South Lake Tahoe Real Estate Blog

Tahoe Keys Properties are off to a Slow Start

With only four houses in the Tahoe Keys that have sold so far this year, the Keys area is off to a very slow start in 2009. Two of the sold homes in the Tahoe Keys were distress sales, one was a foreclosure and one was a short sale. As you would expect, Tahoe Keys property values are down due to the lack of demand from buyers.

The average price per square foot of the four Tahoe Keys homes that have sold so far this year is only $313. The sold price per square foot so far this year is very close to what it was in 2003 which was $305. The median sales price for the sold Tahoe Keys homes was $757,500, 11% less than what it was in 2008 and 33%less than what it was during the peak of the real estate market in 2005.

Here is a break down of the sold single family homes in the Tahoe Keys area from the South Lake Tahoe mls beginning in 2003.

2003 Sold Tahoe Keys Houses

60 Sold Tahoe Keys homes
Average sales price $731,704
Median sales price $692,450
Average price per square foot $305

2004 Sold Tahoe Keys Houses

69 Sold Tahoe Keys homes
Average sales price $946,663
Median sales price $820,000
Average price per square foot $389

2005 Sold Tahoe Keys Houses

49 Sold Tahoe Keys homes
Average sales price $1,166,367
Median sales price $1,130,000
Average price per square foot $473

2006 Sold Tahoe Keys Houses

35 Sold Tahoe Keys Houses
Average sales price $1,009,354
Median sales price $1,000,000
Average price per square foot $475

2007 Sold Tahoe Keys Houses

37 Sold Tahoe Keys Houses
Average sales price $1,155,000
Median sales price $960,000
Average price per square foot $476

2008 Sold Tahoe Keys Houses

32 Sold Tahoe Keys Houses
Average sales price $900,366
Median sales price $847,500
Average price per square foot $388
There were 3 foreclosures in the Tahoe Keys that sold
The average price per square foot for the Tahoe Keys foreclosures was $303
The median sales price for the Tahoe Keys foreclosures was $420,000
The average sales price for the Tahoe Keys foreclosures was $581,667

2009 Sold Tahoe Keys Homes from 1/1/09 to 4/28/09

4 Sold Tahoe Keys homes
Average sales price $825,000
Median sales price $757,500
Average price per square foot $313
One of the sold Tahoe Keys homes was a bank owned foreclosure
One of the sold Tahoe Keys homes was a short sale

Currently there are 59 Tahoe Keys Listings on the South Lake Tahoe mls and 6 of them are listed as short sales. Out of the 59 Tahoe Keys listings, there are currently 5 in escrow, and 2 of them are short sales. There are no bank owned properties in the Tahoe Keys that are currently available for sale. There may soon be a foreclosure in the Tahoe Keys because there are a couple of Notices of Default posted in the Tahoe Keys. I will make sure to post any new Tahoe Keys foreclosure listings on my website as soon as they hit the market.

With Tahoe Keys properties selling for close to what they were in 2003 and interest rates under 5%, it could be the best chance to purchase waterfront property in South Lake Tahoe. There are now homes for sale in the Tahoe Keys with lake access for under $600,000!

For more information about Tahoe Keys properties, contact Brent and Jill Johnson today!

Short Sale Listing in South Lake Tahoe Just Sold!

It is possible to close escrow on short sale listings in South Lake Tahoe! Here is a recent example: My wife Jill and I just closed escrow on a short sale listing located at 1069 Carson Street. Jill and I represented the buyer on this short sale transaction.

1069 Carson Street is a 3 bedroom, 1.75 bathroom, 1254 square foot home with a garage. This house was remodeled, had a newer 50 year roof, and was in great condition. The asking price was $275,000. Our offer was less than the asking price and was accepted by the seller. After only 3 days the bank gave us a counter offer of full list price, and our buyer agreed to the terms.

From the day that we submitted our offer to the day of closing escrow took 56 days. 56 days is a little longer than the average escrow period of around 45 days, but was rather quick for a short sale.

