South Lake Tahoe Real Estate Blog

Houses For Sale in South Lake Tahoe May Not Have BMP’s

If you are thinking about purchasing a house for sale in South Lake Tahoe, you need to know about BMP’s. Best Management Practices (BMP’s) are an erosion control measure designed to help prevent storm water runoff from entering Lake Tahoe by capturing and infiltrating it. Storm water runoff carries sediment and nutrients into the lake which reduces the lakes famous clarity.

In 1992 the Tahoe Regional Planning Agency (TRPA) created the TRPA retrofit ordinance. The ordinance requires all developed properties in the Lake Tahoe Basin to have BMP’s installed by October 15th 2006. Although new houses in South lake Tahoe built after 1992 have BMP’s installed due to regulation through local building departments, most other homes still do not. The TRPA has fines set in place for properties that do not have BMP’s installed yet. The fees are as follows:

non-compliance for over 1 year $1,000
non-compliance for over 2 years $2,500
non-compliance for over 3 years $4,000

We are already 3 years past the ordinance deadline of October 15th 2006, so I called the TRPA to find out more about the fines. I was told that no one has been fined, and that they would rather see property owners spend the money on installing BMP’s instead of fines. The TRPA did say that there are 3 different watershed priorities, 1,2, and 3. If your property is in a priority 1 watershed, they will begin enforcing the ordinance. First they will send a letter to you telling you about the requirement. Then they want to see that you are making reasonable progress in installing your BMP’s. If you show reasonable progress, they will not issue a fine.

Each property will have different BMP requirements based on slope, soil, location, and your structure. You can have the Tahoe Resource Conservation District (TRCD) preform a BMP evaluation and design the BMP’s foryour property. The TRCD is a grant funded, non regulatory agency that focuses on assisting single family homeowners with controlling erosion, native and adapted landscaping, and many other conservation initiatives. The TRCD currently has a waiting list for BMP evaluations, and will not evaluate a property until the snow has melted, so you should sign up soon!

BMP requirements are different for each property, but generally BMP’s consist of three basic requirements.

Installing gravel filled infiltration trenches about 6″ deep under all dripping roof lines.
Installing about 3″ of gravel under all elevated decks, overhangs, and cantilevers.
Having a paved driveway for parking, and maintaining all of the runoff from the driveway by either a drywell or gravel filled trench.

BMP’s can be installed by the homeowner, or a licensed contractor. The TRCD has a list of contractors that specialize in BMP installations. Depending on the size of the property, BMP’s can cost anywhere from a few hundred dollars if you choose to do the work your self, to many thousands if you hire a contractor or need to pave a driveway.

If you have a house for sale in South Lake Tahoethat does not have BMP’s, it would be a good idea to have an evaluation done for your property. If you are thinking of purchasing real estate in South Lake Tahoe, make sure that you find out if the property has a BMP certificate or not. If there is no BMP certificate, be prepared to install your BMP’s!

This South Lake Tahoe Real Estate blog was written by South Lake Tahoe Realtor Brent Johnson. Brent Johnson sepcilizes in houses for sale in South Lake Tahoe, South Lake Tahoe Real Estate, and foreclosures for sale in South Lake Tahoe. For more information about any properties on the South Lake Tahoe MLS, contact Brent Johnson today!

Foreclosures in South Lake Tahoe are Keeping the Real Estate Market Alive

Currently there are 279 single family homes in the city and county areas of the South Lake Tahoe MLS. Out of the 279 houses on the market, 36 of them are in escrow (about 13%). 39 of the houses on the market are foreclosures which accounts for 14% of the market share.

Why do I think that foreclosures are keeping the South Lake Tahoe real estate market alive? Out of the 36 houses that are currently in escrow, 17 of them are foreclosures. That means that 47% of our current escrows are foreclosures, which is a lot considering that only 14% of our total single family inventory is foreclosures! That means that only 8% of the total non-foreclosure inventory is in escrow, and 44% of the total foreclosure inventory is in escrow!

