South Tahoe Real Estate for July 2011

As of July 31st there were 497 single family homes and condos listed on the South Tahoe MLS. Out of the 497 property listings, 85 were in escrow and 412 were active.  Short sales accounted for 81 of the listings and foreclosures accounted for 63 of the listings. Although the Median sales price seemed to have leveled off from October through March, it began to slip again this summer. The Median sales price of the homes sold has gone down 10.9% from what it was in July 2010.

Distress sales accounted for 55% of the properties that were sold in July. There were 15 foreclosures that were sold and 8 short sales that were sold. The foreclosures had an average sales price per square foot of $150, the short sales had an average price per square foot of $199 and the non-distress sales had an average price per square foot of  $199. All of the properties together had an average sales price per square foot of $182.

July 2011 South Lake Tahoe Real Estate Statistics

• The median sales price of the properties in South Lake Tahoe that were sold in July 2011 was $291,000, down from $298,250 in June.
• The average sales price of the properties that were sold in South Lake Tahoe was $301,743, down from $394,809 in June.
• The average price per square foot was $182, down from $191 in June.
• The average days on the market was 133 and the median days on the market was only 77.
• There were 15 foreclosures in South Lake Tahoe that were sold in July, there were 16 foreclosures that were sold in June.
• There were 8 short sales in South Lake Tahoe that were sold in July, there were 11 short sales that were sold in June.

 

There was more activity on Lots in South Lake Tahoe last month than there has been in a long time. There were 5 lots reported as sold on the South Lake Tahoe MLS, but there were 6 that were actually sold. The prices ranged from $25,000 all the way up to $200,000.  Currently there are 162 lots listed on the MLS and only 9 of them are in escrow.

Tahoe Keys Condos accounted for 3 of the 5 condos that were sold in July. The least expensive Keys condo was a 3 bedroom, 2 bath condo with a boat dock that sold for $250,000. There are currently 63 condo listings on the South Tahoe MLS. There are 6 condos that are in escrow and 57 that are active.

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.

South Lake Tahoe MLS Listings from $400,000 to $500,000

The South Lake Tahoe real estate market is very active in the lower price ranges, and is now picking up above $500,000. The $400,000 to $500,000 range is still one of the areas that is still seeing a limited amount of buyer activity.

Currently there are 463 single family home listings on the South Lake Tahoe mls. Out of the 463 listings, 72 are in escrow which is about 16%. There are 61 homes listed between $400,000 and $500,000. and 6 of them are in escrow which is only about 10%.

For the homes listed between $400,000 and $500,000, the average listing price per square foot is $275. So far this year there have been 16 houses that have sold in this price range on the South Lake Tahoe mls. The average price per square foot for the sold homes was $238. The median selling price was $427,000 and the average selling price was $436,250. There were only 4 foreclosures in South Lake Tahoe that have sold in the $400,000 to $500,000 price range. With only 4 of the 37 South Lake Tahoe foreclosures that have sold so far this year being in the $400,000 to $500,000 price range, this range has a low percentage of the foreclosure market.

I have chosen 4 homes on the South Lake Tahoe mls between $400,000 and $500,000 that I think have a good value.

1802 Amador is a short sale listing in Montgomery Estates offered at $429,000 which comes to $175.25 per square foot. This home was previously sold for $670,000 on 6/23/05. Montgomery Estates is one of my favorite areas because it is close to Heavenly Valley Ski Resort and not far from Stateline and the Casinos. There are a lot of larger and newer homes in this area. 1802 Amador is a 2448 square foot 3 bedroom, 2.5 bathroom, 2 car garage home with upgrades and is in good condition.

3503 April is not a short sale or a bank owned foreclosure, but has an outstanding location near Heavenly Valley. This home also backs to U.S. Forest Service Land. This 2146 square foot 5 bedroom, 2.5 bath, 2 car garage would make a great vacation home or a vacation rental. Offered at $495,000, this home is has a list price per square foot of $230.66

1542 Ormsby is a bank owned foreclosure listing with a great meadow view location. This bank owned listing is a 4 bedroom, 2 bath, 1 car garage, 2323 square foot home priced at $419,000. At only $180.37 per square foot, this meadow and mountain view home has great potential to be upgraded.

709 Gardner  is a newer (1999 construction) 3 bedroom, 2.5 bath, 2 car garage home that has been rarely been used and is in great condition. This newer home is priced at $429,000 and is $210.09 per square foot.

For buyers in the $400,000 to $500,000 price range, there is a great selection of listings on the South Lake Tahoe mls. With not a lot of competition in this price range, buyers will have a chance to negotiate a good price on a home that works for them. Make sure to keep checking on my current list of foreclosures in South Lake Tahoeto see any new foreclosure listings on the South lake Tahoe mls.

If you would like to find out more about the South Lake Tahoe real estate market, foreclosures in South Lake Tahoe, the South Lake Tahoe mls, or would like to set up an appointment to view properties in South Lake Tahoe, contact Brent and Jill Johnson today!

South Lake Tahoe Real Estate Buyer Testimonial

Working as a South Lake Tahoe real estate agent has enabled me to meet and work with some incredible people. I had the pleasure of helping Dan and Angie Guerra purchase a second home in South Lake Tahoe.

Dan and Angie contacted me from my website last summer about a listing in the Tahoe Island drive area. After almost a year of communication by e-mail and phone calls about market conditions, new listings, and price reductions we were able to meet and look at properties in South Lake Tahoe. After a couple of outings with the Guerras, I had a very good idea of what they wanted in a second home.

The Guerras showed great patients through out the search for their home, following price trends and interest rates. When we found the property located at 810 Michael street the timing could not have been better, Interest rates are at historic lows and home prices great.

We were able to negotiate a good price on the house, and the escrow period was smooth. Only minor repairs were found in the termite and home inspections, and we were able to work with the sellers to have repairs completed.

With buyer activity picking up nation wide the Guerras chose a great time to buy. Just in the last 8 days there were 22 properties in South Lake Tahoe that went into escrow, home buyers are now buying!

Here is a brief testimonial provided by Dan and Angie:

Dear Chase International,

 

We just closed escrow for the purchase of our vacation home in South Lake Tahoe. We would like to recognize Brent and Jill Johnson for their role in helping us to make this dream come true. Brent and Jill, as a team, were available to help us throughout our entire process, and were especially accommodating considering we are from out of town.

 

In the search for our home Brent focused in the specific areas in which we were interested.  Brent is knowledgeable about neighborhoods, available properties, and as a building contractor, building construction. He researched local regulations and talked us through many of the possibilities found for each house considered.

 

During escrow, Brent was resourceful utilizing local skilled talent and proficient at coordinating other professional services.  Brent is professional and service-oriented in his communications with us.

 

Through the entire process we were comfortable knowing that Brent and Jill were advocating for us, and in the end we are confident that we have made a smart purchase.

 

Vacant lots in South Lake Tahoe

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.