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Short Sales Are Here to Stay!

The number of short sale listings on the South Lake Tahoe mls has been on the rise, and many buyers are now giving short sale transactions a chance. Out of the 519 single family homes on the market in South Lake Tahoe, 75 are listed as short sales. Currently 32 of the 75 short sale listings in South Lake Tahoe are in escrow.

With so many homeowners in trouble or upside down on their mortgages, lenders are now realizing that short sales can be a better option than foreclosure. According to Sean O’Toole, founder and CEO of ForeclosureRadar“While many complain that lenders are foreclosing too aggressively, and others claim a wave of foreclosure sales is imminent, the data actually shows that lenders are doing everything possible to delay foreclosure. The reality is that we have very few homeowners being foreclosed on when viewed as a percentage of those scheduled to be foreclosed on, delinquent, or upside down on their mortgage.”

Although lenders are taking short sales seriously, the process is still far from seamless. The time that it takes to get an approval on a short sale is one of the biggest challenges that we are facing. It can take from as few as a couple of weeks to over 6 months to get an approval or to have a negotiator assigned to a short sale file. This time can be cut down by having a real estate agent with experience in short sales. It is extremely important to submit a 100% complete short sale package so that the lender will take your file seriously!

So far this year there have been 158 single family homes in South Lake Tahoe that have been reported as sold on the the mls. WIth only 13 out of the 158 homes (8%) sold as short sales, the number of short sale closings is still relatively low. Now that there are 32 short sales in escrow, it will be interesting to see how many of them close in the next few months.

With so many homeowners upside down in their mortgages, it will be essential for lenders to continue to streamline the short sale process. Now that buyers, sellers, and lenders are realizing the benefits of short sales, short sales are here to stay!

Bank Owned Foreclosure Listing in South Lake Tahoe

With the latest addition of 1865 Arrowhead to the South Lake Tahoe mls, there are now 30 bank owned foreclosures for sale in South Lake Tahoe. Of the 30 foreclosure listings on the South Lake Tahoe mls, 11 are currently in escrow.

1865 Arrowhead Ave. is a 3 bedroom, 2 bath, single story home in the Meyers area of South Lake Tahoe. This bank owned foreclosure is in good condition and would make a great primary residence or a vacation home. Built in 1975, this rancher sits on a 5992 square foot sunny level lot.

Additional Features Include

  • Double Pane Vinyl Frame Windows
  • Landscaped With Lawn
  • Patio
  • Storage Shed
  • Tile and Laminate Flooring
Bank owned foreclosure listing in south lake tahoe
south lake tahoe bank owned listing
bank owned listing in south lake tahoe
foreclosure listing in south lake tahoe
foreclosure listing in south lake tahoe

Priced at less than $175 per square foot, this bank owned foreclosure listing is less per square foot than most other foreclosures on the South Lake Tahoe mls. The average list price per square foot of the active foreclosure listings in South Lake Tahoe is currently $213. The average price per square foot for the foreclosures in South lake Tahoe that have sold this year is $191.

So far this year there have been 55 sales of single family foreclosure listings in South Lake Tahoe. There have been 154 homes sold in South Lake Tahoe, so 55 out of 154 ( 36%) of the home sales in South Lake Tahoe have been bank owned foreclosures.

For more information about bank owned properties in South Lake Tahoe or any questions regarding South Lake Tahoe real estate, please call Brent and Jill Johnson at (530) 416-2625.

Lakefront and Luxury Estates Tour

Chase Internationals annual Lake Tahoe Lakefront and Luxury Estates Tour is coming up on Wednesday, June 24th. The Lakefront and Luxury Estates Tour is a great way to view some of the nicest homes for sale in Lake Tahoe. Thirty three lakefront and luxury homes will be held open on Wednesday, June 24th from 10 am to 5 pm. The homes on this tour are what luxury Lake Tahoe real estate is all about!

Lunch will be provided on the East Shore at 1444 Pittman Terrace and on the West Shore at Dette Mortgage Group.

