Bank Owned Properties in South Lake Tahoe
February 7, 2010
In 2009 foreclosures accounted for 137 of the 440 single family homes sold in South Lake Tahoe. Considering that over 31% of the homes sold were foreclosures, there is no doubt that bank owned properties have changed the South Lake Tahoe Real Estate market.
Looking at the South Lake Tahoe Real Estate statistics for 2009, the foreclosures lowered the median sales price, average sales price, average price per square foot, and the days on the market of the homes sold in 2009.
The median sales price was down 22% in 2009 from what it was in 2008. The median sales price of the homes sold in 2009 was $318,000. The median sales price of the foreclosures sold in 2009 was $274,900. If we take the foreclosures out of the statistics, the median sales price goes up to $366,500.
The average sales price was lowered significantly by the foreclosures in South Lake Tahoe. The average sales price for all of the homes sold was $404,364. The average sales price for the foreclosures was $296,076. Taking the foreclosures out of the statistics brings the average sales price up to $453,826.
The average price per square foot for all of the homes sold in South Lake Tahoe in 2009 including the foreclosures was $230. The average price per square foot of the foreclosures that sold was only $190 per square foot. If you take the foreclosures out of the picture, the average sales price per square foot would have been $248.
The median days on the market for all of the homes sold in 2009 was 114 days. The median days on the market for the foreclosures was 70. The median days on the market goes up to 149 if the foreclosures are taken out of the equation.
Just taking the foreclosures out of the statistics changes the prices dramatically, but if you consider that regular sellers also needed to lower their sales prices to compete with the foreclosures, the effect becomes even greater.
Foreclosure sales occured in almost every area in South Lake Tahoe. Here is a list of how many single family home foreclosure sales there were in each area on the South Lake Tahoe MLS in 2009.
- Al Tahoe had 8 foreclosure sales
- Bijou 1 had 18 foreclosure sales
- Bijou 2 had 3 foreclosure sales
- Black Bart had 3 foreclosure sales
- Christmas Valley 1 had 2 foreclosure sales
- Christmas Valley 2 had 3 foreclosure sales
- Echo View Estates had 1 foreclosure sale
- Country Club Estates had 5 foreclosure sales
- Gardner Mountain had 4 foreclosure sales
- Hevenly Valley had 5 foreclosure sales
- Highland Woods had 5 foreclosure sales
- Meyers had 7 foreclosure sales
- Montgomery Estates had 11 foreclosure sales
- North Upper Truckee 1 had 5 foreclosure sales
- North Upper Truckee 2 had 3 foreclosure sales
- Poineer Trail area had 5 foreclosure sales
- Sierra Tract had 13 foreclosure sales
- Sky Meadows had 1 foreclosure sale
- Stateline had 2 foreclosure sales
- Tahoe Island Drive had 5 foreclosure sales
- Tahoe Island Park had 7 foreclosure sales
- Tahoe Keys had 5 foreclosure sales
- Tahoe Paradise had 10 foreclosure sales
- The Y Area had 6 foreclosure sales
Here is what the foreclosures in South Lake Tahoe sold for by price range.
- Under $100,000= 1 sold foreclosures
- $100,000 to $139,999= 3 sold foreclosures
- $140,000 to $159,999= 6 sold foreclosures
- $160,000 to $179,999= 6 sold foreclosures
- $180,000 to $199,999= 10 sold foreclosures
- $200,000 to $249,999= 27 sold foreclosures
- $250,000 to $299,999= 36 sold foreclosures
- $300,000 to $349,999= 20 sold foreclosures
- $350,000 to $399,999= 9 sold foreclosures
- $400,000 to $449,999= 5 sold foreclosures
- $450,000 to $499,999= 4 sold foreclosures
- $500,000 to $549,999= 1 sold foreclosure
- $550,000 to $599,999= 3 sold foreclosures
- $600,000 to $649,999= 2 sold foreclosures
- $700,000 to $749,999= 1 sold foreclosure
- $750,000 to $799,999= 2 sold foreclosures
- $800,000 to $849,999= 1 sold foreclosure
With the number of foreclosures for sale in South Lake Tahoe so far in 2010, the South Lake Tahoe real estate market should supply some great deals for home buyers in 2010. For more information on foreclosures in South Lake Tahoe, call South Lake Tahoe Real Estate Agent Brent Johnson today!
