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Lake Tahoe Real Estate Blog

Stateline

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The Stateline area on the California side is one of the most convenient locations in South Lake Tahoe Real Estate. It is the location that draws most buyers to this area. The Stateline area is the closest area to the Casinos out of all of the areas on the South Lake Tahoe mls. Heavenly Valley Ski Resort can also be accessed from Stateline by the gondola at the Heavenly Village.

The houses in the Stateline area are very diverse. Most of the houses on the South side of Highway 50 are older and smaller cabins with some remodels. The prices for these cabins usually run from $250,000 to $400,000.  The houses on the North side of Highway 50 can vary from smaller cabins to multi-million dollar lake front homes. The area between the Lake Side Marina and Highway 50 is known as the Lakeside subdivision, and offers private beach access passes with home ownership. just West of the Lakeside subdivision is Tahoe Meadows. Tahoe Meadows is a private gated community with lake view and lake front homes. The Tahoe Meadows area is one of the most sought after areas in South Lake Tahoe.

The Stateline area makes an ideal location for a second home buyer, or an investor looking for  vacation rental property. If you are looking at homes in South Lake Tahoe, make sure to include the Stateline area.

South Lake Tahoe Foreclosure Listing

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The latest foreclosure in South Lake Tahoe listing is 1049 Reno Ave. This home is priced at $199,900 bringing the total number of homes on the South Lake Tahoe mls priced under $200,000 to 15. Out of the 15 houses priced under $200,000 six of them are in escrow and six are foreclosures.

1049 Reno
1049 Reno
$199,900
This South Lake Tahoe foreclosure listing is the least expensive home currently on the South Lake Tahoe mls that has a garage! With some upgrades, this 2 bedroom, 1 bath, 1 car garage home would make a great starter home for a first time home buyer!
  • 889 square feet
  • 5000 square foot lot
  • 2 bedrooms, 1 bath, 1 car garage
  • Storage shed
  • Central location
  • $199,900!

 

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Currently there are 29 single family foreclosures listed on the South Lake Tahoe mls. Out of the 29 foreclosure listings 11 are in escrow. With only 29 single family foreclosures listed in South Lake Tahoe and 443 single family mls listings, foreclosures only account for 7% or our current inventory.

The current median list price for the foreclosure listings is $284,900

The current median square footage for the foreclosure listings is 1,476

The current median days on market for the foreclosure listings is 66

 

Here is a list of the current foreclosure listings in South Lake Tahoe. If you have questions about foreclosures in South Lake Tahoe, South Lake Tahoe mls listings, or South Lake Tahoe real estate, please contact Brent and Jill Johnson today!

Chase International Is Providing Real Estate Forums

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The South Lake Tahoe real estate market is ever changing and very complicated. There is so much information regarding short sales, foreclosures, loans, and loan modifications that it is hard to know what is the truth and what is not.

In order to provide home owners and home buyers with answers to their questions, Chase International is providing local real estate forums in Reno, South Lake Tahoe, Truckee/ Tahoe City, and the Carson Valley.

 Experts in the following fields will be available to answer you questions at the forums:

Finance and Legal Experts

  • Banker/Mortgage Brokers
  • Real Estate Attorneys
  • Credit Repair Advisors                                                                              

Default Specialists

Local real estate professionals will be on hand to answer your questions. You will be able to meet your local experts who can provide you with the options that you need.

Dates and Locations

  • RenoThursday, March 26th 6:30-8:30 pm at Chase International 985 Damonte Ranch Parkway, Reno NV
  • South Lake Tahoe Saturday, March 28th 10am-Noon at Chase International Elk Point Rd. & Hwy 50, Zepher Cove NV
  • Truckee & Tahoe City Saturday, April 4th 10am-Noon at the Hampton Inn 11951 State Hwy 267, Truckee CA
  • Carson Valley Saturday, April 18th 10am-Noon at the Carson Valley Inn 1627 Hwy 395, Minden Nv

There is limited space at the forums so call today! If you can not attend any of the forums, pass your questions on to me so that I can either answer them or forward them to the correct expert. There are many options to loosing your house to foreclosure. Do your self a favor and become educated about the options that are available to you!

