Price Reductions on Some Pretty Great Tahoe Homes – Investment Anyone?
As we enter the mid-summer season (what we in the Tahoe real estate industry call the “shopping phase”) we are noticing that along with Yogi Bear sightings, the number of potential buyers checking out our listings on the internet (and actually making inquiries for further information) are substantially increasing. Over the years, we have noticed a strong trend in buyers using the summer months to explore their options with the thought that “something better might come along.” Eventually, August rolls around and the buyers’ general thought is, “boy, I sure would like to get into a home prior to the snow falling.” Next thing you know, the number of new pending sales go up and everyone is hustling. With just a couple of weeks left in July, some of our sellers have decided to lower their asking prices in order to be at the forefront of the buyers’ top picks in August. These opportunities are so great that we thought we would pass them along to our readers. One never knows where the dominoes might fall so please, feel free to pass the following information along to anyone you feel might be interested. Just in case we lose you, be sure to read this entire piece prior to clicking on any of the links.
Our featured price reduction is 3076 Jacarillo. This home was originally purchased for $687,000. The owners then completed a stunning kitchen remodel, added a workshop out back and fully landscaped the yards. Located in Montgomery Estates and just a few homes down from beautiful forested trails, this beautiful family home is now asking only $519,000 with classy furniture being negotiable. Further information, visual tours, mapping and a photo gallery are all here to be enjoyed. If you are in the neighborhood, stop by our Open House this Saturday, the 24th of July, from 12 – 3.
The next great value to be found is located at 1781 Skyline Drive in Country Club Estates. This property is situated on two combined lots (approximately 30,00 SF of elbow room) with some of the most magnificent views to be found throughout the Tahoe Basin. Street level living features a large living room with vaulted ceilings and skylights, a large dining area and kitchen with hardwood floors and a beautiful stone fireplace. Downstairs are four bedrooms and a bath with a large jetted spa. The owner has decided that now is the time to move on in her life and told us to price it to sell. So we did. All of this now for only $599,900.
Our final pick of the week for great price reductions is 2512 Cattleman’s Trail. Check this out – brand new construction with all the “bells and whistles” is now only $499,000. Where else in Lake Tahoe will you find top of the line construction, three bathrooms all with jetted tubs, hardwood floors, vaulted ceilings, granite counters all in one of the area’s most desirable neighborhoods? Originally built to be the contractor’s own home, no corners were cut when it came to design or quality. Families with small children will especially appreciate the close proximity to the Sierra House School, the fenced yard and steps to the Lake Christopher Meadow with adventures just waiting to be had.
Now, as far as the bear in the above photo – we thought you might get a kick seeing our backyard visitor. Yogi has a preference to wait until Don is done working on the pond prior to jumping in for an afternoon splash. Our biggest chuckle was when he and our cat came face to face the other day. The bear freaked and flew up the closest tree and the cat literally flew across the yard, through the door and up the stairs not to be seen for the next hour. I only wish I had had a video camera handy.
1790 Meadow Vale Drive, South Lake Tahoe, CA
Those that recognize quality craftsmanship will know they found the “mother lode” with this stunning six bedroom masterpiece. Backing government land and boasting of Sierra Nevada’s Crystal Mountain Range views, this custom six bedroom home blends the latest advances in kitchen, baths, light and audio systems. Best of all, the contractor kept the ambiance of “mountain lodge” living at the forefront of design and ambiance. The main floor features the great room with a large stone gas fireplace, gourmet kitchen, dining, classy powder room and master suite. You must check out the master bath’s waterfall for the ultimate in relaxation. Downstairs is the game room and fireplace, three more bedrooms, including a private second master suite, a guest bath and laundry. The lower floor features two more guest rooms and a bath. Whether a full time, second home or a corporate retreat, this custom home has it all to bring out the good life.
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South Lake Tahoe Real Estate Market Update, July 8- July 14
According to the South Lake Tahoe Association of Realtors’ MLS there were 26 NEW (or back on the market) listings, down 3 from the previous week’s 29. The lowest priced new listing was $149,900 for 1071 Reno, a 2 bedroom, 1 bath with 864 square feet. The highest priced new listing was $1,450,000 for 359 Beach St, a 5 bedroom, 5 bath with 4686 square feet located in the Tahoe Keys. The overall median asking price last week was $377,400.
