Tahoe Paradise

The Tahoe Paradise area was named perfectly to describe the setting of the area. Tahoe Paradise is a great area for buyers looking to own property in South Lake Tahoe away from the crowds, but not too far away. Tahoe Paradise is located near the far western end of Pioneer Trail where it intersects Highway 50 near Meyers and extends westward past the Tahoe Paradise Golf Course.

The quiet setting of the Tahoe Paradise area offers larger wooded and sometimes gently sloping lots. The area boarders National Forest Land and the Tahoe Paradise Golf Course, so lots with mountain and golf course views are not uncommon. There are also many lots backing to Forest Service and Conservancy land.  The wildlife in the area is abundant and it is common to see bears, coyotes, birds, and other local wildlife roaming through the forest.

There is a wide range of home sizes and styles in the Tahoe Paradise area. There are many chalet and cabin style homes that were built in the 1960′s and 1970′s along with newer construction homes. Tahoe Paradise has been a sought after location for buyers looking for a cabin feeling home in a quiet forested setting.

The location of the Tahoe Paradise area is perfect for outdoor enthusiasts. There are endless opportunities for outdoor activities such as mountain biking, hiking, cross country skiing, snowmobiling, and golfing that exist in the Tahoe Paradise area. With easy access to Highway 50 and Pioneer Trail, the local ski resorts, Lake Tahoe, and the casinos are within minutes as well.

The Tahoe Paradise area is an area that provides the true Lake Tahoe experience and should be considered when looking at Real Estate in South Lake Tahoe!

Cascade Properties

Cascade Properties is an exclusive gated community of Lake View and Lakefront properties in South Lake Tahoe. Cascade Properties is located about 5 miles north of the Y on Highway 89. This is the closest development that there is to Emerald Bay. Cascade Properties is an unincorporated area in El Dorado County. If you are looking for luxury real estate in South Lake Tahoe, Lakefront properties, or Lake view homes with privacy, Cascade Properties is the place for you.

Cascade Properties is nesteled inbetween Cascade Lake and Lake Tahoe. Most of the properties are lakefront homes or have incredible lake views. Towering pine trees, large granite boulders, and breathtaking lake views make Cascade Properties one of the most desired locations in Lake Tahoe. Cascade Creek runs through the area and flows into Lake Tahoe creating another unique feature to the area.

Many of the homes have piers or buoy’s for boat mooring. There is also a homeowners pier maintained by the HOA for the properties that do not have a private pier. The HOA also maintains that roads, snow removal, and water.

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!

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