Menu
Menu
You are here: Home / Archives for reo’s in south lake tahoe

reo's in south lake tahoe

Recent Lake Tahoe Home Buyer Testimonials

Purchasing a bank owned property can be a bit overwhelming.  When dealing with foreclosures there can be multiple offers, scary bank addendum’s, issues with having utilities turned on for inspections, out of town title and escrow companies and tight time periods. When I am representing a buyer on a bank owned foreclosure purchase, I try to go the extra mile to insure that the transaction will go as smoothly as possible.

Last week I closed escrow on two bank owned properties and here is what my two wonderful clients had to say about my performance:

To whom it may concern:

We were in the Tahoe area visiting our son and drove by a house with a REO sign.  We made a few phone calls to local Realtors then spoke to Brent Johnson who seemed to be very knowledgeable.  Brent was immediately available to help us with options and educate us on a Real estate ownedproperty.  Brent was very knowledgeable and patient and won our confidence – later that afternoon we found ourselves back in his office discussing the process and submitted an offer.  Throughout the process, which included a second round of negotiations, Brent was there as an advisor for us.   Soon thereafter we received a call that the bank accepted our offer – Brent helped us to interface with the other realtor and the bank to make a few concessions and repairs on the home before close of escrow.  Brent’s expertise and knowledge in the field made this transaction successful.

Thanks again Brent
Bill and Mona Pecsi
Southern CA

Brent, we wanted to thank you for all of your assistance with the purchase of our house at Tahoe. Your advice in establishing an offering price was extremely useful. And your help as the house progressed through escrow was invaluable. We didn’t fully understand the challenges with purchasing a foreclosure. Living in the Bay Area we never would have been able to obtain all of the historical documentation from the city or be able to follow-up on the required “fixes” to the house. Having you acting on our behalf was invaluable.

We are very pleased with the purchase and expect that our family will have many enjoyable years at the house.

Thanks again,

Stan and Sherry

South Lake Tahoe Foreclosure Statistics

So far this year almost one in three houses sold in South Lake Tahoe was a bank owned foreclosure. There have been 353 single family homes reported as sold on the South Lake Tahoe MLS, 109 of them were foreclosures. With a steady incoming inventory of foreclosure listings coming onto the market, buyers looking for deals still have a good selection to choose from. Although there is still a steady incoming inventory of foreclosure listings, there are more buyers in the real estate market competing for the deals.

The competition over the foreclosure listings has caused many multiple offer situations and has caused many homes to sell over the list price. The average list to sales price for the 30 foreclosure listings that sold from 31 to 60 days of being on the market was 103.47% of list price. The non foreclosures only sold for 96.8% of list price with the same days on the market.

Below is a graph showing the average list price to sales price for the foreclosure listings in South Lake Tahoe that have sold so far this year.

The bank owned foreclosures are also selling for a much lower price per square foot than the non-foreclosure listings. The 109 foreclosures have sold for an average price per square foot of $191 and the non-foreclosures have sold for an average price per square foot of $252. One thing to keep in mind is that most of the bank owned foreclosures needed some work. Weather it was carpet, paint, appliances, or a total remodel needed, there was usually some kind of work necessary for the foreclosure homes.

The average days on the market was much lower for the foreclosures also. The average days on the market for the foreclosures was 87 days. The average days on the market for the non foreclosures was 185 days.

Here are some more interesting comparisons between the foreclosures and non-foreclosures sold this year.

  • The median price per square foot for the foreclosure listings was 1,520 and the median square footage for the non-foreclosures was 1,611.
  • The median sales price for the sold foreclosures was $280,000 and the median sales price for the non-foreclosures was $352,000.
  • The median days on the market for the sold foreclosures was 75 days and the median days on the market for the non-foreclosures was 147.

If you are interested in purchasing a foreclosure in South Lake Tahoe, here are some tips. Make sure that you sign up for new listing notification on my website so that new foreclosure listings are e-mailed to you as they come onto the market. Be sure to look at my current list of foreclosures in South Lake Tahoe for an updated list of what foreclosures are available and which foreclosures are in escrow. The most important thing to do is to get pre-approved from a mortgage broker. Many banks will not even look at an offer unless a pre-approval letter is included with the offer. When you find a foreclosure that you are interested in, be ready to act quickly. With multiple offer situations very common with foreclosure listings, time is of the essence!

If you have any further questions regarding foreclosures in South Lake Tahoe, please call Brent Johnson today!

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!

…
…