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South Lake Tahoe Real Estate Review for January

Bank owned foreclosures and short sales dominated the South Lake Tahoe Real Estate market in January 2010. Distress sales accounted for 59% of the single family home sales reported on the South Lake Tahoe MLS. There were 32 homes sold in January, 11 were bank owned foreclosures and 8 were short sales. This is the first time that the sale of foreclosures and short sales have out numbered regular sales since I have been keeping track of real estate statistics in South Lake Tahoe.

Although the number of homes sold was down from 48 in December to 32 in January, this is a big improvement from January 2009 when only 18 homes were sold. The number of short sales in South Lake Tahoe that are closing escrow also continues to improve. There were 8 short sales that closed escrow in January, up from 6 in December, and and 2 in November. That is good news for the 40 other short sales that are currently in escrow on the South Lake Tahoe MLS.

January South Lake Tahoe Real Estate Statistics

There were 32 single family homes in South Lake Tahoe sold in January, up from 18 in January 2009, and down from 48 in December 2009.
The average sales price for the South Tahoe homes was $348,328, up from $345,350 in January 2009, and down from $472,453 in December 2009.
The median sales price for the South Tahoe homes was $317,250, up from $310,000 in January 2009, and down from $346,500 in December 2009.
The average price per square foot was $209, down from $261 in January 2009, and down from $220 in December 2009.
The average days on the market was 162, up from 123 in January 2009, and up from 155 in December 2009.
The median days on the market was 127, up from 94 in January 2009, and up from 110 in December 2009.

The foreclosures in South Lake Tahoe that sold in January sold for an average price per square foot of $195, non-foreclosures had an average price per square foot of $228. The foreclosures that closed escrow also sold quickly, the average days on the market was 65, and the median days on the market was 60. The average sales price for the foreclosures was $269,818 and the median sales price was $215,000.

Short sales in South Lake Tahoe were on a much slower pace than the foreclosures. The average days on the market for the short sales that closed escrow was 239 and the median days on the market was 229. The average sales price for the short sales was $399,438 and the median sales price was $375,750. The average price per square foot for the short sales was $198.

Currently there are 384 active homes on the South Lake Tahoe MLS and 80 of them are in escrow. Short sales account for 40 of the current escrows and foreclosures account for 19. With 59 of 80 of the current escrows being distress sales, February should yield similar statistics to what we saw in January.

Orbitz Ranks Lake Tahoe the #1 Ski Destination in the U.S.

For the third year in a row, Orbitz Index named Lake Tahoe the top ski destination in the United States. According to Orbitz, Tahoe topped the list by having 18 resorts in the area. The top 10 resorts are as follows:

1. Lake Tahoe, CA/NV

2. Breckenridge, CO

3. Park City, UT

4. Vail, CO

5. Winter Park, CO

6. Aspen / Snowmass, CO

7. Jackson Hole, WY

8. Mammoth, CA

9. Killington, VT

10. Durango, CO

As you can see, there are some great ski destinations in the U.S. that Lake Tahoe was ranked ahead of.

When you look at home prices, Lake Tahoe also offers value. According to Trulia.com the median sales price for homes in South Lake Tahoe was $287,061 for the quarter ending November 2009. If you compare that with the median sales price of Aspen which was $895,000 or Mammoth which was $452,000, Lake Tahoe becomes even more attractive!

Lake Tahoe is not only a top ski destination, but offers visitors year round activities. Owning real estate in South Lake Tahoe is an opportunity to enjoy one of the most beautiful destinations in the world any time of the year!

Has California’s Housing Market Hit the Bottom?

Has California’s housing market hit the bottom? According to an article in the Wall Street journal by Jim Carlton, “California’s inventory of unsold, previously owned homes shrank to a five-year low in December, in another sign that the state may be coming out of its worst housing slump in decades.”

The supply of unsold single-family homes dropped to 3.8 months from 5.6 months a year ago and 16.6 months in January 2008, when inventories were at a peak, according to estimates by the California Association of Realtors. The inventory levels are now at their lowest levels since 2005, resulting in frenzied sales with multiple offers in some cities.

The current inventory rate is running well under California’s historical average since the 1980s of about an eight month supply of existing homes on the market. That’s partly because a once huge supply of foreclosures in the state has dwindled. In November, foreclosed properties accounted for 40% of all single family sales, new and used, in California, compared with 58% in January, according to the most recent estimates by Zillow.com a market tracker.