For more information about South Lake Tahoe Real estate, short sales, or foreclosures in South Lake Tahoe, please contact Brent and Jill Johnson. This South Lake Tahoe real estate blog post was written by Brent Johnson,

Short Sales in South Lake Tahoe

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With more and more short sale listings on the South Lake Tahoe mls, it is very important to work with an agent that is experienced in short sales. There is a lot of information and time required in order to get a short sale escrow closed. With lenders now willing to negotiate short sales and loan modifications more consistently, foreclosure listings should decrease. With the decrease in foreclosure listings in South Lake Tahoe, buyers looking for deals on houses will need to shift their attention to short sales.

I will be attending another class on short sales on March 17th, and I will be sure to write about what I learn from this valuable class. I currently have two short sale escrows, one of which has been accepted by the lender, and one that is still in negotiations. I also have a short sale listing that has been getting a lot of activity. Over half of the current escrows on the South Lake Tahoe mls are either foreclosures or short sales.

There are still a lot of real estate agents out there that have not had any experience in short sales and are not taking the time to become educated about the process. It would be a mistake to list your home with one of those agents. Time is of the essence when it comes to short sales and if the listing agent does not understand the process, there is a chance that the lender will just close the file and foreclose on the home.

Working as a buyers agent on a short sale deal can be very frustrating because you are basically on the sideline and can only hope that the listing agent is doing everything that they should be doing to communicate with the lender. There are a lot of tricks and techniques that a knowledgeable short sale agent can apply in order to get a quicker response from the lender.

I look forward to sharing all of the short sale information that I learn from this short sale class next week. I will be writing a lot about short sales in the future because short sales are turning into a huge market share. All of the  buyers, sellers, and agents who are not educating themselves about short sales are missing the boat!

If you would like to know more about short sales in South Lake Tahoe, South Lake Tahoe real estate, or foreclosures on the South Lake Tahoe mls, please contact Brent and Jill Johnson!

Foreclosures in South Lake Tahoe Can Be Half Off!

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Would you believe me if I said that some homes in South Lake Tahoe can be purchased for less than half of what they were worth in 2005/2006? If this were true, would you think that it is now a good time to buy real estate in South Lake Tahoe?  Your answers to both of my questions should be yes!

Not all homes in South Lake Tahoe are selling at half price, but some are, and here is a recent example:

My wife Jill recently sold a home located at 1035 Herbert for $208,000. This house had previously sold in October 2004 for $330,000 and again in July 2006 for $480,000! The recent sales price of $208,000 is 57% less than what this house had previously sold for in 2006! The buyers purchased this house for less than half of what someone else paid 3 years ago!

1035 Herbert was a 1394 square foot bank owned foreclosure. With four bedrooms, two bathrooms, and a detached garage, this house has plenty of room and a great layout. The selling price per square foot was $149.21 which was well under the median price per square foot of other South Lake Tahoe foreclosures (which is $202 per square foot). The sales price of $208,000 was also well below the median sales price of other foreclosures in South Lake Tahoe (which is currently $272,000).

1035 Herbert
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There are a lot of potential home buyers out there who do not think that they can get a loan to purchase a home like this one. That is not necessarily true. This house on Herbert was financed as a second home! As long as you have a solid credit score and proof of income, you have a good chance of obtaining financing. Most lenders are now requiring a minimum FICO score of 620 to obtain an FHA loan. In order to obtain an FHA loan, the house does need to be your primary residence. With Mortgage rates at historical lows, and home prices at up to half off, now is a great time to buy Real Estate in South Lake Tahoe!
 If you would like to find out if you can qualify for a loan, give Lee Nicchel at Associated Mortgage a call at (530) 544-5309. Lee should be able to let  you know if you can qualify for a loan in just a few minutes.
If you would like to know more about homes in South Lake Tahoe, South Lake Tahoe real estate, or questions regarding foreclosures in South Lake Tahoe, please contact Brent and Jill Johnson today!

South Lake Tahoe Foreclosure Listing

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Foreclosures in South Lake Tahoe are still keeping the attention of home buyers seeking deals. 2691 Genoa is a recent foreclosure that is listed for $189,900. Before being foreclosed on, this house was listed for $275,000 and then reduced to $200,000 as a short sale.