Here is the list of Lakefront and Luxury homes that will be on the tour:

East Shore

  1. 222 South Meadow $4,700,000. Timeless Tahoe architecture, lakeview home. 5,039 sq.ft.
  2. 236 Powerhouse $3,950,000. Mountain-style, water views and furnishings included.
  3. 1972 Pray Meadow $2,795,000. Spectacular Victorian with furnishings and golf membership.
  4. 2035 Jefferson $4,895,000. Prime lakefront/ greenbelt 6 bedroom townhome.
  5. 165 The Back Road $3,995,000. Rancher style charmer on 2-acres with beachfront cabana.
  6. 1640 South Peak $4,995,000. One acre private mountain retreat  with panoramic views.
  7. 1460 Pittman Terrace $4,680,000. Contemporary lakefront with indoor pool grotto and bouy.
  8. 1456 Pittman Terrace $4,950,000. Lakefront on a double lot with breakwater and bouy.
  9. 1444 Pittman Terrace $5,950,000. LUNCH* Lakefront with crib pier, boat house, bouy, and sandy beach.
  10. 1264 Tamarack $3,495,000. Lakefront with sandy cove beach, and 3 car garage.
  11. 1118 Hwy 50 $6,400,000. Lakefront estate with pier, breakwater, beach, and bouys.
  12. 1098 Myron $4,995,000. Lakefront with 108 feet of sandy beach, shared pier and bouys.
  13. 740 LinconHighway $4,950,000. New Lakefront with sandy beach. HOA pier and bouy field.
  14. 478 Lakeview$2,490,000. Best priced Nevada lakefront with sun deck and two bouys.
  15. 650 Tina Court $3,500,000. Private Estate on 1.7 acres with panoramic lake views.

South Shore

  1.  319 Beach Drive $3,990,000. Lakefront cabin with sandy beach and dock. Approved plans.  
  2. 3 Lighthouse Shores $3,200,000. Views of lake, meadow, and mountains. Triple lot, dock.
  3. 24 Lighthouse Shores $5,950,000. Contemporary lakefront with sandy beach and boat dock.
  4. 3031 Jameson Beach $2,300,000. Tahoe lakefront with shared pier, sandy beach and bouy.
  5. 331 Fallen Leaf Lake Road $4,995,000. Fallen Leaf Lakefront estate on 1.55 acre with private pier.

West Shore

  1. 8797 Rubicon Drive $5,500,000. 5-bedroom lakefront cabin, pier, bouy, and sandy beach.
  2. 1970 West Lake Blvd. $19,500,000. 180 foot waterfront estate with pier, slip, bouys, and lift.
  3. 850 W. Lake Blvd. $7,250,000. 2 furnished houses, shared pier, private slip, lift, and 2 bouys.
  4. 664 Olympic Drive $5,750,000. 3-suite lakefront home, spacious deck, pier, lift, and bouy.
  5. 1780 N. Lake Blvd. $9,995,000. 2007 lakefront, 7000 square foot+ guest house, 2 bouys.
  6. 4160 Ferguson $4,500,000. Sunny house, fabulous pier, boathouse, 3 lifts, 2 bouys.
  7. 4850 N. Lake Blvd. $8,950,000. LUNCH* 4-suite lakefront, pier, lift, boat garage, bouy. Furnished.
  8. 5306 N. Lake Blvd. $5,500,000. Charming stone lakefront with guest house and 2 bouys.
  9. 7762 N. Lake Blvd. $2,950,000. 6-bedroom lakefront with guest house, sandy beach, 2 bouys

North Shore

  1. 290 NorthlakeCircle $10,750,000 287 foot lakefront estate on .93 acres, with bouy and shared pier.
  2. 453 Lakeshore $5,850,000. 200 feet of lake frontage with contemporary home, guest house.
  3. 455 Lakeshore $3,000,000. Lakefront townhome, single level, HOA pier, bouy and pool.
  4. 525 Lakeshore $2,295,000. Townhome withHOA sandy beach, marina with floating docks.

The Lake Tahoe Lakefront and Luxury Estates Tour is an invitation only event, so call Brent Johnson at (530) 416-2625 to receive your invitation to the 15th annual tour. This tour is a great way to see the great lakefront houses for sale in Lake Tahoe.

