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Lake Tahoe Real Estate Blog

Recent Home Buyer Testimonial

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I recently had the pleasure of assisting Rick and Clare in the purchase of their vacation home in South Lake Tahoe. Rick and Clare were able to purchase a completely remodeled home in Meyers that fit them perfectly. I am happy to share my home town with Rick and Clare.

Here is what Rick and Clare had to say about their home buying experience with me.

“Brent,

We wanted to take the opportunity to express our thanks to you for helping us with the purchase of our South Lake Tahoe vacation home. 

  From the start we felt very comfortable working with you.  Prior to us coming to South Lake Tahoe to view properties, you helped set up viewings of the properties we had sifted through online and sent us several suggestions you had in our price range.  Ultimately we purchased a property which you had sent to us as a recommendation.  On the day we viewed properties, you quickly picked up what type of property we were interested in and didn’t push us into viewing properties we weren’t interested in or were out of our price range.

  When we made an offer on our property, you showed a good understanding of the current market and helped us come to a decision on our offer price.  We appreciated your efforts in working through the counter offer.  With us not living in the area, it was so reassuring and comforting to know you were on top of the inspections, disclosure packages, etc. and that we could call you with any questions we had.

  We have purchased several properties in 4 different states over the course of our “young” lives, and we can say without hesitation that  working with you was one of our best experiences.  We will certainly recommend  you to anyone we know purchasing property in the South Lake Tahoe area.

  Thanks again for all your efforts”

  Best Regards,

Rick and Clare

I am happy to share my home town of South Lake Tahoe with Rick and Clare!

April South Lake Tahoe Real Estate Statistics

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As usual, when the weather warms up in South Lake Tahoe, the real estate market follows. Home sales continued their upward trend and rose from 40 houses sold in March, to 46 houses sold in April. This is a huge jump from April 2009 when only 26 houses closed escrow. The continuing improvements in the economy, low interest rates, low prices, and the first time home buyer tax credits stimulated the increase in sales. There are currently 438 listings on the South Lake Tahoe MLS, and 108 of them are in escrow.

 Distress sales dropped from 58% of the sales in March to 48% in April. There were 18 bank owned foreclosures and 4 short sales that sold in April. Currently there are 30 bank owned foreclosures listed on the South Lake Tahoe MLS, and 15 are in escrow. There are 79 short sale listings, and 50 of the short sales are in escrow.

April South Lake Tahoe Real Estate Statistics

  • There were 46 single family home sales in April, up from 40 in March, and up from 26 in April 2009.
  • The average price of the homes sold in South Lake Tahoe was $386,177, down from $404,053 in March, and up from $327,342 in April 2009.
  • The median sales price was $329,163, down from $350,500 in March, and up from $295,000 in April 2009.
  • The average price per square foot was $211 which was down from $221 in March, and up from $204 in April 2009.
  • The average days on the market was 158 which was up from 141 in March, and down from 190 in April 2009.
  • The median days on the market was 112 which was up from 111 in March, and up from 108 in April.
  • There were 18 bank owned foreclosures that sold in April, up from 16 in March, and up from 7 in April 2009.
  • There were 4 short sales that sold in April which was down from 7 in March, and up from the 2 that sold in April 2009.

Spring and Summer is also the time that the Tahoe Keys Real Estate typically begins to pick up. In April there were 5 houses that sold in the Tahoe Keys area. One of the houses sold was a foreclosure and one was a short sale. There are currently 66 listings in the Tahoe Keys on the South Lake Tahoe MLS and only 9 are in escrow. The least expensive single family home listing on the water is my listing at 2213 Texas. This is a 3 bedroom, 2 bath, 2 car garage house that has been completely remodeled and has great views.

For more information about the South Lake Tahoe real estate market, please call California and Nevada real estate agent Brent Johnson today!!!

