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foreclosure listings in south lake tahoe

New Bank Owned Listing in South Lake Tahoe

This new bank owned foreclosure listing in South Lake Tahoe is priced to sell! At only $154.09 per square foot, this foreclosure is priced well below the competition.

 

897 Tahoe Keys Blvd. Offered at $290,000!

                                                               

Built in 1991, this bank owned home has a bright and open floor plan. This 3 bedroom, 2 bath, 2 car garage 1882 square foot home is centrally located on Tahoe Keys Blvd., and would make a great vacation home. There has been a remodel that was started, but not completed. This house needs flooring, baseboard, some miscellaneous window and door trim, and some other odds and ends. There has also been some landscaping work that has been started and was not finished. This foreclosure listing in South Lake Tahoe would make a great project for someone looking to earn some quick sweat equity!

Other features include:

  • Upstairs Living
  • Extensive decorative rock work
  • 6148 square foot lot
  • 1882 square feet
  • Tahoe Island Park location
  • Ask about loan incentives!
New foreclosure listing in South Lake Tahoe
Foreclosure listing in south lake tahoe
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bank owned listing in south lake tahoe
bank owned listing in south lake tahoe
bank owned listing in south lake tahoe

Do not miss out on this great opportunity, this home will sell fast so call Brent and Jill Johnson today! For more information about other bank owned properties in South Lake Tahoe and how to be notified instantly when bank owned properties hit the market, call Brent Johnson at (530) 416-2625.

The South Lake Tahoe Housing Market Keeps Improving!

As of May 25th, there are currently 483 single family homes listed on the South Lake mls, and 95 of them are now in escrow.  Now that 20% of our current single family inventory is in escrow, the South Lake Tahoe real Estate market is continuing to show improvements in buyer activity.

There has been a decrease of foreclosures in South Lake Tahoe that have been coming onto the market, andbuyers are now making offers short sales and the existing re-sale inventory. There are now 22 single family foreclosure listings on the South Lake Tahoe mls, and all but 2 are in escrow. Another reason for buyers now buying the non-foreclosure inventory is to avoid competition from other buyers. Many of the recent new foreclosure listings in South Lake Tahoe have had multiple buyers writing offers on them. Buyers who are not writing full list price offers, or close to list price offers on the foreclosure listings are missing out on the deals.

Out of the 95 single family homes that are in escrow on the South Lake Tahoe mls, 33 are short sales and 20 are bank owned foreclosures.

Statistics for the 95 pending single family homes in South Lake Tahoe

  • The average listing price for the South Lake Tahoe homes in escrow is $418,608
  • The median listing price is $359,900
  • The average listing price per square foot is $244
  • The average square footage is 1,757
  • The median days on the market was 141

Statistics for the 33 short sales in South Lake Tahoe currently in escrow

  • The average listing price for the short sales in escrow is $432,248
  • The median listing price is $375,000
  • The average listing price per square foot is $244
  • The average square footage is 1,812
  • The median days on the market was 195

Statistics for the 20 foreclosures in South Lake Tahoe currently in escrow

  • The average listing price for the bank owned foreclosures is $292,352
  • The median listing price is $267,500
  • The average listing price per square foot is $188
  • The average square footage is 1,658
  • The median days on the market was 68

Single family homes in escrow by South Lake Tahoe mls areas

  • Al Tahoe has 4 homes in escrow
  • Bijou has 10 homes in escrow
  • Black Bart has 1 home in escrow
  • Christmas Valley has 4 homes in escrow
  • Echo View Estates has 1 home in escrow
  • Elks Club has 8 homes in escrow
  • Gardner Mountain has 2 homes in escrow
  • Heavenly Valley has 2 homes in escrow
  • Highland Woods has 2 homes in escrow
  • Meyers has 3 homes in escrow
  • Montgomery Estates has 9 homes in escrow
  • North Upper Truckee has 8 homes in escrow
  • Pioneer Trail has 7 homes in escrow
  • Pioneer Village has 1 home in escrow
  • Sierra Tract has 7 homes in escrow
  • Tahoe Island Drive has 4 homes in escrow
  • Tahoe Island Park has 5 homes in escrow
  • Tahoe Keys has 9 homes in escrow
  • Tahoe Paradise has 4 homes in escrow
  • The Y Area has 4 homes in escrow

 

With the percentage of housing inventory that is in escrow increasing monthly, the South Lake Tahoe real estate market seems to be heading in the right direction. With more home buyers entering the market daily, the selection of available distress sales is on the decline. Could the bottom of the housing market bubble have passed? Only Time will tell. For more information about the South Lake Tahoe real estate market, call Brent and Jill Johnson.

South Lake Tahoe Home Sales and The $8,000 Tax Credit

South Lake Tahoe real estate first time home buyers now have an extra incentive and some help with their down payment. According to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.

Secretary Donovan said that important changes, which the National Association of Realtors has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan , the FHA’s approved lenders will be permitted to “monetize” the tax credit through  short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan also goes on to say that the housing market appears to be stabilizing and that the rapid decline in home prices starting to abate.

This information was provided by the National Association of Realtors.

