Real Estate in South Lake Tahoe

South Lake Tahoe Real Estate Statistics

With 16 single family houses listed under $200,000, the South Lake Tahoe Real estate market now has a home for just about any home buyer. In previous years it was almost unheard of to find a house in South Lake Tahoe that was for sale under $200,000. If you were able to find one, it was most likely a small one bedroom cabin. There are now listings on the South Lake Tahoe mls that are 2 and 3 bedroom homes being offered for under $200,000!

Out of the 16 houses for sale under $200,000, 7 are currently in escrow, 6 are bank owned foreclosures, and 4 are short sales.

For the 7 houses in escrow under $200,000, the average list price per square foot is $197
The median square footage is 799
The median list price is $182,400
The median days on the market is 79
44% of the listings under $200,000 are currently in escrow

Almost half of the houses priced under $200,000 are currently in escrow! As you increase the price range, the ratio of pending listings to active listings goes way down.

There is also a great selection of houses priced from $201,000 to $300,000. There are currently 64 houses listed for sale on the South Lake Tahoe mls. Out of the 64 single family listings, 17 are currently in escrow, 15 are bank owned foreclosures, and 8 are short sales.

For the 17 houses in escrow priced between $201,000 and $300,000, the average price per square foot is $223
The median square footage is 1288
The median list price is $275,000
The median days on the market is 68
27% of the houses priced from $201,000 to $300,000 are currently in escrow

For the buyers looking at homes in the $301,000 to $400,000 price range, there are currently 83 houses listed. Out of the 83 houses for sale, 11 are in escrow, 5 are bank owned foreclosures, and 7 are short sales.

For the 11 houses in escrow priced between $301,000 and $400,000, the average price per square foot is $220
The median square footage is 1,716
The median list price is $399,000
The median days on the market is 147
13% of the houses priced from $301,000 to $400,000 are in escrow

As you start to look at the higher priced real estate in South Lake Tahoe, the amount of foreclosure listings and number of escrows goes down. Out of the 59 listings on the South Lake Tahoe mls priced from $401,000 to $500,000, 8 are in escrow, 6 are short sales, and only 2 are foreclosures.

For the 8 houses in escrow between $401,000 and $500,000, the average list price per square foot is $224
The median square footage is 1865
The median list price is $426,500
The median days on the market is 331
13.5% of the houses priced between $401,000 and $500,000 are currently in escrow

Once you look at the houses priced over $500,000, the buyer activity slows way down, so I placed all of the listings over $500,000 into one category. Out of the 228 listings available over $500,000, only 11 are in escrow. Four of the houses that are in escrow are in the Tahoe Keys area. There are only 3 foreclosures and 9 short sales listed over $500,000.

For the 11 houses in escrow that are over $500,000 the average price per square foot is $298
The median square footage is 2283
The median list price is $649,000
The median days on the market is 167
Less than 5% of the houses listed over $500,000 are currently in escrow

Not only are there now a lot more lower priced single family listings on the South Lake Tahoe mls, it is the houses under $200,000 and $300,000 that are selling! It is not only the South Lake Tahoe real estate market that is seeing a lot of houses and buyer activity in the lower price ranges. In California, the median price of sold homes in February was $247,590, down 40.8% from February 2008, which was $418,260. With the lower prices, the number of sold homes this February in California was 620,410, which is up 83% from February 2008!

One of the factors driving the massive increase in home sales in the lower price ranges is distress sales. The decline in value for the lower price ranges has been greater due to the volume of foreclosure, short sales, and distressed homeowners. According to the California Association of Realtors, homes under $500,000 have experienced larger price declines due to distress sales.

If you look at the overall South Lake Tahoe Real estate market, there are currently a total of 450 single family listings on the mls. Out of the 450 listings, 54 are currently in escrow which is 12% of the inventory. There are 33 single family foreclosure listings, and 15 of them are currently in escrow. There are 35 single family short sale listings, and 6 of the short sales are currently in escrow.

Make sure to keep up to date on the South Lake Tahoe real estate market conditions by reading my blog at bjohnson.idxcentral.net. For more information about the South Lake Tahoe real estate market please contact Brent and Jill Johnson today!

