South Lake Tahoe Real Estate Market Update, Feb. 23- Feb. 29
image by Don Souers
Winter has finally arrived and with it, a fairly active week in the South Lake Tahoe real estate market. According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 13 new listings posted over the past week, up 6 from the previous week’s 6 new listings. Among these 13 new listings, the lowest priced property is $149,000 for 681 Eloise #2, a condo with 2 bedrooms, 1 bath and 1004 square feet of living space. The highest priced new listing over the past week is listed at $473,000 for 3488 April Drive in the Bijou/ Heavenly area. This bank owned home has 4 bedrooms, 3 baths and 2917 square feet. The overall median list price for these new listings was $309,500 and the overall average list price was $293,254.
The number of NEW PENDING escrows over the past week was 10, not quite as busy as last week’s 15 pending sales. The lowest pending list price from this group was $74,900 for 2567 Bertha in the Sierra Tract neighborhood. This home has 2 bedrooms, 1 bath and 776 square feet and is currently bank owned. The highest priced home that went into escrow over the past week is listed at $389,000 for 1906 Celio in Tahoe Paradise. This home has 3 bedrooms, 3 baths and 2020 square feet of living space. The overall median asking price for homes that went into escrow was $189,500 while the average overall was $209,180. The average time on the market for these pending sales was 62 days.
As for the CLOSED escrows, there were 12 reported sales over the past week, up a whopping 8 from the previous week’s 4 sales. The lowest recorded sale price within this group was $105,500 for 2599 Kubel in the Sierra Tract. This was an approved short sale with 1 bedroom, 1 bath and 609 square feet. The highest recorded sale last week sold for $1,005,000 for 2441 Lupine in Montgomery Estates. This home has 4 bedrooms, 4 baths and 4197 square feet of living space. The overall median sale price last week was $212,500 while the overall average sale price was $302,625. The average time on the market (including the escrow period) was 169 days.
As of February 29th, 2012, there are currently 378 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 378 active listings, 111 of them are in escrow. Among the 111 escrows, 47 are subject to bank approval for a short sale.
Vail Resorts Purchases Kirkwood
Most of you that are ski enthusiasts may have already heard the news but for those that have not, you may be surprised to hear that Vail Resorts recently purchased the Kirkwood Mountain Resort for approximately $18 million. This purchase includes a portion of real estate. Kirkwood is located approximately 35 miles southwest of Lake Tahoe. This purchase is the third for Vail within the Lake Tahoe region.
According to Resorts Chairman and Chief Executive Officer Rob Katz, “Kirkwood offers some of the most extraordinary ski terrain found anywhere in North America with high alpine trails and the most annual average snowfall in Lake Tahoe. Kirkwood represents skiing and riding at its purest, something we intend to retain and protect long into the future.”
We did have to chuckle a bit as Don couldn’t decide where to purchase this year’s pass at Heavenly or Kirkwood so, he did both. As of this writing, he hasn’t used the Kirkwood pass yet AND NOW, the Heavenly pass is good for Kirkwood as well. Oh well, at least now he won’t have that dilemma next year. We should also let you know that Northstar is also included in the coverage within these season passes.
1754 Meadow Vale Drive, South Lake Tahoe, CA
If you are going to live in Lake Tahoe, or own a second home here, you’ve got to admit that improving the quality of your life was on the forefront of your decision. Whether you are looking for a luxury retreat, an environment of stunning views from dawn to dusk or star-filled nights, OR the potential for vacation rental income, it is pretty hard to find a better choice than 1754 Meadow Vale located in Country Club Estates. From the moment you walk up to the front door, you will know you have found something special. The first thing that will take your breath away are the magnificent views of the Sierra Nevada’s Crystal Mountain range. Then, the fun truly begins.
On the street level floor of this home which was fully remodeled in 2011, is the expansive great room featuring a gourmet kitchen with luxurious granite counters and professional grade appliances, an abundance of natural sunlight and storage space. Graceful architectural lines draw your eyes upward to the vaulted ceilings and high windows. Next to the kitchen is the dining area large enough to feed an army. Best of all are the views and immediate access to the over-sized top floor deck. Adjacent to the dining and kitchen areas is the comfortable living room with the focal point being the gas fireplace. Down the hall are the powder room and the master bedroom. The master suite features dual sinks, scrumptious limestone, a large soaking tub with a view, dual vessel sinks and the walk-in shower.
