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Tahoe Island Park Listing With a Boat Dock!!!

806 Jeffery Street

Offered at $299,000!

This well kept ranch style home backs to the meadow and has a BOAT DOCK in the Marina! This 3 bedroom, 2 bath, 2 car garage home backs to open meadow and forest land owned by the California Conservancy. Many recent upgrades include a newer roof, double pane windows, newer furnace and water heater, and a brand new TRPA approved wood stove. The kitchen has Corrian countertops and a Travertine back splash, recessed lighting, and a gas stove, The garage has been insulated and has brand new sheet rock. This is a clean meadow front property on a nice quiet street!

Boat Slip # F-7 is Included
Newer Comp Roof
Newer Forced Air Heater
Backs to a beautiful meatow
New TRPA Approved wood stove
Gas Range
Single Level living
Close to the lake and beaches!!!

For more information about this listing in Tahoe Island Park, please call South Tahoe Realtor Brent Johnson at (530) 416-2625! This great meadow front listing in South Lake Tahoe will not last long!

Charming Cabin in Meyers For Sale!

1953 Cherokee Street

Offered at $199,000!

Enjoy Lake Tahoe in this charming and cozy Meyers cabin! This 3 bedroom and 1.5 bath cabin has an open living area with pine and rock interior accents. Newer double pane windows, a gas fireplace, and a paving stone driveway are just some of the great features that this property has to offer. This 1064 square foot cabin sits on an 8722 square foot, sunny, and flat lot. Located close to Tahoe Paradise Park and between Sierra At Tahoe and Heavenly Valley Ski Resort, this property would make a great vacation home or a primary residence. This cabin is being sold as a short sale and has only one lender.

Cedar Lap siding with Rock accents
Gas Fireplace
Landscaped front yard
Vinyl frame double pane windows
Hot tub
Storage Shed
Gas Range
Much More!

For more information regarding this property or to schedule a showing, please call South Lake Tahoe Real Estate agent Brent Johnson at (530) 416-2625!

June South Tahoe Real Estate

The South Lake Tahoe Real Estate market had an excellent month in terms of transactions closed in June. There were 77 single family homes and condos that were reported as sold on the South Lake Tahoe MLS. The number of homes sold in June was up from 66 sales in May and well above June 2011 when 59 properties were sold.

The real estate market continues to be very active, but we are still struggling with a low inventory of homes for sale. There are currently only 234 single family homes that are listed on the MLS as “active” listings in the city and county areas of South Lake Tahoe. There are 365 total single family listings, but 130 of them are in escrow (36%). With the low inventory of properties for sale in South Lake Tahoe, buyers are still dealing with multiple offer situations on homes that are priced to sell. There were as many as 13 offers on some of the foreclosures that were priced below market value. Not all of the properties are getting buyer activity though. There are still properties on the MLS that have been listed for a few years now that are not priced where they need to be.

June South Tahoe Real Estate Statistics

There were 77 single family homes and condos that were sold on the South Lake Tahoe MLS in June 2012, up from 66 in May and up from 59 in June 2011.
The median sales price was $225,000, down from $247,775 in May and down from $280,000 in June 2011.
The average sales price was $279,311, down from $349,102 in May and down from $374,119 in June 2011.
The average price per square foot was $177, down from $190 in May and down from $196 in June 2011.
The average days on the market was 146 and the median days on the market was only 91.

Foreclosures in South Lake Tahoe

There were 18 bank owned foreclosures in South Lake Tahoe that were sold in June, up from 17 in May.
The average sales price of the foreclosures was $200,036, down from $211,258 in May.
The median sales price was $174,000, down from $193,800 in May.
The average days on the market was 73 and the median days on the market was 65.
The average price per square foot was $140, down from $142 in May.

Short Sales in South Lake Tahoe

There were 16 Short Sales in South Lake Tahoe that were sold in June, up from 12 in May.
The average sales price of the short sales was $279,188, up from $256,611 in May.
The median sales price of the short sales was $230,500, up from $226,668 in May.
The average price per square foot was $168, the same as it was in May.
The average days on the market was 206 and the median days on the market was 193.

With 130 properties still in escrow on the South Lake Tahoe MLS, July should be another good month for closings. For more information about the South Lake Tahoe Real Estate market, please call Brent Johnson at (530) 416-2625!

More Anti-Deficiency Protection for Homeowners Facing Foreclosure

In an article from the California Association of Realtors, a new California law protecting homeowners from liability after foreclosure is explained.

“Starting January 1, 2013, a new California law will protect homeowners who default on their refinance loans from personal liability for any deficiency following foreclosure. Existing anti-deficiency law protects a borrower from personal liability for the difference between the principal balance and what the lender receives at foreclosure if the loan is a purchase money loan secured by an owner-occupied property with one-to-four residential units. The new law, Senate Bill 1069, extends that anti-deficiency protection to include any loan used to refinance the purchase money loan, plus any loan fees, costs, and related expenses for the refinance. The anti-deficiency protection, however, does not extend to any “cash out” in a refinance, which is when the lender advances new principal not applied to any obligation owed under the purchase money loan. This new law does not affect the other anti-deficiency protections for non-judicial foreclosures (or trustee’s sales) and seller financing.

This new law only applies to refinance loans or other credit transactions used to refinance a purchase money loan, or subsequent refinances of a purchase money loan, that are executed on or after January 1, 2013. For purposes of this law, any payment of principal shall be deemed to be applied first to the principal balance of the purchase money loan, and then to the principal balance of any new advance and interest payments shall be applied to any interest due and owing.

