South Lake Tahoe MLS Listing 2177 Harvard Ave.
April 9, 2009
Just listed by South Lake Tahoe Real Estate agents Brent and Jill Johnson!
Voted Mls Home of the week on May 1st before our recent $20,000 Price reduction!!!
Complete remodel in Tahoe Island Park priced to sell. This home has a very open and bright floor plan!Granite countertops, Maple cabinets, and tile floors are just some of the great features that this home has to offer. There is a newer comp roof, vinyl double pane windows, and fresh paint. Situated on a large sunny lot in a quiet area, this home is a must see! This house is not a short sale or a foreclosure!
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Check out the virtual tour!
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Great Tahoe Island Park Location
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Granite Countertops
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Maple Cabinets
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Sunny, fully fenced yard
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3 bedrooms, 2 bathrooms, 2 car garage
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Vaulted ceilings
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1688 square feet
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7789 square foot lot
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Priced to sell at $379,000!
If you would like to make an appointment to view this home, or other houses for sale in South Lake Tahoe, please contact South Lake Tahoe real estate agents Brent and Jill Johnson today!
Meyers
April 6, 2009
For South Lake Tahoe real estate buyers looking for a quiet county neighborhood, Meyers is the place to look. Meyers is located about five minutes west of the “Y” on Highway 50. The South Lake Tahoe mls defines the Meyers area as beginning at the Lake Tahoe Golf Course on the north side of Highway 50, and extending to where the South Upper Truckee River and Highway 50 intersect.
Houses in the Meyers area are very diverse, like other areas in South Lake Tahoe. Some Meyers homes back the Lake Tahoe Golf Course, the Upper Truckee River, or National Forest. The homes in these locations have some of the best mountain views of any homes in South Lake Tahoe. The bigger and newer homes in the nicer parts of Meyers are priced up to a million dollars.
Most of the homes in the Meyers area are situated on 6,000 square foot lots and neighbor other lots or homes. There have been foreclosures and small cabin/ fixer type homes that have sold under $200,000. The majority of the houses in Meyers are priced from $250,000 to $450,000. Although the houses located along the edges of Meyers that back open land are private, the middle of Meyers definitely feels like a residential neighborhood.
Outdoor enthusiasts looking at real estate in South Lake Tahoe will enjoy the Meyers area. The Lake Tahoe Golf Course and Tahoe Paradise Golf course are with-in walking distance to most of the homes in the Meyers area. Sierra-At-Tahoe and Kirkwood are the ski resorts that most Meyers residents ski and snowboard at regularly. Meyers also has great hiking and mountain biking trails that easily accessible.
The Meyers Environmental Magnet School is also located in the Meyers area. This elementry school is a great feature of the Meyers area. The Magnet school is considered one of the best schools in Tahoe. (My daughters attend this school!)
Y Area
March 24, 2009
The “Y Area” in South Lake Tahoe has some of the lowest priced homes for sale in South Lake Tahoe. Houses in the Y Area start at under $200,000 for a small 2 bedroom home, fixer, or a foreclosure. Most of the homes in the Y Area range from $200,000 to $400,000. The houses priced from $200,000 to $400,000 are most likely 2 or 3 bedroom homes in re-modled or original condition.
The Y Area is conveniently located where HWY 50 and HWY 89 intersect in South Lake Tahoe. This is a great location for either locals who want to be in town, or for second home owners who would like to be close to most of South Shores amenities. Camp Richardson is only about 5 minutes north on HWY 89, and between the Y and Camp Richardson are South Shores best beaches.
Most of the homes in the Y Area are on flat 5,000 square foot lots and have neighboring homes on all sides of the property. Due to all of the trees in the Y Area, mountain views are rare in this area. The Tahoe Verde Estates Mobile Home park is also located in the Y Area.
For affordable Real Estate in South Lake Tahoe, the Y Area is an area that may have the house that you are looking for. Weather you are looking for a starter home or a vacation home in South Lake Tahoe, make sure to take a look in the Y Area.
Short Sales in South Lake Tahoe
March 18, 2009
A short sale occurs when a homeowner owes more on their property than the property is actually worth, but the bank agrees to accept less than is owed as “payment in full”, in an effort to avoid the foreclosure process. A short sale is a great option to foreclosure for a homeowner because the homeowners credit will not be damaged nearly as much. In most short sale cases, the only damage to the homeowners credit will be the delinquent mortgage payments that will eventually fade off of the credit report. It is important to make sure that the lender reports the loan as “Paid in Full.”
With the recent changes to the Mortgage Forgiveness Debt relief Act, the debt that is forgiven on the first mortgage is no longer taxable as long as the house was your primary residence. If the house is not your primary residence, the IRS considers the amount of the loan discount taxable income.
Why would a bank want short sale a property and accept less than they are owed?
- Foreclosure is expensive for the bank and averages about $14,000 to $20,000 dollars.
- Banks are required to hold 3 to 5 times the amount of any foreclosure properties held as assets in reserves. If a bank forecloses on a $500,000 house, they are required to have an additional $1,500,000 to 2,500,000 in reserves that they cannot lend out and make money on.
- With the new stimulus package, banks are now getting a bonus from the government for closed short
sale transactions.
Banks are now realizing that short sales can be a better option than foreclosure for both themselves and the homeowners, which is why we may be seeing more successful short sale closings in the future.
A bank will not just approve a short sale because the homeowner owes more that the home is worth. In order for a homeowner to qualify for a short sale they must meet certain requirements.
- In most cases the homeowner must be behind on payments (Countrywide requires that you are 90 days behind on payments).
- Homeowners must be able to prove that they have a legitimate hardship such as a loss of a job, divorce, illness, decrease in income, or increase in expenses.
- There must be little or no equity in the home.
The homeowner must provide the following documents to the listing agent, who will provide them to the lender:
- Authorization to release information
- Hardship letter
- Financial worksheet
- Listing agreement
- Two years tax returns
- Two months bank statements for all accounts
- Two pay period pay stubs
Although lenders are now realizing that short sales may be a better option than foreclosing on the property, short sales are still far from easy. Lenders are overloaded with thousands of short sale packages. It can take up to a couple of months to get a response from the lender.
It is very important that the listing agent is a short sale transaction has knowledge in short sales. Real estate agents who submit a complete short sale package are much more likely to get assigned to a loss mitigator and potentially get approved. There are also cirtian things that a real estate agent can do to help expedite the approval process, such as making sure that the loan number is on the top right and the bottom of each and every page of the short sale package. Being able to contact the loss mitigator and keeping in communication with them regarding the transaction is another difficult but important job of the listing agent. Ultimately it is the listing agent who the buyer and the seller will be relying on to facilitate the short sale transaction.
Why would a buyer want to purchase in a short sale listing?
Short sales are consistently listed at 5% less than the current market value. Going through the short sale process may take more time, but it may be worth it for the buyer.
When looking at South Lake Tahoe Real Estate, do not avoid looking at short sale listings. There may be less competition over the short sale listings than the foreclosure listings, and you may get a great deal on a house!
If you would like a list of short sale listings in South Lake Tahoe or foreclosure listings in South Lake Tahoe on the South Lake Tahoe mls E-mail Brent and Jill Johnson. If you have any questions about South Lake Tahoe real estate or about South Lake Tahoe mls listings, please contact us 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!