Enabling first time home buyers to use the $8,000 tax credit as part of the down payment on FHA loans should bring more buyers into the market. I would also agree with Donovan in that the real estate market is stabilizing. There are currently 82 houses in South Lake Tahoe that are in escrow out of 469. With 17% of our current housing inventory is in escrow, this is the highest percentage that it has been all year. There are also 27 foreclosure listings in South lake Tahoe, and 19 of them are in escrow. We are once again seeing multiple offer situations on foreclosures and short sales.

For more information regarding South Lake Tahoe real estate, foreclosures in South Lake Tahoe, and the $8,000 first time home buyer tax credit, call Brent Johnson today!

Bank Owned Properties in South Lake Tahoe

A new foreclosure listing in South Lake Tahoe has just been added to the mls. If this home interests you at all, call Brent or Jill  as soon as possible. I expect this new listing to sell very quickly!

806 Stanford Ave. Offered at $295,000

806 Stanfordis a bank owned foreclosure in South Lake Tahoe located in the Al Tahoe area. This 3 bedroom , 2 bath, 2 car garage 1300 square foot home has been remodeled on the inside and has  a newer roof. Pine accents, a river rock fireplace, and wide plank laminate flooring give this home a warm “Tahoe Feel.” Skylights throughout brighten this open floor-plan. The bathrooms are clean but have not been updated. There is a missing stove, refrigerator, and a few minor repairs needed. The last sale of this home took place on 5/24/07 when it sold for $493,000.

  • Energy Star rated natural gas forced air furnace
  • River rock gas fireplace
  • Log accents
  • Flat fenced lot
  • Open floor plan
  • Great Al Tahoe location!

 

bank owned property in south lake tahoe
bank owned property in south lake tahoe
bank owned property in south lake tahoe
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bank owned listing in south lake tahoe
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foreclosure in south lake tahoe

There are only 7 foreclosure listings in South Lake Tahoe out of 27 that are not currently in escrow. If you would like to take a look at this bank owned home, please call Brent and Jill Johnson at (530) 416-2625.

If you have any questions regarding foreclosures in South Lake Tahoe, South Lake Tahoe real estate, or South Lake Tahoe mls listings, contact us today!

 

South Lake Tahoe Real Estate Review for April 2009

 

For the second month in a row the South Lake Tahoe real estate market has shown signs of improvement regardingbuyer activity. There were 43 new single family homes that went into escrow on the South Lake Tahoe mls, up from 38 in March, and up from 22 in February. Out of the 43 new escrows, 15 were short sales and 18 were bank owned foreclosures, bringing the percentage of distress sale escrows to 65%. Many of the bank owned properties that went into escrow had multiple offers on them.

The statistics for the new escrows are as follows:

Pending April Single Family Homes in South Lake Tahoe

  • There were 43 new single family homes that went into escrow in April, up from 38 in March.
  • The median list price for the homes was $349,900 (up 15% from $297,900 in March).
  • The average price per square foot was $246
  • The median days on the market was 129
  • 15 of the new escrows were short sales
  • 13 of the new escrows were bank owned foreclosures

There seems to be a bit of a frenzy over the bank owned foreclosure listings in South Lake Tahoe. There are 25 foreclosures on the South Lake Tahoe mls, and only 9 of them are still available. Yesterday there was a new foreclosure listing located at 1782 Southern Pines, there are already 4 offers in on this property and threats of more coming in.

If you compare the bank owned foreclosures that went into escrow to the non-foreclosure escrows there are some noticeable differences. The average square footage of the foreclosures and the non-foreclosures was very close, 1676 square feet for the foreclosures and 1619 for the non-foreclosures. The average price per square foot for the foreclosures was $206 per square foot, which was 22% less than than the non-foreclosures which had an average price per square foot of $263. The median list price for the bank owned foreclosures was $299,000, which was 18% less than than the non-foreclosure homes which had a median list price of $364,000.

The short sale homes that went into escrow were similar to the non-short sale or non-foreclosure homes. The average price per square foot for the short sales was $246, only 6% less than the non-distress sale escrows. The median list price for the short sale homes was $379,900, actually 4% higher than the non-distress sale escrows.

The amount of homes that were reported as sold on the South Lake Tahoe mls in April was 25, which was the same number of homes that sold in March. Although the number of homes that sold was the same, there was a dramatic drop in the median and average old prices. A large part of the change in the price can be attributed to the fact that the median square footage of the sold homes was much smaller in April. The median size sold home was 2,012 in March and was 1,565 in April.

Sold Houses in South Lake Tahoe in April

  • There were 25 homes in South Lake Tahoe that sold in April
  • 7 of the sold homes were bank owned foreclosures
  • 2 of the sold homes were short sales
  • The median sales price was $291,000 (25% less than $388,000 in March)
  • The average sales price was $334,696 (27% less than $457,160 in March)
  • The average price per square foot for the sold homes was $210 (5% less than $222 in March)
  • The median days on the market was 111

The 7 foreclosures in South Lake Tahoe had an average price per square foot of $197, a median sales price of $270,000, an average sales price of $247,914, and a median days on the market of 86. Although there are only 9 single family foreclosures that are still available on the South Lake Tahoe mls, there should be more coming onto the market. There are still a fair amount of notices of default being filed, and this should more foreclosure listings in the future. The key to purchasing one of the new foreclosure listings will be to have your pre-approval letter ready  and to keep following my South Lake Tahoe real estate blog post on foreclosure listings in South Lake Tahoe.