The current inventory of houses for sale in South Lake Tahoe is also down to its lowest level in January since 2007. There are currently 389 active listings on the South Lake Tahoe mls, 83 of the listings are in escrow and 306 of the listings are available. In January 2009 there were 403 active listings and only 36 were in escrow leaving 367 available homes. In January 2008 there were 399 active listings on the South Lake Tahoe mls and only 33 were in escrow leaving 366 available homes. In 2007 there were fewer active homes on the market (368), but still only 37 were in escrow making the inventory of available homes 331, more than the current inventory of 306.

Jim Carlton also points out that prices are also stabilizing. “Although most home prices remain well below their pre-bust highs of three years ago, California’s overall housing markets has shown stabilizing since early last year. The median price of an existing, single family home rose 8.4% from a year ago to $306,820, marking the second consecutive year-over-month jump, according to estimates by the state Realtors‘ association.

The median price of single family homes in South Lake Tahoe was much different than state of California’s median price. The median price of homes in South Lake Tahoe fell 22% in 2009 from 2008. The median sales price dropped from $407,000 to $318,000. This drop in the median sales price of single family homes can be interpreted in many ways. I do not think that the 22% decrease from 2008 means that property values fell 22%. There were 137 foreclosures in South Lake Tahoe that sold in 2009, almost double the amount of foreclosures that sold in 2008 (69 sold foreclosures in South Lake Tahoe were sold in 2008). Most of the foreclosures sold in South Lake Tahoe were in need of some kind of work or repairs. Although the increase in foreclosure sales did help bring down the median sales price in South Lake Tahoe, property values did also decline. The amount that property values declined is debatable.

Weather California’s housing market has hit the bottom or not, property values and interest rates are enticingly low. Adding the first time home buyer incentives and the existing home owner incentives from the government there may not be a better time to buy real estate in South Lake Tahoe!

Tahoe Keys Real Estate Review for 2009

Real Estate in the Tahoe Keys was not immune to the decline in property values in 2009. The median sales price of single family homes dropped 17% from $847,500 in 2008 to $700,000 in 2009. One of the leading causes of the decline in the median sales price of the single family homes was the presence of bank owned foreclosures and short sales. There were 5 foreclosures and 7 short sales it the Tahoe Keys that closed escrow in 2009. Short sales and foreclosures accounted for 12 out of 32 (38%) of the sold single family homes in the Tahoe Keys. The number of homes sold in the Tahoe Keys was the same as in 2008, 32.

The decline in the sales prices was a great opportunity for home buyers looking for deals in the Tahoe Keys. 484 Carson Ct. is a great example. 484 Carson Ct. was a bank owned foreclosure in the Tahoe Keys that was listed for $792,900. This was a 3 bedroom, 3 bath, 2 car garage, 2136 square foot home built in 1993. This home had multiple offers and sold above asking price at $826,000. This is still an incredible price when you look at what the home last sold for, $1,345,000 on 8/19/05!

2009 Tahoe Keys Real Estate Statistics

32 single family homes in the Tahoe Keys sold in 2009
5 foreclosures in the Tahoe Keys sold in 2009
7 short sales in the Tahoe Keys sold in 2009
The median sales price was $700,000
The average sales price was $920,192
The average price per square Foot was $336
The median days on the market was 157

The foreclosures in the Tahoe Keys sold for less money and less time on the market than the non-foreclosure properties. The bank owned foreclosures in the Tahoe Keys had an average sales price of $652,270, a median days on the market of 45, and an average price per square foot of $284. Keep in mind that most of the foreclosures in the Tahoe Keys that sold last year needed at least some minor repairs.

2008 Tahoe Keys Real Estate Statistics

32 single family homes in the Tahoe Keys sold in 2008
The median sales price was $847,500
The average sales price was $900,366
The average price per square Foot was $388
The median days on the market was 115

2007 Tahoe Keys Real Estate Statistics

37 single family homes in the Tahoe Keys sold in 2007
The median sales price was $960,000
The average sales price was $1,155,000
The average price per square Foot was $476
The median days on the market was 160

2006 Tahoe Keys Real Estate Statistics

35 single family homes in the Tahoe Keys sold in 2006
The median sales price was $1,000,000
The average sales price was $1,009,352
The average price per square Foot was $455
The median days on the market was 118

2005 Tahoe Keys Real Estate Statistics

49 single family homes in the Tahoe Keys sold in 2005
The median sales price was $1,130,000
The average sales price was $1,166,367
The average price per square Foot was $473
The median days on the market was 80

The median sales price of the Tahoe Keys Condos was down only 14% from 2008, but the number of condos sold was down significantly.There were only 6 Tahoe Keys condos sold in 2009, down from 11 in 2008. The sales volume was down from $4,647,950 in 2008 to $2,118,408 in 2009. Only one of the Tahoe Keys condos sold in 2009 was a bank owned foreclosure.

