Real Estate in South Lake Tahoe

South Lake Tahoe Real Estate Deals Under $400,000

Out of the 59 single family listings on the South Lake Tahoe mls priced between $300,000 and $400,000, I have choosen 3 that I think are great values. With most buyers targeting foreclosures in South Lake Tahoe, there are only 2 that are currently available in this price range and they are on my list. Click on the address to see a complete mls listing report.

South Lake Tahoe Real Estate deals under $400,000

776 Panther St, is a bank owned property offered at $324,000. This house has been on the market for 118 days, and was first priced at $369,900. This house is a 2240 square foot, 4 bedroom, 3 bathroom, 1 car garage home in the Gardner Mountain area. The inside of this home has been remodeled by the bank and looks great. The inside is very clean with new carpet, vinyl, and paint. The bedrooms are large, and the master bedroom is huge! This house is a little plain on the inside, but could easily be dressed up. The exterior needs a little work, maybe some paint and deck repairs. At only $145,00 per square foot, this house is priced well below the competition. The average list price per square foot of the other South Lake Tahoe homes between $300,000 and $400,000 is $256.

1286 Mt Rainier is a bank owned foreclosure out in the county on a 31,799 square foot lot. Built in 1983, this 4 bedroom, 3 bathroom, 1 car garage home is priced at $369,900. This house needs a little TLC and is near the Angora Fire area, but is priced well at $186.54 per square foot. This house has been on the market for 38 days now. I would keep an eye on this home, if it does not sell soon I would expect the bank do drop the price. This good deal could end up being a great one.

2177 Harvard is neither a foreclosure or a short sale. This home is my listing, and is a great value. This 3 bedroom, 2 bath, 2 car garage home is located in the Tahoe Island Park area. Completely remodeled on the inside, the floor plan is bright and open. There are granite slab counter tops, Maple cabinets, and tile flooring. This home was voted the South Lake Tahoe mls home of the week priced at $399,950, and is now priced at $379,000! I think that this is one of the best priced city Houses for sale in South Lake Tahoe!

Looking at South Lake Tahoe real estate on the mls or on the Internet can sometimes be deceiving. Houses that look good on the computer screes can just have great pictures, or great homes can have bad pictures. This makes having a real estate agent very important in helping you with your search for real estate in South Lake Tahoe.

If you have any questions regarding any of the houses for sale in South Lake Tahoe that you have been seeing on the Internet, please call Brent and Jill Johnson today!

Foreclosures in South Lake Tahoe Year to Date

Foreclosures in South Lake Tahoe have been changing the South Lake Tahoe real estate market for the last year. Most of the buyers that are investing in real estate in South Lake Tahoe are looking to take advantage of low prices and searching for deals. Bank owned properties seem to be topping the list for the buyers seeking good deals on homes. Are buyers really getting that good of a deal? Lets start off with the statistics.

So far this year there have been 77 single family houses in South Lake Tahoe that have closed escrow according to our mls. Out of the 77 sold homes, 27 were bank owned foreclosures. The reason that I say that the foreclosures are changing the South Lake Tahoe real estate market is because they change the statistics so dramatically.

Foreclosures in South Lake Tahoe vs non-foreclosures/ Price per square foot

Lets look at the average price per square foot. The average price per square foot of the 77 houses in South Lake Tahoe that have sold this year was $231 per square foot. That is 20% less than the same time last year in which the average price per square foot of the sold homes was $287.

Lets look further into price per square foot. The average price per square foot for the 27 foreclosures in South Lake Tahoe that have sold this year is only $196 per square foot. If I take out the foreclosures and re-run the statistics the average price per square foot jumps up to $252. With out the sold foreclosures in the comps the average price per square foot is only down 12%.

Foreclosures in South Lake Tahoe/ average sales price

The foreclosure listings also brought down the average sales price substantially. The average sales price for the 77 houses in South Lake Tahoe that have sold year-to-date was $408,874. The average sales price for the foreclosures in South Lake Tahoe was $309,185. Again, if I re-run the statistics with out the foreclosure listings, the average sales price jumps up to $458,508.

South Lake Tahoe Foreclosures/ Days on the market

There is one statistic that foreclosures are bringing down that is not necessarily a bad thing, days on the market. The average days on the market for the houses in South Lake Tahoe that have sold year-to-date is 170. The average days on the market for the sold foreclosures is only 97 (including the escrow period which is an average of 45 days). If I take out the foreclosures, the days on the market goes up to 190 days.

Not all foreclosures in South Lake Tahoe are “Great Deals”!

Now that you know that foreclosures in South Lake Tahoe are selling for less per square foot and have an average sales price that is less than non-foreclosures, you may be thinking that foreclosures are the way to go. Not all foreclosures are created equal! There is a reason that foreclosures in South Lake Tahoe are selling for under $200 per square foot. Yes, banks price foreclosures to sell quickly, but be aware of the repair and upgrading costs.

