home-curious: California homes priced at $1 million or more are selling at the fastest pace in years. Also, mortgage rates are rising as the economy improves, and home prices are going up, too. Catch up on the headlines at: http://bit.ly/WpV3Qv

Gem of the Week: 11615 Kelley Drive, Grays Crossing

This week's Gem of the Week focuses on a home in one of Truckee's quieter community's, Grays Crossing.  Designed to be a community tightly interwoven with downtown Truckee (without being in the center of it), Grays Crossing is bisected by Hwy 89, and is composed of 5 different neighborhoods.  Grays Crossing is well known for it's impeccably kept 18-hole golf course, designed by Pete Jacobsen, but what many people aren't aware of is its Fitness Center (soon to be open to all Grays Crossing homeowners through HOA dues) and PJ's restaurant, on site at the Golf and Fitness center and overlooking the 18th green.  11615 Kelley Drive is a gem for many reasons.  At 3250 square feet, the 4 bedroom, 3.5 bath open design floorplan features a large kitchen with high-end appliance package including a 6 burner stove, master bedroom with private gas stove located on the main floor, roomy loft, vaulted ceilings and outdoor patio for entertaining.  It is located in the Wood's neighborhood, which backs up to the paved network of bike/run trails designed to knit Grays Crossing together with the Town of Truckee and Old Greenwood.  Kelley Drive is a quiet road with very little traffic, and is a popular spot to walk the dogs or take the young ones on a tricycle or bike ride.  Priced at $985,000, 11615 Kelley Drive is a Gem that should be included in your tour if you are looking for a large home in a well-located community with amenities.
Please contact me for more details!
Katie Benty (530) 318-8280 direct line

Gem of the Week: 8191 Valhalla, Martis Camp

I am stepping out of the usual ski-themed homes to showcase this piece of Martis Camp heaven.  8191 Valhalla at Martis Camp is a beautiful estate parcel located on Valhalla's switchback closest to the Practice Field and The Lodge, and is this week's "Gem of the Week".  A 1.3 acre parcel which abuts National Forest Land that stretches for miles, 8191 Valhalla is one parcel away from the internal trail system which connects amenity to amenity whereas no owner need walk the streets to go from the Lost Library to the Practice Field to the Family Barn.  This area sees steady development due to it's popular location, with a home completed next door, another home located a couple of parcels east, and 2 other homes across the street.  There are 2 properties for sale on this switchback, listed at $3,295,000 and $7,950,000.  Walk out the "back door" on lot 156, and you step into the natural splendor of our National Forest, with filtered views of the glorious Pacific Crest.  Stand to the east of the lot, and you are gazing at the snow-covered runs on Lookout Mountain.  Stroll down the street 100 yards and turn left onto the trail to go hit some balls at the Practice Field.   The Lodge and the Family Barn are located just a fingertip's reach beyond the Practice Field, only a 10 minute walk away, or a quick 1 minute cart ride.  It is rare to find a lot so close to the amenity corridor, yet adjacent to Martis Camp's private exterior perimeter.  Offered at $1,215,000, the parcel is well priced and definitely a must-see on any Martis Camp tour.  Please call Katie for more details: (530) 318-8280

Gem of the Week- 8989 River Road, Truckee

8989 River Road, Truckee is a Gem!

This incredibly unique home is sometimes easy to miss, although it sits on a road where thousands of cars drive everyday.  This 5 bedroom, over 4000 square foot home oozes European charm, right down to the fanciful custom designed and crafted door pulls on every cabinet throughout the home, and door hinges on every door.  Using an unusual building form, called Cempo, the homeowner managed to create a free-form shape with enough structural integrity and insulation to withstand Arctic Circle gale-force winds and temperatures.  The Cempo blocks can be shaped and shaved to create soft edges, nothing like a stick-built house could create. Inside, the rounded theme continues, with arched doorways (and hand-crafted doors), iron-railed circular staircase, and rounded fireplace.  The entire home is blasted with a sturdy stucco, inside and out, and the hand-scraped floors are reminiscent of a 400 year old chalet in Chamonix valley.  In fact, this home truly feels as if it were plucked from the Alps, and placed right here in Truckee, for all passing skiers to see on the way to the mountain.  The price is incredibly compelling, considering the amount of hand crafted material and finishes this home possesses.  Happily serving as a primary or secondary residence, corporate retreat or bed and breakfast, this home suits the bill for so many buyers.  It is an amazing opportunity to own one of Truckee's most unique properties I've ever seen.  Call me to schedule an appointment today!  (530) 318-8280

Q4 Report Is Out! Truckee/Lake Tahoe Sales Close 2012 With a Bang!

