South Lake Tahoe Real Estate Market Update, June 17- June 23
According to the South Lake Tahoe Association of Realtors MLS there were 33 NEW (or back on the market) listings, up from the previous week’s 26. The lowest priced new listing was 1223 Bonanza #7, a 2 bedroom, 1 bath condo with 841 square feet of living space for $75,000. The highest priced new listing was $3,295,000 for 2412 Cornice Ct., a 7 bedroom, 5 bath home with 7386 square feet. This home is in the Montgomery Estates neighborhood and has spectacular lake, forest and mountain views. The median asking price this past week was $369,000.
There were only 6 NEW ESCROWS this past week, down 3 from the previous week’s 9. The lowest pending sale price was $315,000 for 2691 Yokut St., a 4 bedroom, 2 bath with 1688 square feet. The highest pending sale price was $499,500 for 535 Christie, a Tahoe keys home with 3 bedrooms, 2 baths and 1734 square feet. The overall median home price among the new pending sales was $297,500 with an average time on the market of only 32 days.
There were 8 CLOSED sales this past week, down 7 from the previous week’s 15. The lowest sale price was $137,500 for 1409 Bonanza, a 2 bedroom, 1 bath with 815 square feet located in the Y neighborhood. The highest priced sale was $930,000 for 405 Christie, a 4 bedroom, 3 bath with 2050 square feet located in the Tahoe Keys. The overall median sale price for the past week was $278,500 with an average time on the market (including the escrow period) of just 57 days.
South Lake Tahoe Real Estate Market Update, June 10- June 16
According to the South Lake Tahoe Association of Realtors MLS there were 26 NEW (or back on the market) listings, down 2 from the previous week’s 28. Out of these new listings, the lowest asking price is $144,900 for 2683 Pinter, a Sierra Tract home with 2 bedrooms, 1 bath and 696 square feet. The highest priced new listing is asking $3,700,000 for 22 Lighthouse Shores, a lakefront Tahoe Keys home with 4 bedrooms, 3 baths and 3306 square feet. The overall median asking price for the new 26 listings is $344,250.
This past week there were 9 PENDING sales. The lowest asking price for the new pending sales is $344,000 for 600 Tehama, a 3 bedroom, 2 bath with 1667 square feet. The highest priced new escrow is $795,000 for 1989 Kokanee, a Tahoe Keys home with 3 bedrooms, 2.5 baths and 2442 quare feet of living space. The overall median home price among the new pending sales was $415,000 with an average time on the market of 64 days.
There were nearly double the amount of closed sales this week with 15 in comparison to last week’s 8. The lowest priced sale was 125,000 for a bank owned condo located at 3610 Spruce #6, a 2 bedroom, 1 bath with 896 square feet. The highest priced sale was $912,500 for 406 Wedeln Ct., a 4 bedroom, 2.5 bath with 2634 square feet located in the Tahoe Keys. This week’s overall median home sale price was $235,000 with an average time on the market of 92 days (including the escrow period).
1314 Cave Rock A
THIS CONDO HAS SOLD. PLEASE CONTACT US IF YOU WOULD LIKE TO FIND SIMILAR PROPERTIES. Wow – if you are looking for a lake view AND a great bargain, check out this ideal Lake Tahoe Nevada condo close to boat launching facilities, recreation, shopping, casinos & all Lake Tahoe has to offer within a super affordable package! This short sale opportunity features an end unit with gorgeous lake views from each level and nearly every window. This two bedroom, two bath condo has been upgraded throughout with new carpet, fresh paint and newer appliances. There is also newer exterior vinyl siding and a newer roof! Don’t forget to check out the large attached garage with laundry area.
 |
 |
South Lake Tahoe Real Estate Market Update, June 3- June 9
Spring has arrived and with it a budding new report from the South Tahoe Association of Realtors. According to the data issued last week, there were (check it out) 28 NEW (or back on the market) listings. This number was considerably up from last week’s 20. Among these new listings, the lowest asking price is $175,000 (shall we say, “contractor’s special”) for 815 South Shore, a 2 bedroom, 2 bath with 1972 square feet. The highest priced new listing was $1,220,000 for breath-taking 2194 Chiapa, a 4 bedroom, 3.5 bath with 3694 square feet. Congrats to Pinnacle. The overall median new listing price for this week’s newest inventory was $304,500 which is below the current overall median home price of $320,000.