Lets say that you have narrowed down your possible home purchase to two homes, a foreclosure that needs some work for $300,000, and a non-foreclosure that is in move in condition for $350,000. Currently 90% of the buyers will go for the foreclosure. This means that you may be competing against other buyers, and may need to pay close to full price, if not over full price to get the foreclosure. The non-foreclosure on the other hand may have been on the market for 120+ days and has motivated sellers waiting to see their first offer! Now lets look at the condition of the homes. If the foreclosure needs paint, carpet, appliances, and minor repairs you may end up paying even more than you would have paid for the non-foreclosure.

Some foreclosure listings in South Lake Tahoe are very good deals, but many buyers are overlooking the non-foreclosure listings that may also have great potential.

Give Brent and Jill Johnson a call today to set up an appointment to view the non-foreclosure and foreclosure listings on the South Lake Tahoe mls. Feel free to contact us today with any of your South Lake Tahoe real estate questions!

Meyers

For South Lake Tahoe real estate buyers looking for a quiet county neighborhood, Meyers is the place to look. Meyers is located about five minutes west of the “Y” on Highway 50. The South Lake Tahoe mls defines the Meyers area as beginning at the Lake Tahoe Golf Course on the north side of Highway 50, and extending to where the South Upper Truckee River and Highway 50 intersect.

Houses in the Meyers area are very diverse, like other areas in South Lake Tahoe. Some Meyers homes back the Lake Tahoe Golf Course, the Upper Truckee River, or National Forest. The homes in these locations have some of the best mountain views of any homes in South Lake Tahoe. The bigger and newer homes in the nicer parts of Meyers are priced up to a million dollars.

Most of the homes in the Meyers area are situated on 6,000 square foot lots and neighbor other lots or homes. There have been foreclosures and small cabin/ fixer type homes that have sold under $200,000. The majority of the houses in Meyers are priced from $250,000 to $450,000. Although the houses located along the edges of Meyers that back open land are private, the middle of Meyers definitely feels like a residential neighborhood.

Outdoor enthusiasts looking at real estate in South Lake Tahoe will enjoy the Meyers area. The Lake Tahoe Golf Course and Tahoe Paradise Golf course are with-in walking distance to most of the homes in the Meyers area. Sierra-At-Tahoe and Kirkwood are the ski resorts that most Meyers residents ski and snowboard at regularly. Meyers also has great hiking and mountain biking trails that easily accessible.

The Meyers Environmental Magnet School is also located in the Meyers area. This elementry school is a great feature of the Meyers area. The Magnet school is considered one of the best schools in Tahoe. (My daughters attend this school!)

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!

South Lake Tahoe Real Estate Review for March 2009

The South Lake Tahoe real estate market followed the spring weather and warmed up a bit in March. In March there were 38 new pending single family homes which was up 42% from 22 in February. The increase in pending home sales was also seen across the country. According to the National Association of Realtors, the Pending Home Sales Index rose 2.1% to 82.1 Nationally. The increase in pending home sales is most likely due to the drop in interest rates, decrease in home values, the increase in the Housing Affordability Index, and the first time home buyer tax credit.

In March there were 38 new pending single family homes reported on the South Lake Tahoe MLS
9 of the pending homes were reported as short sales
8 of the pending homes were bank owned foreclosures
The median list price was $297,900 (down 16% from $352,625 in February)
The median square footage was 1,537
The median days on the market was 110
The average list price per square foot was $222 (down 3% from $230 in February)

As usual, the foreclosure listings in South Lake Tahoe were priced less and went into escrow quicker than the non-foreclosure homes. For the 8 foreclosures that went into escrow in March, the median list price was $257,500 and the average price per square foot was $211. The average days on the market for the foreclosures was only 49.

Although the amount of pending homes in South Lake Tahoe was up in March, the number of sold single family homes dropped slightly. There were 25 houses that sold in March, which was down 11% from 28 sold homes in February. There were only 22 new pendings in February, so the amount of sold homes in March decreased. The number of sold homes should increase substantially in April due to the increase in pending sales from March.

There were 25 houses in South Lake Tahoe that sold in March
7 of the sold homes were bank owned foreclosures
4 of the sold homes were short sales
The median listing price was $419,000 (up 15% from $356,950 in February)
The average listing price was $497,973 (up 11% from $444,529 in February)
The median sales price was $388,000 (up 15% from $329,500 in February)
The average sales price was $457,160 (up 9% from $418,161 in February)
The median days on the market was 114
The median square footage was 2,012
The average price per square foot was $222 (down 3% from $229 in February)

There were some substantial differences between the foreclosure and non-foreclosure homes that sold in March.

