Highland Woods, South Lake Tahoe Real Estate Market Update, Aug. 29, 2010
Full Moon, Baldwin Beach
When studying the market activity for Highland Woods on a year to date basis (January. 1 through August 29th,) the South Tahoe Association of Realtors’ multiple listing data reports declining numbers other than the time on the market.
As we continue to remind readers, it is important to distinguish between the difference of median and average home prices. The median is generally the strongest indicator of market trends as it represents the middle of the road in that just as many homes sold above as below that price. The average, while often quoted, can be misleading and thrown off by an unusually high or low sale. However, it can also show that there have been some strong (or weak) sales that are not the norm for an area.
Between January 1 and August 29th, 2010, the Highland Woods neighborhood experienced 5 closed escrows, including one PUD. There were 7 reported sales during the same period in 2009. Following are the reported sales thus far:
Address Sold Price % of List SF $/SF Bed/Ba/Ga DOM Yr. Blt.
1002 Silverwood $299,000 100.0 1202 $249 3/2/2 47 1983
2996 Springwood 315,000 90.2 1664 $189 3/2/2 96 1976
2888 Lakewood 267,500 89.5 1416 $189 3/2/0 106 1973
2452 Ponderosa 263,000 89.2 2316 $114 3/2.5/2 130 1991
957 Tanglewood 227,000 92.7 1216 $187 3/2/0 41 1976
The following data is for the Highland Woods area, excluding any PUD sales: So far, in 2010, the median home list and sold prices respectively are $99,000 and $283,250 reflecting a list to sale ratio of 94.7%. During the same period in 2009, the median home list and sale prices were $$349,900 and $342,000 with a list to sale ratio of 97.7%). In 2010 the median time on the market (from list to close) was 101 days in and 67 days in 2009.
The average list and sold prices in 2010 were $310,475 and $286,125 (92.1% list to sale) with an average time on the market of 95 days and a dollar per square foot value of $185. During the same period in 2009, the average list and sale prices were $354,343 and $340,943. The list to sale ratio was 96.2%, a dollar per square foot of $219 and an average of 150 days on the market.
As of this posting date, there are 10 homes currently listed within the Highland Woods neighborhood. The median list price of the homes currently for sale within the area is $393,500 with an average dollar per square foot price of $225. The lowest priced listing is $285,000 for a 3 bedroom, 1.75 bath home located at 927 Tanglewood Drive. The highest priced listing is $575,000 for a 2.5 bedroom, 5 bath home with 2,021 SF built in 2006 located at 927 Candlewood Dr.
South Lake Tahoe Real Estate Market Update, Aug. 19- Aug. 25
Care Free in Tahoe
With temperatures nearing the 90’s, it is hard to believe that summer is winding to a halt. Never-the-less, here we are, August 26th. Check out the photo my dear friend, Dewitt Jones took of Miss Aubrey. Wouldn’t it be nice if we could all just be this carefree?
Enough sighing, let’s take a look at the past week’s South Lake Tahoe’s real estate activity. According to the South Lake Tahoe Association of Realtors’ Multiple Listing Services, there were 21 NEW (or back on the market) listings this past week. This number is up 7 from the previous week’s 14. Among the this group, the lowest priced new listing was $135,000 for a Bijou neighborhood condo located at 3344 Sandy Way #5. This condo has 2 bedrooms, 1 bath and 812 square feet of living space. The highest priced new listing was $999,000 for a Tahoe Keys home located at 392 Wedeln Ct. This home has 4 bedrooms, 2 baths, a boat dock and 2240 square feet of living space.
Along with an increase in the number of new listings, we also saw an increase in the number of new escrows. This past week there were 16 new PENDING ESCROWS, up 3 from the previous week’s 13. The lowest pending sale price from this group was $159,000 for a cabin located at 3776 Markoffer Way with 3 bedrooms, 0.75 baths and 676 square feet of living space. The highest pending sale list price this past week was $620,000 for a Tahoe Keys home located at 1685 Venice. This home has 3 bedrooms, 3 baths and 2328 square feet of living space. This escrow is pending bank’s approval for a short sale.The overall median home price among last week’s pending sales was $324,000 with an average time on the market of 81 days.
And, to top off the good news, fortunately the number of CLOSED escrows increased quite a bit from the previous week. This week there were 12 recorded sales, up 8 from the previous week’s 4. The lowest recorded sale price within this group was just $65,000 for 1223 Bonanza #72. This is a condo located in the Y area with 2 bedrooms, 1 bath and 841 square feet of living space. The highest sale price was $600,000 for 2152 Inverness, a Tahoe Keys home with 3 bedrooms, 2.5 baths and 1872 square feet. The overall median sale price was $261,000 with an average time on the market (including the escrow period) of 120 days.
As of August 26, 2010, there are 614 homes listed for sale within the South Tahoe Association of Realtors’ multiple listing services. The median asking price is $379,000. Of those 614 listings, 161 are in escrow with 29 of those pending banks’ approvals for short sales.
Resort Living – A Frame of Mind (or is it?)
Jazz on Lake Tahoe
I was driving home the other evening, singing along with the old classic (by the way – what is the cut-off date to become a classic) “Bye, Bye Miss American Pie” and influenced by the tune, I found myself reflecting on mental images of some of this summers’ highlights. Not too surprising was the realization that the stage in which every event took place was outdoors. Seriously, there was only one event that I could remember having been held indoors and that was an in-house concert. Okay – music is also a repetitive theme.