	Katie Benty Tahoe/Truckee: Q4 Results The Tahoe/Truckee region may seem like a world away from the Bay Area, but its real estate market told a familiar story in the fourth quarter: a dwindling supply of homes for sale and buyers forced into bidding wars for fairly priced properties. Properties still on the market for more than 60 days were often overpriced, less desirable, or problematic. Many properties in Tahoe/Truckee are second homes for Bay Area residents, and buyers tend to be picky – they’re not interested in homes that require repairs or remodeling. Luxury markets in Truckee’s Martis Camp and the Lake Tahoe basin were hot during the fourth quarter, and Tahoe Donner was the leader in most homes sold for $600,000 or less. Condominiums sold well during the quarter, as buyers found it easier to get financing for a condo than for fractional-share properties. Looking Forward: The Tahoe/Truckee real estate market is heavily dependent on events in the Bay Area, and the rebounding economy in San Francisco and surrounding counties suggests an active year ahead. We expect to see an increase in homes coming on the market in the first quarter of 2013, with higher price points than last year. Interest rates are expected to remain near today’s record lows, making homes more affordable even as prices rise. Defining Tahoe/Truckee: Our real estate markets in Tahoe/Truckee include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Median Sales Price The median sales price represents the midpoint in the range of all prices paid. It indicates that half the prices paid were higher than this number, and half were lower. It is not the same measure as “average” sales price. Single Family Homes – Median Sales Price Click to view larger chart Condominiums – Median Sales Price Click to view larger chart Months’ Supply of Inventory The months’ supply of inventory is a measure of how quickly the current supply of homes would be sold at the current sales rate, assuming no more homes came on the market. In general, an MSI below 4 is considered a seller’s market; between 4 and 6 is a balanced market; and above 6 is a buyer’s market. Single Family Homes – Months’ Supply of Inventory Click to view larger chart Average Days on the Market Average days on the market is a measure that indicates the pace of sales activity. It tracks, on average, the number of days a listing is active before it goes under contract, meaning the seller has accepted an offer but the transaction is not yet closed. Single Family Homes – Average Days on the Market Click to view larger chart Condominiums – Average Days on the Market Click to view larger chart Percentage of Properties Under Contract Percentage of properties under contract is a forward-looking indicator of sales activity. It tracks expected home sales before the paperwork is completed and the sale actually closes. Single Family Homes – Percentage of Properties Under Contract Click to view larger chart Sales Price as a Percentage of Original Price Measuring the final sales price as a percentage of the original list price, without price adjustments, determines the success of a seller in receiving the hoped-for sales amount, but it also indicates the level of sales activity in a region. Single Family Homes – Sales Price as a Percentage of Original Price Click to view larger chart Condominiums – Sales Price as a Percentage of Original Price Click to view larger chart Click to view larger chart 2012 Set Records — Here's to 2013! 2012 was a blistering year for San Francisco Bay Area residential real estate, as most of our regions tallied their highest number of home sales since 2005. Back in Q2 we said jobs would drive our housing markets, and we hit the nail on the head. Exceptional job growth in San Mateo, San Francisco, and Marin counties spurred home-buying demand at a pace not seen in other U.S. markets. Due to a limited inventory of homes for sale, we also got the most interesting dynamic of our record-setting year: the return of “bidding wars”, or multiple offers, in most markets at price points up to $1.5 million. In 2013 we predict more robust demand, as job growth expands into other Bay Area counties. Continuing constrained inventory will create price appreciation for the first time since 2007. And if the appreciation continues through summer '13, we will see “move-up buyers” re-enter the hunt for higher-end housing (over $1.5 million) in late August and early September. These buyers, who have been waiting patiently for their home values to rise so they can