2691 Genoa Ave.
Under $200k for this clean 2 bedroom, 1.5 bath cabin conveniently located off Black Bart. 8.5×11 line drawings found in house for improvement of large, insulated attic area into 2 bedrooms and 1 more bath. Buyer to independently verify status of drawings, seller and brokers have no knowledge of origin. The seller is willing to pay for 100% of the CLTA closing costs for a first time homebuyer.
  • 2 bedrooms and 1.5 baths
  • Convenient in town location
  • 768 square feet
  • 7700 square foot lot
  • Potential to add bedrooms and a bathroom in the un-finished attic

                                                                          

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Although home prices are down, many foreclosure listings and short sale listings in South Lake Tahoe are selling quickly and receiving multiple offers. If you are interested in purchasing a short sale or a foreclosure listing in South Lake Tahoe, make sure that you visit my current foreclosure listings in South Lake Tahoe link daily. I update the foreclosure list daily with any new listings, price reductions, and pending sales.

For more information regarding foreclosures in South Lake Tahoe, the South Lake Tahoe real estate market, or properties on the South Lake Tahoe mls, please contact Brent and Jill Johnson today! Thanks for reading my South Lake Tahoe real estate blog!

South Lake Tahoe Real Estate Review for February 2009

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The South Lake Tahoe real Estate market rebounded a bit in February as single family home sales increased 43% from the previous month. There were 28 single family homes that sold in February, up from the 16 homes sold in January. February 2009 single family home sales were also up 43% from February 2008 which had 16 sold single family homes.

Although the number of South Lake Tahoe homes that sold in February increased from last year, as expected, the median sales price was down. This February the median sales price was $329,500, 20% less than February 2008 which had a median sales price of $412,500.

Out of the 28 single family homes in South Lake Tahoe that sold last month, 13 were foreclosures and 1 was a short sale. With half of the home sales being distress sales, the decrease in sales price is to be expected. Here are the February single family home February sales statistics for both foreclosures in South Lake Tahoe and non-foreclosure homes:

  • Average price per square foot was $229 (down 18% from February 2008 which was $279)
  • Average list price was $444,529
  • Median list price was $356,950 (up 7% from January 2009 which was $332,000)
  • Average sales price was $418,161
  • Median sales price was $329,500 (up 6% from January 2009 which was $310,000)
  • Median days on market was 120
  • Average square feet was 1832
  • Median square feet was 1612

Foreclosures in South Lake Tahoe are still in a high demand and are selling for less than the non-foreclosure homes. Non-foreclosure sellers are having to adjust their home prices to compete with the foreclosures. Here are the statistical differences between the foreclosures and non-foreclosure houses that sold in February:

  • The average price per square foot for foreclosures in South lake Tahoe was $196 (24% less than non-foreclosures which had an average price per square foot of $259)
  • The average listing price for the foreclosures in South Lake Tahoe was $308,952 (40% less than non-foreclosures which had an average listing price of $515,750)
  • The median listing price for the foreclosures in South Lake Tahoe was $284,500 (24% less than non-foreclosures which had a median listing price of $374,000)
  • The average sales price for the South Lake Tahoe foreclosures was $289,917 (41% less than non-foreclosures which had an average sales price of ($487,550)
  • The median sales price for the South Lake Tahoe foreclosures was $274,750 (20% less than non-foreclosures which had an median sales price of $345,000)

The foreclosures not only sold for less than the non-foreclosure homes, but much quicker also. The median days on the market for the foreclosures was only 83 days, but it took a median of 172 days for the non-foreclosures to sell.

 

2419 Lupine Trail

One of the foreclosures that sold was 2419 Lupine in Montgomery Estates. This home was a “gutted” fixer-upper with plans for a 4,000 square foot remodel and was in a great area on a 12,475 square foot lot. This property received a lot of attention and sold for $190,000.      

 

953 Star Lake

 

 

953 Star Lake was another foreclosure that sold in February. This was a 2 bedroom, 1464 square foot log home that sold for $297,000 which was above the list price of $279,000.                                

 

Although the number of single family homes sold in February increased significantly, the number of new pendings (escrows) was down. In February there were 22 houses that were reported pending on the South Lake Tahoe mls compared with 35 in January. Out of the 22 new escrows, 6 were foreclosures, and 5 were short sales. The average listing price per square foot for the new pending homes was $230, the median list price was $352,625, the median days on market was 71 and the median square footage was 1540.

Here are some of the South Lake Tahoe homes that sold in February from the South lake Tahoe mls.

