3/16 to 3/22 Real Estate Review
March 25, 2008
The South Lake Tahoe Real Estate market experienced another solid week of buyer activity similar to the previous week. The foreclosures located at 1472 Glen Eagles and 2002 Cherokee that I predicted would sell very quickly, both had multiple offers, and are now in escrow.
There was a total of seven single family houses that went into escrow reported on the South Lake Tahoe MLS.
2002 Cherokee St. (foreclosure)
$384,900
1472 Glen Eagles (foreclosure)
$394,500
1301 Pine Valley (foreclosure)
$664,000
$298,500
$379,000
$399,950
$269,000
There were eight single family homes sold last week that were reported on the South Lake Tahoe MLS.
2695 Springwood Drive
Asking Price $289,900
Sold Price $262,000
1261 E. San Bernadino St.
Asking Price $399,000
Sold Price $399,000
1024 Iron Mountain
Asking Price $1,050,000
Sold Price $937,500
2521 Osborne St.
Asking Price $259,900
Sold Price $245,000
2175 Royal St.
Asking Price $359,000
Sold Price $315,000
2293 Eloise Ave. #C
Asking Price $498,000
Sold Price $434,000
1536 Chippewa St.
Asking Price $699,000
Sold Price $639,000
3463 Beaver Brae Dr.
Asking Price $464,900
Sold Price $505,000
There were 24 price reductions with the largest reduction being 645 Zuni which is a new home reduced to $899,000 from $995,000!
New single family listings were up to 16 from 12 the previous week.
The South Lake Tahoe Real Estate market experienced another solid week of buyer activity during the first week of Spring. We will see if this activity continues through the Summer.
What’s the deal with our local agencies?
March 19, 2008
Our Local regulatory agencies need to be more knowledgeable and capable of answering questions correctly! I would like to share a recent experiance with the El Dorado County Building Department. Last week I went to the County Building department to get a price for extending a permit for a client of mine. I usually like to have my clients accompany me for things like this, but this particular client lives in New York. The lady at the front desk told me that the price would be $111. I gave my client the price, and I told him that I would cover the fee. The next day I went to renew the permit and pay the fee. There was a different lady at the counter (I do not want to mention any names) told me that the fee is really $368! Realizing that I would be the one responsible for the fee, I explained what I was told the day before by the first lady. Of course the first lady did not remember the price she told me. I decided to bite my tongue and to pay the fee. The very next day I received a phone call from the building department. They now say that yet another mistake was made, and that I owed them another $700! According to them I was charged 2002 fees, not 2008 fees. After a heated conversation they decided not to bill me for the difference.
I personaly do like all of the employees that work at the County Building department, but there needs to be a better understanding of the importance of distributing accurate information!
Weekly South Lake Tahoe Real Estate Review
March 16, 2008
The South Lake Tahoe Real Estate market experienced another strong week bringing the total amount of open single family home escrows to 63.
During the week of 3/9 to 3/15 there were 8 new escrows reported on the South Lake Tahoe MLS.
The asking prices of the pending houses ranged from $349,000 up to $1,683,000.
There were also seven sold single family houses. The reported sales were as follows:
2877 Oakland
Asking Price $780,000
Sales Price $$737,000
Days on Market 278
3436 Janet
Asking Price $268,900
Sales Price $275,000
Days on Market 42
2440 Cougar Trail
Asking Price $449,000
Sales Price $399,000
Days on Market 335
1016 Golden Bear
Asking Price $399,000
Sales Price $400,000
Days on Market 83
712 Seneca
Asking Price $389,500
Sales Price $360,000
Days on Market 359
611 Otomites
Asking Price $420,000
Sales Price $395,000
Days on Market 255
376 Mackay
Asking Price $798,000
Sales Price $750,000
Days on Market 115
Also report on the South Lake Tahoe MLS were 12 new single family home listings. Two of these new listings, 1472 Glen Eagles, and 2002 Cherokee, are foreclosures and are priced very well!
Along with the pendings, solds, and new listings, there were 25 price reductions. The price reductions ranged from $10,000 all the way to $124,000! The property that came down $124,000 was 2953 Pinewood Dr. that was priced at $699,000 and lowered to $575,000.
This was my first weekly real estate review. I will continue this blog category weekly throughout the summer.
Current Interest Rates
March 12, 2008
Although conventional loan rates are up since last month, they are still historically low. A conventional 30 year fixed rate mortgage up to a loan amount of $417,000 is at 6.25%.
Even with the increase of the FHA jumbo loan limit to $580,000 in El Dorado County, loans over $417,000 will still cost more. Most lenders have not yet figured out what to charge for those loans. Those that have figured out what to charge are still basing it on a tiered basis. A loan in the amount between$417,000 and $580,000 is at 6.75%, and over $580,000 will be at 7.25%. Most lenders should soon be posting there rates based on the new loan limits.
Hopefully home loan rates will go back down, and stimulate the South Lake Tahoe Real Estate market. For more loan information contact Lee from Associated Mortgage in South Lake Tahoe at amclee@bacbell.net .
South Lake Tahoe Real Estate Activity
March 12, 2008
Spring is just around the corner, the snow is melting, the birds are chirping, and home buyers are buying!
The South Lake Tahoe Real Estate market has seen a flurry of recent activity in the single family home market. According to the South Lake Tahoe MLS, there are currently 63 single family homes in escrow. The amount of homes in escrow has nearly doubled since last months low of 37 escrows.
The price range of the homes in escrow is as follows:
Single family homes under $300,000= 14 in escrow
$300,001 to $500,000= 27 in escrow
$500,001 to $800,000= 16 in escrow
$800,001 to $1,000,000= 2 in escrow
over $1,000,000= 4 in escrow
The recent activity for single family homes in South Lake Tahoe is promising news for sellers. Sellers need to be aware that most of the recent activity has been revolving around foreclosures and homes priced lower than there competition. Pricing your home right will continue to be the most important way to get it sold!
Condos in South Lake Tahoe are still lagging big time. There are only two condos in escrow today. I think that condo sales will continue to lag until the overall economy strengthens.
Lots in South Lake Tahoe are also slow.
According to the South Lake Tahoe MLS, there are currently seven lots in escrow. Lot sales will also remain flat until new home sales pick up.
Builders need to sell there current inventory, and gain confidence before buying more land.
Although the South Lake Tahoe real estate market is showing signs of life, we are not out of the woods just yet. I just hope that the home buyers that are still on the fence, decide to act before they miss the boat, when ever that may be.
