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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

 
powered by postlets 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

South Lake Tahoe Real Estate Statistics for 2008

The South Lake Tahoe Real Estate market was kept alive in 2008 by bargain hunters taking advantage of foreclosures, short sales, motivated sellers, and low interest rates. Although we are still considered to be in a declining Real Estate Market, investors seem to think that it is safer and less volatile that the stock market. Investors were not the only buyers taking advantage of the lower prices. First time home buyers that have good credit and proof of income were finding that they could now get much more for their money compared to previous years.

According to the South Lake Tahoe MLS the total number of homes sold  only dipped about 5% from 373 in 2007 to 355 in 2008.

The Average price fell about 13% from $570,378 in 2007 to $493,461 in 2008.

The Median price fell about 8% from $440,000 in 2007 to $405,000 in 2008.

The total price volume of houses sold fell almost 18% from $212,751,075 in 2007 to $175,178,602 in 2008.

To view the 2008 statistics by area click on the following link

area-market-survey-by-area_2009-01-07_11031

2008 South Lake Tahoe Real Estate chart
2008 South Lake Tahoe Real Estate chart

Sierra Tract House for Sale in South Lake Tahoe

This newer custom home was just listed on the South Lake Tahoe MLS.  Make sure to view our website to see all of the new Houses for sale in South Lake Tahoe listed by Brent and Jill Johnson!

 

 
Jill Johnson | Chase International South Tahoe Realty | 530-416-2626
1236 Stockton St., South Lake Tahoe, CA
Gorgeous newer home in the heart of South Lake Tahoe.
3BR/2.5BA Single Family House
  
offered at $599,000
Year Built 2004
Sq Footage 2,164
Bedrooms 3
Bathrooms 2 full, 1 partial
Floors 2
Parking 2 Car garage
Lot Size Unspecified
HOA/Maint $0 per month
DESCRIPTION
Reduced $50,000 Specatular Mountain Style Custom Home. Built as a contractors personal home with attention to detail and tons of upgrades. Custom features include Hickory cabinets, doors and finish.6″ hickory hand scraped hardwood floors, granite slab counter tops, G.E. Monogram stainless steel appliances including a 48′ Monogram built in refrigerator, river rock gas fireplace, Large 17′ deck with log accents, full wrap old growth cedar siding. Must see to appreciate the beauty and details. 
 
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 Dishwasher Refrigerator
Stove/Oven Microwave Granite countertop
Stainless steel appliances Washer Dryer
Laundry area – inside Yard Jacuzzi/Whirlpool
OTHER SPECIAL FEATURES
Built in 48″ Monogram refrigerator
Hand scraped Hickory Hardwood flooring
Log Accents
ADDITIONAL PHOTOS
Seller contact info:
Jill Johnson
Chase International South Tahoe Realty
530-416-2626
For sale by agent/broker

 
powered by postlets Equal Opportunity Housing
Posted: Feb 6, 2009, 9:14am PST

This new listing was provided by South Lake Tahoe Real Estate agents Brent and Jill Johnson. If you are looking at new houses for sale in South Lake Tahoe, this custom Tahoe home is a must see! Built by a local building contractor as his own  home, this South Tahoe home was built with quality, attention to detail, and pride. If you would like to set up an appointment to view this house or any other houses for sale in South Lake Tahoe, give Brent and Jill Johnson a call today. We are here to assist you with any questions that you may have regarding South Lake Tahoe real estate, the South Lake Tahoe mls, or foreclosures for sale in South Lake Tahoe!