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Lots in South Lake Tahoe

South Lake Tahoe Real Estate Review for 2008

In December 2008 there were 26 single family homes reported sold on the South Lake Tahoe MLS. This was a 16% decrease in sales compared to the 31 solds in November. Out of the 25 sold homes, 6 were foreclosures and 3 were short sales.

The December sold statistics are as follows

  • 26 sold single family homes
  • Average sales price $523,490
  • Median sales price $412,450
  • Average days on market 204
  • Lowest priced sale $220,000
  • Highest priced sale $1,890,000
  • Total Volume $13,610,750

Click on the following link to view the statistical charts.

december-statistical-chart

In December there were only 18 houses that went into escrow. Out of the 18 homes, 8 were foreclosures, and 4 were short sales.

South Lake Tahoe Lot Sales Statistics for 2008

 

 

 
 Listing Price\Selling Price

 

  Bijou 1

Sold
Selling Price Range  Quantity      Average DOM  
$80,000 thru $89,999 1 260  
$200,000 thru $249,999 1 50  
  2 155  
 
Summary Price Information
Minimum  $85,000 Maximum  $217,000
Average  $151,000 Median  $151,000

  Elks Club

Sold
Selling Price Range  Quantity      Average DOM  
$90,000 thru $99,999 1 36  
$100,000 thru $119,999 1 457  
  2 247  
 
Summary Price Information
Minimum  $90,000 Maximum  $109,000
Average  $99,500 Median  $99,500

  Heavenly Valley

Sold
Selling Price Range  Quantity      Average DOM  
$200,000 thru $249,999 1 314  
$1,000,000 thru $1,249,999 1 255  
  2 285  
 
Summary Price Information
Minimum  $210,000 Maximum  $1,100,000
Average  $655,000 Median  $655,000

  Montgomery Estates

Sold
Selling Price Range  Quantity      Average DOM  
$120,000 thru $139,999 1 276  
$140,000 thru $159,999 1 315  
$300,000 thru $349,999 1 65  
  3 219  
 
Summary Price Information
Minimum  $125,000 Maximum  $310,000
Average  $195,667 Median  $152,000

  N Upper Truckee 1

Sold
Selling Price Range  Quantity      Average DOM  
$100,000 thru $119,999 1 111  
$160,000 thru $179,999 1 0  
  2 56  
 
Summary Price Information
Minimum  $109,000 Maximum  $162,500
Average  $135,750 Median  $135,750

  N Upper Truckee 2

Sold
Selling Price Range  Quantity      Average DOM  
$100,000 thru $119,999 1 106  
$140,000 thru $159,999 2 91  
$160,000 thru $179,999 4 89  
$180,000 thru $199,999 4 69  
  11 83  
 
Summary Price Information
Minimum  $100,000 Maximum  $190,000
Average  $163,582 Median  $165,000

South Lake Tahoe MLS

July South Lake Tahoe Real Estate Review

July was a smokey month in Lake Tahoe due to the wildfires that were burning throughout California. South Lake Tahoe Real Estate was not exactly “smoking”, but the activity showed  improvements over previous months.

According to the South Lake Tahoe MLS, there were 39 single family homes that closed escrow in July, up from 29 in June.

Out of the 39 closed escrows, seven houses were bank owned foreclosures, and one house was a short sale.

The average sales price was $479,392 and the median sales price was $395,000.

The lowest priced home was a foreclosure at 2133 Helen Ave.,which was a fixer-upper which sold for $175,000. The highest priced sold home was 1890 Meadow Vale Dr. which was a newer home that sold for $1,150,000.

There were 33 new single family escrows reported on the MLS that were opened in July. Out of the 33 new escrows, five are foreclosures and six are short sales.

The average home price for the new escrows is $549,309, and the median home price is $452,000.

The least expensive home is 3404 Freel Street for $174,900, and the most expensive new escrow in July is 550 Lucerne Way in the Tahoe Keys.

Condos in South Lake Tahoe did not show much improvement in July. There were three condos were sold, and four condos that went into escrow. 1390 Ski Run unit #6 was the only condo that was reported as a short sale.

