Tahoe Keys Real Estate is Heating Up!
August 25, 2008
After a slow start this year, home sales in the Tahoe Keys are finally starting to heat up!
Last night I was bass fishing in the Tahoe Keys near the entrance to Lake Tahoe. It was another incredible Tahoe summer evining. I couldn’t help but overhear some vacation renters outside on a deck talking about the offer that they had just submitted on a house in the Tahoe Keys. After staying a week in the vacation rental home on the water, they decided that they had to take advantage of the market and to buy in the Keys.
Winter and spring were scary for Tahoe Keys sellers. It took until May 15th for the first Tahoe Keys sale and then May 20th for the second. Once summer began, the the Keys buyers began to snatch up houses from motivated sellers and a couple of banks (REO’s). According to the South Lake Tahoe MLS, there have been 17 closed escrows in the Tahoe Keys this year, and 15 of them have been in the last couple of months.
The average sale price in the Tahoe Keys has been $898,395 this year.
Median sale price $845,000
Minimum sale price $410,000
Maximum sale price $1,900,000
In the Tahoe Keys there are currently seven houses in escrow on the South Lake Tahoe MLS:
1997 Garmish- list price $799,000
1882 Cascade Ct.- list price $995,000
524 Christie Dr.- list price $1,088,000
1961 Kokanee Way -list price $1,495,000
484 Carson Ct. -list price $1,100,000
417 Christie Dr.- list price $849,000
One of the reasons that houses have started selling in the Tahoe Keys is that sellers are starting to price their homes to sell. You can now buy a nice 2000 sq. foot home with lake access in the $700,000′s!
The only down side to the Tahoe Keys is that you will have to watch me bass fishing in your back yard once a week!
July South Lake Tahoe Real Estate Review
August 4, 2008
July was a smokey month in Lake Tahoe due to the wildfires that were burning throughout California. South Lake Tahoe Real Estate was not exactly “smoking”, but the activity showed improvements over previous months.
According to the South Lake Tahoe MLS, there were 39 single family homes that closed escrow in July, up from 29 in June.
Out of the 39 closed escrows, seven houses were bank owned foreclosures, and one house was a short sale.
The average sales price was $479,392 and the median sales price was $395,000.
The lowest priced home was a foreclosure at 2133 Helen Ave.,which was a fixer-upper which sold for $175,000. The highest priced sold home was 1890 Meadow Vale Dr. which was a newer home that sold for $1,150,000.
There were 33 new single family escrows reported on the MLS that were opened in July. Out of the 33 new escrows, five are foreclosures and six are short sales.
The average home price for the new escrows is $549,309, and the median home price is $452,000.
The least expensive home is 3404 Freel Street for $174,900, and the most expensive new escrow in July is 550 Lucerne Way in the Tahoe Keys.
Condos in South Lake Tahoe did not show much improvement in July. There were three condos were sold, and four condos that went into escrow. 1390 Ski Run unit #6 was the only condo that was reported as a short sale.
Activity on lots in South Lake Tahoe was as slow as condos with only three sold and one new escrow. Lots with allocations in the county have lost the value of their allocations. Allocations used to increase the value of the lot up to $90,0000. Now the wait for a El Dorado County Building Allocation can be less than one year!
Buyers for Real Estate in South Lake Tahoe are continuing to target foreclosures, short sales, and under priced homes. This just magnifies the importance of sellers pricing their homes correctly to get them sold in this buyers market.
June South Lake Tahoe Real Estate Review
July 3, 2008
The stock market saw its worst month since the Great Depression , but the South Lake Tahoe Real Estate market remained steady.
There were 37 new single family escrows opened in June, which was the same as in May. Of the 37 new escrows, 6 were foreclosures. The Tahoe Keys saw two foreclosures that went into escrow quickly, 2255 Inverness and 2244 Inverness. There were 29 single family homes that closed escrow in June, two of which were foreclosures. We have not seen as many foreclosures in South Lake Tahoe compared areas such as Stockton. Home owners are still having to price there homes attractively to get any activity from today’s bargain hunting home buyers.
Lot sales have remained slow with only five new lot escrows and six lot sales. There are some incredible prices on lots right now. 929 Patricia lane is a 7400 sf. flat lot with 2146 feet of coverage for only $69,000!
Condo sales were similar to lot sales with four new escrows and five condo sales. Condos have been hit hard because you can now find a single family home for the price of a condo.
There are going to be some hot buys this summer. The challenge is going to be finding qualified buyers who are willing take advantage of these great opportunities in an unstable economy.
Spring Cleaning Time!
May 5, 2008
Tahoe’s great spring weather is here, and the snow has finally melted in my yard. I was amazed to see how trashed it was! I spent about 20 minutes picking up dog poop and garbage that had been covered up by the winter snow storms.
Now that Chase International South Tahoe Realty has moved its office to 989 Tahoe Keys Blvd., It is close enough for me to walk to work from my house. While walking to work yesterday, I noticed that most of the houses along Tahoe Keys Blvd. still had trash scattered in there yards, and along the street. I was surprised to see how bad the neighborhood looks when you slow down and look around! I know that the snow has just recently melted, but it is time for spring cleaning…
Lets all do our part and keep beautiful Lake Tahoe blue and clean!
March South Lake Tahoe Real Estate Review
April 4, 2008
March was a great month in South Lake Tahoe. We enjoyed some great Spring like weather, Daylight Savings, St. Patrick’s Day, and Easter all in the same month! As the birds and squirrels came out to enjoy the warmer weather, some home buyers also came out to take advantage of some great deals!
According to the South Lake Tahoe MLS, there were 34 single family homes that sold in March. The least expensive sale was a one bedroom home at 2613 Fountain that sold for $165,000. The most expensive home sold was 3597 Mackedie Way which sold for $1,180,000. Out of the 34 single family homes sold in March, 11 of them were foreclosures, and a few others were short sales.
Another great March statistic is that there were five new construction homes that sold. New home sales have been very slow, and it is great to see some activity in that area. I believe that if new home sales continue to improve, land sales will follow. Builders still need to sell there existing new homes before they decide to buy more land.
Land sales showed a slight improvement in March, but are still quite slow. There were four lots that sold in March. Two of the lots that sold were in the Angora fire area that had homes which had burned down. The lots in the burn area which had homes that burned down, include building allocations which are good until the end of the year. Water and sewer hook up fees are also included with the burn lots, which will save over $12,000 for the owner or builder. Only one lot went into escrow in March, which was also a “burn lot.”
Condo sales are another sector that showed a slight improvement, but are still struggling. There were only three condos in South Lake Tahoe that sold in March, but five condos went into escrow. My guess is that when the Tahoe Keys thaws out, and summer starts, we will see some more activity with the Tahoe Keys Condos.
I am looking forward to seeing what the South Lake Tahoe Real Estate market will be like in April. I hope that real estate activity continues to improve, and that the overall economy will stabilize. I am also looking forward to another great summer in South Lake Tahoe, I can not think of anywhere that I would rather be!
