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Real Estate in South Lake Tahoe for the Month of July

The South Lake Tahoe real estate market had another solid month of activity on the sale of single family homes. There were 37 houses in South Lake Tahoe that closed escrow in the month of July, there were 38 homes that had sold in June. With three consecutive months of increasing home sales across the country, South Lake Tahoe seems to be following a similar story.

Statistics for the single family homes in South Lake Tahoe sold in July

There were 37 houses in South Lake Tahoe that sold in July
There were 9 foreclosures in South Lake Tahoe sold in July
Only one short sale was sold in July
The average sales price was $395,570 ( up 11% from $352,555 in June)
The median sales price was $353,000 ( up 12% from $310,000 in June)
The average price per square foot was $238 ( up 4% from $229 in June)

Foreclosures in South Lake Tahoe were still popular with home buyers in the month of July. Currently there are 38 foreclosures listed on the South Lake Tahoe mls, and 20 of them are in escrow. The foreclosures that sold in July had an average sales price per square foot of $204, a median sales price of $305,000, and an average sales price of $320,767. The foreclosures in South Lake Tahoe that sold in the first 60 days sold for an average of 105.7% above the listing price. The multiple offer situations that the bank owned properties are having is causing the homes to sell for above asking price.

There are 472 single family homes that are available on the South Lake Tahoe mls, and there are 96 homes that are currently in escrow. Out of the 96 homes that are in escrow, 33 are short sales and 20 are foreclosures bringing the percentage of “distress sale” escrows to 55%.

August should be another strong month in terms of home sales with the number of current escrows at close to 100. There seems to be continuing good news about the economy, and it will be interesting to see if and how it will affect the South Lake Tahoe real estate market.

Please give Brent and Jill Johnson a call for more information about real estate in South Lake Tahoe!

Tahoe Keys HOA Fees

Owning a home in the Tahoe Keys has its advantages. In addition to waterfront living, there are other great amenities that Tahoe Keys homeowners have access to. Homeowners will have access to the indoor pool, outdoor pool, spa, tennis courts, basketball courts, playground, private beach and pier, and marina use.

Although the amenities are great, they do come with a fee. The Tahoe Keys Property Owners Association fees are $1,412 annually. The Tahoe Keys also has its own water company which charges $507 annually, so the total TKPOA dues plus the water dues are $1,919 annually ($159.92 a month). Lighthouse Shores has its own particular dues. The annual Keys dues include the Common Operating Fund, Common Capital Reserve Fund, Water Quality Operating Fund, and Water Quality Reserve fund.

In addition to the Tahoe Keys Property Owners Association dues and the water company fees, condos in the Tahoe Keys have additional subdivision dues that cover exterior maintnence, exterior insurance, roof repairs, refuse, and snow removal. The subdivision dues depend on the subdivision that the condo is located in. The fee schedule is as follows.

Door #’s 1-77 in Cove 5 are $4,097 plus $1,919 for the HOA and water fees.
Door #’s 78-91 in Cove 4 are $4,165 plus $1,919 for the HOA and water fees.
Door #’s 92-110 in Cove 3B are $3,285 plus $1,919 for the HOA and water fees.
Door #’s 111-145 in Cove 3C are $3,123 plus $1,919 for the HOA and water fees.
Door #’s 146-167 in Cove 3A are $3,602 plus $1,919 for the HOA and water fees.
Door #’s 168-187 in Cove I are $3,555 plus $1,919 for the HOA and water fees.
Door #’s 188-207 in Cove II are $3,612 plus $1,919 for the HOA and water fees.
Door #’s 208-236 in Cove IIA are $3,336 plus $1,919 for the HOA and water fees.
Door #’s 237-275 in Tahoe Marina Shores I and II are $3,911 plus $1,919 for the HOA and water fees.
Door #’s 276-293 in Islander II are $4,290 plus $1,919 for the HOA and water fees.
Door #’s 294-302 in Islander I are $3,746 plus $1,919 for the HOA and water fees.
Door #’s 303-335 in Islander III are $3,800 plus $1,919 for the HOA and water fees.

Owning a condo in the Tahoe Keys is one of the least expensive ways to purchase waterfront property in South Lake Tahoe. The subdivision dues in addition to the HOA fees may seem like a big expense, but when you factor in the location it may be worth it!

For more information about houses for sale in the Tahoe Keys and Tahoe Keys Condos, please call Brent and Jill Johnson, your resource for Tahoe Keys real estate.

