South Lake Tahoe real estate

South Lake Tahoe Real Estate Statistics for August 2013

The South Lake Tahoe MLS posted the largest increase of the median sales price of single family homes of the year. The median price rose from $234,000 in August of 2012 to $309,000 in August of 2013 which was a 32.1% increase. There were 86 single family homes and condos that were reported as sold in the city and county areas of the South Tahoe MLS which was also the highest number of sales for the year.

August South Tahoe Real Estate Statistics

There were 86 single family homes and condos sold on the South Lake Tahoe MLS in August, up from 76 sales in July.
The median sales price was $309,000, up from $292,000 in July and up from $234,000 in August 2012.
The average sales price was $388,067, up from $352,402 in July and up from $294,090 in August 2012.
The average price per square foot was $239, up from $218 in July and up from $188 in August 2012.
The average days on the market was 115 days and the median days on the market is 70 days.

Distress sales were again down for the month with only 3 bank owned foreclosure sales and 4 short sales closing escrow. In August 2012 there were 19 bank owned foreclosures and 6 short sales that were sold.

The inventory of single family homes and condos on the South Lake Tahoe MLS only decreased slightly over the last 30 days. There are now 363 listings on the mls, 263 of the properties are active and 100 are in escrow. There are 18 short sale listings, 16 are in ecrow and only 2 are active. There are only 11 bank owned listings, 4 of the foreclosures are in escrow and 7 are active.

For more information on the status of the South Lake Tahoe Real Estate market please give Brent Johnson a call at (530) 416-2625 today!

Great Starter Home For Sale in South Lake Tahoe!

2497 Fountain Ave.

Asking $259,000

Reduced to $239,000!

Great price for a clean 3 bedroom, 2 bath, 1 car garage home. This 1,108 square foot home has forced air heating, a fenced rear yard, and is located on a flat sunny lot. Some of the recent upgrades include a new roof, tile flooring, new rear sliding glass door, and a new fence. This home is a good opportunity to purchase an affordable 3 bedroom/2 bath home with a garage in Lake Tahoe! This house was previously a full time rental and would make a great investment property as well.

Forced Air Heating
Fenced back yard
Master bedroom/bath
Newer comp roof
Level sunny lot
Conveniant in town location!!!

Click Here to see the Virtual Tour!

If you would like to set up an appointment to see this new listing, please call South Lake Tahoe Real Estate agent Brent Johnson today!

South Tahoe Real Estate Market Snapshot

Here is a quick snapshot of the current South Lake Tahoe Real Estate market as of September 12, 2013. The following statistics are for residential (single family and condo/townhouses in the City and County areas of South Tahoe as reported by the South Lake Tahoe MLS.

There are currently 387 total active listings on the mls which is down from 421 listings on September, 2012. 277 of the listings are currently active and 110 of the listings are in escrow. The 110 properties in escrow represents 28.4% of the total inventory in escrow. In September, 2012 there were 264 active listings and 157 listings that were in escrow.

There are currently 2 active short sale listings and 10 active bank owned foreclosures which accounts for only 4.3% of the active inventory. There are 16 short sales and 1 bank owned foreclosure currently in escrow which accounts for 15.5% of the active pending properties.

Breakdown by price range of the 110 escrows:

14 homes under $200,000 (12.7% under $200,000)
36 homes from $201,000 to $300,000 (45.5% $300,000)
27 homes from $301,000 to $400,000 (70% below $400,000)
16 homes from $401,000 to $500,000
6 homes from $501,000 to $600,000
1 house from $601,000 to $700,000
1 house from $701,000 to $800,000
2 houses from $901,000 to $999,000
7 homes over $1,000,000

So far this year there have been 498 single family homes and condos that have been sold on the South Lake Tahoe MLS. There have been 36 bank owned foreclosures which accounts for 7.2% of the closings (23.2% in 2012). There have been 44 short sales that have closed accounting for 8.8% of the closings (16.8% in 2012).

The median sales price is now up 32.1% from last year. This increase in the median sales price does not necessarily mean that home values are up over 32% though. There has been a drastic reduction of the low end (under $200,000) inventory which has driven the median sales price up even further.

July 2013 South Tahoe Real Estate Stats

With 76 single family homes and condos sold in South Lake Tahoe in July, most local real estate agents did not find much spare time to enjoy the lake (including myself)! The limited inventory, low numbers of distress sales, and increased buyer activity continued to drive prices in the upward direction. The median sales price for single famly homes rose to $292,000 which is a 23.5% increase from what it was in July 2012. There were only4 bank owned foreclosures and 6 short sales that were sold in July, down from 11 foreclosures and 13 short sales that were sold in July last year.

South Lake Tahoe Real Estate Statistics for July 2013

The median sales price was $292,000, up from $284,000 in June and up from $236,500 in July of 2102.
The average sales price was $352,402, down from $389,611 in June and up from $337,596 in July of 2012.
There were 76 single family homes and condos sold in July, up from 54 in June and up from 70 in July 2102.
The average price per square foot was $218, down from $222 in June and up from $193 in July 2012.
The average days on the market was was 105 and the median days on the market was 62.

