South Tahoe Assoc. of REALTORS® Receive State Grant
The California Association of REALTORS® recently recognized the efforts of the South Tahoe Association of REALTORS® in their efforts to work in behalf of representing the rights of property homeowners throughout the South Lake Tahoe area. During the recent C.A.R. Business meetings held in Indian Wells January 17th – 21st, C.A.R. awarded the South Tahoe Association of REALTORS® with a $5,000 state IIMPACT grant. The purpose of the grant is to pay for S.T.A.R.’s Governmental Affairs Director, Hayley Williamson to attend the accelerated Tahoe Regional Planning Agency meetings focusing on the updating of its regional plan. Williamson is also responsible for representing South Tahoe REALTORS® at these meetings as well as bringing back information to the S.T.A.R. Board of Directors. In addition, the state IMPAC funds will allow STAR Association’s members to learn about the new laws affecting our region through advocacy and policy education such as new zoning ordinances, height restrictions, and community goals that TRPA is considering.
This update will be the first since the late 1980s. The TRPA’s regional planning committee is holding meetings throughout the winter and spring of 2011-2012 to update the Regional Plan. The TRPA intends to have the new Regional Plan in place by the end of 2012. At TRPA planning meetings, stakeholders meet all day to discuss how they want to update the regional plan. STAR’s representation is felt to be vital as the TRPA’s regional plan will have a direct affect on how people buy and sell homes in the Tahoe Basin. The TRPA has requirements instructing REALTORS® to give out disclosures regarding TRPA regulations to homebuyers and home sellers. The TRPA says in its own mission statement that it relies on public-private relationships to meet environmental goals.
Along with CAR’s recognition of the importance for STAR’s involvement with decisions that could affect the South Tahoe area, they acknowledged that the decisions made by the T.R.P.A. could have an effect on the state of California as well. If the TRPA passes ordinances mandating point-of-sale issues, it may set a precedent for other point-of-sale mandates across the state. Furthermore, since the TRPA must abide by California’s new sustainable communities laws (passed in 2010), how the TRPA interprets and implements these California statewide laws will set a statewide precedent. For this reason, CAR has encouraged STAR to seek a similar grant on the National level and offered to assist in the effort to do so.
South Lake Tahoe Real Estate Market Update, Jan. 19- Jan. 25
image by Theresa Souers
We enjoyed a splash of winter this past week however, it looks like the coming weekend will once again return to Spring. Knowing what could be around the corner, we will take advantage of the warmer temperatures and head outdoors for some fresh air. Now, onward to the weekly real estate report. According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 7 new listings posted over the past week, down 1 from the previous week’s 8. Among these new listings, the lowest priced property is $115,000 for 2580 Alma. This is a bank-owned home in the Sierra Tract neighborhood with 2 bedrooms, 1 bath and 864 square feet of living space. The highest priced new listing over the past week is listed at $549,000 for 1301 Susie Lake Road. This Bijou home has 3 bedrooms, 3 baths and 2655 square feet. The overall median list price for these new listings was $359,000 and the overall average list price was $335,643.
The number of NEW PENDING escrows over the past week was 10, down 4 from the previous week’s 14. Condos seem to be the bookends for this week’s pending sales. The lowest pending list price from this group was $49,000 for a bank-owned condo located at 1223 Bonanaza #4 in the Y neighborhood. This condo has 2 bedrooms, 1 bath and 841 square feet. The highest priced home that went into escrow over the past week is listed at $449,000 for 439 Ala Wai #135. This Tahoe Keys condo has 3 bedrooms, 3 baths and 1870 square feet.The overall median list price for the homes in escrow this last week was $203,125 and the overall average list price for these homes was $235,842. The average time on the market for these pending sales was 101 days.
As for the CLOSED escrows, there were 11 reported sales over the past week, up 5 from the previous week’s . The lowest recorded sale price within this group was $108,900 for 3804 Alder, a 3 bedroom, 2 bath with 1235 square feet located in the Ski Run area. This home was a bank-owned sale. The highest recorded sale last week sold for $815,000 for 3606 Mackedie, a 5 bedroom, 3 bath with 3186 square feet of living space (congratulations to Mark Salmon with Pinnacle Real Estate) located at the foot of Heavenly Mt. The overall median sale price for the past week was $185,000 and the overall average sale price was $276,627.
As of January 25th, 2011, there are currently 380 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 380 active listings, 108 of them are in escrow. Among the 108 escrows, 52 of them are subject to bank approval for a short sale.
East Shore Nevada- South Lake Tahoe Real Estate Market Update, Jan. 13- Jan. 19
Winter is back and excitement about returning to the ski slopes is abundant. With that long awaited event under our belts, let’s move forward to the real estate market report.
