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South Lake Tahoe MLS Listings from $400,000 to $500,000

The South Lake Tahoe real estate market is very active in the lower price ranges, and is now picking up above $500,000. The $400,000 to $500,000 range is still one of the areas that is still seeing a limited amount of buyer activity.

Currently there are 463 single family home listings on the South Lake Tahoe mls. Out of the 463 listings, 72 are in escrow which is about 16%. There are 61 homes listed between $400,000 and $500,000. and 6 of them are in escrow which is only about 10%.

For the homes listed between $400,000 and $500,000, the average listing price per square foot is $275. So far this year there have been 16 houses that have sold in this price range on the South Lake Tahoe mls. The average price per square foot for the sold homes was $238. The median selling price was $427,000 and the average selling price was $436,250. There were only 4 foreclosures in South Lake Tahoe that have sold in the $400,000 to $500,000 price range. With only 4 of the 37 South Lake Tahoe foreclosures that have sold so far this year being in the $400,000 to $500,000 price range, this range has a low percentage of the foreclosure market.

I have chosen 4 homes on the South Lake Tahoe mls between $400,000 and $500,000 that I think have a good value.

1802 Amador is a short sale listing in Montgomery Estates offered at $429,000 which comes to $175.25 per square foot. This home was previously sold for $670,000 on 6/23/05. Montgomery Estates is one of my favorite areas because it is close to Heavenly Valley Ski Resort and not far from Stateline and the Casinos. There are a lot of larger and newer homes in this area. 1802 Amador is a 2448 square foot 3 bedroom, 2.5 bathroom, 2 car garage home with upgrades and is in good condition.

3503 April is not a short sale or a bank owned foreclosure, but has an outstanding location near Heavenly Valley. This home also backs to U.S. Forest Service Land. This 2146 square foot 5 bedroom, 2.5 bath, 2 car garage would make a great vacation home or a vacation rental. Offered at $495,000, this home is has a list price per square foot of $230.66

1542 Ormsby is a bank owned foreclosure listing with a great meadow view location. This bank owned listing is a 4 bedroom, 2 bath, 1 car garage, 2323 square foot home priced at $419,000. At only $180.37 per square foot, this meadow and mountain view home has great potential to be upgraded.

709 Gardner is a newer (1999 construction) 3 bedroom, 2.5 bath, 2 car garage home that has been rarely been used and is in great condition. This newer home is priced at $429,000 and is $210.09 per square foot.

For buyers in the $400,000 to $500,000 price range, there is a great selection of listings on the South Lake Tahoe mls. With not a lot of competition in this price range, buyers will have a chance to negotiate a good price on a home that works for them. Make sure to keep checking on my current list of foreclosures in South Lake Tahoeto see any new foreclosure listings on the South lake Tahoe mls.

If you would like to find out more about the South Lake Tahoe real estate market, foreclosures in South Lake Tahoe, the South Lake Tahoe mls, or would like to set up an appointment to view properties in South Lake Tahoe, contact Brent and Jill Johnson today!

The True Costs of Owning Real Estate in South Lake Tahoe

With all of the first time home buyers and investors diving into the South Lake Tahoe real estate market, I figured that I would write a blog post about all of the costs that should be taken into consideration before purchasing a home. In this blog post I will go over the costs associated with purchasing and owning a home in South Lake Tahoe. With the most active recent price range being under $300,000, I based my costs on a single family home with a sales price of $300,000.

When owning a home in South Lake Tahoe, you need to be aware that there are more expenses than just your mortgage payment and taxes. Other expenses include the South Lake Tahoe Public Utility District (water and sewer), the South Tahoe Refuse (garbage collection), Taxes, Insurance, Maintenance, possible snow removal and landscaping.

The South Lake Tahoe Public Utility District charges $231.01 per quarter for water and sewer fees in the City of South Lake Tahoe. Water use is not metered at this time and is charged as a flat rate.

The South Tahoe Refuse charges 65.28 a quarter for trash pick-up. It is mandatory in South Lake Tahoe to have trash pick-up even for vacation homes and vacant homes.

The real estate taxes are based on the purchase price and are about 1.1%

Hazard insurance is a must, and is a requirement if there is going to be a loan on the home.

It is a good idea to have a snow removal company clear your driveway in the winter for second homes. The snow can really pile up and get as hard as concrete if it is not cleared often. Second homeowners will also want to consider hiring a landscaper to keep their yard looking nice during the summer.

Homes in South Lake Tahoe are exposed to a harsh environment and will need regular maintenance and up-keep. Wood houses will need to be stained every 3 to 5 years and paint grade houses should be painted every 5 to 10 years. Furnaces and water heaters should be serviced annually and chimneys should be cleaned to prevent chimney fires. All other normal maintenance costs should also be taken into consideration.

