Lots in South Lake Tahoe
January 25, 2009
Here is the definition of a vacant lot from wikipedia:
In real estate, a lot is a tract or parcel of land owned or meant to be owned by some owner(s). A lot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in other countries. Possible owner(s) of a lot can be one or more person(s) or another legal entity, such as a company/corporation, organization, government, or trust. A common form of ownership of a lot is called fee simple in some countries.
Sometimes, some may refer to a lot as a rather small area of land that is empty except for pavement or similar improvement. An example would be a parking lot. This article covers lots as parcels of land meant to be owned as units by an owner(s).
A lot has defined boundaries (or borders) which are documented somewhere, but the boundaries need not be shown on the land itself. Most lots are small enough to be mapped as if they are flat, in spite of the curvature of the earth. A characteristic of the size of a lot is its area. The area is typically determined as if the land is flat and level, although the terrain of the lot may not be flat, i. e, the lot may be hilly. The contour surface area of the land is changeable and may be too complicated for determining a lot’s area.
Something which is meant to improve the value or usefulness of a lot can be called an appurtenance to the lot. Structures such as buildings, driveways, sidewalks, patios or other pavement, wells, septic systems, signs, and similar improvements which are considered permanently attached to the land in the lot are considered as real property, usually part of the lot but often parts of a building, such as condominiums, are owned separately. Such structures owned by the lot owner(s), as well as easements which help the lot owners or users, can be considered appurtenances to the lot. A lot without such structures can be called a vacant lot, an empty lot, or an unimproved or undeveloped lot.
Lots can come in various sizes and shapes. To be considered a single lot, the land described as the “lot” must be contiguous. Two separate parcels are considered two lots not one. Often a lot is sized for a single house or other building. Many lots are rectangular in shape, although other shapes are possible as long as the boundaries are well-defined. Methods of determining or documenting the boundaries of lots include metes and bounds, quadrant method, and use of a plat diagram. Use of the metes and bounds method may be compared to drawing a polygon. Metes are points which are like the vertices (corners) of a polygon. Bounds are line segments between two adjacent metes. Bounds are usually straight lines, but can be curved as long as they are clearly defined.
Many times, developers divide a large tract of land into lots to make a subdivision out of it. Certain areas of the land are dedicated (given to local government for permanent upkeep) as streets and sometimes alleys for transportation and access to lots. Areas between the streets are divided up into lots to be sold to future owners. The layout of the lots is mapped on a plat diagram, which is recorded with the government, typically the county recorder’s office. The blocks between streets and the individual lots in each block are given an identifier, usually a number or letter.
Land originally granted by the government was commonly done by documents called patents. Lots of land can be sold/bought by the owners or conveyed in other ways. Such conveyances are made by documents called deeds which should be recorded by the government, typically the county recorder’s office. Deeds specify the lot by including a description such as one determined by the “metes and bounds” or quadrant methods, or referring to a lot number and block number in a recorded plat diagram. Deeds often mention that appurtenances to the lot are included in order to convey any structures and other improvements also.
When the boundaries of a lot are not indicated on the lot, a survey of the lot can be made to determine where the boundaries are according to the lot descriptions or plat diagrams. Formal surveys are done by qualified surveyors, who can make a diagram or map of the lot showing boundaries, dimensions, locations of any structures such as buildings, etc. Such surveys are also used to determine if there are any encroachments to the lot. Surveyors can sometimes place posts at the metes of a lot.
The part of the boundary of the lot next to a street or road is the frontage. Developers try to provide at least one side of frontage for every lot, so owners can have transportation access to their lots. As the name implies, street frontage determines which side of the lot is the front, with the opposite side being the back. Sometimes minor, usually unnamed driveways called alleys, usually publicly owned, also provide access to the back of a lot. When alleys are present, garages are often located in back of a lot with access from the alley. Also when there are alleys, garbage collection may take place from the alley. Lots at the corners of a block have two sides of frontage and are called corner lots. Corner lots may have the advantage that a garage can be built with street access from the side, but have the disadvantage that there is more parkway lawn to mow and more sidewalk to shovel snow from.
In front of many lots in urban areas, there are sidewalks, usually publicly owned. Beyond the sidewalk, there may sometimes be a strip of land called a parkway, and then the drivable part of the street.