Why Selling as a Short Sale is Better Than Foreclosure

There has been a lot of questions about how short sales and foreclosure will affect homeowners in the future. Credit Financial Planning Inc., www.creditfixed.com provided some great information for homeowners that are deciding weather to short sale their homes or let them go to foreclosure.

Here are some of the advantages of selling your home as a short sale instead of letting your home be foreclosed on.

Fannie Mae Guidelines for Primary Residence Loans- If you short sale your home, you will be eligible for a Fannie Mae backed mortgage after 2 years with no restrictions. With a foreclosure eligibility would be after 5 years with restrictions, and after 7 years with no restrictions.
Fannie Mae Guidelines for Non Primary Residence Loans- An investor who has done a short sale is eligible for a Fannie Mae backed mortgage after 2 years. An investor who has had a property foreclosed on cannot get a Fannie Mae backed loan for 7 years
Credit Score- With a short sale, late payments will show up as short as 12 to 18 months after the completion of the short sale. Credit scores can be affected negatively 50 to 100 points depending on how the lender reports it. With a foreclosure, the credit score is typically affected for at least 3 years. Credit scores will be negatively affected between 200 and 300 points.
Credit Application Questions (Form 1003)- There are no questions on the credit application regarding a short sale. If you have had a foreclosure you will need to answer “Yes” to question C, section VIII: Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?
Credit History- Short sales may or may not be reported on a credit history depending on how the lender reports it. A foreclosure will remain as a public record for 10 years or more.
Security Clearance- A short sale does not usually raise red flags regarding security clearance. With a foreclosure, security clearance will usually be revoked.
Deficiency Judgement-On a short sale, this is a negotiable issue between the seller and the lending institution. With a foreclosure there are no negotiations between the homeowner and the lending institution. It is up to the lender whether to file a deficiency judgement.
Deficiency Judgement- If there is a deficiency judgment on a short sale, the amount is usually lower. The foreclosure process usually will cost the lender more, hence resulting in a larger deficiency judgment if the judgment is filed.

Selling your home as a short sale can be a good option for homeowners who have a financial hardship instead of foreclosure. If you are considering selling your home as a short sale, the first step is to contact your CPA and attorney to make sure that it is the best option for you. The next step is to call Brent and Jill Johnson for more information on how to short sale your home!

Please contact us for more information regarding short sales in South Lake Tahoe. You can also view a current list of bank owned foreclosures in South Lake Tahoe for sale.

Bank Owned Property in South Lake Tahoe on a 43,007 Square Foot Lot!

If you are looking for a project, this new foreclosure listing in South Lake Tahoe is a great opportunity. 1607 Miztec is a 2556 square foot home at the end of a very quiet street on almost an acre. This county home has private setting surrounded by open land and tall pines. A remodel has been started on this home that was built in 1974 and all sheet rock has been removed. Here is your chance to purchase a one of a kind setting in South Lake Tahoe. This bank owned property is to be sold in as is condition. There is a ton of possibilities for this bank owned foreclosure listing!

1607 Miztec Offered at $295,000!

2556 square foot “Project” home
43,007 square foot lot
4 bedroom, 3 bath, 2 car garage
Bank Owned Foreclosure Listing in South Lake Tahoe
Endless possibilities!!!

Here is a complete list of all current foreclosures for sale in South Lake Tahoe. For more information regarding foreclosures in South Lake Tahoe or South Lake Tahoe real estate, please call Brent and Jill Johnson at (530) 416-2625 today!

Tahoe Keys Real Estate Review for 2009 Year to Date

Tahoe Keys home buyers are currently finding the best selection of homes for sale that there has been in years. There are now 55 houses for sale in the Tahoe Keys area that are available on the South Lake Tahoe mls. The least expensive home in on the water the Tahoe Keys is 2214 Venice ( backs the sailing lagoon), a 3 bedroom, 2 bathroom, 2 car garage 1422 square foot home for $495,000. For those looking for luxury, 24 Lighthouse Shores, a 6,500 square foot lakefront home is still available for $5,950,000.

Buyer activity in the Tahoe Keys has also been increasing, there are now currently 13 houses in the Tahoe Keys that are in escrow. Out of the 13 houses in escrow, 8 are short sales and none are bank owned foreclosures.