Y Area

The “Y Area” in South Lake Tahoe has some of the lowest priced homes for sale in South Lake Tahoe. Houses in the Y Area start at under $200,000 for a small 2 bedroom home, fixer, or a foreclosure. Most of the homes in the Y Area range from $200,000 to $400,000. The houses priced from $200,000 to $400,000 are most likely 2 or 3 bedroom homes in re-modled or original condition.

The Y Area is conveniently located where HWY 50 and HWY 89 intersect in South Lake Tahoe. This is a great location for either locals who want to be in town, or for second home owners who would like to be close to most of South Shores amenities. Camp Richardson is only about 5 minutes north on HWY 89, and between the Y and Camp Richardson are South Shores best beaches.

Most of the homes in the Y Area are on flat 5,000 square foot lots and have neighboring homes on all sides of the property. Due to all of the trees in the Y Area, mountain views are rare in this area. The Tahoe Verde Estates Mobile Home park is also located in the Y Area.

For affordable Real Estate in South Lake Tahoe, the Y Area is an area that may have the house that you are looking for. Weather you are looking for a starter home or a vacation home in South Lake Tahoe, make sure to take a look in the Y Area.

Stateline

The Stateline area on the California side is one of the most convenient locations in South Lake Tahoe Real Estate. It is the location that draws most buyers to this area. The Stateline area is the closest area to the Casinos out of all of the areas on the South Lake Tahoe mls. Heavenly Valley Ski Resort can also be accessed from Stateline by the gondola at the Heavenly Village.

The houses in the Stateline area are very diverse. Most of the houses on the South side of Highway 50 are older and smaller cabins with some remodels. The prices for these cabins usually run from $250,000 to $400,000. The houses on the North side of Highway 50 can vary from smaller cabins to multi-million dollar lake front homes. The area between the Lake Side Marina and Highway 50 is known as the Lakeside subdivision, and offers private beach access passes with home ownership. just West of the Lakeside subdivision is Tahoe Meadows. Tahoe Meadows is a private gated community with lake view and lake front homes. The Tahoe Meadows area is one of the most sought after areas in South Lake Tahoe.

The Stateline area makes an ideal location for a second home buyer, or an investor looking for vacation rental property. If you are looking at homes in South Lake Tahoe, make sure to include the Stateline area.

Foreclosures in South Lake Tahoe Can Be Half Off!

Would you believe me if I said that some homes in South Lake Tahoe can be purchased for less than half of what they were worth in 2005/2006? If this were true, would you think that it is now a good time to buy real estate in South Lake Tahoe? Your answers to both of my questions should be yes!

Not all homes in South Lake Tahoe are selling at half price, but some are, and here is a recent example:

My wife Jill recently sold a home located at 1035 Herbert for $208,000. This house had previously sold in October 2004 for $330,000 and again in July 2006 for $480,000! The recent sales price of $208,000 is 57% less than what this house had previously sold for in 2006! The buyers purchased this house for less than half of what someone else paid 3 years ago!

1035 Herbert was a 1394 square foot bank owned foreclosure. With four bedrooms, two bathrooms, and a detached garage, this house has plenty of room and a great layout. The selling price per square foot was $149.21 which was well under the median price per square foot of other South Lake Tahoe foreclosures (which is $202 per square foot). The sales price of $208,000 was also well below the median sales price of other foreclosures in South Lake Tahoe (which is currently $272,000).

Foreclosure in South Lake Tahoe recently sold — 1035 Herbert

There are a lot of potential home buyers out there who do not think that they can get a loan to purchase a home like this one. That is not necessarily true. This house on Herbert was financed as a second home! As long as you have a solid credit score and proof of income, you have a good chance of obtaining financing. Most lenders are now requiring a minimum FICO score of 620 to obtain an FHA loan. In order to obtain an FHA loan, the house does need to be your primary residence. With Mortgage rates at historical lows, and home prices at up to half off, now is a great time to buy Real Estate in South Lake Tahoe!

