Summer weather is here to stay, and there is no better time to look at Real Estate in South Lake Tahoe. For those bargain hunters, here is the most recent foreclosure in South Lake Tahoe.
This house is a 2 bedroom, 1.75 bath home for $249,900. This foreclosure is a great opportunity for some sweat equity!
The South Lake Tahoe City Council is having a meeting on June 17th to discuss the possibility of a Vacation Rental Moratorium in the City of South Lake Tahoe. Apparently there are some angry locals that believe that vacation rentals are the main cause of noise pollution, bear, and parking problems in South Lake Tahoe.
I believe that rules and enforcement will be a much better solution than a moratorium on new vacation rental permits.
I have witnessed more problems with noise, parties, and trash with long term rentals than vacation rentals. I currently live across the street from a long term rental with five teenagers who come and go throughout the night, and park everywhere! The vacation rental across the street from my old house was a lot quieter and has a bear proof trash container (required for vacation rentals in the county).
A moratorium on vacation rentals would be devastating to our local economy. It would further depress the South Lake Tahoe Real Estate market, hurt local small business owners, and bring in less revenue to the city.
Here is a brief survey that you should take to show the city council how you feel about the idea of a vacation rental moratorium.
You can also attend the City Council Meeting on June 17th at 9:00am at the South Lake Tahoe Airport.
On Tuesday, June 3rd South Lake Tahoe Voters opted against Measure A. Measure A would have been a property assessment that would tax $38.70 per $100,000 of the assessed value of the property. The money raised by the bond would have been used for improvements to the Lake Tahoe Unified School District. The State also would have matched $15.4 million in funds if Measure A had passed.
I understand that times our tough for some people, but times are even tougher for our schools! Our children are our future, and they should have the benefit of a clean and healthy learning environment.
I am very disappointed that Measure A did not pass. I hope if another chance arises to improve our local schools, voters will rethink there decision. It is also too bad that the State will not just give our schools that $15 Million !
Real Estate in South Lake Tahoe traditionally picks up speed when the weather warms up, and May was no exception. According to the South Lake Tahoe MLS, there were 31 single family home sales in May, up from 20 in April.
Foreclosure sales were down again from 11 in March to 4 in April, and only 2 in May. After talking with a couple of foreclosure listing agents in my office, they both agree that the foreclosure inventory will continue to decrease through the summer. The decrease in foreclosure listings should help the existing inventory get more attention from home buyers.
There were 37 single family houses that went into escrow on the South Lake Tahoe MLS in May. The highest priced house is 9120 South Lane for $9,950,000 in Meeks Bay. There were a couple of houses that were priced very attractively, 3504 Rocky Point(foreclosure) and 649 Seneca (my listing), that I am not surprised went into escrow quickly.
Lots in South Lake Tahoe have remained about the same as last month. There were 4 lots that sold, and 3 that went into escrow in May. There were two lots with allocations that sold for under $100,000!
Condos in South Lake Tahoe saw the most activity in May that they have seen all year. There were 7 closed condo sales, and 6 more that went into escrow.
Over all the South Lake Tahoe Real Estate market is still not what it was in the last few years, but is continuing to show improvements. Could this be the bottom? Only time will tell…
Lot sales in South Lake Tahoe have seen some tough times in 2007 and early 2008, but there has been a flurry of recent activity.
There have been ten lots that have gone into escrow in the last month. Five of the ten lots that have gone into escrow include allocations.
Two of the allocated lots are burn lots,1402 Mt. Diablo and 782 Lookout Point, located in the Angora fire area.
There were three lots that have closed escrow already in May.
One of those three was a burn lot on 1453 Mt. Olympia that sold for $175,000. This lot had plans and permits for a 2800 square foot home.
Lots with allocations were selling for about $70,000 more than lots without allocations in 2005 and 2006. Now that the wait for allocations in El Dorado County is about one year, lots with allocations are not as valuable as they once were. There was a lot sold at 1156 Lodi Street for $95,000 with an allocation!
There are still some great lot deals out there, and with the County allocation list so short, it is a great time to buy a lot even without an allocation!
Tahoe’s great spring weather is here, and the snow has finally melted in my yard. I was amazed to see how trashed it was! I spent about 20 minutes picking up dog poop and garbage that had been covered up by the winter snow storms.
Now that Chase International South Tahoe Realty has moved its office to 989 Tahoe Keys Blvd., It is close enough for me to walk to work from my house. While walking to work yesterday, I noticed that most of the houses along Tahoe Keys Blvd. still had trash scattered in there yards, and along the street. I was surprised to see how bad the neighborhood looks when you slow down and look around! I know that the snow has just recently melted, but it is time for spring cleaning…
Lets all do our part and keep beautiful Lake Tahoe blue and clean!
April home sales in South Lake Tahoe saw a significant decline compared to March home sales. There were 20 single family homes in South Lake Tahoe that were sold in April, compared to 34 homes sold in March. Out of the 20 sold homes, only 4 were foreclosures compared to 11 last month.
The reason that there were only 4 foreclosures sold in March is because the amount of foreclosures coming on the market in South Lake Tahoe has been going down. There are a lot of buyers targeting these foreclosures, and the reduction in foreclosure inventory may be one of the reasons for the reduction in home sales in April.