Statistics for the houses in the Tahoe Keys that are in escrow

There are currently 13 homes in the Tahoe Keys that are in escrow
The average listing price is $947,269
The median listing price is $725,000
Tha average price per square foot is $364
The average days on the market is 309
the average square footage is 2,438

So far this year there have been 8 Tahoe Keys homes that have sold on the South Lake Tahoe mls. Two of the sold homes were short sales and one was a bank owned foreclosure. When I ran the statistics for the sold Tahoe Keys homes, I did not include 2224 Inverness. 2224 Inverness was a short sale that was a 3,000 square foot shell, and was skewing the statistics. This home was completely gutted on the inside, and sold for only $300,000.

Statistics for the houses in the Tahoe Keys that have sold in 2009

8 sold houses in the Tahoe Keys
2 short sales and 1 bank owned foreclosure
The average sales price was $798,286
The median sales price was $705,000
The average days on the market was 211
The average square footage was 2,519

As I was driving my boat through the Tahoe Keys during the 4th of July weekend, it was great to see how many people were vacationing in the Keys. I would guess that there was not one vacant vacation rental in the Tahoe Keys area during that weekend. The Tahoe Keys is a very special area in South Lake Tahoe, and is one of the best places in the world to own a home! There is a large selection of homes available in the Tahoe Keys, and prices at their lowest levels in years. In may now be the best time ever to find your dream home in the Tahoe Keys!

For more information about Tahoe Keys real estate, please call Brent and Jill Johnson at (530) 416-2625 today!

South Lake Tahoe Real Estate Review for June

The South Lake Tahoe real estate market is continuing to attract buyers looking to purchase homes at values around 35% less than what they were in 2006! According to the South Lake Tahoe mls, there were 38 single family homes that sold in June with a median sales price was $310,000, 35% less than the median sales price was in June of 2006. The average price per square foot was also down 38% from $370 in 2006 to $229 in 2009.

The attractive home prices, low interest rates, and the $8,000 first time buyers tax credit contributed to an increase in sales from 26 homes sold in May to 38 homes sold in June. The number of bank owned foreclosures in South Lake Tahoe that sold in June dropped 2 units from 11 sales in May, to 9 sales in June. June also saw 5 short sale closings, no single family home short sales were reported in May on the South Lake Tahoe mls.

Statistics for the single family homes in South Lake Tahoe sold in June

There were 38 houses in South Lake Tahoe that sold in June
9 of the houses sold were bank owned foreclosures
5 of the houses sold were short sales
The average sales price was $352,555 (down 2% from $360,169 in May)
The median sales price was $310,000 (down 2% from $315,000 in May)
The average price per square foot was $229 (up 3% from $222 in May)
The average days on the market was 184

The bank owned foreclosures that sold in June were a major contributor to the decline in the median and average sales prices. The average sales price for the 9 foreclosures that sold in June was $288,456, compared to an average sales price of $416,350 for the non-foreclosures. The median sales price for the foreclosures sold was $289,000, compared to $376,000 for non-foreclosures. Average price per square foot was only $176 for the foreclosures, and was $253 for the non foreclosures. Most of the foreclosure listings in South Lake Tahoe are in need of at least some kind of work which contributes to the lower sales prices.

With 31 short sales in South Lake Tahoe that are currently in escrow, it was great to see that 5 short sales closed escrow in June considering that there were no short sales that closed escrow in May. The short sale listings that closed escrow in June had an average sales price of $283,200, a median sales price of $290,000, and an average sales price per square foot of $212.

South Lake Tahoe home buyers also put 44 single family houses in escrow during the month of June. The number of June escrows is down from 56 in May, but up from 43 in April. The number of distress sales that went into escrow in June decreased with only 3 foreclosures and 8 short sales that went into escrow.

Statistics for the Single Family Homes in South Lake Tahoe went into Escrow in June

There were 44 single family houses in South Lake Tahoe that went into escrow in June
The average list price for the new escrows was $451,525
The median list price was $304,500
The average price per square foot was $277
8 of the homes are short sales
3 of the homes are bank owned foreclosures

Activity on lots in South Lake Tahoe picked up slightly in June with 5 lots sold, and 3 lots that went into escrow. 625 Tahoe Island Drive was a bank owned lot that had a list price of $74,900, received multiple offers and sold well above asking price at $125,000. There were also two lots in the Tahoe Keys on Venice Drive that sold with allocations.

Condos in South Lake Tahoe also improved with 8 new escrows and 3 sales. Two of the condos that went into escrow and one of the condos that sold were in the Tahoe Keys.

To find out more on how to take advantage of the low interest rates, the $8,000 first time home-buyer tax credit, and the low South Lake Tahoe real estate prices, call Brent and Jill Johnson at (530) 416-2625 today!