Another positive note is in regards to the 10 new PENDING sales, up from the previous week’s 9. The lowest asking price for the new pending sales is $149,000 for 681 Eloise #3, a 2 bedroom, 1 bath condo with 980 square feet. The highest priced new escrow is $675,000 for a bank-owned Tahoe Keys home located at 1992 Marconi Way. This home has 3 bedrooms, 2.5 bath with 2663 square feet. The overall median home price among the new pending sales was $324,000 with an average time on the market of 58 days.
The really good news is that there were 8 CLOSED sales this past week, up 3 from the previous week. The lowest priced sale was a short sale at $190,000 for 1767 Arrowhead, a 3 bedroom, 2 bath with 1040 square feet. The highest priced sale was $735,000 for 1857 High Meadow Trail, a brand new 3 bedroom, 2.5 bath with approximately 2900 square feet. The overall median home price was $308,500 with an average time on the market of 159 days. Over half of these nine sales were distressed sales. Never-the-less, the inventory is moving and buyers are finding great deals.
Appraising the Appraisal Situation
It’s been a packed couple of days here at the California Association of Realtor’s Business Meetings and the information gained is overwhelming. As promised, the following is a brief description of the current efforts to fight this current (to put it lightly) dysfunctional appraisal environment. And when you are done reading this bit of info, we URGE you to contact Members and Senators to 1: Share any “horror” stories you might know of, 2. Support legislation that the Office of Real Estate Appraisals be given the authority to regulate Appraisal Management Companies and 3. Urge them to support future legislation to make appraisals portable if transferring lenders. As for now, read on.
As a result of a settlement between the New York Attorney General and the Government Sponsored Enterprises – Fannie May and Freddie Mac, the Home Valuation Code of Conduct, better known as the HVCC was created. The HVCC has no force of law and was not enacted by Congress nevertheless, because the GSE’s are dominant in the marketplace, the HVCC was effective in changing the way lenders and appraisers do business. The vision of the HVCC was to separate loan officers and brokers and sales agents from appraisers. Good idea in theory. However, as a direct result, Appraisal Management Companies, which act as intermediaries, exploded onto the scene. Yikes! Compliance with HVCC became mandatory June, 2009.
THE PROBLEM Iies in the AMC’s not being adequately regulated. We are not alone here in Lake Tahoe. Across the country, appraisals are being conducted by “out-of-area” and/or not so sharp appraisers and often, the results do not accurately reflect the true value of a property. When inaccuracies appear in the appraisal reports, there are no easy ways in which to make corrections. Everyone loses – home owners, potential buyers, escrow companies, Realtors, contractors, etc. I just learned of a local story (one of many) in which an appraiser discounted the square footage for an entire indoor pool room which included a seating area, sauna, etc. Just took it away. I am sure you have your own stories to tell.
Furthermore, lenders owning Appraisal Management Companies invite conflicts of interest. Think about it – is an appraiser, especially one from out of the area, more likely to appraise to the underwriting standards of their employer rather than that of the market. Are they so restricted by their employers guidelines that they fear losing their job if they don’t give the true value their experience tells them is fair?
Finally, it is important to take a look at the idea of making appraisals portable. Right now, lenders are requiring the preparation of another appraisal even if an appraisal has already been completed for another lender. We have even seen cases where a consumer, in shopping for the best loan, had to pay for more than one appraisal, even in the case where the same appraiser did the work. Perhaps lenders that own their own AMC’s have a financial incentive to require these additional appraisals. FHA require portability, the HVCC allows it – but lenders refuse it. WHY??
Please contact us if you have any further questions and, go back to our first paragraph and make those calls. It’s easy and incredibly effective. Please pass the word and have a great day.