If you would like to find out if you can qualify for a loan, give Lee Nicchel at Associated Mortgage a call at (530) 544-5309. Lee should be able to let you know if you can qualify for a loan in just a few minutes.

If you would like to know more about homes in South Lake Tahoe, South Lake Tahoe real estate, or questions regarding foreclosures in South Lake Tahoe, please contact Brent and Jill Johnson today!

Viewing Homes for sale in South Lake Tahoe? Bring your snow boots!!

If you are planning on looking at homes for sale in South Lake Tahoe, make sure to bring your snow boots! Yesterday, my wife and partner Jill was out showing houses in a snow storm and came home with wet and very cold feet. We have finally been getting some well needed Sierra snow, but it does not make things easy for house hunting!

After one of the driest January’s on record, sellers have forgotten how important it is to maintain access to their home through the snow. Many times buyers will pull up to a home that has not been plowed, and just drive away. That sure makes it hard to sell! There was one out of town agent who told Jill that she was just up her two weeks ago and shoveled a path to the front door. It has snowed a few feet since then, and there was a 4 foot berm from the snow plow!

Yesterday Jill had some very adventurous buyers willing to wade through the snow to get inside. It was a good thing, because they wouldn’t have been able to see many homes if not!

Foreclosures in South Lake Tahoe are the most likely homes NOT have a plowed driveway after a snow storm. It is usually up to the listing agent to schedule the snow removal, pay for it, and hopefully be reimbursed from the bank. Don’t expect to warm up once you are inside either, most foreclosures for sale in South Lake Tahoe are winterized and have no heat!

A lot of homes in South Lake Tahoe are second homes. It is easy for a homeowner who lives out of town to forget that when it is raining in the valley, it is most likely snowing in Tahoe! If you have a second home in Tahoe for sale, and would like buyers to look at it, hire a snow removal company to plow the driveway!

When planning a trip to look at houses for sale in South Lake Tahoe, make sure to bring a good pair of waterproof boots, a jacket, and gloves. You may also want to bring a note pad and a pen to take notes, a digital camera, and a tape measure to make sure that your furniture will fit!

Happy house hunting!!!

If you would like to set up an appointment to tromp around in the snow and look at houses for sale in South Lake Tahoe, or would like more information about foreclosures in South Lake Tahoe or real estate in South Lake Tahoe, contact Brent and Jill Johnson today!

South Lake Tahoe Real estate blog posted by Brent Johnson on a snowy Tahoe day!

South Lake Tahoe Foreclosures for Sale, 3305 Treehaven Drive

Foreclosures in South Lake Tahoe are selling faster than any other houses, which is why I have been updating my “Current list of foreclosures in South Lake Tahoe” blog post daily. This list can be found on the left side of my website under the parent category “Foreclosures in South Lake Tahoe”.

Currently there are 36 foreclosures for sale on the South Lake Tahoe mls, and 17 are in escrow. The average days on the market for the for the 25 foreclosures that have sold has been 90 days. The 90 days on the market includes the escrow period, which is usually from 30 to 45 days. Many of the foreclosures have gone into escrow within a couple of days!

The latest foreclosure on the South Lake Tahoe mls is 3305 Treehaven Drive

Foreclosures in South Lake Tahoe, 3305 Treehaven Drive — 3305 Treehaven Dr.

3305 Treehaven Drive $199,900

Bank owned Foreclosure

Townhouse Style Condo with a Garage. This has a half bath downstairs an both bedrooms and full bath upstairs. Fenced in backyard with a deck. Laundry Hookups at Upstairs Hallway. The HOA pays the exterior insurance on a yearly basis. Bank Owned property is To be sold in “AS IS” condition.

2 bedrooms, 1.5 baths, 1 car garage
960 square feet
HOA dues are $700 per year
Townhouse Style Condo
Close to Lake Tahoe

If you see any homes on my “Foreclosures in South Lake Tahoe” list that you would like to know more about, please do not hesitate to ask us.

This South Lake Tahoe Real Estate blog post was written by Brent Johnson. Contact Brent and Jill Johnson for any questions regarding Homes for sale in South Lake Tahoe, South Lake Tahoe foreclosures, or real estate in South Lake Tahoe!