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October South Lake Tahoe Real Estate Review

October was another great month for single family home sales in South Lake Tahoe. There were 46 homes sold in October which tied the month September for the most single family houses sold in 2009. Home buyers did a great job taking advantage of the low home prices and the great fall weather here in South Lake Tahoe. Many of the home buyers were first time home buyers taking advantage of the $8,000 first time home buyer tax credit before it expires. There has been talk about the possibility of the first time home buyer tax credit being extended. According to The National Association of Realtors, Key lawmakers in the Senate have tentatively agreed to extend the existing tax credit for first time home buyers. If the tax credit is extended, it should benefit the housing market across the country.

Here are the statistics for the single family houses in South Lake Tahoe that sold in October:

There were 46 single family homes in South Lake Tahoe that were sold in October
16 of the sold homes were bank owned foreclosures
There were 4 short sales in South Lake Tahoe sold
The average sales price for the sold homes was $440,393 (up from $371,058 in September)
The median sales price was $323,500 (up from $292,500 in September)
The average selling price per square foot was $239 (up from $215,000 in September)
The median days on the market was 123

There were only 4 short sales that closed escrow in October, this is down from 7 sold in September. The short sales that sold had a very long median days on the market of 227. The average price per square foot for the short sales was $231, and the median sales price was $564,500. It still seems like most banks are more willing to spend time and money on foreclosing on homes than they are willing to work with the sellers and real estate agents to get short sales closed!

There were 16 bank owned foreclosures that were sold in October. The average price per square foot for the sold foreclosures was $184, down from $196 in September. The average price per square foot for the non-distress sales that sold in October was $274, $90 per square foot more than the foreclosures. South Lake Tahoe real estate buyers continued to target bank owned foreclosure listings and continued to pay close to or above list price for them. The foreclosures that sold in the first 30 days of being listed (3 homes) sold for 98% of list price. The foreclosures that sold from 31-60 days of being listed (2homes) sold for 130% of list price. The foreclosures that sold from 61-90 days of being listed (4 homes) sold for 94% of list price. The foreclosures that sold after over 91 days of being listed (7 homes) sold for 101% of the listing price.

The average sales price for the foreclosures sold in October was $308,838
The median sales price for the sold foreclosures was $282,500
The median days on the market was 79
The average sales price per square foot was $184

There is still a great selection of houses available in South Lake Tahoe. There are currently 346 houses for sale on the South Lake Tahoe mls and 95 houses that are in escrow. There has also been some decent foreclosures coming onto the market each week. Make sure to keep visiting my current list of foreclosures in South Lake Tahoe or sign up for my new listing notification to be notified of new listings that meet your criteria.

Tahoe Keys Real Estate Statistics

After a slow start to 2009, Tahoe Keys real estate activity is now showing signs of new life. There are now 17 single family houses in the Tahoe Keys that are in escrow according the South Lake Tahoe MLS. Out of the 17 houses that are in escrow, 10 are distress sales. The distress sales that are in escrow consist of 2 bank owned foreclosures and 8 short sales. The bank owned foreclosures that are in escrow are 1886 Genevieve Ct, a 4 bedroom, 2.5 bath, 2 car garage, 1946 square foot home listed for $599,000 and 1971 Aloha, a 4 bedroom, 2.5 bath, 2 car garage, 2524 square foot home listed for $798,000.

There have been 20 houses in the Tahoe Keys that have sold so far in 2009. Distress sales have accounted for 8 of the sold Tahoe Keys homes. There were 5 short sales and 3 bank owned foreclosures that have been reported as sold on the South Lake Tahoe mls.

Tahoe Keys Real Estate Statistics for the Sold 2009 Homes

The average listing price for the sold Tahoe Keys homes was $992,692
The average selling price for the sold Tahoe Keys homes was $926,258
The median listing price for the sold Tahoe Keys homes was $759,900
The median selling price for the sold Tahoe Keys homes was $705,000
The average price per square foot for the sold Tahoe Keys homes was $323
There have been 5 sold short sales in the Tahoe Keys
There have been 3 sold foreclosures in the Tahoe Keys
The average days on the market was 199
The median days on the market was 164

The average sold price per square foot of $323 in the Tahoe Keys is down 17 % from 2008 when the average sold price per square foot was $388. The following statistics show how the average price per square foot for sold single family homes has come down in the Tahoe Keys.

In 2005 there were 49 houses sold and the average price per square foot was $473
In 2006 there were 35 houses sold and the average price per square foot was $475
In 2007 there were 37 houses sold and the average price per square foot was $476
In 2008 there were 32 houses sold and the average price per square foot was $388
In 2009 there have been 20 houses sold in the Tahoe Keys and the average price per square foot has been $323

With 46 houses for sale in the Tahoe Keys on the South Lake Tahoe mls, there is still a great selection of homes to choose from. There are only 3 homes for sale that are being listed as short sales, and there are no available foreclosures for sale in the Tahoe Keys. If there are any new foreclosure listings in the Tahoe Keys, I will be sure to add them to my current list of foreclosure listings in South Lake Tahoe. For further information about Tahoe Keys real estate please contact Brent and Jill Johnson today!