The second floor leads one into a family room or office area which has a separate entrance leading either upstairs to the street or downstairs to the studio apartment. Just off of the family room is the second master suite. As you continue down the hall, you will find two more sunny bedrooms and the first guest bath. Turning left at the end of the hall, you will find the first of the laundry rooms and entry to the mother-in-law unit. This wing of the home also has its own entry, ideal for extra privacy and multi-family dwelling. The living area of the Mother-in-law unit features a kitchenette and the fourth full bath.
The lower floor presents a delightful studio apartment with a living room, kitchenette, full bath and bedroom. The deck in front of this apartment is not only pleasantly covered to protect against the summer sun and the winter snow, it is home to a large family hot tub. The entire home is furnished and ready for instant enjoyment, clear down to the linens an utensils. The amenities just go on and on. Nothing lacks with this well loved home – just put your feet up and call it home.
Loosening Credit Requirements Bring Big Smiles
All Smiles
We have been telling folks that it feels like the worst MAY be behind us simply based upon our own personal real estate activity. However, after reading a report just released yesterday, I was delighted to hear that our feelings just might be backed up with actual evidence supporting what feels like a positive trend of sorts. According to Capital Economics (an analytic firm), it is expected that the housing crisis will wind down near the end of this year. They are claiming that one of the strongest reasons is due to loosening credit. Capital Economics stated that although higher than the average credit score required to qualify for a mortgage prior to the current crisis, today’s average score of 700 remains consistent with those of a year ago and that the credit requirements in the fourth quarter were consistent with the previous three quarters.
It is important to note that other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability. During the height of the crisis, banks were lending up to 3.2 times the borrower’s earnings. Today, they are now lending amounts up to 3.5 times. Another point of interest: banks are now lending at 82 percent of the loan to value ratio as compared to only 74 percent during mid-2010. Capital Economics claims this last statistic “the clearest sign yet of an improvement in mortgage credit conditions.”
The news appears good however the report went on to point out that “while credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.” Capital Economics also stated that “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and “potential ramifications from the euro-zone pose a threat to future credit availability.”
We’re certainly not out of the woods as of yet however, all silver linings are more than welcome. In the meantime, in case you were concerned, the lovely model in this photo does not reside along the shores of Lake Tahoe. I found him recently in Costa Rica. Never-the-less, he/she does seem to depict the feeling. Don’t you agree?
East Shore, NV- South Lake Tahoe Real Estate Market Update, Feb. 17- Feb. 23
According to the Northern Nevada Regional Multiple Listing Services, there are 136 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of February 23rd, 2012). Among this group of Nevada homes for sale, there are 25 homes currently in escrow. Among these 25 escrows, 15 of them are still pending bank approval for a short sale. Throughout these 136 active listings, the median list price is $1,297,500 while the average list price is at $2,610,994. Among the 25 Nevada homes that are in escrow, the median listing price is $414,900 and the average listing price is $633,784.
There were 2 new listings over the past week for the East Shore side of Lake Tahoe, NV, the same amount as the previous week. The lowest priced new listing is $595,000 for 279 Chimney Rock, located in the middle Kingsbury area. This home has 3 bedrooms, 3 baths and 1,870 square feet of living space. The highest priced new listing is $2,950,000 for 39 South Point Drive. This home is located in Glenbrook and it features 4 bedrooms, 5 bathrooms and 6,495 square feet of living space. Unfortunately there were no Nevada single family homes that went into escrow over the past week, this number is down 1 from the previous week. There were also no recorded sales last week for East Shore Nevada homes.
As of February 23rd, 2012 there are currently 67 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $399,000 and the average listing price is $684,804. Out of these 67 condos on the market, there are 6 that are currently in escrow. Among the 6 pending sales, 4 are still subject to bank approval for a short sale. The median price for Nevada condos in escrow is $204,000 and the average is $335,400. This was another slow week for condo activity on the Nevada side of South Lake Tahoe. Unfortunately there were no condos put into escrow, the same as the previous week. There were also no recorded sales over the past week, down 1 from the previous week.