Keeping Interest Rates in Mind

Interest rates are an important factor to take into consideration when deciding when to purchase real estate in South Lake Tahoe. An increase in mortgage interest rates means that your payments will increase, or that you may need to lower your price range. Currently 30 year fixed interest rates are very low, and have dropped to 5.43%, and 15 year fixed rates are now at 4.91%

Lets say that you are considering purchasing a $300,000 home with 20% down ($60,000), lets look at what the payments would be at various 30 year fixed interest rates.

At today’s current interest rate of 5.43 %, a $300,000 home with 20% down would cost $1,352 per month for principle and interest. The total monthly payment for principle, interest, taxes, and insurance would be $1664.

If interest rates increase to 6%, the principle and interest monthly payment would go up to $1439, and P.I.T.I. would now be $1751.

At 6.5%, the principle and interest monthly payment would be $1517, and the P.I.T.I would be $1829.

For buyers looking to purchase a primary residence using an FHA loan, interest rates are currently 5.375% with one point. A $300,000 house with 5% down ($15,000) using an FHA loan would cost $1620 per month for P.I., and $2063 per month for P.I.T.I.

If interest rates were to go up to 6%, the P.I. monthly payment would be $1734, and P.I.T.I. would be $2177.

At 6.5%, the P.I. monthly payment would go up to $1828, and P.I.T.I. would now be $2271.

South Lake Tahoe real estate buyers should keep interest rates in mind when deciding when the right time to buy. With 93 single family houses now in escrow on the South Lake Tahoe mls, many home buyers are thinking that now is the time to buy!

Tahoe Keys Condos

Owning a condo in the Tahoe Keys area is one of the least expensive ways to own real estate on the water in South Lake Tahoe. Having a condo in the Tahoe Keys also allows you to use the Keys areas great amenities including the indoor and outdoor pools, tennis courts, basket ball courts, beach and harbor use, and the playground. Boat owners will love having a dock in the lagoon with easy access to Lake Tahoe’s crystal clear waters.

Condo prices in the Tahoe Keys are now more affordable than they have been in years. The median sales price is down 36% in 2009 from what it was in 2006. Currently the least expensive condo in the Tahoe Keys is only $239,000. 489 Tahoe Keys Blvd. is a one bedroom, one bathroom 754 square foot bank owned foreclosure.

So far this year there have only been two condos that have sold in the Tahoe Keys area. Both condos that sold were 3 bedroom, 2 bath units that had an average sales price per square foot of $301. 2071 Venice Drive #296 sold for $300,000 and 405 Ala Wai #182 sold for $485,000.

Currently there are three condos that are in escrow, 439 Ala Wai #941 with a list price of $399,000, 2081 Venice Drive #288 with a list price of $399,000, and 2031 Venice Drive #322 with a list price of $465,000.

There are 20 active condo listings in the Tahoe Keys on the South Lake Tahoe mls. The average list price per square foot is $450, the median list price is $517,000, and the median days on the market is 187. Like I had said before, the least expensive condo is a 1 bedroom with a list price of $239,000. The most expensive condo on the mls is 336 Ala Wai #255,  a 3 bedroom, 2.5 bath lakefront offered at $1,195,000. 

To show how Tahoe Keys condos have gone down in value since 2005, here are the statistics from the South Lake Tahoe mls:

2009 Tahoe Keys Condo Statistics

  • Two units sold in 2009
  • The median sales price was $392,500
  • The average price per square foot was $301

2008 Tahoe Keys Condo Statistics

  • 11 units sold in 2008
  • The median sales price was $435,000
  • The average price per square foot was $408

2007 Tahoe Keys Condo Statistics

  • 11 units sold in 2007
  • The median sales price was $590,000
  • The average price per square foot was $477

2006 Tahoe Keys Condo Statistics

  • 16 units sold in 2006
  • The median sales price was $616,000
  • The average price per square foot was $486

2005 Tahoe Keys Condo Statistics

  • 16 units sold in 2005
  • The median sales price was $559,500
  • The average price per square foot was $450

If you are looking for an affordable way to own South Lake Tahoe real estate on the water, now may be the best time to purchase a condo in the Tahoe Keys. For more information regarding condos for sale in the Tahoe Keys and Tahoe Keys real estate, please call Brent and Jill Johnson today!

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!