October South Lake Tahoe Real Estate Review

October was another great month for single family home sales in South Lake Tahoe. There were 46 homes sold in October which tied the month September for the most single family houses sold in 2009. Home buyers did a great job taking advantage of the low home prices and the great fall weather here in South Lake Tahoe. Many of the home buyers were first time home buyers taking advantage of the $8,000 first time home buyer tax credit before it expires. There has been talk about the possibility of the first time home buyer tax credit being extended. According to The National Association of Realtors, Key lawmakers in the Senate have tentatively agreed to extend the existing tax credit for first time home buyers. If the tax credit is extended, it should benefit the housing market across the country.

Here are the statistics for the single family houses in South Lake Tahoe that sold in October:

• There were 46 single family homes in South Lake Tahoe that were sold in October
• 16 of the sold homes were bank owned foreclosures
• There were 4 short sales in South Lake Tahoe sold
• The average sales price for the sold homes was $440,393 (up from $371,058 in September)
• The median sales price was $323,500 (up from $292,500 in September)
• The average selling price per square foot was $239 (up from $215,000 in September)
• The median days on the market was 123

There were only 4 short sales that closed escrow in October, this is down from 7 sold in September. The short sales that sold had a very long median days on the market of 227. The average price per square foot for the short sales was $231, and the median sales price was $564,500. It still seems like most banks are more willing to spend time and money on foreclosing on homes than they are willing to work with the sellers and real estate agents to get short sales closed!

There were 16 bank owned foreclosures that were sold in October. The average price per square foot for the sold foreclosures was $184, down from $196 in  September. The average price per square foot for the non-distress sales that sold in October was $274, $90 per square foot more than the foreclosures. South Lake Tahoe real estate buyers continued to target bank owned foreclosure listings and continued to pay close to or above list price for them. The foreclosures that sold in the first 30 days of being listed (3 homes) sold for 98% of list price. The foreclosures that sold from 31-60 days of being listed (2homes) sold for 130% of list price. The foreclosures that sold from 61-90 days of being listed (4 homes) sold for 94% of list price. The foreclosures that sold after over 91 days of being listed (7 homes) sold for 101% of the listing price.

• The average sales price for the foreclosures sold in October was $308,838
• The median sales price for the sold foreclosures was $282,500
• The median days on the market was 79
• The average sales price per square foot was $184

There is still a great selection of houses available in South Lake Tahoe. There are currently 346 houses for sale on the South Lake Tahoe mls and 95 houses that are in escrow. There has also been some decent foreclosures coming onto the market each week. Make sure to keep visiting my current list of foreclosures in South Lake Tahoe or sign up for my new listing notification to be notified of new listings that meet your criteria.

Real Estate in South Lake Tahoe Inspired by Good News!

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 foreclosures and short sales.

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!

Newer Homes in South Lake Tahoe Selling now Selling at $226 Per Square Foot!

Newer homes in South Lake Tahoe are now selling for an average of $226 per square foot. That is just about the price that contractors were charging to build custom homes back in 2005 and 2006, not including the cost of land, permits, and plans!

The recent sale of two of my newer home listings prompted me to look further into newer home prices compared to previous years.

I just sold a custom home built in 2006 for $565,000. 840 Boulder Mountain was a 2671 square foot 4 bedroom, 2.5 bath, 2 car garage home that sold for $211.53 a square foot. Located in the Angora Fire area of North Upper Truckee, this home has great views, but was a tough sale due to the fire damage to the surrounding landscape.

 

 

1140 Sioux is a listing that I was just able to get into escrow. Sioux is one of the nicest quality newer houses for sale in South Lake Tahoe. With 4 bedrooms, 3 full bath rooms, and a 2 car garage, this 2828 square foot home is gorgeous. There is a National Forest lot on each side and across the street, giving this home a very private setting. The only thing holding this home back was that it was located in the Meyers area where there is not a lot of newer homes. With a list price of $579,000, this house had a list price per square foot of only $205!

 

So far this year there have been 14 houses sold in South Lake Tahoe that that are less than 4 years old. According to the South Lake Tahoe mls, the average price per square foot for the sold newer homes was $226. The Median sales price was $575,000 and the median square footage was 2,646. It seems like when a new or newer large house was reduced to under $600,000, it would sell quickly.

When you look at the newer houses that sold in 2006, the numbers are quite different. In 2006 the average price per square foot for the sold newer homes was $328! The median sales price was $800,000 and the median square footage of the sold homes was 2,584. The average price per square foot has declined over 31% and the median sales price has declined 28% on newer homes since 2006.

