New Listing in South Lake Tahoe
June 29, 2010
Just Listed on the South Lake Tahoe MLS!
1476 Glenwood Way
Completely remodeled home with an open floor plan perfect for entertaining! Recent upgrades include granite countertops, kitchen cabinets, tile bathrooms, laminate flooring, new carpet, and new interior paint. Located close to Heavenly Ski Resort, the Casino’s, and The lake, this would make a great vacation home or primary residence. This house comes furnished per inventory list including a hot tub! Make sure to take a look at the virtual tours as well!
- 1406 Square Feet
- 3 Bedrooms, 2 Bathrooms, and a 2 Car Garage
- New Double Pane Vinyl Windows
- Recently Remodeled
- Fully Furnished including a Hot Tub!
- Single Level Living
- Much More!!!
Make sure to take a look at the Virtual Tour of my new listing which was entered on the South Lake Tahoe MLS on 6/28/10. For more information or to set up an appointment to see 1476 Glenwood call South Lake Tahoe Real Estate Agent Brent Johnson today!
Tahoe Keys Real Estate
March 9, 2010
Tahoe Keys real estate is the South Shores premier area for buyers looking for waterfront property. The Tahoe Keys is a 740 acre private marina community located on 11 miles of inland waterways that lead to the emerald waters of Lake Tahoe. There are about 1250 homes and 350 condominiums located within the Tahoe Keys area. Most of the properties in the Tahoe Keys are waterfront properties that have private boat docks and easy access to boating on Lake Tahoe.
The Tahoe Keys offers some of the best mountain, meadow, and water views in Lake Tahoe. The utilities are underground and there is a building height code that keeps the views breathtaking and unobstructed.
Homeowners in the Tahoe Keys have access to private amenities including tennis courts, an indoor and outdoor pool, spa, park, private beach, marina, and launch ramp The Tahoe Keys HOA also provides security, waterway maintenance, and has its own water company. The Tahoe Keys Property Owners Association is the Tahoe Keys HOA. HOA fees are $1919 annually for houses and from $1000 to $1400 quarterly for condos depending on their location with-in the Tahoe Keys.
Single family home property values generally range from the $500,000′s to $3,ooo,ooo, but there have been a few foreclosures in the Tahoe Keys that have sold for under $400,000, and some luxury lakefront homes that have sold well over that range. Tahoe Keys condos range from $250,000 for a one bedroom, to over $1,000,000+ for a lakefront.
South Lake Tahoe Foreclosure News
February 27, 2010
Foreclosures in South Lake Tahoe still seem to be the target for investors, speculators, and home buyers looking for good deals. There are currently 49 foreclosures listed on the South Lake Tahoe MLS and 26 of them are currently in escrow. Out of the 56 homes sold so far this year on the South Lake Tahoe MLS, 22 were bank owned foreclosures. With the recent steady incoming inventory of foreclosures, buyers have been ignoring most of the non-distress sale listings.
DIstress sales (foreclosures and short sales) currently account for 74 of the 104 single family homes that are currently in escrow. There may be some relief in sight for the non-distress sellers. According to the Mortgage Bankers Association the end of the foreclosure crisis may be near.
”The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” says Jay Brinkmann, MBA’s chief economist, in a published statement.
Brinkmann said that normally there is a large spike in short-term mortgage delinquencies at the end of the year because of high heating bills and holiday expenditures. This year, there was not only no spike, but the
30-day delinquency rate actually fell from 3.79 percent to 3.63 percent.
Thirty-day delinquencies have historically been a leading indicator of serious delinquencies and foreclosures, Brinkmann said.
“[This] gives us growing confidence that the size of the problem now is about as bad as it will get,” he said.
The decrease in the delinquency rate is not the only sign that the foreclosure crises in ending. According to an article in The Wall Street Journal by James R. Hagerty (02/23/2010), home buyers that are looking for a steal on a foreclosure is not as easy as it used to be.
”Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.
The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.
Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.
Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.”
Home buyers in South Lake Tahoe are also finding that it is more difficult to find a bargon on an under priced foreclosure. In most cases, the foreclosures that have been listed on the South Lake Tahoe MLS are attracting multiple offers. Many buyers are getting beaten out of deals 3 or more times before they are able to purchase a foreclosure. If the inventory of foreclosure listings follows the decrease in delinquencies, it will only get tougher to find a steal on a foreclosure.
Real Estate in South Lake Tahoe Inspired by Good News!