The average days on market breakdown and average percentage of listing price received on sold homes by market time

8 homes were sold within 0-30 days of being listed and sold for 101.01% of asking price (1.01% over asking price).
27 homes were sold within 31-60 days of being listed and sold for 98.78% of asking price.
17 homes were sold within 61-90 days of being listed and sold for 98.06% of asking price.
8 homes were sold within 91-120 days of being listed and sold for 93.23% of asking price.
16 of the homes sold after 120 days on the market and sold for 96.44% of asking price.

In general, the longer that the properties were on the market the more “wiggle room” there seemed to be in price. The properties that sold immidiatly sold for close to asking price or even over asking price due to multiple offer situations. The days on the market periods included the escrow period.

Short Sales in South Lake Tahoe

There were 6 short sales in South Lake Tahoe that were sold in July, the same number that sold in June and down from 13 sales in July 2012.
The median sales price for the short sales that were sold was $278,500.
The average sales price was $377,167.
The average days on the market for the short sales was 247.
The median days on the market was 126.
The average price per square foot was $180.

There are currently only 269 active single family homes and condos listed on the South Lake Tahoe MLS. There are 377 total single family and condo listings and 108 of them are currently in escrow. The distress sale inventory is still low compared to what it has been over the last few years. There are now only 17 short sale listings, 15 of the short sales are in escrow and only 2 are still active. One surprising statistic is has to do with the foreclosure inventory. There are now 10 foreclosures on the South Lake Tahoe MLS and only one of the foreclosures is in escrow! The banks appear to be pricing the foreclosures higher than market and they just seem to be sitting on the market right now.

For more information regarding the South Lake Tahoe Real Estate market please call Brent Johnson at (530) 416-2625!

15 Unit Apartment Building For Sale in South Lake Tahoe

969 Brockway Ave Units 1-15

Centrally located 15 unit apartment building adjacent to the main bus line. This fully occupied property produces $109,500 in gross annual income. There are 5 two bedroom/ one bath units, 9 one bedroom/ one bath units, and a studio unit in this building. Recent upgrades include a new high efficiency common water heater, new fence, and a new roof on the duplex building. The tenants love the common area which is fully fenced with grass and irrigation for BBQ’s. This is a great investment property in South Lake Tahoe!

969 Brockway Expense Information

Insurance $400
Taxes $750 (prop 13)
Refuse $400
Water/sewer $804
Gas $200
Electricity $150
Management $435
Supplies $150
Maintenance $250

Total Monthly Expenses = $3446 x 12 months = $41,350

Annual Income $108,180

Less 5% vacancy ($5400) = $102,780

Plus coin laundry $1,320

Less expenses ($41,350)

Net Operating Income= $62,750 and the Cap Rate is 7.2%

Type Monthy Rent

#1 – 2br/1 bath $725
#2- 1br/1 bath $585
#3- 2br/1 bath $665
#4- 1br/ 1 bath $585
#5- 2br/ 1 bath $625
#6- 1br/ 1 bath $585
#7- 1br/ 1 bath $585
#8- 1br/ 1 bath $585
#9- 1br/ 1 bath $585
#10-1br/ 1 bath $585
#11-1br/ 1 bath $575
#12-2br/ 1 bath $700
#13-Studio $395
#14-1br/ 1 bath $585
#15-2br/ 1 bath $650

Fore more information on this apartment building for sale in South Lake Tahoe please call Brent Johnson today!

Great Income Property in South Lake Tahoe!

629 James Ave.

Offered at $449,000!

This freshly remodeled triplex has been completely upgraded inside and out. Located close to the beaches and bike trails, this would be the perfect property to keep one unit for your vacation retreat and to rent out the other two. The renovated gourmet kitchens include custom wood cabinetry, stainless steel appliances, and granite slab counter tops. The bathrooms have been redone with travertine natural stone flooring and showers, rich dark wood vanities, and designer lighting and trim. Other interior upgrades include hardwood flooring, new carpet, fresh paint, recessed lighting and upgraded electrical system, new forced air heater, an additional laundry room, and much more! This triplex is located on a large flat landscaped lot with a covered porch, storage shed, rv parking and a two car garage. Unit number one is clean but has not been upgraded like the other two units. This property is a must see!

Hand Scraped Hardwood Flooring
Granite Slab Counter Tops
Natural Stone Travertine Tile
Two Laundry Areas
Storage Shed
Two Car Garage
RV Parking
Much More!

With the median sales price for single family homes in South Lake Tahoe up 23% in the last 12 months now is a great time to buy! Multi family properties in South Lake Tahoe are a great way to invest in real estate in South Lake Tahoe. Your tenants can pay for your mortgage and you can keep one unit for yourself! Please call South Lake Tahoe real estate agent Brent Johnson at (530) 416-2625 to set up an appointment to see this great triplex!