Bank Owned Properties and the Buyers Choice Act
October 15, 2009
The Buyers Choice Act (AB 956) is a new law that Governor Schwarzenegger has just signed into effect. The Buyers Choice Act prohibits a trustee or beneficiary who acquired property through foreclosure from requiring a buyer to purchase title and escrow services from a company of the sellers choice as a condition 
to receiving offers or selling the property. The law is an urgency measure and became effective immediately.
The new law applies to residential property improved by four or fewer dwelling units. The services covered by the law are title insurance and escrow services.
Penalties for the violation call for the seller to be liable to the buyer for 3 times all charges made for title insurance and escrow service. In addition, the seller who violates the law is also considered to have violated their licensing law.
The buyer can agree to accept the sellers recommendations of which title or escrow provider to use, only when a written notice of the buyers right to make an independent selection of those services is first given to the buyer and seller.
With all of the bank owned properties in South Lake Tahoe that I have sold, the seller has always requested to use their own title and escrow company. Most lenders that are selling their foreclosure properties have title and escrow companies that they deal with on a daily basis. Using these title and escrow companies repeatedly helps the banks to streamline the escrow process.
In order to get buyers to agree to using the sellers choice of title and escrow companies, sellers of bank owned properties may offer incentives such as paying for all of the CLTA policy. Some sellers may even offer to pay for the entire escrow in addition to the CLTA policy.
One thing to remember about the bank owned foreclosures in South Lake Tahoe is that many of them are receiving multiple offers. In multiple offer situations some buyers may be willing to use what ever title and escrow company the seller requests just to get an edge over another buyer!
The Buyers Choice Act is effective untill January 1, 2015 unless it is extended by the Legislature. For more information regarding foreclosures for sale in South Lake Tahoe, call Brent and Jill Johnson today!
Bank Owned Property in South Lake Tahoe on a 43,007 Square Foot Lot!
July 15, 2009
If you are looking for a project, this new foreclosure listing in South Lake Tahoe is a great opportunity. 1607 
Miztec is a 2556 square foot home at the end of a very quiet street on almost an acre. This county home has private setting surrounded by open land and tall pines. A remodel has been started on this home that was built in 1974 and all sheet rock has been removed. Here is your chance to purchase a one of a kind setting in South Lake Tahoe. This bank owned property is to be sold in as is condition. There is a ton of possibilities for this bank owned foreclosure listing!
1607 Miztec Offered at $295,000!
- 2556 square foot “Project” home
- 43,007 square foot lot
- 4 bedroom, 3 bath, 2 car garage
- Bank Owned Foreclosure Listing in South Lake Tahoe
- Endless possibilities!!!
Here is a complete list of all current foreclosures for sale in South Lake Tahoe. For more information regarding foreclosures in South Lake Tahoe or South Lake Tahoe real estate, please call Brent and Jill Johnson at (530) 416-2625 today!
Vacant lots in South Lake Tahoe
February 25, 2009
With only one vacant lot sold so far this year, and no lots currently in escrow, it is not looking good for the value of vacant properties in South Lake Tahoe. So far this year, the only lot that has sold on the South Lake Tahoe mls was 3708 Verdon Street. 3708 Verdon is a vacant lot with no allocation near Heavenly Valley Ski 
Resort that sold for $90,000.
The speculators, developers, and investors that were buying the lots in South Lake Tahoe and earning massive returns on their investments have just stopped buying land. The days of six figure returns on spec houses are over for now, so the inflated lot values have taken a huge hit. Buyers used to be able to purchase a vacant lot, get in line for an allocation with the city or county, and then sell the lot for almost double what they paid for it after the allocation had been received. Now lots with allocations are not selling for much more than the lots without allocations.
The price of homes in South Lake Tahoe has also affected the lot market. Buyers can now purchase a small house or a fixer upper for close to what lots were once selling for. Currently the average price of the foreclosures for sale in South Lake Tahoe is $332,344, well less than what it would cost to buy a lot and build a home.
Here are the statistics for the sales of lots from the South Lake Tahoe mls for the last 6 years
Sold 2008 lots with allocations
- 21 lots sold
- Median list price $175,000
- Median sales price $165,000
- Median days on market was 79
- Lots with allocations sold for an average of $15,000 more than lots without allocations.
Sold 2008 lots without allocations
- 15 lots sold
- Median list price $150,000
- Median sales price $150,000
- Median days on market was 147
Sold 2007 lots with allocations
- 24 lots sold
- Median list price $222,000
- Median sales price $205,000
- Median days on market was 96
- Lots with allocations sold for an average of $55,000 more than lots without allocations.
