December South Tahoe Real Estate Statistics
January 11, 2012
The South Lake Tahoe real estate market ended 2011 with a bang! There were 63 single family properties sold on the South Lake Tahoe MLS and the median sales price, average sales price, and price per square foot were up from what they were in November. Out of the 63 single family properties that were sold, 62 were free standing homes and only one was a condo. The condo that was sold was an end unit bank owned foreclosure by Heavenly Valley Ski resort which I had the buyer for. There were 34 distress sales last month which accounted for 54% of the December sales. There were 20 bank owned foreclosures that were sold and 14 short sales that were sold.
December South Tahoe Real Estate Statistics
- There were 63 single family homes and condos that were sold in December, up from 43 in November.
- The average price per square foot for the homes sold was $189, up from $163 in November.
- The average sales price of the single family homes that were sold was $379,393, up from $258,806 in November.
- The median sales price of the sold homes was $231,000, up from $228,800 in November.
- There were 20 bank owned foreclosures in South Lake Tahoe that were sold, up from 16 in November.
- There were 14 short sales in South Lake Tahoe that were sold, up from 10 in November.
South Lake Tahoe Foreclosure Statistics
- There were 20 bank owned foreclosures sold in December.
- The average price per square foot of the foreclosures that were sold was $163, up from $152 in November.
- The average sales price of the foreclosures was $235,370, down from $274,594 in November.
- The median sales price of the foreclosures was $169,000, down from $189,000 in November.
- The average days on the market for the foreclosures was 101 days.
South Lake Tahoe Short Sale Statistics
- There were 14 short sales in South Lake Tahoe that were sold in December on the South Lake Tahoe MLS.
- The average price per square foot for the short sales was $181, up from $146 in November.
- The average sales price was $316,311, up from $222,787 in November.
- The median sales price of the short sales was $225,500, up from $204,936 in November.
- The average days on the market was 224 days and the median days on the market was 204 days.
Currently there are 382 single family condos and houses listed for sale in South Lake Tahoe on the MLS. Out of the 382 listings, 105 are in escrow and 277 are still active. There are 63 Bank owned foreclosures on the MLS and 26 of the foreclosures are in escrow. Short sales account for 79 of the current listings and 50 of the short sales are currently in escrow.
November South Tahoe Real Estate Stats
December 7, 2011
In November there were 43 single family properties in South Lake Tahoe that were sold on the South Tahoe MLS. Out of the 43 sales, 40 were single family homes and 3 were condos. Although the number of home sales was down from October which had 61 sales, it was up from last November which had 42 sales. There were 26 distress sales which accounted for 63% of the properties that were sold in November. There were 16 bank owned foreclosure sales and 10 short sales that were sold.
November South Lake Tahoe Real Estate Statistics
- There were 43 single family homes and condos in South Lake Tahoe that were sold in November.
- The average price per square foot of all of the homes sold was $163, down from $188 in October.
- The average sales price was 258,806, down from $293,666 in October.
- The median sales price was $228,800, down from $229,000 in October.
- There were 16 bank owned foreclosure sales, up from 14 in October.
- There were 10 short sales that were sold, up from 6 in October.
- The average days on the market was 158 and the median days on the market was 126.
November Statistics for Foreclosures in South Lake Tahoe
- There were 16 bank owned foreclosures sold on the South Lake Tahoe MLS.
- The average price per square foot was $152, down from $162 in October.
- The median sales price was $189,000, up from $179,750 in October.
- The average sales price was $274,594, up from $243,457 in October.
- The average days on the market for the foreclosures was 106 and the median days on the market was 114.
November Statistics for Short Sales in South Lake Tahoe
- There were 10 short sales that were sold on the South Tahoe MLS.
- The average price per square foot for the short sales was $146, down from $154 in October.
- The average sales price was $222,787, down from $276,833 in October.
- The median sales price was $204,936, down from $272,500.
- The average days on the market was 268 and the median days on the market was 234.
The resale homes that were sold last month (non-distress sales) sold with an average price per square foot of $182 which was higher than both the bank owne foreclosures and the short sales. There are currently 298 active single family homes and condos that are available on the mls and there are 117 that are in escrow. December should be another good winter month for closings with 117 properties still in escrow. Now all we need is
South Tahoe Real Estate Statistics
May 18, 2011
The following statistics are for residential (both single family and condo/town homes) located in the City and County areas of South Lake Tahoe. Currently there are 440 total listings on the South Lake Tahoe MLS
. 348 of the listings are active and 92 of the listings are in escrow. Short sales in South Lake Tahoe account for 81 of the current MLS listings. Out of the 81 short sales, 42 of the short sales are active and 39 of the short sales are currently in escrow. 49 of the current MLS listings are Bank Owned Foreclosures. Out of the 49 foreclosures, 31 are active and 18 are in escrow.
Distress sales account for 21% of the active inventory of residential listings (42 short sales and 31 foreclosures).
Distress sales account for 62% of the residential inventory that is in escrow (39 short sales and 18 foreclosures).
The 92 homes and condos that are in escrow represent 20.9% of our inventory. Chase International is representing 33 of the 92 current escrows.
