South Lake Tahoe REALTORS® Bring Easter Smiles to Community
The South Tahoe Association of REALTORS®’ helped to bring big smiles to numerous children throughout the South Lake Tahoe community. Led by our own Jaime Souers and Ellen Camacho with Deb Howard & Co., the S.T.A.R. Community Service Committee raised approximately $780 which was used to purchase approximately 127 brightly wrapped Easter baskets. These packages were delivered Friday, April 6th to local organizations, the Family Resource Center and Live Violence Free who in turn presented the baskets to children of families receiving assistance from these social organizations. The delivery of the Easter baskets has become an annual tradition with the South Tahoe Association of REALTORS® and all funds were donated by REALTOR® members.
South Lake Tahoe Real Estate Market Update, Mar. 29- Apr. 4
The inventory of homes available within the South Lake Tahoe real estate market is steadily declining which is somewhat typical for this time of year. According to the South Lake Tahoe Association of REALTORS’ Multiple Listing Services, there were 8 new listings posted over the past week, down 3 from the previous week’s 11 new listings. The lowest priced new listing was $115,000 for 3828 Steven in the Stateline neighborhood. This home has 3 bedrooms, 2 baths and 1152 square feet of living space. This home will need short sale approval. The highest priced new listing over the past week is listed at $879,000 for 2161 Venice Dr. in the Tahoe Keys. This home features 3 bedrooms, 3 baths and 1,888 square feet. The overall median list price for these new listings was $484,450 and the overall average list price was $479,150.
The number of NEW PENDING escrows over the past week was 14, up 1 from the previous week’s 13. The lowest pending list price from this group was $109,000 for 1100 Wildwood. This bank owned home is in the Bijou neighborhood and it has 2 bedrooms, 1 bath and 692 square feet. The highest priced home that went into escrow over the past week is listed at $644,500 for 2297 Chiapa in the North Upper Truckee area. This home has 5 bedrooms, 3 baths and 3,22/8 square feet of living space. Both of these homes are with buyers represented by the Pinnacle Real Estate Group (we couldn’t help but share that bit of news.) The overall median asking price for homes that went into escrow was $212,400 while the average overall was $286,492. The average time on the market for these pending sales was 160 days.
As for the CLOSED escrows, there were 7 reported sales over the past week, down 7 from the previous week’s 14 sales. The lowest recorded sale price within this group was $83,000 for a foreclosure sale located at 2538 Armstrong in the Sierra Tract neighborhood. This home has 2 bedrooms, 1 bath and 864 square feet. The highest recorded sale last week sold for $642,500 for 4210 Saddle. This home is located in the Heavenly neighborhood and it has 3 bedrooms, 2 baths, 2184 square feet and lake views. The overall median sale price last week was $300,000 while the overall average was $301,357. The average time on the market (including the escrow period) was 123 days.
As of April 4th, 2012, there are currently 374 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 374 active listings, 123 of them are in escrow. Among the 123 escrows, 53 are subject to bank approval for a short sale
East Shore, NV- South Lake Tahoe Real Estate Market Update, Mar. 30- Apr. 5
There appears to be a slight upward tick in the Northern Nevada real estate market this past week. According to the Northern Nevada Regional Multiple Listing Services, there are 141 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of April 5th, 2012). Among this group of Nevada homes for sale, there are 24 homes currently in escrow. Among these 24 escrows, 12 of them are still pending bank approval for a short sale. Throughout these 141 active listings, the median list price is $1,245,000 while the average list price is at $2,513,666. Among the 24 Nevada homes that are in escrow, the median listing price is $350,000 and the average listing price is $613,770.
There were 5 new listings over the past week for the East Shore side of Lake Tahoe, NV, up 5 from the previous week’s 0 new listings. The lowest new asking price is $349,000 for 242 Chimney Rock. This home will need short sale approval and it features 2 bedrooms, 3 baths and 1759 square feet of living space. There were no Nevada single family homes that went into escrow over the past week, down 1 from the previous week. There were 2 closed sales this past week, the same amount as the previous week. The lowest sale price was $500,000 for 2 Hopi in Round Hill. This home has 4 bedrooms, 3 baths and 3168 square feet. The highest sale price was $650,000 for 177 Snug Harbor in Skyland. This home has 2 bedrooms, 2 baths and 1372 square feet of living space.