Real Estate in South Lake Tahoe Inspired by Good News!

This fall has been a great season for real estate in South Lake Tahoe as well as the rest of California. The housing market has been jump started by first time home buyers taking advantage of the $8,000 tax credit, low prices, low interest rates, and great selection of homes to choose from. Investors, speculators, and second home buyers have also entered back into the market targeting distress sales such as bank owned foreclosures and short sales.

Positive news about the housing market and the economy has also motivated buyers to purchase homes. According to the California Association of Realtors California Housing Market Forecast for 2010, California’s housing market continued its strong sales rebound this year resulting from the continued pace of distressed properties coming to the market. “After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” according to C.A.R. President James Liptak. “2010 will mark the beginning of the ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end market, coupled with moderate home-priced appreciation.”

According to the forecast the median home price in California will rise 3.3 percent to $280,000 in 2010 compared to a projected median of $271,000 this year.

The South Lake Tahoe real estate market continues to be very active. Currently there are 104 single family houses on the South Lake Tahoe mls that are in escrow. There are 17 bank owned foreclosures in escrow and 44 short sales that are in escrow bringing the total “distress sale” escrows to 63. In October 2008 there were only 35 total single family homes in escrow, 15 homes in 2007, 55 homes in 2006, 69 homes in 2005, and 122 homes in 2004. With 104 houses currently in escrow, the South Lake Tahoe real estate market is on the rebound!

South Lake Tahoe Foreclosure Listings

Updated on 7/13/2010

Foreclosures in South Lake Tahoe have been selling quicker and more often than anything else on the South Lake Tahoe MLS. Currently there are only 34 single family foreclosures for sale in South Lake Tahoe, and 17 are in escrow. In order to keep my clients up to date on the current foreclosure listings, I will provide this list of foreclosures for sale on the South Lake Tahoe MLS, and I will update it daily.

Here is a current list of foreclosure listings in South Lake Tahoe. This list will be updated as new foreclosure listings are added to the South Lake Tahoe MLS and as existing listings are sold. I will also update which foreclosures go into escrow, price reductions, and statistics.

Click on the address for photos and a complete description.

