South Tahoe Real Estate Statistics

 South Lake Tahoe MLS statistics as of November 17, 2010

The following statistics are for Residential (single family and condo/town homes) located in the City and County areas of South Lake Tahoe:

• The total number of listings on the South Lake Tahoe MLS is 511 (78 of the homes are listed by Chase=15.3% of the inventory).
• 412 of the listings are active (still available) 42 of the active listings are short sales and 31 are bank owned listings. Only 17.7% of the active inventory is distress sales.
• 99 of the listings are in escrow. 50 of the current houses in escrow are short sales and 25 are bank owned. 75.8% of the current escrows are distress sales.
• The 99 escrows represent 19.4 % of the total inventory in escrow.

Breakdown by price range of the 99 escrows

• Under $200,000         21 properties
• $201-$300,000         37 properties
• $301-$400,000         16 properties
• $401-$500,000         9   properties
• $501-$600,000         3  properties
• $601-$700,000         5  properties
• $701-$800,000         3  properties
• $801-$999,000         4 properties
• Over 1 million            1  property

So far this year there have been 495 single family homes and condos sold in the South Lake Tahoe MLS.

• 145 of the properties sold were bank owned foreclosures (29.3%)
• 81 of the properties sold were short sales (16.4%)

There are currently 80 single family homes and condos listed in the Tahoe Keys area. 68 of the properties are active, and 12 of the properties are in escrow.  The current Tahoe Keys inventory includes 8 bank owned properties and 7 short sales. There have been 58 properties sold in the Tahoe Keys so far this year. 8 of the sold homes were foreclosures and 6 of the homes were short sales.

 

 

Chase International Dominates the Lake Tahoe Real Estate Market

 Chase International continues to dominate the real estate market in South Lake Tahoe in volume and the number of closed escrows. Below is a letter from our office manager Larry Finkel with the year end Lake Tahoe closing statistics.

Tahoe Keys Home Buyer Testimonial

To whom it may concern.
I bought a home in Tahoe Keys from Brent Johnson after terminating our
association with a previous Real Estate Agent because he was not concerned
about our needs and was not helpful at all with our questions. We found
Brent to be very forthcoming and honest on questions I had about the Keys
and their C C & R’s. If Brent did not know what the rule was, he found out
and even printed forms for submission to the Association if we wanted to
make exterior changes.
Brent’s advice on the bidding process helped to make the purchase of our
Vacation Home an easy one and although I could not always do the papers at
his office, he always made the documents available for our signatures and/or
initials in a format that was easy to print on a PC, fill out and then
return via FAX.
Brent was very good with communication if something came up about the
pending purchase.

Thank you Brent for a job well done.

Sincerely,
Jim & Elaine Burkhart

Chase International Real Estate Forum

Chase International South Tahoe Realty will be providing a real estate forum on Saturday, June 27th from 10:30 a.m. to 12:30 p.m.. The goal of this forum is to answer your questions about today’s complicated South Lake Tahoe real estate market. Local professionals will be on hand to provide the answers and the options that you need!

There will be loan default specialists that will answer questions about loan modifications, short sales, and the foreclosure process. Finance and legal experts will also be available including Bankers, Mortgage Brokers, and Real Estate Attorneys.

I will also be present to answer questions about short sales, foreclosures,  and the South Lake Tahoe real estate market. If you can not attend this forum, feel free to e-mail me your questions so that I can answer them, or have them answered for you.

This forum will be held at Chase International South Tahoe Realty’s office located at 989 Tahoe Keys Blvd. at the corner of Tahoe Keys Blvd. and Highway 50.

I hope to see you there!

Vacant Lots in South Lake Tahoe

The South Lake Tahoe real estate market has been much better than the weather! There are now has 95 single family homes in escrow. There have not been that many homes in escrow since the peak of the market in July of 2005!

Vacant lots in South Lake Tahoe are also starting to sell. There are now 5 lots that are in escrow. Although that may not seem like a lot of escrows, there are more lots now in escrow than there has been in the last year!

Here is a list of the lots in South Lake Tahoe that are currently in escrow:

1. 881 Julie Lane- 6600 square foot lot in the Gardner Mountain area. The asking price was $67,500. This lot was only on the for a few days, and had multiple offers!
2. 782 Lookout Point- 10,890 square foot lot with allocation in the Angora burn area of North Upper Truckee. The asking price of this lot was $189,000. This lot was on the market for 417 days.
3. 1988 Venice Drive- 7000 square foot lot in the Tahoe Keys with plans, permits, and allocation. This is one of the few remaining lots in the Tahoe Keys area. The asking price was $204,000. This lot was on the market for 401 days.
4. 1992 Venice Drive- 8100 square foot lot in the Tahoe Keys. The asking price was $214,000 and included plans, permits, and allocation.  This lot was also on the market for 401 days.
5. 922 Cone Road- 10,858 square foot lot in the Angora fire area of North Upper Truckee. This lot is being sold as a short sale and the asking price was $110,000. This lot has been on the market for 264 days.

There have been only 7 lots that have been sold on the South Lake Tahoe mls so far this year. There were three lots that sold in the month of May, which was the most closings out of any month so far this year.  The average sales price of the lots sold this year was $128,367 and the median sales price was $90,000.

Here is a list of the lots in South Lake Tahoe that have sold so far this year.

1. 963 San Jose- Vacant 5,000 square foot lot. Sales price $70,000
2. 860 Nahane- Vacant 6,000 square foot lot. Sales price $60,000
3. 3708 Verdon- Vacant 11,892 square foot lot. Sales price $90,000
4. 1313 Knoll- Vacant 14,000 square foot lot with allocation. Sales price $400,000
5. 1069 San Diego- Vacant 10,300 square foot lot. Sales price $69,000
6. 1545 Arapahoe- Vacant 35,719 square foot lot. Sales price $109,500
7. 764 Elk Point- Vacant 11,761 square foot lot with allocation. Sales price $100,000

With the median sales price of lots in South Lake Tahoe now under $100,000, they are finally starting to sell again. Although permit costs are still the same, building costs, labor, and materials are down. There are a lot of quality contractors looking for work. Now may be one of best times to buy a lot and build your dream house in Lake Tahoe!

Make sure to keep up on the local South Lake Tahoe real estate market conditions by reading my South Lake Tahoe real estate blog!

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