Foreclosures in South Lake Tahoe

South Lake Tahoe Foreclosure Listings

Updated on 7/13/2010

Foreclosures in South Lake Tahoe have been selling quicker and more often than anything else on the South Lake Tahoe MLS. Currently there are only 34 single family foreclosures for sale in South Lake Tahoe, and 17 are in escrow. In order to keep my clients up to date on the current foreclosure listings, I will provide this list of foreclosures for sale on the South Lake Tahoe MLS, and I will update it daily.

Here is a current list of foreclosure listings in South Lake Tahoe. This list will be updated as new foreclosure listings are added to the South Lake Tahoe MLS and as existing listings are sold. I will also update which foreclosures go into escrow, price reductions, and statistics.

Click on the address for photos and a complete description.

976 Kiowa Drive (7/8/10) $184,490 912 square foot, 2 bedroom, 1 bath house off of North Upper Truckee.
1864 Hunkpapa St. (7/13/10) $394,900 1997 square foot, 3 bedroom, 2.5 bath, 2 car garage newer home.
1071 Reno (7/10/10) $149,900 864 square foot, 2 bedroom, 1 bath cabin.
2306 Sky Meadows (7/8/10) $189,900 1472 square foot, 3 bedroom, 1.75 bath cabin.
3046 Sacramento Ave. (7/1/10) $279,900 1176 square foot, 3 bedroom, 2 bath home in Al Tahoe.
1592 Allen Rae (6/29/10) $244,900 1847 square foot, 4 bedroom, 3 bath home in Bijou.
2421 Wagon Train Trail (6/24/10) $303,900 1710 square foot, 4 bedroom, 2 bath, 2 car garage home in Montgomery Estates.
1778 Kickapoo St. (6/24/10) $304,750 1340 square foot, 3 bedroom, 1 bath, 2 car garage home in the North Upper Truckee area.
2042 Aloha (6/23/10) $779,900 2457 square foot, 3 bedroom, 3 bath, 2 car garage foreclosure in the Tahoe Keys.
2383 Wagon Train Trail (6/19/10) $675,000 3426 square foot, 4 bedroom, 3 bath, 2 car garage newer home in Montgomery Estates.
915 Council Rock Drive (6/18/10) $239,900 1395 square foot, 3 bedroom, 1.5 bath, 2 car garage home in Tahoe Island Park. In Escrow!
908 Tahoe Keys Blvd (6/16/10) $173,900 1086 square foot, 3 bedroom, 1.75 bath, 2 car garage fixer upper. In Escrow!
2529 Osborne Ave. (6/18/10) $179,900 775 square foot, 2 bedroom, 1 bath home in the Sierra Tract. In Escrow!
1766 Chibcha St. (6/15/10) $579,900 2746 square foot, 4 bedroom, 2.5 bath, 2 car garage newer home. In Escrow!
1759 Gentian Circle (6/7/10) $474,900 2940 Square foot, 5 bedroom, 2.5 bath, 2 car garage home in Montgomery Estates. In Escrow!
1072 Turnback Trl. (6/10/10) $689,900 3454 square foot, 3 bedroom, 3 bath, 2 car garage home in Montgomery Estates.
2683 Pinter (6/10/10) $134,900 696 square foot, 2 bedroom, 1 bath home in the Sierra Tract.
600 Tehema Drive (6/10/10) $344,000 1667 square foot, 3 bedroom, 2 bath, 2 car garage home off of North Upper Truckee. In Escrow!
1523 Plumas Circle (6/3/10) $239,900 1292 square foot, 3 bedroom, 1 bath home.
3798 Aspen Ave. (5/25/10) $89,500 551 square foot, 1 bedroom, 1 bath major fixer upper.
1439 Ski Run unit #f-2 (5/25/10) $204,000 1067 square foot, 2 bedroom, 1.75 bath condo near Heavenly Valley Ski Resort. In Escrow!
1336 Susie Lake Rd. (5/19/10) $269,900 2008 square foot, 4 bedroom, 2.5 bath, 2 car garage fixer upper. In Escrow!
