South Lake Tahoe Real Estate Statistics

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!

Foreclosures in South Lake Tahoe are Keeping the Real Estate Market Alive

Currently there are 279 single family homes in the city and county areas of the South Lake Tahoe MLS. Out of the 279 houses on the market, 36 of them are in escrow (about 13%). 39 of the houses on the market are foreclosures which accounts for 14% of the market share.

Why do I think that foreclosures are keeping the South Lake Tahoe real estate market alive? Out of the 36 houses that are currently in escrow, 17 of them are foreclosures. That means that 47% of our current escrows are foreclosures, which is a lot considering that only 14% of our total single family inventory is foreclosures! That means that only 8% of the total non-foreclosure inventory is in escrow, and 44% of the total foreclosure inventory is in escrow!

Lets compare the foreclosures and non-foreclosures currently on the market.

• The average list price for foreclosures is $325,084, 56% less than the average list price of non-foreclosures which is $751,935.
• The median list price for foreclosures is $297,000, 46% less than the median list price of non-foreclosures which is $555,000.
• The average square footage for foreclosures is 1560 sf., 23% less than the average square footage of non-foreclosures which is 2,028 sf. 
• The median square footage for foreclosures is 1464 sf., 23% less than the median square footage of non-foreclosures which is 1902 sf.

Here is a comparison between the foreclosures and non foreclosures that are currently in escrow.

• Out of the 36 current escrows, 17 are foreclosures.
• The average list price of the foreclosures in escrow is $339,624, 32% less than non-foreclosures which is $492,829.
• The median list price of the foreclosures in escrow is $290,000, 25% less than non-foreclosures which is $389,900.
• The average square footage of the foreclosures in escrow is 1708 sf., 6% less than non-foreclosures which have an average square footage of 1822 sf.
• The median square footage of the foreclosures in escrow is 1536 sf., 5% less than non-foreclosures which have a median square footage of 1616 sf.
• The average days on market for the foreclosures in escrow is 72, 46% less than non-foreclosures that have an average days on market of 133.
• The median days on market for the foreclosures in escrow is 64, 54% less than non-foreclosures that have a median days on market of 140.

If you take away the foreclosures in South Lake Tahoe, we would have only 19 single family escrows, which is why I think that the foreclosures are keeping the South Lake Tahoe Real Estate market alive!

Click here to view a current list of foreclosures in South Lake Tahoe. For more information about real estate in South Lake Tahoe please contact Brent and Jill Johnson today!

Bijou 1&2

The Bijou area in South Lake Tahoe is located between Pioneer Trail and Regan Beach, just west of Ski Run. The South Lake Tahoe MLS divides Bijou into two sections, Bijou 1 and Bijou 2. Bijou 1 is on the East side near Ski Run and Pioneer Trail, and Bijou 2 is on the west side near Highway 50 and Johnson Blvd. near the Bijou Golf course.

Bijou is one of the oldest neighborhoods in South Lake Tahoe. Centrally located near Heavenly, the casinos, and Lake Tahoe, making Bijou a great area for a primary or vacation home.

The Bijou Community Park located off of Al Tahoe Blvd. offers a playground, basketball, volleyball, a bmx and skate park, disk golf, and a dog park.

Also located in Bijou is the public Bijou Municupal Golf Course. This is a 9 hole golf course and costs $15 for El Dorado County residents, and $20 for non-residents for 9 holes.

Other close by activities include the ice skating rink, Regan Beach, and the South Lake Tahoe Recreation complex, which has a year round indoor/outdoor pool.

Single family homes in the Bijou area range from small older cabins in the $200,000 range, to remodeled and new homes priced over a million dollars. Some of the houses in Bijou may have mountain and/or meadow views, forest views, and are on relatively flat lots. There are also some areas in Bijou that have multi-family properties including duplexes and small apartment buildings.

South Lake Tahoe Foreclosures vs Re-sale Homes

Lately there has been a lot of buzz about foreclosures and how they are such a great deal. I thought that I would do some reaserch to compare the latest new foreclosure listings to the latest re-sale listings.

Since the first of the year (20 days) there have been 47 new single family listings on the South Lake Tahoe MLS. Out of the 47 new listings there were 14 foreclosures, 32 re-sale houses, and 1 new construction.

Here are the statistics for the recent  non foreclosure listings:

• 33 new listings
• Average listing price $644,301
• Median listing price $573,500
• Average price per square foot $301.75

Statistics for the recent foreclosure listings

• 14 new listings
• Average listing price $308,375 (52% less than re-sale homes)
• Median listing price $288,000 (50% less than re-sale)
• Average price per square foot $219.64 (27% less than re-sale)

After looking at the previous statistics it seems like foreclosures are great deals. Why not target foreclosures if you are a buyer looking for a good deal on a long term investment?  Lets look a little closer at some of the differences between foreclosures and non foreclosure single family homes.

1. Age- The average age of the recent foreclosure listings is 43 years old. This is 17 years older than the non-foreclosure listings which have an average age of 26 years old.
2. Size- The average square footage of the recent foreclosure listings is 1404 square feet. This is 736 square feet smaller than the non-foreclosures which average 2140 square feet.
3. Condition- The average condition of the non-foreclosures is better than that of the foreclosure listings. Most of the foreclosures are in need of minor to major repairs, maintenance, and/or upgrading and updating.

Although most foreclosures are priced less than non-foreclosures, there are other factors to take into consideration. If you are the type of buyer that is not afraid to build up a little sweat equity, a foreclosure is perfect for you. If you are looking for a home that is meticulously maintained and ready to move right into, you may want to expand your search.

Click here to view a list of foreclosures in South Lake Tahoe.

For more information about South Lake Tahoe Real Estate and information about any property on the South Lake Tahoe MLS, please contact Brent and Jill Johnson today!

Wikipedias definition of a foreclosure is:

Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor‘s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue HOA dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust“. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien“. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement.

Short sale:

In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.^[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents retain their profit. No regulatory agency governs this hybrid transaction.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower’s financial situation.

A short sale typically is executed to prevent a home foreclosure. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset, businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults

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