As of April 5th, 2012 there are currently 75 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 $654,028. Out of these 75 condos on the market, there are 12 that are currently in escrow. Among the 12 pending sales, 6 are still subject to bank approval for a short sale. The median price for Nevada condos in escrow is $202,000 and the average is $296,225. There was 1 new condo put on the market this past week, down 2 from the previous week’s 3. The new condo listing is asking $375,000 for 7 Manzanita in the Lake Village complex. This condo has 3 bedrooms, 2 baths and 1490 square feet. There were no pending sales over the past week for condos, the same as the week before. There was 1 recorded sale, up 1 from the previous week. This condo was bank owned and it has 1 bedroom, 1 bath and 656 square feet.
Positive News Regarding California Real Estate Continues
No wonder I walk around in what appears to be a constant state of confusion. Could be my age (or so my kids tell me) but it also could be a result of the continuing bombardment of conflicting news regarding the state of today’s real estate industry. The good news is that California currently appears to be on a positive trend. Why does positive news regarding the California real estate market put a bit more hop in my step? Historically, the South Lake Tahoe real estate market tends to follow the Bay area and other large cities throughout the state by about six months to a year. The following information was provided by the California Association of REALTORS .
California pending home sales climb from previous month and year C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 102.3 in January to 127.8 in February, based on signed contracts. The index also was up from the 111.8 index recorded in February 2011, marking the tenth consecutive month that pending sales were higher than the previous year. “A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February,” said C.A.R. President LeFrancis Arnold. “In fact, REO inventory declined 24 percent in February from the previous year, while short sale inventory dropped 17 percent during the same period.”
- After declining for two straight months, equity sales increased in February, making up 51.1 percent of home sales in February. Equity sales made up 49.9 and 44.8 percent of all sales in January 2012 and February 2011, respectively.
- Meanwhile, the total share of all distressed property types sold statewide decreased in February to 48.9 percent, down from January’s 50.1 percent and from 55.2 percent in February 2011.
- The share of short sales dipped slightly in February. Of the distressed properties sold statewide in January, 23 percent were short sales, down from the previous month’s share of 23.8 percent but up from last February’s share of 22.9 percent.
The share of REO sales also edged down in February to 25.2 percent, down from January’s 25.9 percent and down from the 31.9 percent recorded in February 2011.
I Want to Go Back to School – So. Tahoe High to be Exact!
Heck, when I was in high school, we girls had two choices if we wanted to participate in an athletic team – swimming OR tennis. I say OR because both programs ran at the same time so you had to choose only one. Why or why weren’t programs like the upcoming South Lake Tahoe Mountain Sports Academy around back then. I would have tossed those cheer leading pom poms into the incinerator .
Check this out. Starting this fall, the South Lake Tahoe Mountain Sports Academy will offer student athletes that gravitate toward mountain sports a chance to incorporate a traditional high school educational (including the same graduation requirements as their classmates) with the opportunity to take part in a structured mountain athletic program. Netbooks with both WiFi and 3G capabilities will be distributed to participants to aid them with access to a “rigorous curriculum while fully participating in the mountain sports experience.” At the same time, these students will be able to participate in traditional high school activities such as dances, yearbook, various campus clubs, prom, etc.
South Tahoe High School is currently on a hybrid 4X4 block schedule which means that the there are four quarters (each quarter is equivalent to a semester class.) According to Angie Kiel, executive assistant to the Superintendent) “the majority of classes will be offered in two sequential quarters with some classes offered yearlong. This unique schedule, combined with online and independent learning courses, allows students to create a blended program for a more flexible academic option.” This program is being made possible through a partnership with Tahoe Sports & Entertainment, Inc., (the operators of the Ice Arena) and Sierra-at-Tahoe. Sierra-at-Tahoe Sierra is a popular ski resort among South Lake Tahoe locals and has long been a strong supporter of the Lake Tahoe Unified School District. Among their many generous gifts, they have passed out over 300 season ski passes every year to students who earning straight A’s. (I just had to pass along some well-deserved recognition) Back on topic, this program is met with great enthusiasm from locals that, up until now, have had to travel to Sugar Bowl, Squaw Valley, and even further. The costs involved for the athletic portion of the Academy will be quite competitive and the education portion comes at no cost to local residents.