October South Lake Tahoe Real Estate Review

October was another great month for single family home sales in South Lake Tahoe. There were 46 homes sold in October which tied the month September for the most single family houses sold in 2009. Home buyers did a great job taking advantage of the low home prices and the great fall weather here in South Lake Tahoe. Many of the home buyers were first time home buyers taking advantage of the $8,000 first time home buyer tax credit before it expires. There has been talk about the possibility of the first time home buyer tax credit being extended. According to The National Association of Realtors, Key lawmakers in the Senate have tentatively agreed to extend the existing tax credit for first time home buyers. If the tax credit is extended, it should benefit the housing market across the country.

Here are the statistics for the single family houses in South Lake Tahoe that sold in October:

• There were 46 single family homes in South Lake Tahoe that were sold in October
• 16 of the sold homes were bank owned foreclosures
• There were 4 short sales in South Lake Tahoe sold
• The average sales price for the sold homes was $440,393 (up from $371,058 in September)
• The median sales price was $323,500 (up from $292,500 in September)
• The average selling price per square foot was $239 (up from $215,000 in September)
• The median days on the market was 123

There were only 4 short sales that closed escrow in October, this is down from 7 sold in September. The short sales that sold had a very long median days on the market of 227. The average price per square foot for the short sales was $231, and the median sales price was $564,500. It still seems like most banks are more willing to spend time and money on foreclosing on homes than they are willing to work with the sellers and real estate agents to get short sales closed!

There were 16 bank owned foreclosures that were sold in October. The average price per square foot for the sold foreclosures was $184, down from $196 in  September. The average price per square foot for the non-distress sales that sold in October was $274, $90 per square foot more than the foreclosures. South Lake Tahoe real estate buyers continued to target bank owned foreclosure listings and continued to pay close to or above list price for them. The foreclosures that sold in the first 30 days of being listed (3 homes) sold for 98% of list price. The foreclosures that sold from 31-60 days of being listed (2homes) sold for 130% of list price. The foreclosures that sold from 61-90 days of being listed (4 homes) sold for 94% of list price. The foreclosures that sold after over 91 days of being listed (7 homes) sold for 101% of the listing price.

• The average sales price for the foreclosures sold in October was $308,838
• The median sales price for the sold foreclosures was $282,500
• The median days on the market was 79
• The average sales price per square foot was $184

There is still a great selection of houses available in South Lake Tahoe. There are currently 346 houses for sale on the South Lake Tahoe mls and 95 houses that are in escrow. There has also been some decent foreclosures coming onto the market each week. Make sure to keep visiting my current list of foreclosures in South Lake Tahoe or sign up for my new listing notification to be notified of new listings that meet your criteria.

South Lake Tahoe Homes in Gardner Mountain

If you are looking for a neighborhood with low to mid-priced homes in South Lake Tahoe, the Gardner Mountain area is a great place to buy. The majority of homes in the Gardner Mountain area are smaller homes and cabins priced in the $300,000 range. There are some houses available in the mid $200’s,  and range all the way to  new houses can be found up in the $800’s.

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Gardner Mountain has a  quiet mountain like setting and is still with-in the City limits of South Lake Tahoe. As the name implies, the area is located on a small and forested mountain.   Gardner Mountain has easy access from HWY 89, and is less than a mile from HWY 50 and the Y. Gardner Mountain is one of the closest areas to Camp Richardson, Fallen Leaf Lake, and South Shores best beaches. There is a great bike trail that leads to Pope beach , Baldwin beach, Kiva beach, and all the way to Ski beach from the bottom of Gardner Mountain.

National Forest land boarders the west side of the Gardner Mountain area, and to the south is the South Tahoe High School. Gardner street, on the west side, is one of the best streets in the area to be located on because it boarders the National Forest land and offers both privacy and views.

Most of the lots in the Gardner Mountain area are 5,000 to 10,000 square feet in size. The 10,000 square foot lots are usually 50′ wide by 200′ deep, so many homes in the area have very large back yards. There are also a few big lots near the bottom of Gardner Mountain that are an entire acre in size.

Here are the 2008 Statistics for the sold single family homes in the Gardner Mountain area according to the South Lake Tahoe mls:

• Average price per square foot was $285 (10% less than 2007 which was $315)
• Average sales price was $517,167 (30%  more than in 2007 which was $364,958)
• Median sales price was $295,000 (12% less than in 2007 which was $336,950)
• Average list price was $540,656 (31% more than in 2007 which was $374,825)
• Median list price was $317,000 (8% less than in 2007 which was $344,450
• Average sold square feet was 1,832
• Median sold square feet was 1,152

In 2008 the averages were skewed quite a bit from 703 Roger, a 6700 square foot new house that sold for $1,890,000, so the median statistics are the ones to go by. Foreclosures in South Lake Tahoe have brought many areas average sales prices down, but not in the Gardner Mountain area. There were no foreclosures sold in Gardner Mountain in 2008.

Here are pictures from the South Lake Tahoe MLS of some of the houses that have recently sold in the Gardner Mountain area.

                                                                   

Currently there are 15 single family homes for sale in the Gardner Mountain area on the South Lake Tahoe mls. The average listing price per square foot is $257, and there is one house that is in escrow. Two of the houses for sale are bank owned foreclosures. One of the foreclosures for sale is a newer 5 bedroom 4028 square foot home at 581 Gardner Street for $645,550. 776 Pantheris the other foreclosure that is for sale, and is a 4 bedroom, 3 bath home for $368,800.