Tahoe Keys Condo Statistics for 2009

There were 6 condos in the Tahoe Keys that were sold
The median sales price was $373,750
The average sales price was $353,068
The median days on the market was 156
The average price per square foot was $279

Tahoe Keys Condo Statistics for 2008

There were 11 condos in the Tahoe Keys that were sold
The median sales price was $435,000
The average sales price was $422,541
The median days on the market was 97
The average price per square foot was $408

Tahoe Keys Condo Statistics for 2007

There were 11 condos in the Tahoe Keys that were sold
The median sales price was $590,000
The average sales price was $628,900
The median days on the market was 113
The average price per square foot was $477

Tahoe Keys Condo Statistics for 2006

There were 16 condos in the Tahoe Keys that were sold
The median sales price was $616,000
The average sales price was $652,148
The median days on the market was 100
The average price per square foot was $486

Tahoe Keys Condo Statistics for 2005

There were 16 condos in the Tahoe Keys that were sold
The median sales price was $559,500
The average sales price was $551,156
The median days on the market was 71
The average price per square foot was $450

For more information about Tahoe Keys Real Estate please contact Caifornia and Nevada South Lake Tahoe Real Estate agent Brent Johnson today!

Great Income Property for Sale in South Lake Tahoe

3546 Spruce Offered at $1,100,000

Ten Unit Apartment Building and, 2 Homes on One Parcel!

This property includes a 10 unit apartment building and 2 single family homes on one parcel. The apartments are very spacious and the 2 studios have full kitchens. The two houses have washer and dryer hook-ups and separate water heaters. This property is currently 100% occupied with many long term tenants. Great location near Bijou School and public transportation. All of the apartment units are seperatly metered.

The 2 bedroom, 2 bath house is rented for $875 a month
The 2 bedroom, 1 bath house is rented for $860 a month
Unit #1 is a 2 bedroom, 1 bath unit rented for $750 a month
Unit #2 is a 2 bedroom, 1 bath unit rented for $750 a month
Unit #3 is a 1 bedroom, 1 bath unit rented for $640 a month
Unit #4 is a 1 bedroom, 1 bath unit rented for $570 a month
Unit #5 is a studio rented for $550 a month
Unit #6 is a studio rented for $540 a month
Unit #7 is a 1 bedroom, 1 bath unit rented for $625 a month
Unit #8 is a 1 bedroom, 1 bath unit rented for $$650 a month
Unit #9 is a 2 bedroom, 1 bath unit rented for $650 a month
Unit #10 is a 2 bedroom, 1 bath unit rented for $730 a month
Laundry income is $100 a month
Total income is $8,290 a month

Annual Expenses

Property Insurance $3900
Property Taxes $12,000
Refuse $3700
Sewer and Water $4080
Gas $3500 (for common water heater)
Electricity $400
Repairs and maintenance

Please call South Lake Tahoe real estate agent Brent Johnson for more information on this property.

Investment Property in South Lake Tahoe

Investment Property in South Lake Tahoe Just Listed By Brent and Jill Johnson

1053 Moss Offered at $425,000

This 5 plex is in a great location near stateline, shopping, and the bus routes. The adjacent 5 plex at 3728 Primrose is also for sale by the same owner for $425,000. Both buildings are available to be purchased together for $795,000. There are four 2 bedroom 1 bath units, and one 1 bedroom 1 bath units in this building. There are long term tenants currently occupying 100% of this building. All units are separately metered and the tenants pay for utilities.

Unit #1 is a 2 bedroom, 1 bath rented for $675
Unit #2 is a 2 bedroom, 1 bath rented for $675
Unit #3 is a 1 bedroom, 1 bath rented for $625
Unit #4 is a 2 bedroom, 1 bath rented for $675
Unit #5 is a 2 bedroom, 1 bath rented for $750
Laundry income is $50
Total monthly income is $3,450