976 Kiowa Drive (7/8/10) $184,490 912 square foot, 2 bedroom, 1 bath house off of North Upper Truckee.
1864 Hunkpapa St. (7/13/10) $394,900 1997 square foot, 3 bedroom, 2.5 bath, 2 car garage newer home.
1071 Reno (7/10/10) $149,900 864 square foot, 2 bedroom, 1 bath cabin.
2306 Sky Meadows (7/8/10) $189,900 1472 square foot, 3 bedroom, 1.75 bath cabin.
3046 Sacramento Ave. (7/1/10) $279,900 1176 square foot, 3 bedroom, 2 bath home in Al Tahoe.
1592 Allen Rae (6/29/10) $244,900 1847 square foot, 4 bedroom, 3 bath home in Bijou.
2421 Wagon Train Trail (6/24/10) $303,900 1710 square foot, 4 bedroom, 2 bath, 2 car garage home in Montgomery Estates.
1778 Kickapoo St. (6/24/10) $304,750 1340 square foot, 3 bedroom, 1 bath, 2 car garage home in the North Upper Truckee area.
2042 Aloha (6/23/10) $779,900 2457 square foot, 3 bedroom, 3 bath, 2 car garage foreclosure in the Tahoe Keys.
2383 Wagon Train Trail (6/19/10) $675,000 3426 square foot, 4 bedroom, 3 bath, 2 car garage newer home in Montgomery Estates.
915 Council Rock Drive (6/18/10) $239,900 1395 square foot, 3 bedroom, 1.5 bath, 2 car garage home in Tahoe Island Park. In Escrow!
908 Tahoe Keys Blvd (6/16/10) $173,900 1086 square foot, 3 bedroom, 1.75 bath, 2 car garage fixer upper. In Escrow!
2529 Osborne Ave. (6/18/10) $179,900 775 square foot, 2 bedroom, 1 bath home in the Sierra Tract. In Escrow!
1766 Chibcha St. (6/15/10) $579,900 2746 square foot, 4 bedroom, 2.5 bath, 2 car garage newer home. In Escrow!
1759 Gentian Circle (6/7/10) $474,900 2940 Square foot, 5 bedroom, 2.5 bath, 2 car garage home in Montgomery Estates. In Escrow!
1072 Turnback Trl. (6/10/10) $689,900 3454 square foot, 3 bedroom, 3 bath, 2 car garage home in Montgomery Estates.
2683 Pinter (6/10/10) $134,900 696 square foot, 2 bedroom, 1 bath home in the Sierra Tract.
600 Tehema Drive (6/10/10) $344,000 1667 square foot, 3 bedroom, 2 bath, 2 car garage home off of North Upper Truckee. In Escrow!
1523 Plumas Circle (6/3/10) $239,900 1292 square foot, 3 bedroom, 1 bath home.
3798 Aspen Ave. (5/25/10) $89,500 551 square foot, 1 bedroom, 1 bath major fixer upper.
1439 Ski Run unit #f-2 (5/25/10) $204,000 1067 square foot, 2 bedroom, 1.75 bath condo near Heavenly Valley Ski Resort. In Escrow!
1336 Susie Lake Rd. (5/19/10) $269,900 2008 square foot, 4 bedroom, 2.5 bath, 2 car garage fixer upper. In Escrow!
1008 Eagle Lane (5/18/10) $150,000 1922 square foot, 3 bedroom, 1 bath, 2 car garage major fixer in the county with mountain views. In Escrow!
1334 Pine Valley (5/14/10) $479,900 2270 square foot, 3 bedroom, 2.5 bath, 2 car garage off of Pioneer Trail. In Escrow!
1041 River (5/14/10) $159,900 813 square foot, 3 bedroom, 1 bath home in the Sierra Tract.
1620 Pawnee (5/18/10) $299,000 2132 square foot, ? bedroom, 2 bath, 2 car garage uncompleted new construction home.
881 Glorene Ave. (5/13/10) $169,900 646 square foot, 1 bedroom, 1 bath cabin in the Gardner Mountain area.
2580 Fountain Ave. (5/5/10) $149,900 832 square foot, 2 bedroom, 1 bath cabin in the Sierra Tract. In Escrow!
1903 Talbot (5/10/10) $465,900 2464 square foot, 3 bedroom, 2.5 bath, 2 car garage foreclosure in Montgomery Estates. In Escrow!
1779 Venice (5/3/10) $569,000 2234 square foot, 4 bedroom, 2.5 bath, 2 car garage foreclosure in the Tahoe Keys. In Escrow!
3610 Spruce Ave #4 (4/24/10) $155,000 1210 square foot, 3 bedroom, 2 bath condo near Heavenly Valley.
3606 Birch Ave. (4/26/10) $139,900 1162 square foot, 3 bedroom, 1 bath, cabin.
2452 Ponderosa St. $314,900 2316 square foot, 3 bedroom, 2.5 bath, 2 car garage home.
439 Ala Wai Blvd. (4/22/10) $219,900 702 square foot, 1 bedroom, 1 bath condo in the Tahoe Keys area.
2828 Santa Clause Dr. (4/20/10) $316,200 2723 square foot, 3 bedroom, 2.5 bath, 2 car garage home in Christmas Valley. In Escrow!
2019 Garmish (4/20/10) $750,000 2584 square foot, 4 bedroom, 2.5 bath, 2 car garage foreclosure in the Tahoe Keys.
733 Modesto Ave #A-B (4/15/10) $282,500 1920 square foot duplex with 2 bedroom, 1 1/2 bath units and a carport in Al Tahoe.
1576 Miztec $289,900 3 bedroom, 2 bath, 2 car garage, 1312 square foot home in the county. In Escrow!
3598 Terry Ln #38 (3/31/10) $149,900 2 bedroom, 1 bath, condo near Heavenly Valley Ski Resort.
1992 Marconi Way (3/22/10) $675,000 3 bedroom, 2.5 bath, 2 car garage, 2663 square foot newer foreclosure in the Tahoe Keys. In Escrow!
1766 Southern Pines (3/11/10) $230,000 3 bedroom, 1 bath, 1144 square foot home.
2067 10th Street (3/2/10) $243,000 3 bedroom, 1.75 bath, 2 car garage 1981 square foot home that last sold for $580,000 in 2006.
2560 Pinter (2/15/10) $169,900 3 bedroom, 2 bath, 1274 square foot home in the Sierra Tract. In Escrow!
3328 South Upper Truckee (1/28/10) $276,130 3 bedroom, 3 bath, 2 car garage, 2320 square foot home in Christmas Valley that has been partly remodeled. In Escrow!
1030 Chonokis (1/11/10) $499,000 3 bedroom, 2.5 bath, 2 car garage, 2258 square foot bank owned foreclosure in South lake Tahoe.
1788 Pioneer Trail (12/29/09) $729,000 3 bedroom, 3.5 bathroom, 3063 square foot home built in 2008.
889 Lake Tahoe Blvd (11/19/09) $5,000 13,699 square foot lot in the North Upper Truckee area. This lot is unbuildable.
1858 Venice Drive (11/18/09) $449,000 4 bedroom, 2 bath, 2 car garage, 2456 square foot bank owned property in the Tahoe Keys.
2680 Kubel (9/23/09) $154,900 2 bedroom, 1 bath, 448 square foot cabin in the Sierra Tract. In Escrow!
1251 Sierra Blvd (9/23/09) $174,900 1638 square foot duplex in the Sierra Tract.
3025 Christmas Valley (5/15/09) $209,900 2 bedroom, 1 bath Christmas Valley Condo.