Here are some pictures of 1069 Carson from the South Lake Tahoe mls

There is currently a lot of competition between buyers looking for deals on foreclosures. In order to avoid getting into a bidding war on a bank owned foreclosure, take a look at some of the short sale listings that are available. Currently there are 36 available single family short sale listings on the South Lake Tahoe mls. There are 18 short sale listings that are currently in escrow in South Lake Tahoe.

So far this year there have been 8 short sales that were reported as sold on the South Lake Tahoe mls. The average sales price for the sold short sales was $451,912, the average price per square foot was $221, and the average days on the market was 143.

If you decide to make an offer on a short sale listing, be prepared that it may take some time for a response from the lender. There have been responses from lenders in as quick as a couple of days to as long as a many months. Some short sales can definitely be worth the wait!

If you would like to see a list of short sale listings in South Lake Tahoe, contact Brent and Jill and we will send you a list. Please let us know if you have any questions regarding Short Sales in South Lake Tahoe, South Lake Tahoe real estate, or homes on the South Lake Tahoe mls, call us today!

South Lake Tahoe Home Buyers Focusing on the Positive

South Lake Tahoe real estate buyers are now getting off of the fence and purchasing homes at 2002 prices. So far this month there have been 31 new single family home escrows reported on the South Lake Tahoe mls. We are on track to pass the amount of escrows that we had in March, which was 38.

South Lake Tahoe home buyers are still seeking deals and distress sales. Out of the 31 new escrows, 9 are bank owned foreclosures and 9 are short sales. Many of the foreclosures that are priced under market value are attracting multiple offers. In some cases there have been as many as 10 buyers with competing offers on recent foreclosure listings. One reason for the multiple offers is that most South Lake Tahoe home buyers are looking for homes under $300,000. The inventory under $300,000 is greater than it has been in years, but is now on the decline do to recent buyer activity. When an under priced foreclosure comes on the market under $300,000, there are many buyers that are jumping at it.

South Lake Tahoe home buyers must be focusing on the positive!

The Dow Posted its Biggest 6 Week Gain Since 1938, up 24% see the full story by Charley Blaine, MSN Money
Interest rates are at historic lows, currently 30 year fixed mortgages are at 4.87%
$8,000 first time home buyer tax credit
South Lake Tahoe real estate prices are now similar to 2002 prices
The market is showing signs of bottoming out
Investors and speculators are now getting back into the real estate market

It will be interesting to see if this spring flurry of buyer activity continues.With most of the buyer activity under $300,000, the median and average home prices are going to continue to be pulled down by these lower priced sales.

Make sure to keep checking my list of foreclosure listings on the South Lake Tahoe mls.

North Upper Truckee

South Lake Tahoe real estate buyers looking for properties with a quiet county setting and a good possibility of privacy should check out the North Upper Truckee area. The North Upper Truckee area begins just southwest of the Y, off of Lake Tahoe blvd.. The area extends south until North Upper Truckee intersects Highway 50. The South Lake Tahoe mls has divided North Upper Truckee in to two areas, North Upper Truckee 1 and 2. North Upper Truckee 1 is the South side beginning at Highway 50 and spans north to Zuni. North Upper Truckee 2 begins on the north side of Zuni and spans north to Tahoe Mountain road.

Many of the lots in the North Upper Truckee area back to National Forest land. North Upper Truckee lots are also larger than most other lots in Lake Tahoe, averaging about 10,000 square feet. Towering pine trees and mountain viewsare very common in the North Upper Truckee area. Homes located at the top of Tahoe Mountain Road in North Upper Truckee 2 have some of the best views in Lake Tahoe. Fallen Leaf Lake, Lake Tahoe, and the surrounding mountains are some of the sights that Tahoe Mountain homes may overlook. Although the Tahoe Mountain views can be breathtaking, the amount of winter snow in this area is substantially more.