Throughout the summer we held our weekly Tuesday Night Beach dinner without fail. This particular week was incredible with food beyond belief, warm breezes even after the sun went down and a rising full moon simply forced us to howl with delight. On Thursday nights, there was jazz on the beach (see attached image,) Stateline held their outdoor concerts such as Elton John, Northstar found us riding up the gondola to see Natalie Cole perform on the mountain side and we enjoyed the biggest laugh we have had in years at Shakespeare At the Lake. Believe me, these mental images are as lovely as a Monet painting. I can’t help but smile from the joy they bring me. I mean a big old, ear-to-ear grin.
As I reflect on these memories, I can’t help but wonder if living in a resort town contributes to the magic surrounding these various outings. After all, these types of activities take place throughout the world and I have lived in a wide variety of cities within California. Yet, I just don’t recall being so in awe of that which I find myself experiencing on nearly a day-to-day basis. Would the music (sound) combined with fresh air (smell), splashes of vivid colors (sight), comfortable temperatures (touch), yummy food & beverages (taste) be as effective in embedding these memories deep in my brain cells if the backdrop of the Sierras and the waters of Lake Tahoe weren’t as part of the package? Or is it just easier to reach out and connect when nature is hosting the environment? OR – does the aging process simply find dwelling on pleasantries more comfortable? I don’t know the answer but boy – I like the outcome!
Lake Tahoe Real Estate Market Update – Nevada East Shore, Aug. 26th.
Full Moon At Baldwin Beach, Lake Tahoe
We are adding a new field to our weekly real estate market updates which will now include weekly market updates in regards to the real estate activity along the East Shore of the Nevada side of Lake Tahoe. These weekly updates will include the number of new listings as well as the high and low ends of the price range, the number of closed escrows (again with the high and low ends), the number of active listings and the number of pending sales.
As of today, August 26th, there are 148 active single family home listings posted within the Northern Nevada Regional Multiple Listing Services. Of those 148 listings, there are ten pending sales of which three are subject to bank approval for a short sale. The median list price among this group is $997,450. Between August 15th and today, there were four new listings. The lowest priced new (or back on the market) listing was 174 Cottonwood which is a three bedroom, two bath home with 1,570 square feet of living space within the Lower Kingsbury neighborhood. The highest priced new listing is $2,799,000 for a three bedroom, four bath Glenbrook home with approximately 3,800 square feet of living space.
During this same week, there were three closed sales. At the lower end of the price range among these closed sales was 448 Quaking Aspen which was a five bedroom home located across from the Stagecoach lift on Heavenly Mountain. This home was listed at $775,900 and sold for $750,000. At the top end of the scale was 1362 Winding Way located in the Cave Rock neighborhood. This five bedroom, four and a half bath home had 4,970 square feet of living space and wonderful lake views. It was originally listed for $1,995,000, eventually reduced to $1,365,000 and closed as a bank approved short sale for $1,320,000.
Among the condominium market, there were no new escrows or closed sales as of August 15th. There are currently 81 condos on the active market with 15 of those being in escrow. Of these 15 escrows, 5 are subject to the bank’s approval for a short sale. At the lower end of the price range for active condo listings is $64,900 for a one bedroom, one bath ski condo at Heavenly. This property is currently in escrow. At the top end of the active listings is $3,995,000 for a five bedroom lake front townhouse in Glenbrook. The overall median list price among condos is $365,000.
Heavenly Valley, So. Lake Tahoe Neighborhood Market Update
IT’S A DONE DEAL! 3775 Overlook, one of our favorite listings (take a look at one of it’s magical sunsets) was reported as SOLD in South Lake Tahoe this past week. The original family owners, with a wide range of emotions, turned the keys over to a wonderful new family ready to create their own Tahoe memories. Sometimes we all have to smile knowing that the perfect match was made.
Along with posting the closed sale for 3775 Overlook in the Heavenly Valley neighborhood of South Lake Tahoe, we thought it would be a good opportunity to update the year to date market report for the area. Much to our pleasant surprise, the Heavenly Valley neighborhood values are holding up, despite all of the current negative real estate news played out within the media.
Among the many areas throughout the South Lake Tahoe real estate market showing positive changes was the Heavenly Valley neighborhood. In fact, when looking at the same period for 2009, (January 1 through August 21,) it was clear to see that both the number of closed escrows as well as the median home price were both improved. The negative news was in regards to the dollar per square foot. With more and more folks striving to keep their loans within the conventional loan limits of $415,000 in order to take advantage of record low interest rates, the competition among sellers is pushing them to price their homes below the $500,000 range. While folks seem to be willing to spend a bit more, they are certainly seeking the “biggest bang for the buck.” Following is the annual comparison for number of units sold, the median home price and the median time on the market in regards to both single family homes as well as condominiums:
Single Family/Condos # of Units Sold Median Home Price Average $/SF Median Days on Market
2010 14/7 $455,650/$245,000 $251/$220 129/245
2009 8/2 $430,000/$220,000 $219/$246 127/316
There are currently 41 homes and condominiums for sales within the Heavenly Valley neighborhood. Among these 41 properties, 4 are in escrow, 2 of which are pending the banks’ approvals for short sales.
Those of you interested in this area, you may want to check out our page on Heavenly Valley, South Lake Tahoe Real Estate. In the meantime, get those skis and boots out of the closet – the snow is right around the corner. And where better to be than in the Heavenly Valley area?