The foreclosures in South Lake Tahoe sell much faster than non-foreclosure homes. Bank owned properties are priced to sell because lenders want to limit there holding costs as much as possible. It is rare that an REO (bank owned property) will last more than 60 days on the market without a price reduction. The average days on the market for the foreclosures that sold so far this year has been only 89 days including the escrow period.

Here are the Statistics for the 8 foreclosures that have sold so far this year.

Average list price $320,755
Median list price $257,053
Average square feet 1743
Median square feet 1827
Average days on market is 62 days
Average sales price $273,513
Median sales price $215,000

This foreclosure listings in South Lake Tahoe blog was posted and updated by South Lake Tahoe real estate agent Brent Johnson. If you would like any more information about any of these South Lake Tahoe foreclosure , the South Lake Tahoe mls, or any South Lake Tahoe Real Estate, contact Brent and Jill Johnson today!

Bank Owned Properties and the Buyers Choice Act

The Buyers Choice Act (AB 956) is a new law that Governor Schwarzenegger has just signed into effect. The Buyers Choice Act prohibits a trustee or beneficiary who acquired property through foreclosure from requiring a buyer to purchase title and escrow services from a company of the sellers choice as a condition to receiving offers or selling the property. The law is an urgency measure and became effective immediately.

The new law applies to residential property improved by four or fewer dwelling units. The services covered by the law are title insurance and escrow services.

Penalties for the violation call for the seller to be liable to the buyer for 3 times all charges made for title insurance and escrow service. In addition, the seller who violates the law is also considered to have violated their licensing law.

The buyer can agree to accept the sellers recommendations of which title or escrow provider to use, only when a written notice of the buyers right to make an independent selection of those services is first given to the buyer and seller.

With all of the bank owned properties in South Lake Tahoe that I have sold, the seller has always requested to use their own title and escrow company. Most lenders that are selling their foreclosure properties have title and escrow companies that they deal with on a daily basis. Using these title and escrow companies repeatedly helps the banks to streamline the escrow process.

In order to get buyers to agree to using the sellers choice of title and escrow companies, sellers of bank owned properties may offer incentives such as paying for all of the CLTA policy. Some sellers may even offer to pay for the entire escrow in addition to the CLTA policy.

One thing to remember about the bank owned foreclosures in South Lake Tahoe is that many of them are receiving multiple offers. In multiple offer situations some buyers may be willing to use what ever title and escrow company the seller requests just to get an edge over another buyer!

The Buyers Choice Act is effective untill January 1, 2015 unless it is extended by the Legislature. For more information regarding foreclosures for sale in South Lake Tahoe, call Brent and Jill Johnson today!

South Lake Tahoe Real Estate Review for September

There were more single family houses in South Lake Tahoe sold in September than any other month this year. There were 46 homes that were reported as sold on the South Lake Tahoe mls last month, up from 44 in August. First time home buyers are taking advantage of the $8,000 tax credit before it goes away, and investors and second home buyers are getting deals on foreclosures, short sales, and motivated sellers.

Statistics for the Houses in South Lake Tahoe that sold in September

There were 46 houses in South Lake Tahoe that sold in September
There were 13 foreclosures in South Lake Tahoe that were sold in September
There were 7 short sales in South Lake Tahoe that were sold in September
The average sales price was $371,058 (down from $461,951 in August)
The median sales price was $292,500 (down from $325,250 in August)
The average sales price per square foot was $215 (down from $259 in August)
The median days on the market was 110

In August I was happy to see that there were 4 short sales that had closed escrow, so I am thrilled to see that there were 7 short sales that sold in September! The median days on the market for the short sales that closed escrow was quite high at 222 days. The short sales that sold had a great average price per square foot of 202 considering that some of the short sales were very nice.

The foreclosures in South Lake Tahoe continued to sell for very close to list price, the average percentage of list price received was almost 98%. The foreclosures on the South Lake Tahoe mls sold for an average of $196 per square foot. The median sales price for the bank owned foreclosures was $284,000 and the median days on the market was only 66 days including the escrow period.

The inventory of single family homes on the South Lake Tahoe mls is now much healthier with 21% of the inventory now in escrow. There are currently 497 houses listed in South Lake Tahoe, and 102 of them are in escrow. Of the 102 houses in escrow, 39 are short sales and 18 are bank owned foreclosures.

For more information about South Lake Tahoe real estate please call Brent and Jill Johnson today!