Activity on lots in South Lake Tahoe was as slow as condos with only three sold and one new escrow. Lots with allocations in the county have lost the value of their allocations. Allocations used to increase the value of the lot up to $90,0000. Now the wait for a El Dorado County Building Allocation can be less than one year!

Buyers for Real Estate in South Lake Tahoe are continuing to target foreclosures, short sales, and under priced homes. This just magnifies the importance of sellers pricing their homes correctly to get them sold in this buyers market.

May South Lake Tahoe Real Estate Review

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…

Lots In South Lake Tahoe

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.

                                                                   lookout.jpg

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!

Lots In South Lake Tahoe

Before you choose to buy vacant land in South Lake Tahoe, there are some things you should know!  First of all, you will want to find a lot that has the physical characteristics that you want  such as location, topography, views, size, ect… More importantly there are the local regulations,  codes, and restrictions  that the TRPA and the local building departments have implemented and enforce. I feet that the most important items to think about when choosing lots in South Lake Tahoe are IPES scores, coverage, and Allocations.

IPES stands for Individual Parcel Evaluation System. Each vacant lot in Lake Tahoe has been given an IPES score ranging from 0 to 1017 based on relative erosion hazard, runoff potential, access, stream environment zones, condition of local watershed, ability to re-vegetate, the need for water quality improvements near that parcel, and the distance from Lake Tahoe. The build-able IPES score for El Dorado County has recently been reduced to 1, which means that any of the lots in South Lake Tahoe with an IPES score of 1 or greater may apply for a building allocation. Although lots with an IPES of less than 726 may now be buildable, they may not have sufficient coverage to build. Additionally, coverage for lots with IPES below 726 is scarce, and can be very expensive! I advise my clients to find a lot with an IPES above 726 or make sure that it has enough coverage for your project.

Vacant lots in South Lake Tahoe are given a percentage of ground coverage that may be developed. For example, an 8000 square foot lot that has been allowed 30% coverage (30% is the maximum allowable coverage for lots over 6000 sf.) has 2400 square feet of ground coverage. What this means is that 2400 square feet of the lot can be covered with impervious structure such as the foot print of the building, driveway, walkways, decks, stairs, ect… . It is possible to build a 2800 square foot two story home with 1800 square feet of coverage.    If a lot less than 9000 sf. has less than 1800 sf. of coverage, or if a lot over 9000 sf. has less than 20% coverage,    it may  possible to transfer or purchase additional coverage. Additional coverage may be transferred from a parcel within the same hydrological area from a parcel with an equal or lower IPES. However there are guidelines to the amount of allowable coverage each size lot can have.  The maximum allowable coverage is 1800 sf. for lots that are between 4001 and 9000 sf. and a maximum of 20% for lots over 9001 sf. . Remember coverage for lots with IPES below 726 in all hydrological areas is scarce and expensive. Coverage for lots with IPES above 726 is also becoming harder to find in some hydrological ares, and may or may not be available by the time you are ready to build.   Again, to be safe, I recommend that you choose a lot that has enough coverage for your planned project.  

When you are planning to build a homes in South Lake Tahoe is another consideration. To build on your lot you will need a building allocation. There are a couple of ways to obtain an allocation. If your lot is in the City of South Lake Tahoe, you can get on the waiting list at the city building department by bringing in your grant deed,  proof from the TRPA that the lot is buildable , and a check for $1300. The wait can be from 9 to 11 years! If the lot is not in the city, but the county, bring the same information to the El Dorado County Building Department and wait 3 to 5 years. Another option is to but a lot that already has an allocation. Lots that have allocations are available at usually a higher price than those without allocations. A third option is to purchase and then deed restrict a sensitive parcel so the parcel may noe be developed in the future. The TRPA will assign an allocation to the parcel to be developed. These sensitive parcels have been selling for around $70,000. For lots with IPES above 726 there is one more option. A residential unit of use ( these come from tearing down and existing structure) can be transferred to a parcel with a development right, this together will give the parcel an allocation.

 I hope that this information will help you to make an educated decision when choosing to buy vacant Lots in South Lake Tahoe!