For more information regarding South Lake Tahoe real estate, contact Brent and Jill Johnson today!

South Tahoe Real Estate Statistics for 2009 First Quarter

South Lake Tahoe real estate statistics are important for both buyers and sellers who are thinking about timing the market for their next real estate transaction. With all of the South Lake Tahoe real estate statistics available on various websites and blogs, consumers are now informed more than ever. I try to make my South Lake Tahoe real estate statistics the most in depth and easy to understand as possible. With that being said, here are the 2009 first quarter statistics for single family sold homes in South Lake Tahoe.

According to the South Lake Tahoe mls, there were 73 single family homes that sold between January 1st and March 31st 2009. That is 8% more homes than the first quarter of 2008 in which 67 single family homes closed escrow.

  • 73 homes sold in the first quarter of 2009
  • 27 of the sold homes were bank owned foreclosures (up 44% from 15 in the first quarter of 2008)
  • 6 of the homes were short sales
  • The median list price was $356,250 (15% less than than the first quarter of 2008 which was $419,900)
  • The median sales price was $340,000 (15% less than the first quarter of 2008 which was $400,000)
  • The median days on the market was 114 (down from 156 in the first quarter of 2008)
  • The median square footage of the sold homes was 1,584 (up from 1,431 in the first quarter of 2008)
  • The average sold price per square foot was $234 (19% less than the first quarter of 2008 which was $290)

The number of sold houses in South Lake Tahoe was up and the median sold price was down due to the distress sales and foreclosures. Foreclosure listings in South Lake Tahoe are usually priced about 10% below current market value. The attractively priced foreclosures are what buyers seeking good deals are going after. Many of the foreclosure homes received multiple offers and sold quickly which also brought down the median days on the market to 114 for the first quarter. Buyers targeting South Lake Tahoe foreclosures should be aware that it will be an “as is” deal, and buyer investigation inspections are very important.

Here is a comparison of the South Lake Tahoe foreclosure listings to the non-foreclosure listings that sold in the first quarter of 2009.

  • 27 of the 73 houses that sold during the first quarter of 2009 were bank owned foreclosures.
  • The median list price of the foreclosures was $279,000 (28% less than the non-foreclosure properties which was $389,000)
  • The median sales price for the foreclosures was $264,500 (27% less than the non-foreclosure properties.
  • The median days on the market was 84 (45% less than the non-foreclosure properties which was 154 days)
  • The median square footage of the foreclosures was 1,510 square feet (7% less than the non-foreclosure properties which had an median square footage of 1,616 square feet.
  • The average price per square foot for the foreclosures was $196 (24% less than the non-foreclosure properties which had an average sales price per square foot of $258)

2009 First Quarter South Lake Tahoe Real estate statistics by Number of Bedrooms

Sold two Bedroom Homes in South Lake Tahoe

  • There were 15  two bedroom housesin South Lake Tahoe that sold in the first quarter of 2009 according to the South Lake Tahoe mls.
  • The average list price for the 2 bedroom homes was $249,620
  • The average sales price for the 2 bedroom homes was $233,853
  • The average square feet of the 2 bedroom homes was 986
  • The average percentage list price to sales price the homes sold for was 93.68%
  • The average days on the market was 154 days

Sold three bedroom homes in South Lake Tahoe

  • There were 32 three bedroom homes that sold in the first quarter of 2009
  • The average list price for the 3 bedroom homes was $381,595
  • The average sales price for the 3 bedroom homes was $361,750
  • The average square feet of the 3 bedroom homes was 1565
  • The average percentage list price to sales price that the homes sold for was 94.8%
  • The average days on the market was 154

Sold four bedroom homes in South Lake Tahoe

  • There were 21 two bedroom homes that sold in the first quarter of 2009
  • The average list price for the 4 bedroom homes was $551,051
  • The average sales price for the 4 bedroom homes was $525,000
  • The average square feet of the 4 bedroom homes was 2346
  • The average percentage list price to sales price that the homes sold for was 94.59%
  • The average days on the market was 177

Sold five bedroom homes in South Lake Tahoe

  • There were 5 five+ bedroom homes that sold in the first quarter of 2009
  • The average list price for the 5+ bedroom homes was $941,850
  • The average sales price for the 5+ bedroom homes was $798,000
  • The average square feet of the 5+ bedroom homes was 3262
  • The average percentage list price to sales price that the homes sold for was 84.75%
  • The average days on the market was 179

This South Lake Tahoe real estate blog statistics post was written by real estate agent Brent Johnson. If you are a buyer or a seller of real estate in South Lake Tahoe and would like more information regarding any of the statistics in this post please let me know. For more information regarding foreclosures for sale in South Lake Tahoe, houses for sale in South Lake Tahoe, or would like to schedule an appointment to view any South Lake Tahoe real estate contact Brent and Jill Johnson today!