C.A.R. supported Senate Bill 1069 in the legislative process as many homeowners do not realize that, by refinancing, they lose their anti-deficiency protection for a purchase money loan. Senate Bill 1069 is similar to Senate Bill 1178 sponsored by C.A.R. in 2010, but vetoed by Governor Schwarzenegger. The full text of the law is available at www.leginfo.ca.gov.”

Tahoe Keys Real Estate

After biking through the Tahoe Keys over the 4th of July weekend I have decided to post some recent Tahoe Keys real estate statistics. My family and I were riding our beach cruisers down Venice Street on the 4th and noticed that there were lots of people enjoying the Tahoe Keys lifestyle. There were kids out fishing and swimming off of the docks, there were boats motoring in and out of the channels, and families enjoying the one of a kind waterfront setting. What a great sight this was to see!

Home prices in the Tahoe Keys have become more affordable than ever, but the inventory levels are very low. Good deals in the Tahoe Keys do not last very long and you must act quickly to score a good deal. In the first half of 2012 there were 19 Tahoe Keys homes that closed escrow on the South Tahoe MLS. The median sales price was 42% less than what it was in the first half of 2006. The price per square foot was also 33% less during the same period.

Tahoe Keys Real Estate Statistics 1/1/12 to 6/30/12

There were 19 Tahoe Keys Homes sold in the first half of 2012, down from 22 in 2011, and up from only 14 in 2006.The medain sales price was $590,000, down from $602,45o in 2011, and down from $1,010,000 in 2006.
The average sales price of $867,789, up from $771,514, and down from $1,008,742 in 2006. (there was a $3,250,000 lakefront that sold in 2012 which drove up the average sales price.)
The average price per square foot was $311, up from $299 in 2011, and down from $464 in 2006
The average days on the market was 230, down from 283 in 2011, and up from 142 in 2006.
There were 4 short sales and 4 foreclosures in the Tahoe Keys sold in the first half of 2012.

Currently there are 49 total single family homes for sale in the Tahoe Keys. Out of the 49 listings, 14 are in escrow and only 35 are still active. There are only 4 short sale listings in the Tahoe Keys and 3 of them are in escrow and one is active.

The active inventory of homes for sale in the Tahoe Keys accounts for only 2.9% of the total number of properties in the Tahoe Keys. There are 1530 properties in the Tahoe Keys including Townhouses and there are 44 active properties for sale. There are around 875 waterfront homes with Lake Tahoe access. There are only 25 active lake access homes for sale which accounts for 2.8% of those properties. There are 290 off -water or landlocked homes and there are 8 of them for sale which is only 2.7%. There are 30 lakefront homes in the Tahoe Keys and 2 of them are for sale (6.7%). There are 335 Townhouses in the Tahoe Keys and there are 9 for sale (2.7%).

If you are interested in waterfront living in South Lake Tahoe at an affordable price then you must look into the Tahoe Keys. Having your boat tied up in your backyard and ready to go at anytime is an amazing feature. When you add all of the other Tahoe Keys amenities like the indoor and outdoor pools, tennis courts, security, and much more, the Tahoe Keys area is hard to beat!

A Lake Tahoe Home Rental Could be a Great Investment

According to an Economic and Housing Outlook that Freddie Mac just released for June, the housing rental market is strong and still improving. Although this is a National forecast and report, it seems to represent the South Lake Tahoe housing market well. According to Lake Valley Properties the rental market in South Lake Tahoe is “very strong” and the inventory of homes for rent is quite low.

The following article is good evidence that a rental home could be a great investment.

June 2012 U.S. Economic And Housing Market Outlook

Rental Markets: A Sign of Strength

MCLEAN, Va., June 19, 2012 /PRNewswire/ — Freddie Mac(OTC:FMCC) released today its U.S. Economic and Housing Market Outlook for June showing that rental market activity has been a bright spot for the housing market, and due to rental demand by those postponing homeownership, further increases are expected in the coming year.

Outlook Highlights

Over the year ending March 2012, an additional 1.5 million households moved into rental housing, a 4 percent increase in a single year.
Rental vacancy rates have dropped roughly 2 percentage points over the past two years.
While nominal rents rose (2 to 4 percent) during the year ending March 2012, average rent on an inflation-adjusted basis remained below where it had been for much of the decade prior to the Great Recession.
Multifamily property values are up on average about 25 percent during the past two years from their trough during the first quarter of 2010, according to the National Council of Real Estate Investment Fiduciaries index, but still about 14 percent below their peak prior to the Great Recession.
Starts of buildings with at least five apartments have jumped 48 percent in the first five months of this year when compared to the same period a year ago.

View the video overview and download the complete June 2012 U.S. Economic and Housing Market Outlook [PDF]. Freddie Mac compiles data on major economic and housing and mortgage market indicators and offers forecasts based on those indicators.

Quotes
Attributed to Frank Nothaft, Freddie Mac, vice president and chief economist.

“Further increases in rental demand are likely in the coming year as newly formed households postpone homeownership decisions until the economy strengthens and they have accumulated sufficient savings. Overall apartment market trends may show further vacancy declines and rent gains, with property values improving as well.”

Get the latest information from Freddie Mac’s Office of the Chief Economist on Twitter:@FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.

SOURCE Freddie Mac

For further information: Chad Wandler, +1-703.903.2446, Chad_Wandler@FreddieMac.com

The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac’s future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company’s future results are discussed more fully in our reports filed with the SEC.

If you would like more information about purchasing an investment property here in South Lake Tahoe, please call South Lake Tahoe real estate agent Brent Johnson at (530) 416-2625!