The 7 foreclosures in South Lake Tahoe sold in March sold for an average price per square foot of $169, 31% less than the non-foreclosure homes which sold for an average price per square foot of $244.
The median selling price of the bank owned foreclosures was $250,000, 51% less than the non-foreclosures which had a median sales price of $510,000.
The median square footage of the foreclosures was 1,584 which was 699 square feet less than the non-foreclosures which had a median square footage of 2,283.
The median days on the market was 84 for the foreclosures and 184 days for the non-foreclosures.

There were 12 foreclosure listings on the South Lake Tahoe mls that sold in March 2008 compaired with 7 that sold in 2009. This is the first time that I have seen the number of foreclosures higher in the previous year since I have been blogging about South Lake Tahoe Real Estate statistics. The March 2008 single family home statistics area as follows:

There were 36 single family homes that sold in March 2008 on the South Lake Tahoe mls
12 of the sold homes were bank owned foreclosures
The median list price was $399,000
The median sales price was $387,500
The average price per square foot was $298
The median square foot was 1,372
The median days on the market was 155

Single family home statistics for March 2007

There were 30 single family homes that sold in March 2007
The median list price was $518,900
The median sales price was $507,000
The average price per square foot was $327
The median square foot was 1,816
The median days on the market was 163

Single family home statistics for March 2006

There were 38 single family homes that sold in March 2006
The median list price was $492,000
The median sales price was $485,140
The average price per square foot was $337
The median square foot was 1,573
The median days on the market was 114

Single family home statistics for March 2005

There were 50 single family homes that sold in March 2005
The median list price was $447450
The median sales price was $440,000
The average price per square foot was $312
The median square footage was 1,544
The median days on the market was 83

With 38 single family listings on the South Lake Tahoe mls that are currently in escrow, April is shaping up to be a great sales month for real estate in South Lake Tahoe. Here are some of the houses that sold in March from the South Lake Tahoe mls.

Not much has been happening with lots in South Lake Tahoe this year. In march there was only one lot that sold and only one lot that went into escrow. The lot that sold was 764 Elk Point which was a vacant lot with an allocation in the Angora Fire area that sold for $100,000. The lot that went into escrow was 1069 San Diego, which was a vacant county lot listed for $69,000.

Condo activity in March was similar to lots with only one sale and two pendings reported on the South Lake Tahoe MLS. The condo that sold was in the Tahoe Keys at 405 Ala Wai which was a 3 bedroom, 2 bath unit that sold for $485,000. Both of the pending condos are short sales in the Sandy Way complex.

My next South Lake Tahoe Real Estate blog post will be about the first quarter statistics for 2009. For more information regarding South Lake Tahoe Real Estate, foreclosures in South lake Tahoe, or South Lake Tahoe mls listings, please contact Brent and Jill Johnson today!

Luxury South Lake Tahoe Real Estate

Chase International has a reputation for being the leading luxury real estate company in Lake Tahoe. Chase International is a long-standing exclusive member of Who is Who in Luxury Real Estate, Leading Estates of the World, Residence International . Chase International was also elected to the Board of Regents luxury real estate and was selected as an exclusive member of the Artisan Group.

Chase International leads the competition in the number of transactions sold over $10 million since 1995. Here is a list of the top six companies with transactions over $10 million.

Chase International (37 sales over $10 million)
Tanager (9)
Coldwell Banker I.V. (9)
Lakeshore (4)
Lakefront Property in South Lake Tahoe
Marriner (4)
Dickson (2)

Chase International also leads the competition for transactions sold over $5 million since 1989. Here is a list of the top seven companies with transactions over $5 million.

Chase International (85 transactions over $5 million)
Tanager (21)
Coldwell Banker I.V. (20)
McCall (12)
Marriner (11)
Lakeshore (9)
Dickson (8)

Here is a list of the top seven companies with the number of properties sold over $5 million since 1989.

Chase International (64 properties sold over $5 million)
Tanager (17)
Coldwell Banker (16)
McCall (11)
Marriner (8)
Lakeshore (7)
Dickson (5)

Sales volume on properties sold over $10 million since 1995 top five companies is as follows.

Chase International $358,365,000
Tanager $102,100,000
Coldwell Banker I.V. $67,250,000
Lakeshore $66,975,000
Incline Village Sales $32,500,000

Chase International also holds some of the finest connections to the worlds most prestigious publications including LuxuryRealEstate.com, Forbes, Leading Real Estates of the World, The Wall Street Journal, Unique Homes, duPont Registry, EstatesWest, and Residence International.

If you are in the market for luxury real estate in South Lake Tahoe or are thinking of selling your luxury home, Brent and Jill Johnson at Chase International have the tools and the knowledge to accomplish your goals. For more information regarding luxury South Lake Tahoe Real Estate contact Brent and Jill Johnson today!