Sold 2007 lots without allocations
- 32 lots sold
- Median list price $172,500
- Median sales price $150,000
- Median days on market was 131
Sold 2006 lots with allocations
- 14 lots sold
- Median list price $319,500
- Median sales price $293,250
- Median days on market was 108 days
- Lots with allocations sold for an average of $93,750 more than lots without allocations
Sold 2006 lots without allocations
- 46 lots sold
- Median list price $215,000
- Median sales price $199,500
- Median days on market was 81 days
Sold 2005 lots with allocations
- 23 lots sold
- Median list price $274,900
- Median sales price $260,000
- Median days on market was 103 days
- Lots with allocations sold for an average of $110,000 more than lots without allocations
Sold 2005 lots without allocations
- 102 lots sold
- Median list price $154,250
- Median sales price $150,000
- Medain days on market was 92 days
Sold 2004 lots with allocations
- 23 lots sold
- Median list price $195,000
- Median sales price $175,000
- Median days on market was 99 days
- Lots with allocations sold for an average of $82,000 more than lots without allocations
Sold 2004 lots without allocations
- 145 lots sold
- Median list price $95,000
- Median sales price $93,000
- Median days on market was 93 days
Sold 2003 lots with allocations
- 17 lots sold
- Median list price $139,000
- Median sales price $125,000
- Median days on market was 92 days
- Lots with allocations sold for an average of $50,000 more than lots without allocations.
Sold 2003 lots with allocations
- 126 lots sold
- Median list price $79,000
- Median sales price $75,000
- Median days on market was 87 days
Looking at the statistics, it is easy to see how quickly lots in South Lake Tahoe appreciated in the last 6 years. It is also clear that the volume of lot sales has quickly decreased. I expect to see a major reduction in the median sales price of lots this year. There have already been some big price reductions on both lots with and without allocations.
Although I do expect lot prices to continue downward, I still think that it is a great time to by if you can find a motivated seller and pay less than market value. There are some great city and county lots for sale under $100,000, which we have not seen since 2003/2004. The time it takes to get an allocation is also much quicker now, especially in the county.
If you are planning to build a home there has never been a better time as long as you are planning to hold onto it. Lumber prices are down to their lowest prices in years, and there are a lot of contractors out there looking for work.
For more information about South Lake Tahoe properties, the South Lake Tahoe mls, or South Lake Tahoe real estate, please contact Brent and Jill Johnson. This South Lake Tahoe real estate blog post was written by Brent Johnson.
Viewing Homes for sale in South Lake Tahoe? Bring your snow boots!!
February 14, 2009
If you are planning on looking at homes for sale in South Lake Tahoe, make sure to bring your snow boots! Yesterday, my wife and partner Jill was out showing houses in a snow storm and came home with wet and very cold feet. We have finally been getting some well needed Sierra snow, but it does not make things easy
for house hunting!
After one of the driest January’s on record, sellers have forgotten how important it is to maintain access to their home through the snow. Many times buyers will pull up to a home that has not been plowed, and just drive away. That sure makes it hard to sell! There was one out of town agent who told Jill that she was just up her two weeks ago and shoveled a path to the front door. It has snowed a few feet since then, and there was a 4 foot berm from the snow plow!
Yesterday Jill had some very adventurous buyers willing to wade through the snow to get inside. It was a good thing, because they wouldn’t have been able to see many homes if not!
Foreclosures in South Lake Tahoe are the most likely homes NOT have a plowed driveway after a snow storm. It is usually up to the listing agent to schedule the snow removal, pay for it, and hopefully be reimbursed from the bank. Don’t expect to warm up once you are inside either, most foreclosures for sale in South Lake Tahoe are winterized and have no heat!
A lot of homes in South Lake Tahoe are second homes. It is easy for a homeowner who lives out of town to 
When planning a trip to look at houses for sale in South Lake Tahoe, make sure to bring a good pair of waterproof boots, a jacket, and gloves. You may also want to bring a note pad and a pen to take notes, a digital camera, and a tape measure to make sure that your furniture will fit!
Happy house hunting!!!
If you would like to set up an appointment to tromp around in the snow and look at houses for sale in South Lake Tahoe, or would like more information about foreclosures in South Lake Tahoe or real estate in South Lake Tahoe, contact Brent and Jill Johnson today!
South Lake Tahoe Real estate blog posted by Brent Johnson on a snowy Tahoe day!
