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!
Cute Cabin For Sale in South Lake Tahoe, 3323 Deer Park
July 6, 2009
Sold!!!
Brent and Jill have just listed a very cute cabin for sale in South Lake Tahoe for $225,000!
3323 Deer Park is an adorable Bijou Pines cabin within walking distance to Lake Tahoe! This cute cabin has been upgraded and has a newer 50 year comp roof, vinyl double pane windows, and cedar siding. The park like landscaping is a great place to enjoy the great Tahoe summer weather! Located near the lake, casinos, and Heavenly, this cabin would make a great starter home or an affordable vacation getaway. Owner has verified 600+ of additional coverage by TRPA for a future addition. This cabin is a must see!
Click Here to see the Virtual Tour!
- Double Pane Windows
- Cedar Siding
- Newer 50 Year Comp Roof
- 600+ square feet of additional coverage for future development
- Great Location Near the Lake and Casinos!
To schedule an appointment to view this great cabin listing in South Lake Tahoe, please call Brent and Jill Johnson at (530) 416-2625. For more information about other listings on the South Lake Tahoe mls, South Lake Tahoe Real Estate, or cabins for sale in South Lake Tahoe, contact us today!
New South Lake Tahoe MLS Listing 680 Seneca
July 6, 2009
Brent and Jill Johnson have just listed a very cozy chalet style house for sale on the South Lake Tahoe mls located at 680 Seneca Drive.
Come and see this warm and cozy Tahoe chalet with Forest Service lots both in front and behind. Located on a large 11,000 square foot fenced lot, this home would make a wonderful vacation getaway or a primary residence. Some of this special homes features include two fireplaces, formal dining room, laundry room, and a library/ study. The walk through room to the Master could be used as a third bedroom.
Click Here for the Virtual Tour!
- 3 Bedrooms, 2 Baths, and a 1 Car Garage
- 1766 Square Foot Lot
- Quiet County Neighborhood Just Minutes From Town
- National Forest Service Lots in Front and Behind
- 10,646 Square Foot Lot
- Much More!
For more information regarding Brent and Jills new listing at 680 Seneca, please call us at (530) 416-2625. If you have any questions regarding any listings on the South Lake Tahoe mls contact us today!