Orbitz Ranks Lake Tahoe the #1 Ski Destination in the U.S.

For the third year in a row, Orbitz Index named Lake Tahoe the top ski destination in the United States. According to Orbitz, Tahoe topped the list by having 18 resorts in the area. The top 10 resorts are as follows:

1.      Lake Tahoe, CA/NV

2.      Breckenridge, CO

3.      Park City, UT

4.      Vail, CO

5.      Winter Park, CO          

6.      Aspen / Snowmass, CO

7.      Jackson Hole, WY

8.      Mammoth, CA

9.      Killington, VT

10.       Durango, CO

 

As you can see, there are some great ski destinations in the U.S. that Lake Tahoe was ranked ahead of.

When you look at home prices, Lake Tahoe also offers value. According to Trulia.com the median sales price for homes in South Lake Tahoe was $287,061 for the quarter ending November 2009. If you compare that with the median sales price of Aspen which was $895,000 or Mammoth which was $452,000, Lake Tahoe becomes even more attractive!

Lake Tahoe is not only a top ski destination, but offers visitors year round activities. Owning real estate in South Lake Tahoe is an opportunity to enjoy one of the most beautiful destinations in the world any time of the year!

Real Estate in South Lake Tahoe for the Month of July

The South Lake Tahoe real estate market had another solid month of activity on the sale of single family homes. There were 37 houses in South Lake Tahoe that closed escrow in the month of July, there were 38 homes that had sold in June. With three consecutive months of increasing home sales across the country, South Lake Tahoe seems to be following a similar story.

Statistics for the single family homes in South Lake Tahoe sold in July

• There were 37 houses in South Lake Tahoe that sold in July
• There were 9 foreclosures in South Lake Tahoe sold in July
• Only one short sale was sold in July
• The average sales price was $395,570 ( up 11% from $352,555 in June)
• The median sales price was $353,000 (  up 12% from $310,000 in June)
• The average price per square foot was $238 ( up 4% from $229 in June)

Foreclosures in South Lake Tahoe were still popular with home buyers in the month of July. Currently there are 38 foreclosures listed on the South Lake Tahoe mls, and 20 of them are in escrow. The foreclosures that sold in July had an average sales price per square foot of $204, a median sales price of $305,000, and an average sales price of $320,767. The foreclosures in South Lake Tahoe that sold in the first 60 days sold for an average of 105.7% above the listing price. The multiple offer situations that the bank owned properties are having is causing the homes to sell for above asking price.

There are 472 single family homes that are available on the South Lake Tahoe mls, and there are 96 homes that are currently in escrow. Out of the 96 homes that are in escrow, 33 are short sales and 20 are foreclosures bringing the percentage of “distress sale” escrows to 55%.

August should be another strong month in terms of home sales with the number of current escrows at close to 100. There seems to be continuing good news about the economy, and it will be interesting to see if and how it will affect the South Lake Tahoe real estate market.

 Please give Brent and Jill Johnson a call for more information about real estate in South Lake Tahoe!

Keeping Interest Rates in Mind

Interest rates are an important factor to take into consideration when deciding when to purchase real estate in South Lake Tahoe. An increase in mortgage interest rates means that your payments will increase, or that you may need to lower your price range. Currently 30 year fixed interest rates are very low, and have dropped to 5.43%, and 15 year fixed rates are now at 4.91%

Lets say that you are considering purchasing a $300,000 home with 20% down ($60,000), lets look at what the payments would be at various 30 year fixed interest rates.

At today’s current interest rate of 5.43 %, a $300,000 home with 20% down would cost $1,352 per month for principle and interest. The total monthly payment for principle, interest, taxes, and insurance would be $1664.

If interest rates increase to 6%, the principle and interest monthly payment would go up to $1439, and P.I.T.I. would now be $1751.

At 6.5%, the principle and interest monthly payment would be $1517, and the P.I.T.I would be $1829.

