bjohnson

Short Sale Opportunity in South Lake Tahoe!

Here is a great buyer opportunity, a short sale in South Lake Tahoe! This custom Tahoe home was built by a local contractor, and has all of the bells and whistles!

Jill Johnson | Chase International South Tahoe Realty | 530-416-2626

770 Algonquin Court, South Lake Tahoe, CA

Short sale opportunity on this like new custom built Tahoe Home.

4BR/3BA Single Family House

offered at $738,500

Year Built	2005
Sq Footage	3,009
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	4 Car garage
Lot Size	16,000 sqft
HOA/Maint	$0 per month

DESCRIPTION

Short sale opportunity!!! A contractors home with many extra special features including a Vantage Home Intergration electrical system, Granite slab counter tops, Stainless Steel GE monogram appliances, Hickory Hardwood Flooring, Knotty Maple Cabinets, Doors and Trim, River rock fire place from floor to ceiling, 16,000 square foot large lot, 3 family rooms, 2 Gas Fireplaces and much more!!!!

see additional photos below

PROPERTY FEATURES

Central heat	Fireplace	High/Vaulted ceiling
Walk-in closet	Hardwood floor	Tile floor
Family room	Living room	Bonus/Rec room
Dining room	Breakfast nook	Dishwasher
Refrigerator	Stove/Oven	Microwave
Granite countertop	Stainless steel appliances	Washer
Dryer	Laundry area – inside	Balcony, Deck, or Patio
Jacuzzi/Whirlpool

COMMUNITY FEATURES

Garage parking

Guest parking

OTHER SPECIAL FEATURES

Vantage Home Intergration Wiring System

3 Family rooms

Granite Slab Counter Tops

Formal Dining Room

Stainless steel Appliances

16,000 square foot large lot

Quiet Location

Hickory Hardwood Flooring

Knotty Maple Cabinets, Doors and Trim

ADDITIONAL PHOTOS

Seller contact info:

Jill Johnson

Chase International South Tahoe Realty

530-416-2626

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 3, 2009, 1:20pm PST

A short sale package has already been submitted to the lender, so make your best offer! For a list of short sales in South Lake Tahoe, foreclosures in South Lake Tahoe, or any questions regarding South Lake Tahoe real estate, contact Brent and Jill Johnson today!

This listing was added to the South Lake Tahoe real estate blog by South Lake Tahoe real estate agent Brent Johnson.

South Lake Tahoe Real Estate Review for 2008

In December 2008 there were 26 single family homes reported sold on the South Lake Tahoe MLS. This was a 16% decrease in sales compared to the 31 solds in November. Out of the 25 sold homes, 6 were foreclosures and 3 were short sales.

The December sold statistics are as follows

26 sold single family homes
Average sales price $523,490
Median sales price $412,450
Average days on market 204
Lowest priced sale $220,000
Highest priced sale $1,890,000
Total Volume $13,610,750

Click on the following link to view the statistical charts.

december-statistical-chart

In December there were only 18 houses that went into escrow. Out of the 18 homes, 8 were foreclosures, and 4 were short sales.

Income Property in South Lake Tahoe

If you are looking for real estate in South Lake Tahoe to invest in, this 7 unit apartment building at the Stateline is a great income producing property!

Jill Johnson | Chase International South Tahoe Realty | 530-416-2626

3690 Primrose Rd., South Lake Tahoe, CA

Remodeled 7 unit apartment building with great income at Stateline

in South Lake Tahoe.

9+BR/8.5BA Multi-Family, 7 units

offered at $725,000

Year Built	1962
Sq Footage	5,120
Bedrooms	10
Bathrooms	8 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	5,000 sqft
HOA/Maint	$0 per month

DESCRIPTION

Extensive remodel just completed on this 100% occupied apartment building near Stateline.Recent work on all units includes a brand new comp. roof, new interior and exterior paint throughout,new appliances, new carpet and vinyl, window coverings, toilets, and much more! The units in this building are unique and show very well. Five units have fireplaces, one of the two bedroom units is a townhouse style with hand carved open beams and rockwork in the living room. This is a quality building!

see additional photos below

PROPERTY FEATURES

Central heat	Fireplace	Walk-in closet
Living room	Dishwasher	Refrigerator
Stove/Oven	Washer	Dryer
Laundry area – garage	Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Covered parking

Laundry on-site

ADDITIONAL PHOTOS

Seller contact info:

Jill Johnson

Chase International South Tahoe Realty

530-416-2626

For sale by agent/broker

Equal Opportunity Housing

Posted: Feb 9, 2009, 10:13am PST

For more information regarding the income that this property produces please contact Brent Johnson. For more information regarding other South Lake Tahoe real estate incpme properties, houses for sale in South Lake Tahoe, or questions regarding houses on the South Lake Tahoe mls, contact Brent and Jill Johnson today!

