South Lake Tahoe Real Estate Review for February 2009
March 9, 2009
The South Lake Tahoe real Estate market rebounded a bit in February as single family home sales increased
Although the number of South Lake Tahoe homes that sold in February increased from last year, as expected, the median sales price was down. This February the median sales price was $329,500, 20% less than February 2008 which had a median sales price of $412,500.
Out of the 28 single family homes in South Lake Tahoe that sold last month, 13 were foreclosures and 1 was a short sale. With half of the home sales being distress sales, the decrease in sales price is to be expected. Here are the February single family home February sales statistics for both foreclosures in South Lake Tahoe and non-foreclosure homes:
- Average price per square foot was $229 (down 18% from February 2008 which was $279)
- Average list price was $444,529
- Median list price was $356,950 (up 7% from January 2009 which was $332,000)
- Average sales price was $418,161
- Median sales price was $329,500 (up 6% from January 2009 which was $310,000)
- Median days on market was 120
- Average square feet was 1832
- Median square feet was 1612
Foreclosures in South Lake Tahoe are still in a high demand and are selling for less than the non-foreclosure homes. Non-foreclosure sellers are having to adjust their home prices to compete with the foreclosures. Here are the statistical differences between the foreclosures and non-foreclosure houses that sold in February:
- The average price per square foot for foreclosures in South lake Tahoe was $196 (24% less than non-foreclosures which had an average price per square foot of $259)
- The average listing price for the foreclosures in South Lake Tahoe was $308,952 (40% less than non-foreclosures which had an average listing price of $515,750)
- The median listing price for the foreclosures in South Lake Tahoe was $284,500 (24% less than non-foreclosures which had a median listing price of $374,000)
- The average sales price for the South Lake Tahoe foreclosures was $289,917 (41% less than non-foreclosures which had an average sales price of ($487,550)
- The median sales price for the South Lake Tahoe foreclosures was $274,750 (20% less than non-foreclosures which had an median sales price of $345,000)
The foreclosures not only sold for less than the non-foreclosure homes, but much quicker also. The median days on the market for the foreclosures was only 83 days, but it took a median of 172 days for the non-foreclosures to sell.
2419 Lupine Trail
One of the foreclosures that sold was 2419 Lupine in Montgomery Estates. This home was a ”gutted” fixer-upper with plans for a 4,000 square foot remodel and was in a great area on a 12,475 square foot lot. This property received a lot of attention and sold for $190,000.
953 Star Lake
953 Star Lake was another foreclosure that sold in February. This was a 2 bedroom, 1464 square foot log home that sold for $297,000 which was above the list price of $279,000.
Although the number of single family homes sold in February increased significantly, the number of new pendings (escrows) was down. In February there were 22 houses that were reported pending on the South Lake Tahoe mls compared with 35 in January. Out of the 22 new escrows, 6 were foreclosures, and 5 were short sales. The average listing price per square foot for the new pending homes was $230, the median list price was $352,625, the median days on market was 71 and the median square footage was 1540.
Here are some of the South Lake Tahoe homes that sold in February from the South lake Tahoe mls.
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.
Highland Woods
February 26, 2009
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!
Heavenly Valley
February 24, 2009
When it comes to vacation homes in South Lake Tahoe, the Heavenly Valley area is hard to beat. Throughout the winter months, skiers and snowboarders flock to Heavenly Valley Ski Resort and look for homes to rent close by. Any local vacation rental agency will tell you that vacation rental homes in the Heavenly Valley area do very well compared to most other areas.
Homes in the Heavenly Valley area range from a small ski cabin in the $300,000′s to multi-million dollar lake view houses. Buildable vacant land and coverage is getting scarce in this area, so remodels are becoming more common than new construction. There have been some recent sales of newer and remodeled homes that have really upped the median and average home prices in the area. The home values in the Heavenly Valley area are higher than most other areas in South Lake Tahoe due to the demand, great rental income potential, and location.
The Heavenly Valley area is located to the south east of Pioneer Trail and extents to the base of Heavenly Valley Ski Resort. The casinos are only a few minutes away adding to the desirability of the area for vacation rentals. Some of the homes up higher on the mountain have spectacular views of Lake Tahoe, the surrounding mountains, and Heavenly Resort.
Gardner Mountain
February 17, 2009
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.
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.
Vacation homes in Lake Tahoe Full for Presidents Day Weekend
February 16, 2009
There must have been a lot of occupied vacation homes in Lake Tahoe this weekend from the looks of the traffic leaving town this afternoon. With chain controls from Meyers all the way to Kyburz, traffic was backed all the way past the Y. I was surprised that the chain controls were all the way down to Kyburz, because the roads were only wet from Kyburz to Strawberry!
The fresh snow must have attracted all of skiers that have been waiting for one of the best powder days of the season. Heavenly Valley reported 25″ to 33″ of new snow in the last 7 days, and Kirkwood reported 82″ to 108″ of fresh powder!
Jill and I had a couple of clients looking at South Lake Tahoe homes on Friday and Saturday which went very 
well. We also had showings on a couple of our listings, so there were other buyers looking at houses in Tahoe also.
It was great to see all of the people enjoying our great town and all of the fresh new snow. There are a lot of vacation homes and second homes in South Lake Tahoe, and I think that a lot of them were full this Presidents Day Weekend!
South Lake Tahoe real estate blog post by Brent Johnson on a snowy Presidents Day Weekend. For more information regarding homes in South Lake Tahoe for sale, please contact Brent and Jill Johnson today!