The lease expensive home sale in April was a foreclosure at 1667 Choctaw which sold for $235,000. On the upper end of sales was 1323 Keller, which sold for $1,200,000.
According to the South Lake Tahoe MLS, there were 25 houses that went into escrow in April, 5 of which are foreclosures. There are now 51 single family homes in escrow in South Lake Tahoe.
Lot sales are still stagnant in South Lake Tahoe. There was only one lot sold in April, which was in the Angora fire area. There were three lots that went into escrow, including a great view lot on Cornice for $349,000.
April activity on Condos in South Lake Tahoe was similar to March. There were only two condos sold, and four condos went into escrow.
I expect the South Lake Tahoe Real Estate market to show a slight improvement in May. Conventional loan interest rates have just dropped back down to around 6%, and summer is just around the corner.
There are a lot of home buyers that are on the fence about buying. These home buyers are trying to time the market, and to buy at the “exact bottom”. The problem with this strategy is that by the time the signs of the recovery of the real estate market are there, such as increasing pendings and sales, those buyers will have missed the bottom completely!
For all of those buyers out there, think long term!!!
Building new homes in South Lake Tahoe and other areas in California may have just become even more expensive!
Starting January 1st. 2008, the Wildland-Urban Interface codes began taking effect. These new codes apply to new construction (residential and commercial), but do not apply to remodels or additions. The Wildland-Urban Interface (WUI) codes only apply to properties in high fire hazard severity zones. The LRA maps that will be used by the local building departments during plan check to see if the property is in a high severity zone are still not finalized, but should be any day now.
If the WUI codes do apply, and they most likely will in Lake Tahoe, there are some major changes to the building products that will be allowed to be used. There is a Wildland Urban Interface Approved Product list , which lists approved building products. The WUI approved product list is constantly updated as new products are tested and approved.
The WUI codes affect the types of exterior wall siding, decking, windows, vents, exterior doors (including garage door), eaves, gutters, roofing, and attic ventilation.
The enforcement of the WUI codes is the responsibility of the local building departments, and the materials to be used in construction will need to be on the plans submitted to the building departments. It will be interesting to see how many more products are tested and approved, because right now the list is very short!
Although the WUI codes may be an added cost and a pain to deal with at first, they are in place for a good reason. Now all we need to do is to get the TRPA to allow us to clear a reasonable defensible space!
With the amount of lawsuits in the US these days, the amount of paperwork required in a Real Estate transaction has gotten insane!
I recently sold a new home to a buyer in New York, and we did all of the paperwork via E-Mail and fax. Todays technology is great, I would just scan the documents and then E-Mail them to my client. After receiving them, he would fax them back to me.
The process was simple, but my client was stunned by the amount of paperwork involved.
If you are planning on buying or selling Real Estate in South Lake Tahoe, here is a list of the forms that you will be using
-Agency Disclosure Form (2 pages)
-Disclosure and Consent to Represent More Than One Buyer or Seller (1 page)
-Purchase Agreement (10 pages)
-Counter offers?
-Government Agencies Disclosure (6 pages)
-Home Inspection Advisory
-Property Inspection Advisory
-Statewide Buyers and Sellers Advisory (10 pages)
-Transfer Disclosure Statement (3 pages)
-Agent Visual Inspection (3 pages twice, one for each agent)
-Supplemental Statutory and Contractual Disclosure
-Water Heater and Smoke Detector Statement of Compliance
-Lead Base Paint (If house was built prior to 1960)
-Residential Earthquake Hazards Report (If house was built prior to 1960)
-BMP Disclosure
-Natural Hazard Disclosure (16 pages)
-Homeowners Association form (if in HOA)
-Termite Inspection
-Home Inspection
-Other misc. special forms
My goal in talking about all of the required forms is not to scare anyone away from a Real Estate transaction, but to prepare them. Another thing to remember is that these are just the forms required by the Brokers. Once you make it through this pile of paperwork, there will be another stack waiting at the title company!
Here at Chase International South Tahoe Realty, we are lucky enough to have our contract expert office manager Larry Finkel. Larry ensures that all forms are filled out properly, and that there will be no unnecessary lawsuits.
Do you need a permit to build a fence in South Lake Tahoe?
You do not need a fence permit in the County, but you do need one in the City.
The first step is to fill out a fence application. You will need to draw a site plan, drawn to scale, which shows the existing conditions and the proposed new fence. The proposed new fence will need to have a description of the proposed fence, indicating the material specifications.
The City Building/Planning Department provides a Fence Checklist that outlines the fence height requirements, construction standards, and setback requirements.
There is one specification on the fence checklist that I feel should be upgraded. There is a maximum space of 8′ between posts for a 6′ tall fence. With the amount of snow that we receive here in Tahoe, there should be a maximum space of 6′ between fence posts.
Once you have filled out your fence application and drawn your site plan, you may bring them to the City Planning Department along with a $40 application fee.
Although you do not need a fence permit in the County, you still need to follow the County fence requirements.
I am currently working on my site plan for a fence for my backyard, and I was able to gather this information. Hopefuly this will save you some time if you are planning to build a fence in the future!