Foreclosures in South Lake Tahoe May Be Effected by Policy Changes

Fannie Mae has launched pilot projects in Phoenix and Orlando intended to reduce foreclosures by pre-approving short sales, agreeing on a price and the loss it will take prior to a deal even being made. It is hoped the program will improve the popularity of short sales among real estate agents.

Property professionals initially had welcomed short sales but soon found the process to be a frustrating one-due to squabbling about the sale price and slow approval times by the mortgage companies-that often ended with no sale at all.

“Short sales have received such a bad reputation among real-estate agents that, as a portion of the overall mortgage market, they have gone down,” says Tom Popik of the research firm Campbell Communications, whose November survey of realty practitioners found that agents had to wait as long as 8.1 weeks to receive a response from the lender on a short sale. That was nearly double the 4.5 weeks the process took earlier in the year.

Fannie Mae’s pilot will focus on homes that are listed at less than the mortgage balance and carry a Fannie Mae-backed loan serviced by Countrywide Financial Corp.
If it proves successful, the concept could be expanded to other geographical areas and additional lenders. There are concerns, in the meantime, about the program’s success, with real estate agents noting that property prices could decline before the pre-approval is issued.

I think that Fannie Mae is making the right decistion to negotiate short sales over foreclosures. The foreclosure process takes time, and time is money. Foreclosure is also expensive for the lenders, the more money that the lenders loose, the worse the effect will be on the lending market.

Short sales are also a better option for the homeowner. Although a short sale does adversely affect credit, it is not as bad as loosing your home to foreclosure.

I think that Fannie Mae will find this trial policy to be effective and will soon spread it across the country. Other lenders will follow Fannies lead. They would be crazy not to. This will in effect reduce the amount of foreclosures in South Lake Tahoe. With more homes in South Lake Tahoe being sold as short sales, agents will also need to adapt and gain confidence in short sale transactions

Source: The Wall Street Journal, Nick Timiraos (01/09/09)

For more information about South Lake Tahoe Real Estate, Short Sales and Foreclosures in South Lake Tahoe, or houses on the South Lake Tahoe MLS, contact Brent or Jill Johnson.

South Lake Tahoe Real Estate May be Affected by Low Interest Rates

Mortgage Rates Continue Falling to Record Lows
For the fourth consecutive week, mortgage rates have fallen to all-time lows. The 30-year mortgage rates averaged 5.01 percent this week, which is a drop from last week’s 5.1 percent. Last year at this time, rates averaged 5.87 percent.

“Interest rates for 30-year fixed-rate mortgages fell for the 10th week … due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae,” says Freddie Mac Chief Economist Frank Nothaft.

Other rates also dropped for the week:

15-year fixed rates: dropped to 4.62 percent from 4.83 percent last week. Last year at this time 15-year mortgage rates averaged 5.43 percent.
5-year hybrid adjustable-rate mortgages averaged 5.49 percent, a drop from 5.57 percent last week.

The only slight increase in rates this week was in 1-year ARMs, which were 4.95 percent, up from 4.85 percent last week. Overall, 1-year ARMs were still down for the year from last year’s 5.37 percent.

Freddie Mac began tracking rates in 1971.

Source: The Wall Street Journal, Amy Hoak (1/09/09)

Interest rates are a very important factor to consider when timing a real estate purchase. When purchasing a $300,000 home with a $250,000 30 year fixed loan at 5.01% including tax and PMI, the payment would be $1708.17 and the total of all payments would be $614,939.65. The same scenario with a 6% interest rate would raise your payment $155.29 to $1863.46 and raise your total payments to $670,845. There are a lot of buyers looking at homes in South Lake Tahoe right now that are trying to time the bottom of the market. When rates rise to 6% it will be like paying $55,906 more for a $300,000 home using a 30 year fixed rate loan.

I think that these low interest rates will stimulate the South Lake Tahoe Real Estate market. However it is still important to buy undervalued properties from motivated sellers or foreclosures in order to offset any future declines in the market.

For more information about South Lake Tahoe Real Estate, loans, or houses on the South Lake Tahoe MLS, contact Brent or Jill Johnson.

South Lake Tahoe Real Estate Statistics Charts

Here are the 2008 statistics for all residential Real Estate in the Lake Tahoe Basin.

Single family homes experienced a 36% decrease in total volume from $895,457,919 in 2007 to $568,841,387 in 2008.

Sales volume on Condos fell 41% from $146,563,395 in 2007 to $86,808,980 in 2008.

This data represents the entire Lake Tahoe area. To view a chart of the statistics, click on the link below.

2008-end-of-year-stats-tahoe2

To view a chart of the statistics broken down by area, click on the link below.

2008-year-end-price-banding-charts1

To view all South Lake Tahoe Real Estate click on the following link.

South Lake Tahoe MLS