March South Lake Tahoe Real Estate Review

Single family home sales in South Lake Tahoe jumped from 23 sales in February to 40 home sales in March. Distress sales accounted for 23 of the 40 homes sold. There were 16 bank owned foreclosures and 7 short sales that closed escrow in March. The total inventory of homes on the South Lake Tahoe MLS remained stable with 412 single family listings. 302 of the listings are active and 110 are active pending. At the end of February there were 401 listings and 103 were in escrow. In the current inventory there are 110 short sale listings and 42 bank owned foreclosures. 87 of 110 short sales are in escrow and 21 of the 42 foreclosures are in escrow.

South Lake Tahoe MLS Statistics for March

• 40 Single family homes in South Lake Tahoe sold in March, up from 23 in February 2010, and up from 28 in March 2010.
• The average sales price for the homes in South Lake Tahoe that sold was $404,053, down from $405,461 in February, and down from $445,679 in March 2009.
• The median sales price of the homes sold was $350,500, up from $312,500 in February, and down from $366,250 in March 2009.
• The average sales price per square foot was $221, up from $213 in February, and down from $222 in March 2009
• The average days on the market was 141, down from 176 in February.
• The median days on the market was 111, down from 119 in February.
• There were 16 bank owned foreclosures in South Lake Tahoe that sold, up from 11 in February, and up from 9 in March 2009.
• There were 7 short sales that closed escrow, up from 4 in February, and up from 4 in March 2009.

Distress sales accounted for 58% of the single family houses sold in March. This is down from 65% in February. In March 2009 the percentage of distress sales was 46%.

The foreclosures in South Lake Tahoe that sold in March sold for a very low price per square foot of $190. This is much lower than the non-distress sale price per square foot which was $249. The median days on the market for the foreclosures was 88.

Although home prices in South Lake Tahoe have not started to increase, buyer activity has. Home buyers are finding great prices on homes throughout South Lake Tahoe. For more information regarding South Lake Tahoe real estate please call Brent Johnson today!

Country Club Estates/ Elks Club

The Country Club Estates/ Elks Club area has some of the nicest and largest houses for sale in South Lake Tahoe.

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.

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.

South Lake Tahoe Real Estate blog-Senate Approves $15,000 Home Buyer Tax Credit!

First time home buyers looking at purchasing real estate in South Lake Tahoe may soon have an extra incentive. According to the Associated Press, last Wednesday, the Senate approved a $15,000  (up to 10% of the purchase price) tax credit for home buyers. The Tax credit would be for a primary residence including both new and existing homes.

Currently the tax credit is $7,500 and is only good for new primary residence homes. The credit is more of an interest free loan that will eventually need to be repaid to the government.

The new tax credit was brought to the table by the Republicans, and the Democrats agreed to put the credit on the bill. The credit is estimated to cost the government another $19 billion dollars, bringing the proposed stimulas package to around $920 Billion dollars.

There is a chance that the tax credit could get altered or even removed in the next week as it makes its way through Congress. Of all of the spending in the stimulus package, I think that the tax credit, or anything relating to the housing market is the most important!

 

 

This blog was posted by South Lake Tahoe Real Estate agent Brent Johnson. If you are a home buyer looking at houses for sale in South Lake Tahoe, make sure that you give Brent and Jill Johnson a call to find out more information. All South Lake Tahoe homes for sale on the South Lake Tahoe MLS can be viewed on our website www.JohnsonsTahoeRealEstate.com.

Make sure to look the list of foreclosures in South Lake Tahoe on my South Lake Tahoe real estate blog.

Tahoe Island Drive

The South Lake Tahoe MLS divides the city of South Lake Tahoe into 16 smaller areas. The Tahoe Island Drive area is located between Tahoe Keys Blvd. and Highway 89, just south of the Tahoe Keys area. Tahoe Island Drive is one of both locals and second homeowners favorite areas due to its location, affordability, and setting.

The Tahoe Island Drive area is minutes away from the South Shores best beaches by either car or bike. There is a bike trail that parallels Highway 89 and leads to Pope beach, Baldwin beach, Kiva beach, Valhalla, Camp Richardson, Fallen Leaf lake, and beyond. Tahoe Valley Elementary School is located right off of Tahoe Island Drive. Homes are also close to shopping, restaurants, and the Tahoe Keys Marina.

The setting in the Tahoe Island Drive area varies depending on the street. Some of the houses back meadows and National Forest Service land, but most homes will back another house or lot. There are towering pine trees throughout the entire area that give the neighborhood that “Tahoe Feel.” Great mountain views are rare here due to the trees and the location, but some of the meadow front homes  do have good views.

Houses for sale in the Tahoe Island Drive area average in the upper $300,000 range. There are fixers and foreclosures for sale in the $200,000′s. There are also large new and newer homes for sale over $600,000.

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.

Next Page »