South Lake Tahoe Real Estate Market Update, May 20- May 27
The South Lake Tahoe real estate market plugged along last week, despite the continual snow storms. It’s May for goodness sakes. Never-the-less, according to the South Lake Tahoe Association of Realtors’ MLS, there were 18 NEW (or back on the market) listings this past week , down 1 from the previous week;s 19. Among these new listings, the lowest priced property was $89,500 for 3798 Aspen, a small 1 bedroom, 1 bath cabin with only 551 square feet. On the other end of the spectrum, the highest priced new listing was $1,250,000 for 1323 Keller, a 5 bedroom, 4.5 bath with 3231 square feet located at the foot of Heavenly Mountain. The overall median new listing price for this week’s newest inventory was $307,450.
Slightly down from last week’s 19 new escrows, this past week reported 15 new PENDING sales. Among these new escrows, the lowest asking price $149,000 for 2055 12th St. #4. The highest priced new escrow was $959,000 for 405 Christie, a 4 bedroom, 3 bath with 2050 square feet located in the Tahoe Keys. The overall median home price among the new pending sales was $365,000 with an average time on the market of 51 days.
There were 11 CLOSED sales this past week. The lowest priced sale was $155,000 for 3610 Spruce, a 3 bedroom, 2 bath condo with 1210 square feet located in the Bijou neighborhood. The highest priced sale was $925,000 for 2200 Oaxaco, a 6 bedroom, 4 bath with 5448 square feet located in the North Upper Truckee area. This home was a short sale. Congratulations to the Pinnacle Real Estate Group. The overall median home price was $277,500 with an average time on the market of 84 days.
1160 Glenwood, South Lake Tahoe, CA
Looking for an investment with a healthy vacation rental history? Look no further. 1160 Glenwood is a spacious, five bedroom, single story home located in South Lake Tahoe’s popular Bijou neighborhood. Whether one is seeking an affordable full time residence, a Tahoe “get-away” for the family or a vacation rental investment, this is one property not to be overlooked. The square footage at this price alone, is a rare find. Best of all, the location is just a few short minutes to the slopes of Heavenly Mountain, the beaches of Lake Tahoe, the casinos, shopping and dining.
Sold fully furnished including a large family hot tub and pool table, this remodeled home is ready to go. Features throughout the home include two game areas, a spacious great room, rock hearth, newer wood flooring and a convenient corner location. There is over 1,900 square feet of living space and it comes with a successful rental history. Download a Flyer Here. Golf, shopping, skiing, dining and so much more are within a few short minutes.
Lake Tahoe Open House This Memorial Weekend
By all weather reports, we should be in for a glorious Memorial Day weekend. In fact, the temperatures are supposed to rise nearly 20 degrees in the next 24 hours. What a switch from the 4 inches of snow we received this morning in South Lake Tahoe. With this good news, we couldn’t resist hosting an OPEN HOUSE on Saturday from noon until three. We hope you will stop by to visit us at 2512 Cattleman’s Trail located within the Montgomery Estates neighborhood of Meadow Lakes (across from the popular Sierra House School.)
Those of you looking for top quality, brand new construction will not want to miss seeing this surprisingly affordable custom home. Imagine hard wood floors, vaulted cedar ceilings, stainless appliances (gotta check out the wok feature on the range,) striking alder cabinets and granite counters. Oh, there is soooo much more. Three full baths, each with jetted tubs.
And if location is important to you, be sure to drive around the neighborhood. Step out the door and walk to the Lake Christopher Meadow where Mother Nature does her dance year round. Heavenly Mountain Skiing and Lake Tahoe beaches are all within four miles as well as shopping, dining, and year round entertainment. This home is ideal as a full time or vacation home. Only $549,000
We look forward to seeing you. If you can’t make it by, be sure to check out the photo gallery and further details.
South Tahoe Real Estate Market Update, May 13 – 20th, 2010
Yes, it’s May and real estate is supposed to be slow, the weather mild and not much happening. This is certainly no a case of “Ground Hog’s Day.” Although not quite as busy in regards to NEW LISTINGS as last week, never-the-less, it was an active week. According to the South Lake Tahoe Association of Realtors’ MLS, there were 19 NEW (or back on the market) listings this past week which was slightly less than last week’s 21. The lowest priced new listing was $150,000 for 1008 Eagle, a three bedroom home with 1922 square feet. Don’t get fooled by this one. Major work needs to be done. The highest priced new listing was $2,200,000 for 336 Ala Wai #271, a three bedroom, two bath waterfront home with 1558 square feet of living space located in the Tahoe Keys. The overall median new listing price for this week’s newest inventory was $319,900.
The good news was that there were 18 new PENDING sales, up from the previous week’s 14. The lowest asking price among these new pending sales was $129,000 for a small, two bedroom, one bath cabin with 815 square feet of living space. The highest priced new escrow was 2380 Dundee located in the Angora Highlands neighborhood. This home was listed at $790,000. Way to go Pinnacle! The overall median home price among the new pending sales was $314,000 yet with only 17 days on the market.
Now, here’s the really good news!! There were more than double the amount of CLOSED escrows with twelve as compared to five during the previous week. The lowest priced home among the closed sales was $155,000 for a small two bedroom, one bath cabin on Fairway within the Bijou neighborhood. This home was quite the contrast to the $1,060,000 home sold at 1321 Wildwood found within the Heavenly Mountain neighborhood. This home had four bedrooms, three baths and 3, 433 square feet of living space. The overall median home price was $370,000 with approximately 90 days on the market. With the average escrow period being around 45 days, this time on the market is relatively short.
To learn more about the Tahoe real estate market, be sure to visit our website.
The Meyers Neighborhood in So. Lake Tahoe Holds its Own
Meyers, located at the gateway to South Lake Tahoe, appears to be continuing in it’s draw toward buyers. According to statistics offered by the South Tahoe Association of Realtors MLS, the Meyers neighborhood saw an upswing in the number of closed escrows, the median and average home prices as well as the time on the market. When studying sales for the first four months of 2010 as compared to the same period in 2009, we see that there were 7 homes sold as compared to 4 in 2009. The median and average home prices sold were $260,000 and $275,586 respectively which was up from $225,000 and $233,375 in 2009. Another improvement was in regards to the time on the market. In 2010, the cumulative time on the market (which includes the actual escrow period) was 125 days. This was approximately a month quicker than the 171 days reported in 2009.
Following are the seven posted sales for Meyers during the first trimester of 2010.
1079 Modoc was built in 1974 with 1,200 SF of living space sold for $260,000.
1198 Tomahawk was built in 2009 with 2,130 SF of living space was a bank-owned sale at $410,000.
1139 Modoc was built in 2006 with 2,286 SF of living space was a short sale at $440,000
1194 Apache was built in 1981 with 1, 120 SF of living space sold for $287,000.
1998 Cherokee was built in 1971 with 1,228 SF of living space was a bank-owned sale at $210,000.
1964 Cherokee was built in 1961 with 1,088 SF of living was a bank-owned sale $172,100.
1596 Arapahoe was originally built in 1977 and included an unfinished upstairs addition. This property sold for $150,000.
Actually, when you consider that over half of the homes sold in Meyers during the first trimester of 2010 were bank-owned or short sales, the improvements in the above mentioned categories were a welcomed sight.