1008 Eagle Lane (5/18/10) $150,000 1922 square foot, 3 bedroom, 1 bath, 2 car garage major fixer in the county with mountain views. In Escrow!
1334 Pine Valley (5/14/10) $479,900 2270 square foot, 3 bedroom, 2.5 bath, 2 car garage off of Pioneer Trail. In Escrow!
1041 River (5/14/10) $159,900 813 square foot, 3 bedroom, 1 bath home in the Sierra Tract.
1620 Pawnee (5/18/10) $299,000 2132 square foot, ? bedroom, 2 bath, 2 car garage uncompleted new construction home.
881 Glorene Ave. (5/13/10) $169,900 646 square foot, 1 bedroom, 1 bath cabin in the Gardner Mountain area.
2580 Fountain Ave. (5/5/10) $149,900 832 square foot, 2 bedroom, 1 bath cabin in the Sierra Tract. In Escrow!
1903 Talbot (5/10/10) $465,900 2464 square foot, 3 bedroom, 2.5 bath, 2 car garage foreclosure in Montgomery Estates. In Escrow!
1779 Venice (5/3/10) $569,000 2234 square foot, 4 bedroom, 2.5 bath, 2 car garage foreclosure in the Tahoe Keys. In Escrow!
3610 Spruce Ave #4 (4/24/10) $155,000 1210 square foot, 3 bedroom, 2 bath condo near Heavenly Valley.
3606 Birch Ave. (4/26/10) $139,900 1162 square foot, 3 bedroom, 1 bath, cabin.
2452 Ponderosa St. $314,900 2316 square foot, 3 bedroom, 2.5 bath, 2 car garage home.
439 Ala Wai Blvd. (4/22/10) $219,900 702 square foot, 1 bedroom, 1 bath condo in the Tahoe Keys area.
2828 Santa Clause Dr. (4/20/10) $316,200 2723 square foot, 3 bedroom, 2.5 bath, 2 car garage home in Christmas Valley. In Escrow!
2019 Garmish (4/20/10) $750,000 2584 square foot, 4 bedroom, 2.5 bath, 2 car garage foreclosure in the Tahoe Keys.
733 Modesto Ave #A-B (4/15/10) $282,500 1920 square foot duplex with 2 bedroom, 1 1/2 bath units and a carport in Al Tahoe.
1576 Miztec $289,900 3 bedroom, 2 bath, 2 car garage, 1312 square foot home in the county. In Escrow!
3598 Terry Ln #38 (3/31/10) $149,900 2 bedroom, 1 bath, condo near Heavenly Valley Ski Resort.
1992 Marconi Way (3/22/10) $675,000 3 bedroom, 2.5 bath, 2 car garage, 2663 square foot newer foreclosure in the Tahoe Keys. In Escrow!
1766 Southern Pines (3/11/10) $230,000 3 bedroom, 1 bath, 1144 square foot home.
2067 10th Street (3/2/10) $243,000 3 bedroom, 1.75 bath, 2 car garage 1981 square foot home that last sold for $580,000 in 2006.
2560 Pinter (2/15/10) $169,900 3 bedroom, 2 bath, 1274 square foot home in the Sierra Tract. In Escrow!
3328 South Upper Truckee (1/28/10) $276,130 3 bedroom, 3 bath, 2 car garage, 2320 square foot home in Christmas Valley that has been partly remodeled. In Escrow!
1030 Chonokis (1/11/10) $499,000 3 bedroom, 2.5 bath, 2 car garage, 2258 square foot bank owned foreclosure in South lake Tahoe.
1788 Pioneer Trail (12/29/09) $729,000 3 bedroom, 3.5 bathroom, 3063 square foot home built in 2008.
889 Lake Tahoe Blvd (11/19/09) $5,000 13,699 square foot lot in the North Upper Truckee area. This lot is unbuildable.
1858 Venice Drive (11/18/09) $449,000 4 bedroom, 2 bath, 2 car garage, 2456 square foot bank owned property in the Tahoe Keys.
2680 Kubel (9/23/09) $154,900 2 bedroom, 1 bath, 448 square foot cabin in the Sierra Tract. In Escrow!
1251 Sierra Blvd (9/23/09) $174,900 1638 square foot duplex in the Sierra Tract.
3025 Christmas Valley (5/15/09) $209,900 2 bedroom, 1 bath Christmas Valley Condo.