Here is a breakdown of the costs associated with purchasing a $300,000 home in South Lake Tahoe. The title and escrow fees were provided by Placer Title. I used a conventional 30 year 80% loan of $240,000 at 5% interest amortized over a 30 year period.

Buyers Estimated Net Sheet

123 Main Street

Charges Credits

Sales price $300,000

New Loan $240,000

CLTA Standard Title Policy, 1/2 Buyer $486.50

ALTA Loan Extended Coverage Policy $441.50

Recording Fee $75.

Escrow Fee, 1/2 Buyer $485.

Outside Notary Fee if Applicable $125

Hazard Insurance $800

Termite Report $200

Home Inspection $300

______________________________________________________________________________________

******SubTotals******

Due From Buyer $302,912.50 $240,000

$62,912.50

Totals $302,912.50 $302,912.50

Including the hazard insurance, there would be $3,112.50 in closing costs to purchase the home. There would also be prorations for the taxes, refuse, and water and sewer on the closing statement.

The monthly costs associated with owning the house in South Lake Tahoe are as follows:

Mortgage payment on $240,000 at 5% $1288.37

Taxes based on a $300,000 sales price $275.

Hazard Insurance $66.67 ($800/12 months)

Water and Sewer $77. ($231.01/ 3 months)

Refuse $21.76 ($65.28/ 3 months)

_____________________________________________________________________________________

Total Monthly Cost $1,728.80

I did not include any snow removal or landscaping in the monthly cost because they are optional. I also did not include any maintenance costs because they are variable, but should also be considered. One last consideration would be any costs associated with the loan such as loan origination fees, appraisals, ext..

It is a great time to purchase real estate in South Lake Tahoe, but first you should make sure that it is in your budget. Buyers who are planning on purchasing a home and renting it out will most likely not be able to cover all of the costs associated with owning the house. There will probably need to be some money invested by the owner in order to cover all of the holding costs. Purchasing a home in South Lake Tahoe may still be a great investment if you purchase a home with the current low values and low interest rates. Once the market rebounds, owning a house in South Lake Tahoe could be an incredible investment!

Please call Brent and Jill Johnson for more information regarding South Lake Tahoe real estate today!

South Lake Tahoe Real Estate Deals Under $400,000

Out of the 59 single family listings on the South Lake Tahoe mls priced between $300,000 and $400,000, I have choosen 3 that I think are great values. With most buyers targeting foreclosures in South Lake Tahoe, there are only 2 that are currently available in this price range and they are on my list. Click on the address to see a complete mls listing report.

South Lake Tahoe Real Estate deals under $400,000

776 Panther St, is a bank owned property offered at $324,000. This house has been on the market for 118 days, and was first priced at $369,900. This house is a 2240 square foot, 4 bedroom, 3 bathroom, 1 car garage home in the Gardner Mountain area. The inside of this home has been remodeled by the bank and looks great. The inside is very clean with new carpet, vinyl, and paint. The bedrooms are large, and the master bedroom is huge! This house is a little plain on the inside, but could easily be dressed up. The exterior needs a little work, maybe some paint and deck repairs. At only $145,00 per square foot, this house is priced well below the competition. The average list price per square foot of the other South Lake Tahoe homes between $300,000 and $400,000 is $256.

1286 Mt Rainier is a bank owned foreclosure out in the county on a 31,799 square foot lot. Built in 1983, this 4 bedroom, 3 bathroom, 1 car garage home is priced at $369,900. This house needs a little TLC and is near the Angora Fire area, but is priced well at $186.54 per square foot. This house has been on the market for 38 days now. I would keep an eye on this home, if it does not sell soon I would expect the bank do drop the price. This good deal could end up being a great one.

2177 Harvard is neither a foreclosure or a short sale. This home is my listing, and is a great value. This 3 bedroom, 2 bath, 2 car garage home is located in the Tahoe Island Park area. Completely remodeled on the inside, the floor plan is bright and open. There are granite slab counter tops, Maple cabinets, and tile flooring. This home was voted the South Lake Tahoe mls home of the week priced at $399,950, and is now priced at $379,000! I think that this is one of the best priced city Houses for sale in South Lake Tahoe!

Looking at South Lake Tahoe real estate on the mls or on the Internet can sometimes be deceiving. Houses that look good on the computer screes can just have great pictures, or great homes can have bad pictures. This makes having a real estate agent very important in helping you with your search for real estate in South Lake Tahoe.

If you have any questions regarding any of the houses for sale in South Lake Tahoe that you have been seeing on the Internet, please call Brent and Jill Johnson today!

