South Lake Tahoe MLS Listings from $400,000 to $500,000
May 6, 2009
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!
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!
Real Estate in South Lake Tahoe at Stateline
March 16, 2009
The Stateline area on the California side is one of the most convenient locations in South Lake Tahoe Real Estate. It is the location that draws most buyers to this area. The Stateline area is the closest area to the Casinos out of all of the areas on the South Lake Tahoe mls. Heavenly Valley Ski Resort can also be accessed from Stateline by the gondola at the Heavenly Village.
The houses in the Stateline area are very diverse. Most of the houses on the South side of Highway 50 are older and smaller cabins with some remodels. The prices for these cabins usually run from $250,000 to $400,000. The houses on the North side of Highway 50 can vary from smaller cabins to multi-million dollar lake front homes. The area between the Lake Side Marina and Highway 50 is known as the Lakeside subdivision, and offers private beach access passes with home ownership. just West of the Lakeside subdivision is Tahoe Meadows. Tahoe Meadows is a private gated community with lake view and lake front homes. The Tahoe Meadows area is one of the most sought after areas in South Lake Tahoe.
Here are the Stateline area real estate statistics starting in 2005:
- 15 homes sold in 2005
- Average price per square foot $623
- Median list price $399,000
- Median selling price $400,000
- Median days on market was 56
Tahoe Meadows
- Median square footage was 1,151
- 7 homes sold in 2006
- Average price per square foot was $408
- Median list price was $279,760
- Median sales price was $276,000
- Median days on the market was 96
- Median square footage was 676
- 3 homes sold in 2007
- Average price per square foot was $574
- Median list price was $549,900
- Median sales price was $538,000
- Median days on the market was 235
- Median square footage was 994
- 4 homes sold in 2008
- Average price per square foot was $251
- Median list price was $302,450 (down 45% from 2007)
- Median sales price was $297,750 (down 44% from 2007)
- Median square footage was 1830
- Median days on the market was 121(down from 235 in 2007)
- 2 of the houses sold were bank owned foreclosures
Foreclosure listings in South Lake Tahoe are not that common in the Stateline area, but the two that did sell in 2008 brought the median sales price and the average price per square foot substantially.
Currently there are 11 single family house listings on the South Lake Tahoe mls in the Stateline area. Only two of the listings are in escrow, one is a bank owned foreclosure at 3849 Figueroa Lane, and the other is a short sale at 3787 Forest Ave.
Here are some pictures of some of the sold listings on the South Lake Tahoe mls:
The Stateline area makes an ideal location for a second home buyer, or an investor looking for vacation rental property. If you are looking at homes in South Lake Tahoe, make sure to include the Stateline area.
If you have any questions about South Lake Tahoe Real Estate, foreclosure listings in South Lake Tahoe, or would like a list of foreclosure listings on the South Lake Tahoe mls, please contact Brent and Jill Johnson today!
South Lake Tahoe Foreclosure Listing
March 15, 2009
The latest foreclosure in South Lake Tahoe listing is 1049 Reno Ave. This home is priced at $199,900 bringing the total number of homes on the South Lake Tahoe mls priced under $200,000 to 15. Out of the 15 houses priced under $200,000 six of them are in escrow and six are foreclosures.
1049 Reno
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889 square feet
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5000 square foot lot
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2 bedrooms, 1 bath, 1 car garage
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Storage shed
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Central location
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$199,900!
Currently there are 29 single family foreclosures listed on the South Lake Tahoe mls. Out of the 29 foreclosure listings 11 are in escrow. With only 29 single family foreclosures listed in South Lake Tahoe and 443 single family mls listings, foreclosures only account for 7% or our current inventory.
The current median list price for the foreclosure listings is $284,900
The current median square footage for the foreclosure listings is 1,476
The current median days on market for the foreclosure listings is 66
Here is a list of the current foreclosure listings in South Lake Tahoe. If you have questions about foreclosures in South Lake Tahoe, South Lake Tahoe mls listings, or South Lake Tahoe real estate, please contact Brent and Jill Johnson today!
Foreclosures in South Lake Tahoe Can Be Half Off!
March 12, 2009
Would you believe me if I said that some homes in South Lake Tahoe can be purchased for less than half of what they were worth in 2005/2006? If this were true, would you think that it is now a good time to buy real 
Not all homes in South Lake Tahoe are selling at half price, but some are, and here is a recent example:
My wife Jill recently sold a home located at 1035 Herbert for $208,000. This house had previously sold in October 2004 for $330,000 and again in July 2006 for $480,000! The recent sales price of $208,000 is 57% less than what this house had previously sold for in 2006! The buyers purchased this house for less than half of what someone else paid 3 years ago!
1035 Herbert was a 1394 square foot bank owned foreclosure. With four bedrooms, two bathrooms, and a detached garage, this house has plenty of room and a great layout. The selling price per square foot was $149.21 which was well under the median price per square foot of other South Lake Tahoe foreclosures (which is $202 per square foot). The sales price of $208,000 was also well below the median sales price of other foreclosures in South Lake Tahoe (which is currently $272,000).
1035 Herbert