Foreclosure Picture
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Houses in South Lake Tahoe #6
Homes in South Lake Tahoe #7
South Lake Tahoe Foreclosures #8
South Lake Tahoe foreclosures #9

 

If you would like to see more South Lake Tahoe real estate statistics that I have not posted on my blog, please let me know what you would like to see. If you have any further questions regarding the South Lake Tahoe Real Estate market, South Lake Tahoe foreclosures, or questions about properties on the South Lake Tahoe mls, please contact Brent and Jill Johnson.

This South Lake Tahoe real estate blog was posted by Brent Johnson.

South Lake Tahoe Real Estate Statistics

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This blog post will sumerize the statistics of the single family homes in South Lake Tahoe that have sold so far this year.  The National housing market has had a slow start this year, but California and Lake Tahoe home buyers seemed to embrace the opportunities, and took advantage of the historically low prices. Nationally, existing home sales fell 5.3% in January, but in California, existing home sales increased 100% compared to January 2008. The increase in sales is due to lower prices and low interest rates.

So far this year there have been 44 homes in South Lake Tahoe that have sold according to the South Lake Tahoe mls. Out of the 44 homes that sold, 18 of them were bank owned foreclosures. The South Lake Tahoe foreclosures that sold had a median sales price of $280,000, which was 15% less than the non-foreclosure homes. There were only 2 short sales in South Lake Tahoe that have actually closed escrow so far this year.

January 1-February 27, 2009 South Lake Tahoe Real Estate Statistics

  • 44 sold houses in South Lake Tahoe
  • Average square feet 1676
  • Median square feet 1492
  • Average list price $422,452
  • Average sales price $396,813
  • Median list price $356,950
  • Median sales price $329,950
  • Average price per square foot $242
  • Average days on market was 114

I love to compare the statistics of the South Lake Tahoe foreclosures to the non-foreclosure homes. Foreclosures are not always in as good of condition as non-foreclosure homes, but they are usually priced to sell rather quickly. Banks have a lot of holding costs associated with owning a foreclosure (they would rather spend that money on their private jets), so they try to price them below the competition.

January 1-February 27 South Lake Tahoe foreclosure statistics

  • 18 sold foreclosures in South Lake Tahoe
  • Average square feet 1648
  • Median square feet 1492
  • Average list price $343,422
  • Average sales price $318,000
  • Median sales price $280,000
  • Median list price $297,450
  • Median days on market was 83 days

As you can see, the foreclosures sold quicker and for less money than the non-foreclosure homes. In a couple of days I will post my monthly South Lake Tahoe real estate statistics blog and compare February to January for both 2008 and 2009.

For more information about foreclosures in South Lake Tahoe, the South Lake Tahoe mls, or South Lake Tahoe real estate, please contact Brent and Jill Johnson today!

Highland Woods

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The Highland Woods area is a small and desirable neighborhood in South Lake Tahoe. There are not a lot of homes that come up for sale in the Highland Woods area, so the sales can often be quick, especially if the homes are priced well.

One of the best features of Highland woods is the under ground utilities. Other than the Tahoe Keys, Highland woods is one of the the only areas that does not have power lines obstructing the views. The curbs and gutters are another feature that add to the aesthetics of the area. There are also many newer homes with landscaped yards that make this neighborhood a pleasure to be in.

The Highland woods area is centrally located in South Lake Tahoe with easy  access to highway 50. The casinos, Heavenly Valley Ski Resort, and Lake Tahoe’s famous sandy beaches are only a short drive away.

The Upper Truckee River, Truckee Marsh, and Trout Creek boarder three sides of the area, giving Highland Woods a very peaceful setting. Some of the homes on Springwood street back the meadow and even have lake views. On the south side of Highland Woods near highway 50 are some duplexes and multi-family units, so the more desirable areas for single family homes are near the middle and around the perimeters of the meadows.
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Homes in Highland Woods average in price from the Upper $200,000’s to the $600,000’s.

If you are looking at houses for sale in South Lake Tahoe and like clean desirable neighborhoods, make sure to check out Highland Woods. There are only 4 homes that are available on the South Lake Tahoe mls, so make sure to sign up for my new listing notification to have any new mls listings e-mailed to you as soon as they hit the market!

