June South Lake Tahoe Real Estate Review
The stock market saw its worst month since the Great Depression , but the South Lake Tahoe Real Estate market remained steady.
There were 37 new single family escrows opened in June, which was the same as in May. Of the 37 new escrows, 6 were foreclosures. The Tahoe Keys saw two foreclosures that went into escrow quickly, 2255 Inverness and 2244 Inverness. There were 29 single family homes that closed escrow in June, two of which were foreclosures. We have not seen as many foreclosures in South Lake Tahoe compared areas such as Stockton. Home owners are still having to price there homes attractively to get any activity from today’s bargain hunting home buyers.
Lot sales have remained slow with only five new lot escrows and six lot sales. There are some incredible prices on lots right now. 929 Patricia lane is a 7400 sf. flat lot with 2146 feet of coverage for only $69,000!
Condo sales were similar to lot sales with four new escrows and five condo sales. Condos have been hit hard because you can now find a single family home for the price of a condo.
There are going to be some hot buys this summer. The challenge is going to be finding qualified buyers who are willing take advantage of these great opportunities in an unstable economy.