There were 18 NEW ESCROWS this past week, up 10 from the previous week’s 8. The lowest pending sale price was $65,000 for 3798 Aspen, a 1 bedroom, 1 bath with 551 square feet. The highest pending sale price was $775,000 for 2301 Cold Creek (way to go Pinnacle), a 4 bedroom, 3.5 bath with 3330 square feet. The overall median home price among last week’s pending sales was $284,450 with an average time on the market of 48 days.
There were 6 CLOSED sales this past week, up from the previous week’s 3. The lowest sale price was $180,000 for 2640 Bertha, a 2 bedroom, 1 bath with 1176 square feet. Both the buyer and seller were represented by the Pinnacle Real Estate Group . At the same time, the seller of the highest priced sale was also represented by Pinnacle. This Montgomery Estates home was located at 2232 Columbine, feautred 7 bedrooms, 5 baths and 4746 square feet and sold for $1,150,000.The overall median sale price for the past week was $337,500 with an average time on the market (including the escrow period) of 283 days which is slightly higher than the $326,500 median home price posted as an average for the previous 12 months.
So. Tahoe Median Home Prices Showing Slight Improvement
The South Tahoe Association of Realtors’ recently posted the statistics for the median home prices found within single family residences as of June 30th, 2010. These numbers are based upon the averages for the previous twelve months and compared to the previous years. The good news is that as of June 30th, the median home price increased once again, to $326,500. This median home price is fairly close to that of the $325,000 found in February of 2004. If interested, we have a chart that will show the month to month comparison for the past five years.
When comparing the number of homes sold and the dollar per square foot, the news is mixed. Between July 1, 2008 and June 30, 2009 there were 375 sales with a median square footage of 1604, a median list price of $399,000 and a median sales price of $370,00. During the same period from 2009 – 2010, the number of closed escrows increased to 515, the square footage was up to 1707 (slightly more bang for the buck) with the median asking price being $331,650 and a median sales price of $325,000. Another positive bit of news is that the decrease in value over the same period last month is only 12.9%. This is the lowest decrease we have seen since August of 2009 and in fact, the neighborhoods of Montgomery Estates, North Upper Truckee 1 and Christmas Valley 2 saw increases in the median home prices recorded in their areas.
South Lake Tahoe Real Estate Market Update, July 1- July 8
Why invest in South Lake Tahoe? Well, take a look at this photo taken on July 4th and you will have to admit that folks do like it here. And to look a bit further, check out the real estate market activity that took place over the holiday. According to the South Lake Tahoe Association of Realtors’ MLS there were 29 NEW (or back on the market) listings, 6 more than the previous week’s 23. The lowest priced new listing was $189,000 for 3324 Ash, a 2 bedroom, 1 bath with 660 square feet. The highest priced new listing was $1,995,000 for 2160 Balboa, a Tahoe Keys home with 4 bedrooms, 3.5 baths and 3122 square feet. The overall median asking price last week was $349,750.
There were 8 NEW ESCROWS this past week, an improvement of 1 over the previous week’s 7. The lowest pending sale price was $150,000 for 971 Kiowa, a North Upper Truckee home with 2 bedrooms, 1 bath and 768 square feet. The highest pending sale price was $599,000 for 716 Lakeview, a 4 bedroom, 2.75 bath with 2963 square feet. The overall median home price among last week’s pending sales was $302,000 with an average time on the market of only 39 days.
There were just 3 CLOSED sales this past week, down substantially from the previous week’s 18. Perhaps the holiday office closing played a role here but more than likely, these closings were the result of accelerated sales trying to take place with the Federal tax credit. There were 2 homes that sold for $280,000 which was the lowest sale price for the week. These homes were 695 El Dorado (2 bedrooms, 2 baths, 1100 sf) and 2154 Washington (3 bedrooms, 1.75 baths and 1537 sf). The highest priced sale was $715,000 for 1917 Cathedral, a 3 bedroom, 2.5 bath with 2363 square feet. The overall median sale price for the past week was $280,000 with an average time on the market (including the escrow period) of just 43 days.