Breakdown by price range of the 92 escrows:
- Under $200,000 26
- $210 t0 $300,000 28
- $301 to $400,000 17
- $401 to $500,000 8
- $501 to $500,000 5
- $601 to $700,000 3
- $701 to $800,000 2
- $801 to $999,000 2
- Over 1 Million 2
So far this year there have been 182 single family homes and condo/town houses that have been sold on the South Lake Tahoe MLS. Bank owned foreclosures have accounted for 58 (31.9%) of those closings. Short sales have accounted for 30 (16.5%) of the closings so far this year.
The South Tahoe Real Estate market continues to be very active in the lower price ranges, especially under $300,000. Short sales and Foreclosures in South Tahoe also continue to attract the attention of buyers and investors looking to take advantage of the low prices and interest rates that are currently available.
Lake Tahoe Nevada or Lake Tahoe California?
December 22, 2010
Lake Tahoe is a very unique Lake which is located on the state line that divides California and Nevada. There are advantages and disadvantages to owning real estate on either side of the state line. Linda Granger of Chase International wrote a great article explaining these differences.
California or Nevada?
As a real estate professional I am frequently asked, “Is it true that if I am going to buy a second home at Lake Tahoe, I should buy in Nevada as opposed to California? Is it really less expensive?” Of course, this question makes sense as my market area, Lake Tahoe, is both in Nevada and California. Whenever I have attempted my intensive research consisting mainly of asking this question of other agents, or friends at the gym or over a glass of wine, I usually come up feeling as ‘gray’ about the answer as I did going into the research project. It appears that everyone has ‘heard’ this or that, but no one is really sure. It is for this reason that I have decided to actually research the subject through experts, including conversations with CPA’s and attorneys that practice on both the Nevada and California sides of the lake.
Now, if you speak with a real estate agent on the Nevada side of Lake Tahoe, I guarantee that they will be able to sell you on all the financial benefits of purchasing in their marketplace as well as the fantastic amenities and the fact that the Nevada side of the lake gets less snow and more sun…they may even drop a few names of big dogs that own homes in their world. But if you speak with a real estate agent on the California side of Lake Tahoe, they will probably be able to sell you on the fact that owners on the California side of the lake have access to charming old-Tahoe towns and neighborhoods on both the North and West shores, have easy access to some of the greatest ski resorts in the country, and oh…did i mention those California girls?
Regardless, you are in the right place. Yes, I am a California girl and for me, once a Californian, always a Californian. However, the great news is that I also have real estate partners on the Nevada side of Lake Tahoe, so hopefully the information below will not be slanted and will really help you decide between California and Nevada.
Let’s start with a quick summary, and then if you would like more details on each state, click on these links for more summarized information about California Tax Benefits & Nevada Tax Benefits.
- Property taxes in NV are county specific.
- Washoe County assesses property taxes every 5 years, but currently they are several years behind in that process
- There is no personal income tax in the state of Nevada. This can be a good thing, especially for retirees from CA who can bring their retirement incomes with them if they become residents. This is the main difference. It’s like getting a 10% raise for living across the state line. Residency is considered to be a minimum of 183 days a year. Some Californians/Nevadans fudge on this and maintain homes in both states but claim NV as their primary residence and vote/register vehicles/bank etc. in NV.
- Generally, if you buy a $1,000,000 house in CA, your tax bill will be about $1000/month, while in Douglas County the property tax on a $1,000,000 house is +/- $3500 per year. Assuming an 8% annual increase in Douglas County, it will take 9 years for the Douglas County tax to equal the CA tax, and property taxes are usually just one of several considerations in the equation. The most important thing, of course, is for the client to decide what the most important factors are in his personal equation .
- In California, property tax is reassessed upon transfer at approximately 1.25% of sales price.
- In Douglas County, NV, including the Carson Valley and Tahoe’s East Shore, taxes tend to be significantly lower than in Washoe County, NV, which includes Incline Village and Reno. In recent years the Washoe County rates have become very controversial as they’ve approached those of California.
- Douglas County property tax bills cannot be calculated from the “Total Assessed Value” posted on the Assessor’s website. Among the subjective considerations are view, age of the property and Special Taxes. Sewer is the biggest component of Special Taxes – that’s generally where a property is hooked up directly to county sewer rather than being part of a General Improvement District. Those Special Taxes are billed as part of the prop tax bill. GID members pay for water, sewer and snow removal separately at roughly $135/month. The newer the improvements the higher the property tax bill. View is also a subjective element – in the case of two seemingly identical homes, the one with the better view usually has higher taxes.
- Several years ago the Nevada legislature capped annual increases at 3% for primary residence. I called the Douglas County Treasurer and confirmed that the increase for second homes and rentals (non owner occupied properties) can be up to 8% in the county.
- As a resident, there is no state income tax if you earn your money in Nevada or if you have passive income, even if it comes from California. If you are a resident of Nevada and are employed in California you will be taxed by California.
- My experience has shown me that if it is a primary home as opposed to a second home or investment home, then the tax advantages can be more substantial. If it is a second home and you already live in California than the difference is minimized UNLESS you plan to retire in that home. If this is the case, then in an attempt to protect your assets Nevada may be a better option.