South Lake Tahoe Real Estate Review for April 2009

For the second month in a row the South Lake Tahoe real estate market has shown signs of improvement regardingbuyer activity. There were 43 new single family homes that went into escrow on the South Lake Tahoe mls, up from 38 in March, and up from 22 in February. Out of the 43 new escrows, 15 were short sales and 18 were bank owned foreclosures, bringing the percentage of distress sale escrows to 65%. Many of the bank owned properties that went into escrow had multiple offers on them.

The statistics for the new escrows are as follows:

Pending April Single Family Homes in South Lake Tahoe

There were 43 new single family homes that went into escrow in April, up from 38 in March.
The median list price for the homes was $349,900 (up 15% from $297,900 in March).
The average price per square foot was $246
The median days on the market was 129
15 of the new escrows were short sales
13 of the new escrows were bank owned foreclosures

There seems to be a bit of a frenzy over the bank owned foreclosure listings in South Lake Tahoe. There are 25 foreclosures on the South Lake Tahoe mls, and only 9 of them are still available. Yesterday there was a new foreclosure listing located at 1782 Southern Pines, there are already 4 offers in on this property and threats of more coming in.

If you compare the bank owned foreclosures that went into escrow to the non-foreclosure escrows there are some noticeable differences. The average square footage of the foreclosures and the non-foreclosures was very close, 1676 square feet for the foreclosures and 1619 for the non-foreclosures. The average price per square foot for the foreclosures was $206 per square foot, which was 22% less than than the non-foreclosures which had an average price per square foot of $263. The median list price for the bank owned foreclosures was $299,000, which was 18% less than than the non-foreclosure homes which had a median list price of $364,000.

The short sale homes that went into escrow were similar to the non-short sale or non-foreclosure homes. The average price per square foot for the short sales was $246, only 6% less than the non-distress sale escrows. The median list price for the short sale homes was $379,900, actually 4% higher than the non-distress sale escrows.

The amount of homes that were reported as sold on the South Lake Tahoe mls in April was 25, which was the same number of homes that sold in March. Although the number of homes that sold was the same, there was a dramatic drop in the median and average old prices. A large part of the change in the price can be attributed to the fact that the median square footage of the sold homes was much smaller in April. The median size sold home was 2,012 in March and was 1,565 in April.

Sold Houses in South Lake Tahoe in April

There were 25 homes in South Lake Tahoe that sold in April
7 of the sold homes were bank owned foreclosures
2 of the sold homes were short sales
The median sales price was $291,000 (25% less than $388,000 in March)
The average sales price was $334,696 (27% less than $457,160 in March)
The average price per square foot for the sold homes was $210 (5% less than $222 in March)
The median days on the market was 111

The 7 foreclosures in South Lake Tahoe had an average price per square foot of $197, a median sales price of $270,000, an average sales price of $247,914, and a median days on the market of 86. Although there are only 9 single family foreclosures that are still available on the South Lake Tahoe mls, there should be more coming onto the market. There are still a fair amount of notices of default being filed, and this should more foreclosure listings in the future. The key to purchasing one of the new foreclosure listings will be to have your pre-approval letter ready and to keep following my South Lake Tahoe real estate blog post on foreclosure listings in South Lake Tahoe.

For more information regarding South Lake Tahoe real estate, contact Brent and Jill Johnson today!

South Lake Tahoe Real Estate Deals Under $300,000

There are currently 78 single family houses for sale in South Lake Tahoe priced under $300,000. Out of those 78 South Tahoe homes, 31 are currently in escrow. I looked through the 47 homes that are still available on the South Lake Tahoe mls, and picked the ones that I felt are the best deals. If you click on the address it will give you the listing details and photos.

1233 Monument is a 3 bedroom, 2 bathroom, 1 car garage home located in the Bijou 1 area. This is a bank owned foreclosure and is in decent shape. It could use some fresh paint, flooring, and some minor repairs. This home is located on a sunny lot near the local community golf course. The last sale date for this home was on 6/01/2006 when it sold for $390,000. The current asking price is $236,550

1782 Southern Pines is a 3 bedroom, 2 bath, 2 car garage, 1555 square foot home off of Pioneer Trail. This house was just listed today, and should sell quickly. This house is in a great county location and is very well maintained for a bank owned foreclosure. The last sale of this house was back on 10/20/2003 when it sold for $365,000. The current asking price is $299,900!

1049 Reno is a 2 bedroom, 1 bath, 1 car garage, 889 square foot bank owned foreclosure. This house is included in my picks because it is one of the only homes under $200,000 that has a garage. This house could use some work such as paint, carpet, and possible updating. Located in the Sierra Tract area, this house would make a great first home or an economical second home. The last sale of this house was on 7/19/05 when it sold for $355,000. The current asking price is $199,900.