Like I had said before, if you are looking at houses for sale in South Lake Tahoe in the low to mid price range, Gardner Mountain should be one of the areas that you should be looking!

 

 

Let Brent and Jill Johnson help you with your search for the perfect South Lake Tahoe home. Please contact Brent and Jill for more information regarding foreclosures in South Lake Tahoe, South Lake Tahoe homes for sale, or any of your South Lake Tahoe real estate questions. This South Lake Tahoe real estate blog post was written by Brent Johnson.

South Lake Tahoe Homes in Country Club Estates

The Country Club Estates/ Elks Club area has some of the nicest and largest houses for sale in South Lake Tahoe. The Country Club Estates area had the fourth highest median home sales in South Lake Tahoe in 2008. Only the Tahoe Keys, Heavenly Valley, and Montgomery Estates areas were higher.

Although there are many newer large homes in the Country Club Estates area, there are also smaller and older re-sale homes available. Houses currently on the South Lake Tahoe mls range from a bank owned 3 bedroom foreclosure listed for $264,900,  to a newer custom home for $1,649,000.

The Country Club Estates area is in a great location because it is only a few minutes from the Y, but it has a secluded county feeling. Being in Country Club Estates makes you feel like you are in the mountains. The homes are nestled around the towering pine trees on sloping lots. The area also has easy access from both Pioneer Trail and Hwy 50.

Due its location on the sloping hill, many of the homes in Country Club Estates have mountain views, and some homes even overlook the Lake Tahoe Golf Course. It is also common to find homes that either neighbor a National Forest lot, or even back National Forest land.

In 2008 there were 11 houses that sold in the Country Club Estates area, the statistics for the sold homes are as follows:

• Average price per square foot was $258 (15% less than 2007 which was $303)
• Average sales price was $636,082 (1% more than $630,737 in 2007)
• Median sales price was $649,900 ( 13% more than $565,000 in 2007)
• Average listing price was $674,855 ( 2% more than $663,586 in 2007)
• Average days on the market was 152 (up from 130 in 2007)
• Average square footage was 2541 sf. (2163 in 2007)
• Median square footage was 2427 sf. (1853 in 2007)
• Two of the 11 houses that sold were bank owned foreclosures

Currently there are 17 houses for sale in the Country Club Estates area listed on the South Lake Tahoe mls. Two of the listings are currently in escrow, and there are two foreclosures for sale. The median list price is $509,000 and the median days on the market is 187. Here is a list of the current houses for sale in Country Club Estates.

If you are looking at homes for sale in South Lake Tahoe with a quiet county setting but not too far away from Tahoe’s amenities, Country Club estates is an area that you should be looking in. Weather you are looking for a million dollar luxury home or a small fixer upper/ foreclosures in South Lake Tahoe this area should have something for everyone.

If you would like more information about the Country Club Estates area, South lake Tahoe homes for sale, South Lake Tahoe foreclosures, or South Lake Tahoe real estate, please contact Brent and Jill Johnson today!

 

This South Lake Tahoe Real Estate blog was written by South Lake Tahoe real estate agent Brent Johnson.

South Tahoe Real Estate Blog-$15,000 Tax Credit is Shot Down

The $15,000 home buyer tax credit that the Senate had proposed in the massive stimulus bill has been modified by Congress. The Senate had added a proposal that would have given all home buyers a $15,000 (or up to 10% of the purchase price) tax credit.

According to the New York Times, the tax credit will likely only be for first time home buyers that meet certain income requirements, and be reduced from $15,000 to $8,000. The proposed tax credit is still in negotiations, and all of the details have not yet been worked out.

The Stimulus Bill was also cut in other areas, and now is down to an estimated $789 billion dollars. The House and the Senate are hoping to have the bill on President Obama’s desk by Monday (Presidents Day).

The Senates proposed $15,000 tax credit would have made a much bigger effect on the housing market because it would have been available to ALL home buyers.

If the tax credit is passed as it stands, the South Lake Tahoe real estate market probably will not benifit as much as other areas. The South Lake Tahoe real estate market is in a resort area and is different than the majority of other markets. Most buyers looking at South Lake Tahoe homes for sale are not first time home buyers, but are vacation home buyers, and investors.

 In order for South Lake Tahoe houses to see an upward trend in prices, we need to see a decline in foreclosures and short sales. South Lake Tahoe foreclosures have been selling for an average of $216 per square foot, 21% less than non-foreclosures which have been selling for $274 per square foot. The investors that are buying houses in South Lake Tahoe are looking for deals, so they do not mind buying a foreclosure that needs a bit of work.

Like I had said earlier, the $15,000 tax credit for all home buyers would have benefited the South Lake Tahoe real estate market more because it would have added an extra incentive to second home owners and investors. As soon as the details of the first time home buyer tax credit are worked out, I will be sure to post them on my South Lake Tahoe Real Estate blog!

 

This South Tahoe real estate blog was posted by South Lake Tahoe real estate agent Brent Johnson. Contact Brent and Jill Johnson for more information regarding homes for sale in South Lake Tahoe, South Lake Tahoe real estate, or South Lake Tahoe foreclosures!

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