Recent Testimonials

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I recently had the pleasure of listing a condo on the Nevada side of South Lake Tahoe in Lake Village. After taking the listing, the sellers moved over seas for work. This added to the challenge of selling a condo in a tough market for sellers. We were able to find a great buyer and get the deal closed smoothly.
Here is what my clients had to say about the transaction:

“I’d like you to know that working with you has been the single best experience we’ve had with a real estate agent. You were professional and aggressive on our behalf every step of the way. And the added challenge of handling the transaction across two continents did not phase you.

Amy and I thank you very much. Selling a home for just about asking price in that market is no small feat.

And you should know that if we ever decide to return to find our dream house on the lake, the first thing we will do is call you (and maybe get you a real commission). And in the mean time, we will definitely recommend you to our friends back in Sacramento should they ever be looking to buy in Tahoe.”

Thanks again Brent,

Cesar and Amy
I also had a great experience with some clients who purchased a foreclosure in South Lake Tahoe. Dealing with a bank on the other side of a sale can be a challenging experience. I was able to negotiate a substantial price reduction after discovering some water damage on a  house near Heavenly Vally Ski Resort. Here is what my buyers had to say about me after the close of escrow:
“It was a great experience working with Brent on our recent vacation home purchase. Brent was helpful and quick to respond to our numerous questions. We were able to preserve our aggressive snowboarding schedule while house shopping due to Brent’s flexibility.”

Adrian and Theresa

If you would like to work with an agent who takes your transaction extreemly seriously and provides million dollar service, call South Lake Tahoe real estate agent Brent Johnson today!

South Tahoe Foreclosure Listing

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Just Reduced to $192,500!!!

 

3814 Steven Lane is a nice and clean bank owned foreclosure in South Tahoe. This 3 bedroom, 1 bath, 1 car garage is located very close to the Stateline Casinos and Heavenly Valley Ski Resort. With easy access to Pioneer Trail, this would make a great home for a first time home buyer and a great second home. There appears to be newer doors, carpets, water heater, and furnace.

Recently reduced from $224,900, this is one of the least expensive bank owned properties on the South Shore of Lake Tahoe. This house will not last long!

 

  • 1008 Square feet
  • 5012 Square foot lot
  • Built in 1961
  • 3 bedroom, 1 bath, 1 car garage
  • Brick fireplace
  • Convenient location!
South Tahoe foreclosure listing pictures
South Tahoe foreclosure listing pictures
South Tahoe foreclosure listing pictures
South Tahoe foreclosure listing pictures
South Tahoe foreclosure listing pictures
South Tahoe foreclosure listing pictures
South Tahoe foreclosure listing pictures

If you would like more information regarding this home for sale or any other home listed on the South Tahoe MLS please call South Lake Tahoe real estate agent Brent Johnson today!

March South Lake Tahoe Real Estate Review

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Single family home sales in South Lake Tahoe jumped from 23 sales in February to 40 home sales in March. Distress sales accounted for 23 of the 40 homes sold. There were 16 bank owned foreclosures and 7 short sales that closed escrow in March. The total inventory of homes on the South Lake Tahoe MLS remained stable with 412 single family listings. 302 of the listings are active and 110 are active pending. At the end of February there were 401 listings and 103 were in escrow. In the current inventory there are 110 short sale listings and 42 bank owned foreclosures. 87 of 110 short sales are in escrow and 21 of the 42 foreclosures are in escrow.

South Lake Tahoe MLS Statistics for March

  • 40 Single family homes in South Lake Tahoe sold in March, up from 23 in February 2010, and up from 28 in March 2010.
  • The average sales price for the homes in South Lake Tahoe that sold was $404,053, down from $405,461 in February, and down from $445,679 in March 2009.
  • The median sales price of the homes sold was $350,500, up from $312,500 in February, and down from $366,250 in March 2009.
  • The average sales price per square foot was $221, up from $213 in February, and down from $222 in March 2009
  • The average days on the market was 141, down from 176 in February.
  • The median days on the market was 111, down from 119 in February.
  • There were 16 bank owned foreclosures in South Lake Tahoe that sold, up from 11 in February, and up from 9 in March 2009.
  • There were 7 short sales that closed escrow, up from 4 in February, and up from 4 in March 2009.