According to the Northern Nevada Regional Multiple Listing Services, there are 122 single family homes currently listed for sale throughout the South Lake Tahoe’s Nevada East Shore neighborhoods (as of January 19th, 2012). Among this group of Nevada homes for sale, there are 16 homes currently in escrow. Among these 16 escrows, 9 are still pending bank approval for a short sale. Throughout these 122 active listings, the median list price is $1,270,000 while the average list price is at $2,789,061. Among the 16 homes that are in escrow, the median listing price is $369,500 and the average listing price is $657,181.
There were 3 new listings over the past week for the East Shore side of Lake Tahoe, NV. The lowest new listing price is $459,000 for 654 Jeffrey Lane in the Stateline area. This home has 4 bedrooms, 3 baths and 2,806 square feet of living space. The highest priced new listing is $2,000,000 for 179 Yerington Circle in the Glenbrook community. This home features 4 bedrooms, 4 baths and 3,097 square feet of living space. The median list price for the new listings is $1,295,000 and the average is $1,251,333. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were also no reported sales for single family homes.
As of January 19th, 2012 there are currently 65 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $389,000 and the average listing price is $626,680. Out of these 65 condos on the market, there are 7 that are currently in escrow. Among the 7 pending sales, 4 are subject to bank approval for a short sale. The median price for Nevada condos in escrow is $149,500 and the average is $279,800. This was a very slow week for Nevada condo activity as there were no new condos listed for sale, no new pending sales and unfortunately no recorded sales either.
South Lake Tahoe Real Estate Market Update, Jan. 12- Jan. 18
According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 8 new listings posted over the past week. Among these new listings, the lowest priced property is $184,900 for 1893 Hunkpapa (listed by the Souers team). This home is located in the Pioneer Trail neighborhood and features 2 bedrooms, 2 baths and 960 square feet of living space. The highest priced new listing over the past week is listed at $695,000 for 1640 Venice in the Tahoe Keys neighborhood. This property has 4 bedrooms, 3 baths and 2,444 square feet of living space. The overall median list price for these new listings was $411,950 and the overall average list price was $427,100.
The number of NEW PENDING escrows over the past week was 14. The lowest pending list price from this group was $75,900 for 1234 Dedi Ave. in the Y neighborhood. This home is currently bank owned and has 2 bedrooms, 1 bath and 868 square feet of living space. The highest priced home that went into escrow over the past week is listed at $510,000 and is located at 1989 Marconi in the Tahoe Keys neighborhood. This home is also bank owned and it features 3 bedrooms, 3 baths and 2697 square feet of living space. The overall median list price for the homes in escrow this last week was $243,700 and the overall average list price for these homes was $260,596. The average time on the market for these pending sales was 100 days.
As for the CLOSED escrows, there were 6 reported sales over the past week. The lowest recorded sale price within this group was $125,000 for 1208 San Diego in the Meyers neighborhood. This home is a bank owned fixer that had previous water damage and it has 4 bedrooms, 2 baths and 2,022 square feet of living space. The highest recorded sale last week sold for $317,000 for 2244 Inverness. This home is located in the Tahoe Keys and it has 3 bedrooms, 2 baths and 1,530 square feet. The overall median sale price for the past week was $152,500 and the overall average sale price was $175,917. The average time on the market, including the escrow period, was 152 days.
As of January 18th, 2011, there are currently 381 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 381 active listings, 113 of them are in escrow. Among the 113 escrows, 51 of them are subject to bank approval for a short sale.
Y Area- End of the Year Comparisons
The 'Y' 2011 Market Report
Home prices actually saw a nice increase in values during 2011. According to the South Tahoe Association of REALTORS®’ MLS, there were 37 closed escrows in the Y neighborhood during 2011. This number rose from the previous year’s 27 closed sales. Two years ago in 2009 there were 28 sales reported.
The median sales price for the Y homes and condos that sold in 2011 was $121,200. This number is higher than the previous year’s $65,000. In 2009 the median sale price for the Y area was $132,500.
As for the list price to sold price ratio, the homes that sold in the Y during 2011 sold for an average of 92.8% of the asking price. Although it rose slightly, the list to sold ratio has basically remained the same over the last couple of years. In 2010 they sold for an average of 91.8% and in 2009 the homes sold for an average of 91.3% of the asking price.
The average amount of time on the market for the homes that sold in the Y area in 2011 was 153 days (including the escrow period). During 2010 they were on the market for an average of 148 days. In 2009 the sold homes were on the market for an average of 156 days.
At the end of the December in 2011 there were 22 homes and condos listed for sale in the Y neighborhood according to the South Tahoe Association of REALTORS®’ MLS. The lowest priced property on the market at the end of 2011 was just $59,000 for a condo located at 1223 Bonanza #36. This condo is bank owned and it has 2 bedrooms, 1 bath and 1064 square feet. The highest priced listing at the end of the year in the Y neighborhood was $399,900 for 1266 Tata Lane. This home features 3 bedrooms, 2 baths and 1610 square feet of living space.