In June of 2007 South Lake Tahoe suffered its most destructive fire, and it was in the North Upper Truckee area. The Angora Fire began on June 24th west of Seneca Drive and continued north. The Angora Fire ended up burning over 2700 acres of National Forest Land and 250 structures. Click here to view a map of the area burned by the Angora Fire. Although some homes in North Upper Truckee 1 did not survive the fire, the North Upper Truckee 2 area saw the most devastation. Some streets such as Mule Deer, Mt. Rainier, Mt. Olympia, Pyramid, and Granite Mountain lost almost all of the homes to the fire. Currently there are many new custom homes being built in the areas where the homes were lost. The North Upper Truckee area will be the only area in SouthLake Tahoe that will have streets with all new homes. Although the houses that are being built are big, new, and beautiful, the landscape will take a long time to recover from the fire.

The average size home in the North Upper Truckee area is 1800 to 2000 square feet and sells for between $280,000 to $500,000. Newer view homes on the top of Tahoe Mountain have sold for as much as $2,500,000. North Upper Truckee also has many newer homes that sell from the $500,000’s to the upper $800,000’s. There have been some recent foreclosure and distress sales of smaller cabins and homes in the mid $200,000’s.

South Lake Tahoe Short Sale Listing!

If you are looking to invest in South Lake Tahoe real estate, make sure to take a look at this fantastic short sale opportunity!

913 Lake Tahoe Blvd. Offered at $529,000

Short Sale listing in South Lake Tahoe — Short Sale Listing in South Lake Tahoe!

Fantastic Short Sale opportunity. Bring the whole family to this spectacular 3,224 Square foot newer home with 4 oversized bedrooms, 3.5 baths and a 3 car garage. Just some of the special features in this home include granite slab counter tops, stainless steel appliances, Viking Gas Range, Hickory Cabinets, heated tile floor in the master bath, Spa Tub, Gas fireplace, Large game room with a wet bar, 2 large family rooms, and much more!! You have to see this home to appreciate the size and beauty.

Custom built in 2006
Sunny 12,342 square foot lot
Priced at only $185 per square foot!
Viking stainless steel range
Custom granite counter tops
Maintained in mint condition
Short sale subject to banks approval of a short sale

If you are in the market for South Lake Tahoe real estate and would like to set up an appointment to view this short sale listing in South Lake Tahoe, contact South Lake Tahoe real estate agents Brent and Jill Johnson today!

South Lake Tahoe Real Estate Buyer Testimonial

Working as a South Lake Tahoe real estate agent has enabled me to meet and work with some incredible people. I had the pleasure of helping Dan and Angie Guerra purchase a second home in South Lake Tahoe.

Dan and Angie contacted me from my website last summer about a listing in the Tahoe Island drive area. After almost a year of communication by e-mail and phone calls about market conditions, new listings, and price reductions we were able to meet and look at properties in South Lake Tahoe. After a couple of outings with the Guerras, I had a very good idea of what they wanted in a second home.

The Guerras showed great patients through out the search for their home, following price trends and interest rates. When we found the property located at 810 Michael street the timing could not have been better, Interest rates are at historic lows and home prices great.

We were able to negotiate a good price on the house, and the escrow period was smooth. Only minor repairs were found in the termite and home inspections, and we were able to work with the sellers to have repairs completed.

With buyer activity picking up nation wide the Guerras chose a great time to buy. Just in the last 8 days there were 22 properties in South Lake Tahoe that went into escrow, home buyers are now buying!

Here is a brief testimonial provided by Dan and Angie:

Dear Chase International,

We just closed escrow for the purchase of our vacation home in South Lake Tahoe. We would like to recognize Brent and Jill Johnson for their role in helping us to make this dream come true. Brent and Jill, as a team, were available to help us throughout our entire process, and were especially accommodating considering we are from out of town.

In the search for our home Brent focused in the specific areas in which we were interested. Brent is knowledgeable about neighborhoods, available properties, and as a building contractor, building construction. He researched local regulations and talked us through many of the possibilities found for each house considered.

During escrow, Brent was resourceful utilizing local skilled talent and proficient at coordinating other professional services. Brent is professional and service-oriented in his communications with us.

Through the entire process we were comfortable knowing that Brent and Jill were advocating for us, and in the end we are confident that we have made a smart purchase.

Dan and Angie Guerra

Congratulations to Dan and Angie on becoming the proud owners of South Lake Tahoe real estate!