Vacant lots in South Lake Tahoe

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With only one vacant lot sold so far this year, and no lots currently in escrow, it is not looking good for the value of vacant properties in South Lake Tahoe. So far this year, the only lot that has sold on the South Lake Tahoe mls was 3708 Verdon Street. 3708 Verdon is a vacant lot with no allocation near Heavenly Valley Ski Resort that sold for $90,000.

The speculators, developers, and investors that were buying the lots in South Lake Tahoe and earning massive returns on their investments have just stopped buying land. The days of six figure returns on spec houses are over for now, so the inflated lot values have taken a huge hit. Buyers used to be able to purchase a vacant lot, get in line for an allocation with the city or county, and then sell the lot for almost double what they paid for it after the allocation had been received. Now lots with allocations are not selling for much more than the lots without allocations.

The price of homes in South Lake Tahoe has also affected the lot market. Buyers can now purchase a small house or a fixer upper for close to what lots were once selling for. Currently the average price of the foreclosures for sale in South Lake Tahoe is $332,344, well less than what it would cost to buy a lot and build a home.

Here are the statistics for the sales of lots from the South Lake Tahoe mls for the last 6 years

Sold 2008 lots with allocations

  • 21 lots sold
  • Median list price $175,000
  • Median sales price $165,000
  • Median days on market was 79
  • Lots with allocations sold for an average of $15,000 more than lots without allocations.

Sold 2008 lots without allocations

  • 15 lots sold
  • Median list price $150,000
  • Median sales price $150,000
  • Median days on market was 147

Sold 2007 lots with allocations

  • 24 lots sold
  • Median list price $222,000
  • Median sales price $205,000
  • Median days on market was 96
  • Lots with allocations sold for an average of $55,000 more than lots without allocations.

Sold 2007 lots without allocations

  • 32 lots sold
  • Median list price $172,500
  • Median sales price $150,000
  • Median days on market was 131

Sold 2006 lots with allocations

  • 14 lots sold
  • Median list price $319,500
  • Median sales price $293,250
  • Median days on market was 108 days
  • Lots with allocations sold for an average of $93,750 more than lots without allocations

Sold 2006 lots without allocations

  • 46 lots sold
  • Median list price $215,000
  • Median sales price $199,500
  • Median days on market was 81 days

Sold 2005 lots with allocations

  • 23 lots sold
  • Median list price $274,900
  • Median sales price $260,000
  • Median days on market was 103 days
  • Lots with allocations sold for an average of $110,000 more than lots without allocations

Sold 2005 lots without allocations

  • 102 lots sold
  • Median list price $154,250
  • Median sales price $150,000
  • Medain days on market was 92 days

Sold 2004 lots with allocations

  • 23 lots sold
  • Median list price $195,000
  • Median sales price $175,000
  • Median days on market was 99 days
  • Lots with allocations sold for an average of $82,000 more than lots without allocations

Sold 2004 lots without allocations

  • 145 lots sold
  • Median list price $95,000
  • Median sales price $93,000
  • Median days on market was 93 days

Sold 2003 lots with allocations

  • 17 lots sold
  • Median list price $139,000
  • Median sales price $125,000
  • Median days on market was 92 days
  • Lots with allocations sold for an average of $50,000 more than lots without allocations.

Sold 2003 lots with allocations

  • 126 lots sold
  • Median list price $79,000
  • Median sales price $75,000
  • Median days on market was 87 days

Looking at the statistics, it is easy to see how quickly lots in South Lake Tahoe appreciated in the last 6 years. It is also clear that the volume of lot sales has quickly decreased. I expect to see a major reduction in the median sales price of lots this year. There have already been some big price reductions on both lots with and without allocations.

Although I do expect lot prices to continue downward, I still think that it is a great time to by if you can find a motivated seller and pay less than market value. There are some great city and county lots for sale under $100,000, which we have not seen since 2003/2004.  The time it takes to get an allocation is also much quicker now, especially in the county.

If you are planning to build a home there has never been a better time as long as you are planning to hold onto it. Lumber prices are down to their lowest prices in years, and there are a lot of contractors out there looking for work.

 

For more information about South Lake Tahoe properties, the South Lake Tahoe mls, or South Lake Tahoe real estate, please contact Brent and Jill Johnson. This South Lake Tahoe real estate blog post was written by Brent Johnson.