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 
estate in South Lake Tahoe? Your answers to both of my questions should be yes!
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
There are a lot of potential home buyers out there who do not think that they can get a loan to purchase a home like this one. That is not necessarily true. This house on Herbert was financed as a second home! As long as you have a solid credit score and proof of income, you have a good chance of obtaining financing. Most lenders are now requiring a minimum
FICO score of 620 to obtain an
FHA loan. In order to obtain an FHA loan, the house does need to be your primary residence. With
Mortgage rates at historical lows, and home prices at up to half off, now is a great time to buy Real Estate in South Lake Tahoe!
If you would like to find out if you can qualify for a loan, give Lee Nicchel at Associated Mortgage a call at (530) 544-5309. Lee should be able to let you know if you can qualify for a loan in just a few minutes.
If you would like to know more about homes in South Lake Tahoe, South Lake Tahoe real estate, or questions regarding foreclosures in South Lake Tahoe, please
contact Brent and Jill Johnson today!
Foreclosures in South Lake Tahoe are still keeping the attention of home buyers seeking deals. 2691 Genoa is a recent foreclosure that is listed for $189,900. Before being foreclosed on, this house was listed for $275,000 and then reduced to $200,000 as a short sale.
2691 Genoa Ave.
Under $200k for this clean 2 bedroom, 1.5 bath cabin conveniently located off Black Bart. 8.5×11 line drawings found in house for improvement of large, insulated attic area into 2 bedrooms and 1 more bath. Buyer to independently verify status of drawings, seller and brokers have no knowledge of origin. The seller is willing to pay for 100% of the
CLTA closing costs for a first time homebuyer.
Although home prices are down, many foreclosure listings and short sale listings in South Lake Tahoe are selling quickly and receiving multiple offers. If you are interested in purchasing a short sale or a foreclosure listing in South Lake Tahoe, make sure that you visit my current foreclosure listings in South Lake Tahoe link daily. I update the foreclosure list daily with any new listings, price reductions, and pending sales.
For more information regarding foreclosures in South Lake Tahoe, the South Lake Tahoe real estate market, or properties on the South Lake Tahoe mls, please contact Brent and Jill Johnson today! Thanks for reading my South Lake Tahoe real estate blog!
If you would like to see more South Lake Tahoe real estate statistics that I have not posted on my blog, please let me know what you would like to see. If you have any further questions regarding the South Lake Tahoe Real Estate market, South Lake Tahoe foreclosures, or questions about properties on the South Lake Tahoe mls, please contact Brent and Jill Johnson.
This South Lake Tahoe real estate blog was posted by Brent Johnson.
This blog post will sumerize the statistics of the single family homes in South Lake Tahoe that have sold so far this year. The National housing market has had a slow start this year, but California and Lake Tahoe home buyers seemed to embrace the opportunities, and took advantage of the historically low prices. Nationally, existing home sales fell 5.3% in January, but in California, existing home sales increased 100%
compared to January 2008. The increase in sales is due to lower prices and low interest rates.
So far this year there have been 44 homes in South Lake Tahoe that have sold according to the South Lake Tahoe mls. Out of the 44 homes that sold, 18 of them were bank owned foreclosures. The South Lake Tahoe foreclosures that sold had a median sales price of $280,000, which was 15% less than the non-foreclosure homes. There were only 2 short sales in South Lake Tahoe that have actually closed escrow so far this year.
January 1-February 27, 2009 South Lake Tahoe Real Estate Statistics
- 44 sold houses in South Lake Tahoe
- Average square feet 1676
- Median square feet 1492
- Average list price $422,452
- Average sales price $396,813
- Median list price $356,950
- Median sales price $329,950
- Average price per square foot $242
- Average days on market was 114
I love to compare the statistics of the South Lake Tahoe foreclosures to the non-foreclosure homes. Foreclosures are not always in as good of condition as non-foreclosure homes, but they are usually priced to sell rather quickly. Banks have a lot of holding costs associated with owning a foreclosure (they would rather spend that money on their private jets), so they try to price them below the competition.
January 1-February 27 South Lake Tahoe foreclosure statistics
- 18 sold foreclosures in South Lake Tahoe
- Average square feet 1648
- Median square feet 1492
- Average list price $343,422
- Average sales price $318,000
- Median sales price $280,000
- Median list price $297,450
- Median days on market was 83 days
As you can see, the foreclosures sold quicker and for less money than the non-foreclosure homes. In a couple of days I will post my monthly South Lake Tahoe real estate statistics blog and compare February to January for both 2008 and 2009.
For more information about foreclosures in South Lake Tahoe, the South Lake Tahoe mls, or South Lake Tahoe real estate, please contact Brent and Jill Johnson today!
The Highland Woods area is a small and desirable neighborhood in South Lake Tahoe. There are not a lot of homes that come up for sale in the Highland Woods area, so the sales can often be quick, especially if the homes are priced well.
One of the best features of Highland woods is the under ground utilities. Other than the Tahoe Keys, Highland woods is one of the the only areas that does not have power lines obstructing the views. The curbs and gutters are another feature that add to the aesthetics of the area. There are also many newer homes with landscaped yards that make this neighborhood a pleasure to be in.
The Highland woods area is centrally located in South Lake Tahoe with easy access to highway 50. The casinos, Heavenly Valley Ski Resort, and Lake Tahoe’s famous sandy beaches are only a short drive away.
The Upper Truckee River, Truckee Marsh, and Trout Creek boarder three sides of the area, giving Highland Woods a very peaceful setting. Some of the homes on Springwood street back the meadow and even have lake views. On the south side of Highland Woods near highway 50 are some duplexes and multi-family units, so the more desirable areas for single family homes are near the middle and around the perimeters of the meadows.
View Larger Map
Homes in Highland Woods average in price from the Upper $200,000′s to the $600,000′s.
If you are looking at houses for sale in South Lake Tahoe and like clean desirable neighborhoods, make sure to check out Highland Woods. There are only 4 homes that are available on the South Lake Tahoe mls, so make sure to sign up for my new listing notification to have any new mls listings e-mailed to you as soon as they hit the market!
« Previous Page — Next Page »