866 Secret Harbor is a 2 bedroom, 2 bath, 2 car garage home that is being sold as a short sale. I like this house because of the location. This house is off of Secret Harbor in the Tahoe Island drive area. This house does have a couple of negatives, the master bedroom is small, there are only 2 bedrooms, and it has a shake roof. With some work, this house has some potential. The last sale of this house was on 10/17/07 when it sold for $385,000. The current asking price is $269,000. This house is a short sale which is subject to lender approval.

1116 Dedi is a 3 bedroom, 2 bath, 1 car garage, 1181 square foot house that is not a short sale and not a foreclosure. This house is in outstanding condition and sells fully furnished with very nice furnishings. This would be a great house for someone who does not want to do any work other than moving in their clothes. The last sale of this house was on 10/17/2007 when it sold for $380,000. The current asking price is $299,900.

If you are looking at purchasing a house in South Lake Tahoe under $300,000, make sure to take a look at my top list of homes. The listing information for these homes was provided from the South Lake Tahoe mls. I am not advertising these listings as my own, just showing the ones that I feel are good values.

I will post more blogs about South Lake Tahoe real estate deals in other price ranges soon. If you would like to set up an appointment to see any of these homes, or have questions about South Lake Tahoe real estate, please give Brent and Jill a call today!

Tahoe Keys Properties are off to a Slow Start

With only four houses in the Tahoe Keys that have sold so far this year, the Keys area is off to a very slow start in 2009. Two of the sold homes in the Tahoe Keys were distress sales, one was a foreclosure and one was a short sale. As you would expect, Tahoe Keys property values are down due to the lack of demand from buyers.

The average price per square foot of the four Tahoe Keys homes that have sold so far this year is only $313. The sold price per square foot so far this year is very close to what it was in 2003 which was $305. The median sales price for the sold Tahoe Keys homes was $757,500, 11% less than what it was in 2008 and 33%less than what it was during the peak of the real estate market in 2005.

Here is a break down of the sold single family homes in the Tahoe Keys area from the South Lake Tahoe mls beginning in 2003.

2003 Sold Tahoe Keys Houses

60 Sold Tahoe Keys homes
Average sales price $731,704
Median sales price $692,450
Average price per square foot $305

2004 Sold Tahoe Keys Houses

69 Sold Tahoe Keys homes
Average sales price $946,663
Median sales price $820,000
Average price per square foot $389

2005 Sold Tahoe Keys Houses

49 Sold Tahoe Keys homes
Average sales price $1,166,367
Median sales price $1,130,000
Average price per square foot $473

2006 Sold Tahoe Keys Houses

35 Sold Tahoe Keys Houses
Average sales price $1,009,354
Median sales price $1,000,000
Average price per square foot $475

2007 Sold Tahoe Keys Houses

37 Sold Tahoe Keys Houses
Average sales price $1,155,000
Median sales price $960,000
Average price per square foot $476

2008 Sold Tahoe Keys Houses

32 Sold Tahoe Keys Houses
Average sales price $900,366
Median sales price $847,500
Average price per square foot $388
There were 3 foreclosures in the Tahoe Keys that sold
The average price per square foot for the Tahoe Keys foreclosures was $303
The median sales price for the Tahoe Keys foreclosures was $420,000
The average sales price for the Tahoe Keys foreclosures was $581,667

2009 Sold Tahoe Keys Homes from 1/1/09 to 4/28/09

4 Sold Tahoe Keys homes
Average sales price $825,000
Median sales price $757,500
Average price per square foot $313
One of the sold Tahoe Keys homes was a bank owned foreclosure
One of the sold Tahoe Keys homes was a short sale

Currently there are 59 Tahoe Keys Listings on the South Lake Tahoe mls and 6 of them are listed as short sales. Out of the 59 Tahoe Keys listings, there are currently 5 in escrow, and 2 of them are short sales. There are no bank owned properties in the Tahoe Keys that are currently available for sale. There may soon be a foreclosure in the Tahoe Keys because there are a couple of Notices of Default posted in the Tahoe Keys. I will make sure to post any new Tahoe Keys foreclosure listings on my website as soon as they hit the market.

With Tahoe Keys properties selling for close to what they were in 2003 and interest rates under 5%, it could be the best chance to purchase waterfront property in South Lake Tahoe. There are now homes for sale in the Tahoe Keys with lake access for under $600,000!

For more information about Tahoe Keys properties, contact Brent and Jill Johnson today!