The foreclosures in South Lake Tahoe sell much faster than non-foreclosure homes. Bank owned properties are priced to sell because lenders want to limit there holding costs as much as possible. It is rare that an REO (bank owned property) will last more than 60 days on the market without a price reduction. The average days on the market for the foreclosures that sold so far this year has been only 89 days including the escrow period.

Here are the Statistics for the 8 foreclosures that have sold so far this year.

Average list price $320,755
Median list price $257,053
Average square feet 1743
Median square feet 1827
Average days on market is 62 days
Average sales price $273,513
Median sales price $215,000

This foreclosure listings in South Lake Tahoe blog was posted and updated by South Lake Tahoe real estate agent Brent Johnson. If you would like any more information about any of these South Lake Tahoe foreclosure , the South Lake Tahoe mls, or any South Lake Tahoe Real Estate, contact Brent and Jill Johnson today!

Bank Owned Properties and the Buyers Choice Act

The Buyers Choice Act (AB 956) is a new law that Governor Schwarzenegger has just signed into effect. The Buyers Choice Act prohibits a trustee or beneficiary who acquired property through foreclosure from requiring a buyer to purchase title and escrow services from a company of the sellers choice as a condition to receiving offers or selling the property. The law is an urgency measure and became effective immediately.

The new law applies to residential property improved by four or fewer dwelling units. The services covered by the law are title insurance and escrow services.

Penalties for the violation call for the seller to be liable to the buyer for 3 times all charges made for title insurance and escrow service. In addition, the seller who violates the law is also considered to have violated their licensing law.

The buyer can agree to accept the sellers recommendations of which title or escrow provider to use, only when a written notice of the buyers right to make an independent selection of those services is first given to the buyer and seller.

With all of the bank owned properties in South Lake Tahoe that I have sold, the seller has always requested to use their own title and escrow company. Most lenders that are selling their foreclosure properties have title and escrow companies that they deal with on a daily basis. Using these title and escrow companies repeatedly helps the banks to streamline the escrow process.

In order to get buyers to agree to using the sellers choice of title and escrow companies, sellers of bank owned properties may offer incentives such as paying for all of the CLTA policy. Some sellers may even offer to pay for the entire escrow in addition to the CLTA policy.

One thing to remember about the bank owned foreclosures in South Lake Tahoe is that many of them are receiving multiple offers. In multiple offer situations some buyers may be willing to use what ever title and escrow company the seller requests just to get an edge over another buyer!

The Buyers Choice Act is effective untill January 1, 2015 unless it is extended by the Legislature. For more information regarding foreclosures for sale in South Lake Tahoe, call Brent and Jill Johnson today!

South Lake Tahoe Real Estate Review for September

There were more single family houses in South Lake Tahoe sold in September than any other month this year. There were 46 homes that were reported as sold on the South Lake Tahoe mls last month, up from 44 in August. First time home buyers are taking advantage of the $8,000 tax credit before it goes away, and investors and second home buyers are getting deals on foreclosures, short sales, and motivated sellers.

Statistics for the Houses in South Lake Tahoe that sold in September

There were 46 houses in South Lake Tahoe that sold in September
There were 13 foreclosures in South Lake Tahoe that were sold in September
There were 7 short sales in South Lake Tahoe that were sold in September
The average sales price was $371,058 (down from $461,951 in August)
The median sales price was $292,500 (down from $325,250 in August)
The average sales price per square foot was $215 (down from $259 in August)
The median days on the market was 110

In August I was happy to see that there were 4 short sales that had closed escrow, so I am thrilled to see that there were 7 short sales that sold in September! The median days on the market for the short sales that closed escrow was quite high at 222 days. The short sales that sold had a great average price per square foot of 202 considering that some of the short sales were very nice.

The foreclosures in South Lake Tahoe continued to sell for very close to list price, the average percentage of list price received was almost 98%. The foreclosures on the South Lake Tahoe mls sold for an average of $196 per square foot. The median sales price for the bank owned foreclosures was $284,000 and the median days on the market was only 66 days including the escrow period.

The inventory of single family homes on the South Lake Tahoe mls is now much healthier with 21% of the inventory now in escrow. There are currently 497 houses listed in South Lake Tahoe, and 102 of them are in escrow. Of the 102 houses in escrow, 39 are short sales and 18 are bank owned foreclosures.

For more information about South Lake Tahoe real estate please call Brent and Jill Johnson today!

South Lake Tahoe Real Estate for the Month of August

The South Lake Tahoe real estate market has been so busy this last six weeks that have not been able to keep up on my Blog! With the summer winding down, the real estate market just keeps on picking up steam. The attractive prices, low interest rates, and better economic news seem to be fueling the housing market recovery in South Lake Tahoe. There were 44 single family homes that closed escrow in August, up from 37 in July.

The Statistics for the August Sold Houses in South Lake Tahoe are as Follows

There were 44 single family houses in South Lake Tahoe that sold in August
There were 10 foreclosures in South Lake Tahoe that sold in August
There were 4 Short Sales in South Lake Tahoe that closed escrow in August!
The average sales price was $461,951 (up 14% from $395,570 in July)
The median sales price was $325,250 (down 8% from $353,000 in July)
The average price per square foot was $259 (up 8% from $238 in July)
The median days on the market was 80

Going into August there were 33 short sales in South Lake Tahoe that were in escrow, 4 of them ended up closing escrow last month. Four sold short sales out of 33 short sale escrows does not seem like much, but is an improvement over July when only one short sale closed. The average selling price for the short sales in South Lake Tahoe that sold was $298,500. The median sales price was $209,000. The average price per square foot was $243. The median days on the market for the short sales was 292.