As of today, there are 68 newer homes for sale in South Lake Tahoe that are less than 4 years old. The average list price per square foot is $299, and the median list price is $793,500. It is the newer homes that are priced less than the competition, or have had major price reductions are the homes that are now selling. Location has also been very important. Newer homes in more reputable areas, with views, or near open land are also selling much more quickly than the average locations.

Once the current inventory of newer houses for sale in South Lake Tahoe decreases, we may see a need for spec home builders to get back into the market. Right now, with the large selection of newer homes on the market, it is till too tough for builders to compete with the current prices.

Foreclosures have not really affected the new home market as much as they have other areas of the market. There has only been two newer bank owned foreclosures in South Lake Tahoe that have been for sale on the mls. 1818 Jack Bell Ct. was a 4 bedroom, 2622 square foot foreclosure that was built in 2006 which sold for $500,000. 581 Gardner is a 4 bedroom, 4028 square foot bank owned foreclosure that is currently in escrow. The asking price for 581 Gardner was $629,900.

For a list of the new houses for sale in South Lake Tahoe, please call Brent and Jill Johnson today!

Bank Owned Properties in South Lake Tahoe

Another bank owned foreclosure has been listed on the South Lake Tahoe mls. 1181 Nottaway has just been listed for $207,000. This house is 936 square feet and has a listing price per square foot of $221.15. The average listing price per square foot for the foreclosures in South Lake Tahoe that are currently on the market is $194 per square foot. This new foreclosure listing brings the total amount of foreclosures on the South Lake Tahoe mls to 25 and 21 of them are in escrow.

 

Great opportunity to earn some sweat equity with this bank owned foreclosure listing in the Tahoe Paradise area of South Lake Tahoe. Located on a flat and sunny 6534 square foot lot in a quiet neighborhood, this would make a great first home or a vacation home. This house is 936 square feet and has 2 bedrooms, 1 bath, and a 1 car garage.

There are other houses for sale in South Lake Tahoe other than foreclosures that are also good deals. If you would like a list of homes for sale in South Lake Tahoe that I think are priced well in a certain price range, please call Brent Johnson today!

Looking at South Lake Tahoe Real Estate this Memorial Day?

If you are looking at South Lake Tahoe real estate, this Memorial Day is going to be a great time to do so! According Weather.com it is going to be a gorgeous weekend and the temperatures will be from 71 to 72 degrees and mostly sunny.

If you are planning to look at properties in South Lake Tahoe this weekend, make sure to set some time aside to enjoy all of the outdoor activities that Tahoe is famous for. Here is a list of activities that I would recommend for this Memorial Day Weekend:

1. Book a fishing charter with Tahoe Topliners. Mike Neilson of Tahoe Topliners is sporting a brand new boat this year, and knows how to find the huge Macanaw and Trout in Lake Tahoe!
2. Have a picnic at the Beach. The beaches in South Lake Tahoe open up on Memorial Day Weekend and are a great place to relax after a morning of house hunting. Baldwin Beach off of highway 89 is one of my favorite!
3. Play a round of golf at the Lake Tahoe Golf Course. The views of Mt. Tallac from this course are amazing, and if you have never played golf at this elevation, you will be amazed how much further your drives go!
4. Take a kayak tour. Kayak Tahoe offers guided tours and kayak rentals for those looking to enjoy the  lake and get some exercise at the same time.
5. Take a cruise on the Ms. Dixie or the Tahoe Queen to Emerald Bay.
6. Head to the Beacon Bar and Grill for lunch and a Rum Runner. The setting on the beach at Camp Richardson Resort is a great place enjoy a famous Rum Runner (watch out for brain freeze!) Camp Richardson also offers bike rentals, water ski lessons, kayak rentals, boat rentals, and camping.
7. Go camping! I love camping, and the best place to camp on the South Shore is the Fallen Leaf Lake Campground. The Fallen Leaf Campground is quietly located outside of town off of hwy 89. There are sites that will fit a motorhome up to 40 feet (dry camping only).
8. Take a hike! Although some of the higher elevation trails still have some snow, many of the trails around the lake are ready to be explored!
9. Look at houses for sale in South Lake Tahoe. With interest rates and property values as low as they are, now is a great time to buy Real Estate in South Lake Tahoe. It is also great to look at properties this time of year with no snow on the ground!
10. Do just about what ever it is that you love to do. South Lake Tahoe has just about everything for everyone!
11. Remember our fallen heroes. Lets remember that Memorial Day is a day to honor the Americans who lost their lives in wars while protecting our Country and our freedom!

If you would like to schedule an appointment to look at properties for sale in South Lake Tahoe this Memorial Day weekend, give Brent and Jill Johnson a call. If you have any questions regarding activities in South Lake Tahoe please let me know.

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