Distress sales accounted for 58% of the single family houses sold in March. This is down from 65% in February. In March 2009 the percentage of distress sales was 46%.

The foreclosures in South Lake Tahoe that sold in March sold for a very low price per square foot of $190. This is much lower than the non-distress sale price per square foot which was $249. The median days on the market for the foreclosures was 88.

Although home prices in South Lake Tahoe have not started to increase, buyer activity has. Home buyers are finding great prices on homes throughout South Lake Tahoe. For more information regarding South Lake Tahoe real estate please call Brent Johnson today!

Tax Credits Are Set to Expire!

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The First-Time Homebuyer Tax Credit is set to expire soon. Home buyers must have to sign a purchase agreement by April 30 and close by June 30 to take advantage of the $8,000 tax credit.

The income limit for claiming the full tax credit for single tax payers is $125,00 and $225,000 for married tax payers filing a joint return.

Homes purchased for up to $800,000 are eligible for the credit. A first-time buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not require repayment if you live in this residence for three or more years.

The Existing Homeowner Tax Credit is also set to expire. If you already own a home, but you want to move up, you may qualify for the $6,500 tax credit. To be eligible for this credit, you must have lived in your current home for five consecutive years out of the last eight and must purchase a new or existing home by April 30 and close escrow by July 1. You do not need to sell your current home to qualify for this credit.

To claim the tax credit use the IRS Form 5405. You will also need to supply the IRS with a copy of your HUD-1 settlement statement to verify your purchase.

If you are interested in purchasing a home in South Lake Tahoe and taking advantage of the tax credits, give South Lake Tahoe real estate agent Brent Johnson a call before it is too late!

Recent Client Testimonial

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I recently had the pleasure of working with Bob and Kathy to help them sell their lot in South Lake Tahoe. Lot sales have been tough lately in Tahoe and prices have taken a big hit. We knew going into this process that we needed to price the lot attractively to stand out from other lots on the market.

It took 3 offers from different buyers, but we were finaly able to find a buyer willing to make a reasonable offer. The lot has closed escrow and this is what Bob and Kathy had to say about my service:

“Brent: Great job getting this accomplished: on budget, under schedule, with minimum of hassle.  We will certainly recommend you to anyone we know who is looking for something in your area.  All the best, Bob”

Thanks for the kind words Bob and Kathy!

Tahoe Keys Real Estate

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Tahoe Keys real estate  is the South Shores premier area for buyers looking for waterfront property. The Tahoe Keys is a 740 acre private marina community located on 11 miles of inland waterways that lead to the emerald waters of Lake Tahoe.  There are about 1250 homes and 350 condominiums located within the Tahoe Keys area. Most of the properties in the Tahoe Keys are waterfront properties that have private boat docks and easy access to boating on Lake Tahoe.

The Tahoe Keys offers some of the best mountain, meadow, and water views in Lake Tahoe. The utilities are underground and there is a building height code that keeps the views breathtaking and unobstructed.

 Homeowners in the Tahoe Keys have access to private amenities including tennis courts, an indoor and outdoor pool, spa, park, private beach, marina, and launch ramp The Tahoe Keys HOA also provides security, waterway maintenance, and has its own water company.  The Tahoe Keys Property Owners Association is the Tahoe Keys HOA.  HOA fees are $1919 annually for houses and from $1000 to $1400quarterly for condos depending on their location with-in the Tahoe Keys.

Single family home property values generally range from the $500,000′s to $3,ooo,ooo, but there have been a few foreclosures in the Tahoe Keys that have sold for under $400,000, and some luxury lakefront homes that have sold well over that range. Tahoe Keys condos range from $250,000 for a one bedroom, to over $1,000,000+ for a lakefront.

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February Real Estate In South Lake Tahoe Review

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The inventory of active single family homes for sale in South Lake Tahoe remained relatively low in February. There are now 401 houses listed on the South Lake Tahoe MLS, 298 of the homes are active and 103 of the homes are in escrow. Distress sales are still the most active part of the real estate market in South Lake Tahoe. Out of the 103 houses in escrow, 51 are short sales and 22 are bank owned foreclosures.