- Another point to consider is that the median price of homes in Nevada is greater than that in California if you compare Incline Village (2009 median price was $915,000) to Tahoe City ($530,000) and Truckee ($538,000). So…while it may be less expensive on an annual basis, there is a cost to that…price upon entering the market.
Businesses in California vs. Nevada
A San Diego Business Law Firm created this article comparing owning a business in California or Nevada.
A limited liability company, better known as “LLC”, is a flexible business entity. It gives you the asset protection characteristics of a corporation, but with less formality. From a tax perspective, the LLC is taxed most often as a partnership. This avoids the double taxation issues that arise with a traditional corporation.
After deciding to form an LLC, the next issue is picking the state in which to do the formation. For people living in California, there is a temptation to form the entity in Nevada. Why? Well, it usually comes down to tax issues. California taxes everything including a LLC. Nevada, on the other hand, provides a much better tax situation.
So, when we ask about the merits of a California versus Nevada LLC, the answer is Nevada is the best jurisdiction to pick, right? It might appear so at first glance, but there are problems with this approach. You will often read that you can form a business entity in any state you desire. This is true, but you probably should not.
Let’s assume I live in Tahoe City, CA and have a business idea. I decide to go ahead and form a Nevada LLC. Once created, I launch my business in Tahoe City, CA. I open an office in my home. I meet with clients in the office. I take calls in Tahoe City, CA. I receive orders in Tahoe City, CA. Basically, all the business activities are taking place in Tahoe City, CA.
This is a common scenario, but problematic. Since the day-to-day activities of my business are taking place in Tahoe City, CA, California state agencies are going to view me as a California business. This means I will have to register with the Secretary of State as a foreign LLC since my entity is based in Nevada. I will also have to pay California state taxes and other fees.
The end result of all of this is that I end up paying all the fees I would have by originally forming the LLC in California. On top of that, I will also be paying all the Nevada fees. Given this scenario, the benefits of using a Nevada LLC are lost and I actually end up in a worse situation.
Most books and websites discussing the creation of business entities are painfully inadequate. Make sure you understand the complete picture before choosing where to originate your LLC or any other business entity.
CBS News put on a great video about the differences between California & Nevada when it comes to running a business. Click here to view video.
South Tahoe Real Estate Review for November 2010
December 8, 2010
With 38 single family homes (excluding condos) sold on the South Lake Tahoe MLS in November, buyer activity continued to remain somewhat active for this time of year. Home prices seem like they are trying to stabilize as well. The average price per square foot has been bouncing around in the low $200′s over the last few months as follows:
- November 2010 price per square foot-$212
- October 2010 price per square foot-$201
- September 2010 price per square foot-$219
- August 2010 price per square foot- $207
Distress sales still seem to be dominating the real estate market in South Tahoe. Out of the 38 homes sold in November, 12 were bank owned foreclosures and 8 were short sales. 20 of the 38 homes sold (53%) were distress sales. The average price per square foot for the bank owned foreclosures was $174 and the average price per square foot for the short sales was $210. The foreclosures had an average sales price of $312,000 and a median sales price of $227,500. The short sales had an average sales price of $383,750 and a median sales price of $397,500.
South Lake Tahoe Home Sales Statistics
- There were 38 single family homes sold in November 2010, down from 42 in November 2009.
- There were 20 distress sales in November 2010, up from 15 in November 2009 and up from 15 in October 2010.
- The Median sales price was $291,250, down from $297,000 in October and down from $322,000 in November 2009.
- The average sales price was $362,934, up from $357,263 in October and down from $410,355 in November 2009.
- The average days on the market was 131 and the median days on the market was 91.
- The average price per square foot was $212, up from $201 in October and down from $227 in November 2009.
- The percentage of distress sales was 53%, up from 33% in October and up from 36% in November 2009.
The current inventory levels have also slightly improved to a more stable level. The total number of single family listings on the South Lake Tahoe MLS has stayed at 443, but the number of pending sales has gone up from 87 to 95. Currently there are 338 active homes on the market and 95 homes that are in escrow. 22% of the homes listed on the South Tahoe MLS are currently under contract. Of the 95 homes that are in escrow, 21 are bank owned foreclosure and 42 are short sales. 66% of the homes under contract are distress sales, this is down from 71% in October.
Another interesting point is that there have been a lot more multiple offer situations than there has been in a while. Last week I wrote four different offers for four different clients. Three of the four properties that I wrote offers on ended up having multiple offers in on them.
December is going to be a great month to plan a trip to Lake Tahoe to both look at properties and hit the slopes. There are some great deals currently on the market on both short sales and foreclosures. There are also new listings coming on the South Lake Tahoe MLS Daily. The record snow that fell in November has enabled most ski resorts to open from top to bottom for some great early skiing and boarding. Heavenly Ski Resort has over 4000 acres of skiing and boarding open now which is about 85% of the mountain. Make sure to give me a call on my cell phone at (530) 416-2625 to set up an appointment to look at some homes!