Lets compare the foreclosures and non-foreclosures currently on the market.

The average list price for foreclosures is $325,084, 56% less than the average list price of non-foreclosures which is $751,935.
The median list price for foreclosures is $297,000, 46% less than the median list price of non-foreclosures which is $555,000.
The average square footage for foreclosures is 1560 sf., 23% less than the average square footage of non-foreclosures which is 2,028 sf.
The median square footage for foreclosures is 1464 sf., 23% less than the median square footage of non-foreclosures which is 1902 sf.

Here is a comparison between the foreclosures and non foreclosures that are currently in escrow.

Out of the 36 current escrows, 17 are foreclosures.
The average list price of the foreclosures in escrow is $339,624, 32% less than non-foreclosures which is $492,829.
The median list price of the foreclosures in escrow is $290,000, 25% less than non-foreclosures which is $389,900.
The average square footage of the foreclosures in escrow is 1708 sf., 6% less than non-foreclosures which have an average square footage of 1822 sf.
The median square footage of the foreclosures in escrow is 1536 sf., 5% less than non-foreclosures which have a median square footage of 1616 sf.
The average days on market for the foreclosures in escrow is 72, 46% less than non-foreclosures that have an average days on market of 133.
The median days on market for the foreclosures in escrow is 64, 54% less than non-foreclosures that have a median days on market of 140.

If you take away the foreclosures in South Lake Tahoe, we would have only 19 single family escrows, which is why I think that the foreclosures are keeping the South Lake Tahoe Real Estate market alive!

Click here to view a current list of foreclosures in South Lake Tahoe. For more information about real estate in South Lake Tahoe please contact Brent and Jill Johnson today!

Lake Tahoe Real Estate Buyers, How is Your Credit?

Now is the perfect time for all of the South Lake Tahoe home buyers that are still on the fence to make sure that their credit is ready for the big day. There is nothing more disappointing than finding a great deal on the perfect home, and finding out that you can’t qualify for a loan because of bad credit.

The first step is to get a copy of your credit reports. You can get a free copy once a year if you go to www.annualcreditreport.com . If you have already received your free credit report in the last 12 months, you can purchase a copy from www.myfico.com . The cost is about $16 for a report from one credit bureau or $48 for all three.

Once you have a copy of your credit reports, look at them very carefully for mistakes. Make sure that your name and address is correct (this will not affect your credit score, but is still important). Make sure that loans and accounts that have been paid off or closed show a zero balance. Make sure that there are no accounts on your reports that do NOT belong to you. If you do find something wrong with your report, you will need to file a dispute with each credit bureau that has the incorrect information. This may take a while, but it will be worth the time and effort when it comes time to apply for a loan.

Here are some tips for raising your credit scores:

Keep credit card balances below 30% of their limits
Make sure payments are on time, and pay at least the minimum payments on all accounts.
Avoid signing up for new credit cards, especially at stores just to receive the 10% off your first purchase. All credit inquires will lower your score.
Job stability- a long term job of a year or more will help your score
For more tips go to myfico.com

You would be surprised how ofter mistakes on credit reports happen. I was caught off guard when I checked my score. I had been sent to collection for a $28 medical bill that had been sent to my physical address. I recieve my mail at a P.O. box, so I had never received the bill. My credit score had gone down by about 80 points. I had to file a dispute, write letters, deal with the collection agency, hospital, and the credit bureaus. I finally had the issue resolved and it was well worth the hassle.

Once you have a good credit score you can be confident that you will be able to obtain a loan with a good interest rate. When you are ready to start looking at homes for sale in South Lake Tahoe, make sure that you sign up for new listing notification on my website. The new listing notification will allow you to choose your search criteria and have new listings e-mailed to you as they are entered onto the South Lake Tahoe MLS. Another great tool is my current list of foreclosures for sale in South Lake Tahoe blog post. I update this post daily and have all of the foreclosures on the South Lake Tahoe MLS, foreclosure price reductions, and foreclosures that are in escrow.