trade up to larger residences or better neighborhoods, will contribute to additional inventory in the mid-tier markets and improved demand in the higher end. Overall, we have a very positive outlook for Bay Area residential real estate in 2013. Whether you're looking to buy or sell, remember that real estate is hyperlocal — and your best ally is a real estate professional who can provide you with exceptional local insight, knowledge, advice, and decision support. Happy New Year! Luxury Home Buyers Changing Their Ways Goodbye, bling. Hello, quality and value. That’s the new approach luxury home buyers are adopting in the San Francisco Bay Area, according to Alf Nucifora, chairman and founder of the Luxury Marketing Council of San Francisco. He says lessons learned from the recession, baby-boom buyers eyeing legacy purchases, and young tech turks who value function over form are fueling the trend. “The recession taught us that we can live without unnecessary extravagances,” says Nucifora. “And that has led to a systematic shift in the way people buy. We are less concerned with showing it on the outside but more concerned with enjoying it on the inside.” In addition, so-called baby boomers (born 1946 through 1964) now make up a significant portion of the luxury-buyer market, and they are shifting from making to preserving wealth. “We (boomers) played and we made and we splurged, but we don’t need the fancy cars, the watches, or the showplace home anymore,” he says. “Now it’s the notion of bespoke, of things crafted with an eye to enduring value. We have kids and grandkids and want a legacy to be handed off to them.” The young dot-com and IPO millionaires might not be thinking about their future family bequests, but many also eschew frippery for functionality. They choose jeans and T-shirts over Brioni suits and sink their money instead into elite experiences and artisanal comfort. They may not have the biggest house on the block, but there’s a La Cornue range in the kitchen and a custom Jacuzzi in the backyard. What this all translates to is a shift away from showy excess and toward a search for quality, value, and connoisseurship, especially in the $2 to $10 million range, says Nucifora. It’s the consumption of wealth on a quiet, introspective basis, as opposed to ostentatious display. “Buyers are now more focused on the view, the privacy, how good the kitchen really is -- things that go into the enjoyment of the family experience as opposed to letting me show my neighbors how big and wealthy I am,” he says. While luxury buyers still spend plenty of money, it’s now more often on things like interior remodels, home theaters, expensive custom cabinetry, or top-of-the-line appliances – items that create a high-end quality of life experience but are invisible to anyone on the outside. And even the most well-heeled buyers are looking for bargains. “They can easily afford to pay above listing price, but they want to get a deal because it affirms their sense of self, their smartness,” says Nucifora. What does this mean for 2013? Expect to see these trends continue, he says. Sellers in these price ranges would be smart to invest in staging, because today’s value-savvy luxury buyers are willing to shell out for the right experience – and a luxury residence with empty rooms or dated furnishings doesn’t fit that bill. “In buying real estate, it’s that visceral reaction when I walk in,” Nucifora says. And, he adds, bad presentation is obvious: “When you walk into some of them it’s like entering an abattoir.” Pie-in-the-sky pricing schemes will also be a thing of the past, even as home values rebound; buyers in the high-end market will continue to look for deals and choose substance over show-off style. The cachet of spending piles of money on a pile of bricks has worn somewhat thin, he says. “The recession taught us all that we can live without unnecessary extravagances, that we should look for quality, and really ask ourselves whether that purchase is absolutely necessary,” he says. “And most of us found out we can live without it.” Bay Area 10-Year Overview Here’s a look at home sales in the Bay Area’s real estate markets in the fourth quarter of 2012, with a glance back at the 10 preceding fourth quarters. Click here to see specific 10-year data on key cities in the Bay Area. Katie Benty Sales Associate, RSPS 530.587.7098 x 107 Katie.Benty@pacunion.com www.KatieBenty.com 243 North Lake Boulevard, Suite 2 Tahoe City, CA 96145 © Pacific Union International, Inc. 2013. CA DRE #1400292