For buyers looking to purchase a primary residence using an FHA loan, interest rates are currently 5.375% with one point. A $300,000 house with 5% down ($15,000) using an FHA loan would cost $1620 per month for P.I., and $2063 per month for P.I.T.I.

If interest rates were to go up to 6%, the P.I. monthly payment would be $1734, and P.I.T.I. would be $2177.

At 6.5%, the P.I. monthly payment would go up to $1828, and P.I.T.I. would now be $2271.

South Lake Tahoe real estate buyers should keep interest rates in mind when deciding when the right time to buy. With 93 single family houses now in escrow on the South Lake Tahoe mls, many home buyers are thinking that now is the time to buy!

South Lake Tahoe Real Estate Review for May 2009

For the third month in a row, the number of new escrows for single family homes on the South Lake Tahoe mls has increased. In May there were 56 single family houses in South Lake Tahoe that went into escrow, this was up from 43 in April, and up from 38 in March. The total number of houses in South Lake Tahoe that are in escrow is now up to 96. With 20% of our current single family housing inventory in escrow, the South Lake Tahoe real estate market seems to be stabilizing.

Distress sales are still accounting for about half of our current escrows. Out of the 96 houses that are in escrow, 19 are bank owned foreclosures, and 31 are short sales. Out of the 56 new May escrows, 11 are bank owned foreclosures, and 14 are short sales.

The listing prices of the houses that went into escrow in May were also up from the escrows in April.  Both the average list price per square foot and median list price of the new escrows was up slightly.

Statistics for the Pending May Single Family Homes in South Lake Tahoe for May

• There were 56 new single family houses in South Lake Tahoe that went into escrow in May (up from 43 in April)
• The median list price for the homes was $369,700 (up 5% from $349,900 in April)
• The average list price per square foot was $253 (up 3% from $246 in April)
• The median days on the market was 75 (down from 129 in April)
• 11 of the new escrows were bank owned foreclosures (13 foreclosure escrows in April)
• 14 of the new escrows were short sales (15 new short sale escrows in April)

The foreclosure listings in South Lake Tahoe that went into escrow in May were priced much lower than the non-foreclosure listings. The average price per square foot for the foreclosures in South Lake Tahoe was only $177. The median list price for the foreclosure listings was $295,000 and the average list price was $296,405. Many of the foreclosure listings had multiple offers on them and went into escrow within just a few days of being listed. There are now currently 19 foreclosures in South Lake Tahoe that are in escrow.

The new short sales in South Lake Tahoe that went into escrow had a much higher list price per square foot at $249. The median list price for the short sale listings was $479,000 and the average list price was $481,600. The short sales also took longer to sell, the average days on the market was 146.

The number of houses in South Lake Tahoe that actually sold in May was 26, up one home from April. There should be a lot more closed escrows in June from the pending sales from April and May. Escrows are now taking from 45 to 60+ days due to the fact that lenders are now taking longer to push loans through. The average sales price, median sales price, and average price per square foot were all up in May compared to April.

Statistics for the Sold Single Family Homes in South Lake Tahoe for May

• There were 26 houses in South Lake Tahoe that sold in May
• 11 of the sold houses were bank owned foreclosures
• The average sales price was $360,169 (up 13% from April when it was $334,696)
• The median sales price was $315,000 (up 8% from April when it was $291,000)
• The average sales price per square foot was $222 (up 5% from April when it was $210)
• The average days on the  market was 125
• None of the 26 houses sold in May were reported as short sales!

With 31 short sales in South Lake Tahoe currently in escrow, and none that closed escrow in May, short sales are still a bit of a challenge to say the least.

The 11 foreclosures in South Lake Tahoe that sold in May had an average sales price of $187, a median sales price of $240,000, and an average sales price of $261,682. The median days on the market for the sold foreclosures was 69, including the escrow period.

The South Lake Tahoe real estate market is definitely showing signs that the bottom is either near or has passed. The amount of pending sales continues to rise and the median and average sales price has increased over the past month.

Make sure to keep reading Brent and Jills South Lake Tahoe real estate blog for the latest statistics for real estate in South Lake Tahoe!

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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