October 21, 2009
This fall has been a great season for real estate in South Lake Tahoe as well as the rest of California. The housing market has been jump started by first time home buyers taking advantage of the $8,000 tax credit, low prices, low interest rates, and great selection of homes to choose from. Investors, speculators, and second home buyers have also entered back into the market targeting distress sales such as bank owned 
Positive news about the housing market and the economy has also motivated buyers to purchase homes. According to the California Association of Realtors California Housing Market Forecast for 2010, California’s housing market continued its strong sales rebound this year resulting from the continued pace of distressed properties coming to the market. “After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” according to C.A.R. President James Liptak. “2010 will mark the beginning of the ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end market, coupled with moderate home-priced appreciation.”
According to the forecast the median home price in California will rise 3.3 percent to $280,000 in 2010 compared to a projected median of $271,000 this year.
The South Lake Tahoe real estate market continues to be very active. Currently there are 104 single family houses on the South Lake Tahoe mls that are in escrow. There are 17 bank owned foreclosures in escrow and 44 short sales that are in escrow bringing the total “distress sale” escrows to 63. In October 2008 there were only 35 total single family homes in escrow, 15 homes in 2007, 55 homes in 2006, 69 homes in 2005, and 122 homes in 2004. With 104 houses currently in escrow, the South Lake Tahoe real estate market is on the rebound!
South Lake Tahoe Real Estate Review for June
July 7, 2009
The South Lake Tahoe real estate market is continuing to attract buyers looking to purchase homes at values around 35% less than what they were in 2006! According to the South Lake Tahoe mls, there were 38 single family homes that sold in June with a median sales price was $310,000, 35% less than the median sales price
The attractive home prices, low interest rates, and the $8,000 first time buyers tax credit contributed to an increase in sales from 26 homes sold in May to 38 homes sold in June. The number of bank owned foreclosures in South Lake Tahoe that sold in June dropped 2 units from 11 sales in May, to 9 sales in June. June also saw 5 short sale closings, no single family home short sales were reported in May on the South Lake Tahoe mls.
Statistics for the single family homes in South Lake Tahoe sold in June
- There were 38 houses in South Lake Tahoe that sold in June
- 9 of the houses sold were bank owned foreclosures
- 5 of the houses sold were short sales
- The average sales price was $352,555 (down 2% from $360,169 in May)
- The median sales price was $310,000 (down 2% from $315,000 in May)
- The average price per square foot was $229 (up 3% from $222 in May)
- The average days on the market was 184
The bank owned foreclosures that sold in June were a major contributor to the decline in the median and average sales prices. The average sales price for the 9 foreclosures that sold in June was $288,456, compared to an average sales price of $416,350 for the non-foreclosures. The median sales price for the foreclosures sold was $289,000, compared to $376,000 for non-foreclosures. Average price per square foot was only $176 for the foreclosures, and was $253 for the non foreclosures. Most of the foreclosure listings in South Lake Tahoe are in need of at least some kind of work which contributes to the lower sales prices.
With 31 short sales in South Lake Tahoe that are currently in escrow, it was great to see that 5 short sales closed escrow in June considering that there were no short sales that closed escrow in May. The short sale listings that closed escrow in June had an average sales price of $283,200, a median sales price of $290,000, and an average sales price per square foot of $212.
South Lake Tahoe home buyers also put 44 single family houses in escrow during the month of June. The number of June escrows is down from 56 in May, but up from 43 in April. The number of distress sales that went into escrow in June decreased with only 3 foreclosures and 8 short sales that went into escrow.
Statistics for the Single Family Homes in South Lake Tahoe went into Escrow in June
- There were 44 single family houses in South Lake Tahoe that went into escrow in June
- The average list price for the new escrows was $451,525
- The median list price was $304,500
- The average price per square foot was $277
- 8 of the homes are short sales
- 3 of the homes are bank owned foreclosures
Activity on lots in South Lake Tahoe picked up slightly in June with 5 lots sold, and 3 lots that went into escrow. 625 Tahoe Island Drive was a bank owned lot that had a list price of $74,900, received multiple offers and sold well above asking price at $125,000. There were also two lots in the Tahoe Keys on Venice Drive that sold with allocations.
Condos in South Lake Tahoe also improved with 8 new escrows and 3 sales. Two of the condos that went into escrow and one of the condos that sold were in the Tahoe Keys.
To find out more on how to take advantage of the low interest rates, the $8,000 first time home-buyer tax credit, and the low South Lake Tahoe real estate prices, call Brent and Jill Johnson at (530) 416-2625 today!
