South Lake Tahoe Real Estate Review for May 2009
June 2, 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 
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?
May 18, 2009
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:
- 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!
- 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!
- 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!
- 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.
- Take a cruise on the Ms. Dixie or the Tahoe Queen to Emerald Bay.
- 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.
- 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).
- 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!
- 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!
- Do just about what ever it is that you love to do. South Lake Tahoe has just about everything for everyone!
- 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.
The True Costs of Owning Real Estate in South Lake Tahoe
May 4, 2009
With all of the first time home buyers and investors diving into the South Lake Tahoe real estate market, I figured that I would write a blog post about all of the costs that should be taken into consideration before purchasing a home. In this blog post I will go over the costs associated with purchasing and owning a home in South Lake Tahoe. With the most active recent price range being under $300,000, I based my costs on a 
single family home with a sales price of $300,000.
When owning a home in South Lake Tahoe, you need to be aware that there are more expenses than just your mortgage payment and taxes. Other expenses include the South Lake Tahoe Public Utility District (water and sewer), the South Tahoe Refuse (garbage collection), Taxes, Insurance, Maintenance, possible snow removal and landscaping.
The South Lake Tahoe Public Utility District charges $231.01 per quarter for water and sewer fees in the City of South Lake Tahoe. Water use is not metered at this time and is charged as a flat rate.
The South Tahoe Refuse charges 65.28 a quarter for trash pick-up. It is mandatory in South Lake Tahoe to have trash pick-up even for vacation homes and vacant homes.
The real estate taxes are based on the purchase price and are about 1.1%
Hazard insurance is a must, and is a requirement if there is going to be a loan on the home.
It is a good idea to have a snow removal company clear your driveway in the winter for second homes. The snow can really pile up and get as hard as concrete if it is not cleared often. Second homeowners will also want to consider hiring a landscaper to keep their yard looking nice during the summer.
Homes in South Lake Tahoe are exposed to a harsh environment and will need regular maintenance and up-keep. Wood houses will need to be stained every 3 to 5 years and paint grade houses should be painted every 5 to 10 years. Furnaces and water heaters should be serviced annually and chimneys should be cleaned
to prevent chimney fires. All other normal maintenance costs should also be taken into consideration.
Here is a breakdown of the costs associated with purchasing a $300,000 home in South Lake Tahoe. The title and escrow fees were provided by Placer Title. I used a conventional 30 year 80% loan of $240,000 at 5% interest amortized over a 30 year period.
Buyers Estimated Net Sheet
123 Main Street
Charges Credits
Sales price $300,000
New Loan $240,000
CLTA Standard Title Policy, 1/2 Buyer $486.50
ALTA Loan Extended Coverage Policy $441.50
Recording Fee $75.
Escrow Fee, 1/2 Buyer $485.
Outside Notary Fee if Applicable $125
Hazard Insurance $800
Termite Report $200
Home Inspection $300
______________________________________________________________________________________
******SubTotals******
Due From Buyer $302,912.50 $240,000
$62,912.50
Totals $302,912.50 $302,912.50
Including the hazard insurance, there would be $3,112.50 in closing costs to purchase the home. There would also be prorations for the taxes, refuse, and water and sewer on the closing statement.
The monthly costs associated with owning the house in South Lake Tahoe are as follows:
Mortgage payment on $240,000 at 5% $1288.37
Taxes based on a $300,000 sales price $275.
Hazard Insurance $66.67 ($800/12 months)
Water and Sewer $77. ($231.01/ 3 months)
Refuse $21.76 ($65.28/ 3 months)
_____________________________________________________________________________________
Total Monthly Cost $1,728.80
I did not include any snow removal or landscaping in the monthly cost because they are optional. I also did not include any maintenance costs because they are variable, but should also be considered. One last consideration would be any costs associated with the loan such as loan origination fees, appraisals, ext..
It is a great time to purchase real estate in South Lake Tahoe, but first you should make sure that it is in your budget. Buyers who are planning on purchasing a home and renting it out will most likely not be able to cover all of the costs associated with owning the house. There will probably need to be some money invested by the owner in order to cover all of the holding costs. Purchasing a home in South Lake Tahoe may still be a great investment if you purchase a home with the current low values and low interest rates. Once the market rebounds, owning a house in South Lake Tahoe could be an incredible investment!
Please call Brent and Jill Johnson for more information regarding South Lake Tahoe real estate today!
South Lake Tahoe Real Estate Deals Under $400,000
May 3, 2009
Out of the 59 single family listings on the South Lake Tahoe mls priced between $300,000 and $400,000, I 
South Lake Tahoe Real Estate deals under $400,000
776 Panther St, is a bank owned property offered at $324,000. This house has been on the market for 118 days, and was first priced at $369,900. This house is a 2240 square foot, 4 bedroom, 3 bathroom, 1 car garage home in the Gardner Mountain area. The inside of this home has been remodeled by the bank and looks great. The inside is very clean with new carpet, vinyl, and paint. The bedrooms are large, and the master bedroom is huge! This house is a little plain on the inside, but could easily be dressed up. The exterior needs a little work, maybe some paint and deck repairs. At only $145,00 per square foot, this house is priced well below the competition. The average list price per square foot of the other South Lake Tahoe homes between $300,000 and $400,000 is $256.