The foreclosures in South Lake Tahoe continued to sell quickly with the average days on the market at 49, including the escrow period. Another interesting statistic for the sold foreclosures is the average selling price to list price. The foreclosures that sold in the first 30 days sold for 104.37% of the list price. The foreclosures that sold from 31 to 60 days of being listed sold for 102.10% of the list price. The sales from 61 to 90 days of being listed sold for 96.14% of list price. There was only one foreclosure that was on the market for over 91 days, and it sold for 84.82% of asking price. The reason that the foreclosures in South Lake Tahoe are selling over the list price is that there have been multiple offer situations on most of them. There have been as many as 10+ offers on a single bank owned property. The bank owned listing at 705 Sand Harbor is a great example. 705 Sand Harbor was listed for $243,300, there were multiple offers ( many offers!), and it ended up selling for $305,000!

Statistics for the Sold Bank Owned Properties in South Lake Tahoe for the Month of August

There were 10 single family foreclosures in South Lake Tahoe that sold in August
The median sales price of the bank owned properties was $283,213
The average sales price of the bank owned properties was $323,203
The average days on the market was 49
The average price per square foot for the sold foreclosures was $186

Activity on vacant lots in South Lake Tahoe was very slow. There were only two lots that closed escrow in the month of August. The two lots that sold were 221 Jacarillo which sold for $87,000 and 2124 West Way which sold for $145,000.

Condos in South Lake Tahoe was the slowest sector of all with only one sale in August. The condo that sold was a short sale at 3344 Sandy Way unit #14 that sold for $138,000. Now that detached single family homes are at prices below what condos were selling for, buyers seem to be choosing the homes.

September is shaping up to be another month of strong sales activity for single family homes. With 43 homes already sold this month, it should surpass the 44 homes that sold in August.

South Lake Tahoe Short Sales

Closing escrows on short sales in South Lake Tahoe is still proving to be a difficult task. Out of the 227 single family houses in South Lake Tahoe that have sold so far this year, only 16 were short sales. It has also taken much longer to to get those short sale escrows closed. The median days on the market for the sold short sales was 174 days including the escrow period, and was only 93 days for the non short sales.

The difficulty of closing escrow on the short sales does not seem to be scaring buyers away from the short sale listings. Currently there are 103 single family houses in escrow on the South Lake Tahoe mls, and 34 of those homes are short sales. With 1/3 of our current escrows as short sales, it will be interesting to see how many of those escrows actually close. For buyers looking to purchase a short sale in South Lake Tahoe, there are still 51 active short sales currently available on the mls.

For the short sales that have sold so far this year, the average price per square foot was $225. The average price per square foot for the non-distress sales was $264, and the price per square foot for the sold foreclosures was only $193.

If you are thinking about purchasing a home in South Lake Tahoe, I would definitely not rule out short sale listings, but I would recommend asking your real estate agent about the pros and cons of short sales before writing an offer on one!

Real Estate in South Lake Tahoe for the Month of July

The South Lake Tahoe real estate market had another solid month of activity on the sale of single family homes. There were 37 houses in South Lake Tahoe that closed escrow in the month of July, there were 38 homes that had sold in June. With three consecutive months of increasing home sales across the country, South Lake Tahoe seems to be following a similar story.

Statistics for the single family homes in South Lake Tahoe sold in July

There were 37 houses in South Lake Tahoe that sold in July
There were 9 foreclosures in South Lake Tahoe sold in July
Only one short sale was sold in July
The average sales price was $395,570 ( up 11% from $352,555 in June)
The median sales price was $353,000 ( up 12% from $310,000 in June)
The average price per square foot was $238 ( up 4% from $229 in June)

Foreclosures in South Lake Tahoe were still popular with home buyers in the month of July. Currently there are 38 foreclosures listed on the South Lake Tahoe mls, and 20 of them are in escrow. The foreclosures that sold in July had an average sales price per square foot of $204, a median sales price of $305,000, and an average sales price of $320,767. The foreclosures in South Lake Tahoe that sold in the first 60 days sold for an average of 105.7% above the listing price. The multiple offer situations that the bank owned properties are having is causing the homes to sell for above asking price.

There are 472 single family homes that are available on the South Lake Tahoe mls, and there are 96 homes that are currently in escrow. Out of the 96 homes that are in escrow, 33 are short sales and 20 are foreclosures bringing the percentage of “distress sale” escrows to 55%.

August should be another strong month in terms of home sales with the number of current escrows at close to 100. There seems to be continuing good news about the economy, and it will be interesting to see if and how it will affect the South Lake Tahoe real estate market.

Please give Brent and Jill Johnson a call for more information about real estate in South Lake Tahoe!