There were 23 single family homes that closed escrow in February, down from 29 in February 2009, and also down from 32 in January. The difficulty with getting short sales closed is one of the reasons that the number of houses sold was down in February. There are currently 51 short sales that are in escrow, and only 4 short sales closed escrow last month! Each monthmore short sales go into escrow, and only a few end up closing. In January there were 40 short sales in escrow, and in December 2009 there were 38. With 51 short sales tied up in escrow, the number of closings is going to be negatively affected. As soon as some of the short sales that are in escrow start closing, the number of sold houses should get back on track.

February Statistics for the South Lake Tahoe Real Estate Market

  • There were 23 single family homes in South Lake Tahoe that sold in February, down from 32 in January, and down from 29 in February 2009.
  • The average sales price of the homes sold was $405,461, up from $348,328 in January, and down from $411,156 in February 2009.
  • The Median sales price of the homes sold was $312,500, down from $317,250 in January, and down from $319,000 in February 2009.
  • The average price per square foot was $213, up from $209 in January, and down from $231 in February 2009.
  • The average days on the market was 176, up from 162 in January, and up from 167 in February 2009.
  • The median days on the market was 119, up from 127 in January, and down from 125 in February 2009.
  • There were 11 bank owned foreclosures in South Lake Tahoe that sold, there were also 11 foreclosures sold in January, and there were 12 foreclosures that sold in February 2009.
  • There were 4 short sales that closed escrow in February, down from 8 sold short sales in January, and up from 1 sold in February 2009.

The percentage of distress sale closings has also continued to increase. In February 65% of the houses sold in South Lake Tahoe were either foreclosures or short sales. This percentage is up from 59% in January.

The foreclosures in South Lake Tahoe that sold in February had a very low average price per square foot of $171. The average sales price for the 11 foreclosures sold was $334,100 and the median sales price was $258,000. The foreclosures had an average days on the market of 79 including the escrow period.

When looking to purchase a foreclosure in South Lake Tahoe, the best advise that I have for home buyers is to act quickly. Most of the foreclosures go into escrow very quickly and have multiple offers in on them. There are many investors and home buyers that are currently in the market looking for deals. There are also many buyers looking to take advantage of the home buyer tax credit  that expires on April 30th. If you see a foreclosure on the South Lake Tahoe MLS that  you are interested in, make sure to call me before it is too late!

Tahoe Keys Real Estate Update

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The inventory of homes for sale in the Tahoe Keys area of South Lake Tahoe has gone down a bit since last year, but there are still some great houses to choose from. Currently there are 51 houses in the Tahoe Keys listed on the South Lake Tahoe MLS. There are 42 active Keys listings and 9 active pending listings. In September 2009 the inventory was up to 70 total listings with 13 houses in escrow.

The majority of Tahoe Keys homes for sale are currently priced under $1,000,000. 27 out of the 42 active Keys houses are priced under $1,000,000.  8 out of the 9 houses that are in escrow are also priced under $1,000,000.

Distress sales account for 6 out of the 9 houses that are in escrow in the Tahoe Keys. There are 5 short sales and 1 foreclosure currently in escrow. The ratio of distress sales to regular sales in the Tahoe Keys is almost the same as it is in the rest of South Lake Tahoe. There are 105 houses in escrow in South Lake Tahoe and 68% of them are either short sales or foreclosures (67% distress sales in the Tahoe Keys).

So far in 2010 there have been 5 houses in the Tahoe Keys that have been sold on the South Lake Tahoe MLS. The average sales price was $798,000 and the median sales price was $750,000. The average price per square foot was $366. Only one of the houses sold was a foreclosure, and no short sales have closed escrow in the Keys so far this year.

My listing on 2213 Texas is a great example of one of the great houses to choose from in the Tahoe Keys. 2213 Texas is a recently remodeled 1440 square foot, 3 bedroom, 2 bath, 2 car garage home offered at $482,000. This is a great opportunity to own a waterfront home for under $500,000! For more information about this house or other homes for sale in the Tahoe Keys, please call Brent Johnson.