1286 Mt Rainier is a bank owned foreclosure out in the county on a 31,799 square foot lot. Built in 1983, this 4 bedroom, 3 bathroom, 1 car garage home is priced at $369,900. This house needs a little TLC and is near the Angora Fire area, but is priced well at $186.54 per square foot. This house has been on the market for 38 days now. I would keep an eye on this home, if it does not sell soon I would expect the bank do drop the price. This good deal could end up being a great one.
2177 Harvard is neither a foreclosure or a short sale. This home is my listing, and is a great value. This 3 bedroom, 2 bath, 2 car garage home is located in the Tahoe Island Park area. Completely remodeled on the inside, the floor plan is bright and open. There are granite slab counter tops, Maple cabinets, and tile flooring. This home was voted the South Lake Tahoe mls home of the week priced at $399,950, and is now priced at $379,000! I think that this is one of the best priced city Houses for sale in South Lake Tahoe!
Looking at South Lake Tahoe real estate on the mls or on the Internet can sometimes be deceiving. Houses that look good on the computer screes can just have great pictures, or great homes can have bad pictures. This makes having a real estate agent very important in helping you with your search for real estate in South Lake Tahoe.
If you have any questions regarding any of the houses for sale in South Lake Tahoe that you have been seeing on the Internet, please call Brent and Jill Johnson today!
Foreclosures in South Lake Tahoe Year to Date
April 8, 2009
Foreclosures in South Lake Tahoe have been changing the South Lake Tahoe real estate market for the last year. Most of the buyers that are investing in real estate in South Lake Tahoe are looking to take advantage of low prices and searching for deals. Bank owned properties seem to be topping the list for the buyers seeking good deals on homes. Are buyers really getting that good of a deal? Lets start off with the statistics.
So far this year there have been 77 single family houses in South Lake Tahoe that have closed escrow according to our mls. Out of the 77 sold homes, 27 were bank owned foreclosures. The reason that I say that the foreclosures are changing the South Lake Tahoe real estate market is because they change the statistics so dramatically.
Foreclosures in South Lake Tahoe vs non-foreclosures/ Price per square foot
Lets look at the average price per square foot. The average price per square foot of the 77 houses in South Lake Tahoe that have sold this year was $231 per square foot. That is 20% less than the same time last year in which the average price per square foot of the sold homes was $287.
Lets look further into price per square foot. The average price per square foot for the 27 foreclosures in South Lake Tahoe that have sold this year is only $196 per square foot. If I take out the foreclosures and re-run the statistics the average price per square foot jumps up to $252. With out the sold foreclosures in the comps the average price per square foot is only down 12%.
Foreclosures in South Lake Tahoe/ average sales price
The foreclosure listings also brought down the average sales price substantially. The average sales price for the 77 houses in South Lake Tahoe that have sold year-to-date was $408,874. The average sales price for the foreclosures in South Lake Tahoe was $309,185. Again, if I re-run the statistics with out the foreclosure listings, the average sales price jumps up to $458,508.
South Lake Tahoe Foreclosures/ Days on the market
There is one statistic that foreclosures are bringing down that is not necessarily a bad thing, days on the market. The average days on the market for the houses in South Lake Tahoe that have sold year-to-date is 170. The average days on the market for the sold foreclosures is only 97 (including the escrow period which is an average of 45 days). If I take out the foreclosures, the days on the market goes up to 190 days.
Not all foreclosures in South Lake Tahoe are “Great Deals”!
Now that you know that foreclosures in South Lake Tahoe are selling for less per square foot and have an average sales price that is less than non-foreclosures, you may be thinking that foreclosures are the way to go. Not all foreclosures are created equal! There is a reason that foreclosures in South Lake Tahoe are selling for under $200 per square foot. Yes, banks price foreclosures to sell quickly, but be aware of the repair and upgrading costs.
Lets say that you have narrowed down your possible home purchase to two homes, a foreclosure that needs some work for $300,000, and a non-foreclosure that is in move in condition for $350,000. Currently 90% of the buyers will go for the foreclosure. This means that you may be competing against other buyers, and may need to pay close to full price, if not over full price to get the foreclosure. The non-foreclosure on the other hand may have been on the market for 120+ days and has motivated sellers waiting to see their first offer! Now lets look at the condition of the homes. If the foreclosure needs paint, carpet, appliances, and minor
repairs you may end up paying even more than you would have paid for the non-foreclosure.
Some foreclosure listings in South Lake Tahoe are very good deals, but many buyers are overlooking the non-foreclosure listings that may also have great potential.
Give Brent and Jill Johnson a call today to set up an appointment to view the non-foreclosure and foreclosure listings on the South Lake Tahoe mls. Feel free to contact us today with any of your South Lake Tahoe real estate questions!