For more information about foreclosures in South Lake Tahoe, the South Lake Tahoe MLS, or South Lake Tahoe Real Estate contact Brent and Jill Johnson today!

Bijou 1&2

The Bijou area in South Lake Tahoe is located between Pioneer Trail and Regan Beach, just west of Ski Run. The South Lake Tahoe MLS divides Bijou into two sections, Bijou 1 and Bijou 2. Bijou 1 is on the East side near Ski Run and Pioneer Trail, and Bijou 2 is on the west side near Highway 50 and Johnson Blvd. near the Bijou Golf course.

Bijou is one of the oldest neighborhoods in South Lake Tahoe. Centrally located near Heavenly, the casinos, and Lake Tahoe, making Bijou a great area for a primary or vacation home.

The Bijou Community Park located off of Al Tahoe Blvd. offers a playground, basketball, volleyball, a bmx and skate park, disk golf, and a dog park.

Also located in Bijou is the public Bijou Municupal Golf Course. This is a 9 hole golf course and costs $15 for El Dorado County residents, and $20 for non-residents for 9 holes.

Other close by activities include the ice skating rink, Regan Beach, and the South Lake Tahoe Recreation complex, which has a year round indoor/outdoor pool.

Single family homes in the Bijou area range from small older cabins in the $200,000 range, to remodeled and new homes priced over a million dollars. Some of the houses in Bijou may have mountain and/or meadow views, forest views, and are on relatively flat lots. There are also some areas in Bijou that have multi-family properties including duplexes and small apartment buildings.

Foreclosures for Sale in South Lake Tahoe

3510 Deer Lane $319,000

This bank owned property in South Lake Tahoe is located in Bijou close to the Bijou golf course, Heavenly Valley Ski Resort, and shopping. On a 10,477 square foot lot, this is a 3 bedroom, 2 bath, 2 car garage home. As with all foreclosures, this is an “as is sale.”

Large 10,477 square foot lot
3 bedroom, 2 bath, 2 car garage
1416 square feet
centrally located
foreclosure in South Lake Tahoe

$reo\'s in south lake tahoe$

For more information about bank owned properties in South Lake Tahoe, South Lake Tahoe Real Estate, or the South Lake Tahoe MLS, please contact Brent and Jill Johnson today!

Featured properties may not be listed by the office/agent presenting this brochure.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2009 Rapattoni Corporation. All rights reserved.

Foreclosures in South Lake Tahoe and Current Interest Rates

Lenders have been busy with homeowners refinancing now that mortgage interest have hit record lows. Interest rates have continued to drop for the 11th straight week. A 30 year fixed rate loan dropped from 5.01% to 4.96 last week.

The current low rates will not only help homeowners (who can qualify!) reduce their monthly payment, but should also stimulate buyers to write offers on the houses that they have been following throughout the winter.

One of the main factors causing the interest rates to drop is the Federal Reserves plan to buy up mortgage-backed securities on the secondary market. In December the Federal Reserve announced a plan to buy up 500 billion dollars of mortgage securities backed by Freddie Mac, Fannie Mae, and Ginnie Mae.

The falling interest rates are a great start to the recovery of the national housing market. According to the NAR, for every 1% decrease in interest rates, we would see 500,000 additional home sales over a one year period. Increasing sales by this amount would decrease the number of homes for sale from a 10 month supply to a 7.5 month supply. Historically, economists consider a supply of between 5.5 and 7 months to be a balanced market.

Low interest rates probably will not prevent many foreclosures because the homeowners in distress most likely will not qualify for a refinance, but the rates should stimulate more buyer activity. Once buyers snatch up the foreclosures on the market, they may be tempted to go after the rest of the non-foreclosure housing inventory.

For more information about bank owned properties in South Lake Tahoe, South Lake Tahoe Real Estate, or any properties on the South Lake Tahoe MLS, please contact Brent and Jill Johnson Today!