Local governments often pass zoning laws which control what buildings can be built on a lot and what they can be used for. For example, certain areas are zoned for residential buildings such as houses. Other areas can be commercially, agriculturally, or industrially zoned. Sometimes zoning laws establish other restrictions such as a minimum lot area and/or frontage length for building a house or other building, maximum building size, or minimum setbacks from a lot boundary for building a structure. This is in addition to building codes which must be met. Also minimum lot sizes and separations must be met when wells and septic systems are used. In urban areas, sewers and water lines often provide service to households. There may also be restrictions based on covenants established by private parties such as the developer. There may be easements for utilities to run water, sewage, electric power, or telephone lines through a lot.
Like most other types of real estate, lots owned by private parties are subject to a periodic real estate tax payable by the owners to local governments such as a county or municipality. Real estate taxes are assessed based on the value of the real property. Sometimes there are also taxes when a lot is sold based on the sale price. Other fees by government are possible for improvements such as curbs and sidewalks or an impact fee for building a house on a vacant lot.
South Lake Tahoe Real Estate Review for 2008
January 10, 2009
In December 2008 there were 26 single family homes reported sold on the South Lake Tahoe MLS. This was a 16% decrease in sales compared to the 31 solds in November. Out of the 25 sold homes, 6 were foreclosures and 3 were short sales.
The December sold statistics are as follows
- 26 sold single family homes
- Average sales price $523,490
- Median sales price $412,450
- Average days on market 204
- Lowest priced sale $220,000
- Highest priced sale $1,890,000
- Total Volume $13,610,750
Click on the following link to view the statistical charts.
In December there were only 18 houses that went into escrow. Out of the 18 homes, 8 were foreclosures, and 4 were short sales.
South Lake Tahoe Lot Sales Statistics for 2008
November 29, 2008
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South Lake Tahoe MLS
July South Lake Tahoe Real Estate Review
August 4, 2008
July was a smokey month in Lake Tahoe due to the wildfires that were burning throughout California. South Lake Tahoe Real Estate was not exactly “smoking”, but the activity showed improvements over previous months.
According to the South Lake Tahoe MLS, there were 39 single family homes that closed escrow in July, up from 29 in June.
Out of the 39 closed escrows, seven houses were bank owned foreclosures, and one house was a short sale.
The average sales price was $479,392 and the median sales price was $395,000.
The lowest priced home was a foreclosure at 2133 Helen Ave.,which was a fixer-upper which sold for $175,000. The highest priced sold home was 1890 Meadow Vale Dr. which was a newer home that sold for $1,150,000.
There were 33 new single family escrows reported on the MLS that were opened in July. Out of the 33 new escrows, five are foreclosures and six are short sales.
The average home price for the new escrows is $549,309, and the median home price is $452,000.
The least expensive home is 3404 Freel Street for $174,900, and the most expensive new escrow in July is 550 Lucerne Way in the Tahoe Keys.
Condos in South Lake Tahoe did not show much improvement in July. There were three condos were sold, and four condos that went into escrow. 1390 Ski Run unit #6 was the only condo that was reported as a short sale.
Activity on lots in South Lake Tahoe was as slow as condos with only three sold and one new escrow. Lots with allocations in the county have lost the value of their allocations. Allocations used to increase the value of the lot up to $90,0000. Now the wait for a El Dorado County Building Allocation can be less than one year!
Buyers for Real Estate in South Lake Tahoe are continuing to target foreclosures, short sales, and under priced homes. This just magnifies the importance of sellers pricing their homes correctly to get them sold in this buyers market.
May South Lake Tahoe Real Estate Review
June 5, 2008
Real Estate in South Lake Tahoe traditionally picks up speed when the weather warms up, and May was no exception. According to the South Lake Tahoe MLS, there were 31 single family home sales in May, up from 20 in April.
Foreclosure sales were down again from 11 in March to 4 in April, and only 2 in May. After talking with a couple of foreclosure listing agents in my office, they both agree that the foreclosure inventory will continue to decrease through the summer. The decrease in foreclosure listings should help the existing inventory get more attention from home buyers.
There were 37 single family houses that went into escrow on the South Lake Tahoe MLS in May. The highest priced house is 9120 South Lane for $9,950,000 in Meeks Bay. There were a couple of houses that were priced very attractively, 3504 Rocky Point(foreclosure) and 649 Seneca (my listing), that I am not surprised went into escrow quickly.
Lots in South Lake Tahoe have remained about the same as last month. There were 4 lots that sold, and 3 that went into escrow in May. There were two lots with allocations that sold for under $100,000!
Condos in South Lake Tahoe saw the most activity in May that they have seen all year. There were 7 closed condo sales, and 6 more that went into escrow.
Over all the South Lake Tahoe Real Estate market is still not what it was in the last few years, but is continuing to show improvements. Could this be the bottom? Only time will tell…
