The number of NEW PENDING escrows over the past week was 17, up a whopping 7 from the previous week’s 10. The lowest pending list price from this group was $151,200 for 1619 Atroari, a bank-owned home located in the Tahoe Paradise neighborhood. This home has 3 bedrooms, 2 baths and 1248 square feet. The highest priced home that went into escrow over the past week is listed at $964,900 for 2165 Balboa, a 4 bedroom, 4 bath in the Tahoe Keys with 4150 square feet of living space. This home is also currently bank owned. The overall median list price for the homes in escrow this last week was $299,000 and the overall average list price for these homes was $372,653. The average time on the market for these pending sales was 81 days.

As for the CLOSED escrows, there were 12 reported sales over the past week, up 1 from the previous week.  The lowest recorded sale price within this group was $127,000 for 1261 Heather Lake, a 3 bedroom, 2 bath with 1232 square feet. This home was a bank owned sale and it is located in the Bijou neighborhood. The highest recorded sale last week sold for $575,000 for 1901 Blackfoot in the Tahoe Paradise area. This home was a short sale with 5 bedrooms, 4 baths and 3438 square feet of living space.

As of February 1st, 2011, there are currently 370 active homes and condos on the market according to the South Tahoe Association of Realtors’ MLS. Out of the 370 active listings, 103 of them are in escrow. Among the 103 escrows, 49 of them are subject to bank approval for a short sale.

As we head out the door to enjoy an absolutely GLORIOUS day in Lake Tahoe, we thought it best to finish up one bit of business.  That is the posting of the weekly real estate report for the East Shore of Nevada.  According to the Northern Nevada Regional Multiple Listing Services, there are 126 single family homes currently listed for sale throughout the Lake Tahoe’s Nevada East Shore neighborhoods (as of January 26th, 2012). Among this group of Nevada homes for sale, there are 18 homes currently in escrow. Among these 18 escrows, 11 are still pending bank approval for a short sale. Throughout these 126 active listings, the median list price is $1,295,000 while the average list price is at $2,744,704. Among the 18 homes that are in escrow, the median listing price is $350,000 and the average listing price is $614,988.

There was 1 new listing over the past week for the East Shore side of Lake Tahoe, NV, down 2 from the previous week’s 3 new listings. The new listing is asking $274,900 for a home located at 740 Kingsbury. This home is bank owned and it has 3 bedrooms, 2 baths and 1969 square feet of living space. Unfortunately there were no new pending sales reported for the past week either, the same as the week before. There were, however, 2 homes that closed escrow over the past week, up 2 from the week before. The lowest sale price was $265,500 for 649 N. Martin. This home has 3 bedrooms, 1 bath and 1024 square feet. The highest recorded sale was $480,000 for 314 Ute Way in Round Hill. This is a 4 bedroom, 2 bath with 2501 square feet.

As of January 26th, 2012 there are currently 66 condominiums listed for sale on the Nevada side of South Lake Tahoe. The median listing price for these condos is $394,000 and the average listing price is $630,807. Out of these 66 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 $209,900 and the average is $307,457. There were 2 new condo listings put on the market last week, up 2 from the week before. The lowest new asking price is $313,500 for 229 Clubhouse, a 3 bedroom, 3 bath with 1676 square feet. This condo is currently bank owned. The other new listing is asking $625,000 for 121 Holly B in the Lake Village complex. This condo has 3 bedrooms, 2 baths and 2112 square feet of living space. There were no new pending condo sales, the same as the prior week. As for recorded sales, there was one condo that sold for $96,000. This condo was a foreclosure sale and it has 2 bedrooms, 2 baths and 1232 square feet. It is located at 383 B Tramway at the top of Kingsbury Grade.

2012 BOARD OF DIRECTORS

It sure looks like the Souers team and members of the Pinnacle Real Estate Group of Lake Tahoe are going to, once again, be pretty active within the South Lake Tahoe Association of REALTORS® leadership team.  As we put this press release together for our local media, we realized that our team was named in numerous elements.

The 2012 South Tahoe Association of REALTORS® kicked off the new year with a Leadership Retreat this past Wednesday, January 25th.  The main topic of the agenda was focused on goals for the year, how best to represent the rights of Lake Tahoe homeowners and getting the various related committees underway.  The 2012 Leadership Team is made up of:

• President: Jill Teakell – C21 Tahoe Paradise
• President Elect: Ken Daley – Re/Max Realty Today
• Vice President: Brooke Hernandez – Chase Int’l So Tahoe Realty
• Secretary Treasurer: Natalie Yanish – Deb Howard & Co
• Immediate Past President: Amanda Adams – Re/Max Tahoe Realty

BOARD OF DIRECTORS

• Pamela Francis – C21 Tahoe Paradise
• Judith Hanson – Chase Int’l So Tahoe Realty
• Pam Belli – Coldwell Banker McKinney & Assoc
• Sheila Edner – Chase Int’l South Tahoe Realty
• Michael Keller – Keller Properties
• Jaime Souers – Pinnacle Real Estate Group
• Dan Spano – Paradise Real Estate
• Jesse Yohnka – Re/Max Realty Today

COMMITTEE CHAIRS

• Community Service: Ellen Camacho – Deb Howard & Co.
• Communications & Public Relations: Theresa Souers – Pinnacle Real Estate Group
• Education: Fawne Hayes – Century 21 Tahoe Paradise
• Grievance Chair: Steve Eisen – McCall Realty
• Local Government Relations: Jill Stanton Bricker – Re/Max Realty Today
• Long Term Planning Chair: Kathy Southern-Mountain View Management
• MLS Tour Director: Nanda Dozier – Pinnacle Real Estate Group
• Professional Standards Chair: Michelle Benedict – Pinnacle Real Estate Group Property Management Chair: Chris Chandler – Coldwell Banker McKinney
• Scholarship Chair: Steve Costanza – McCall Realty
• M.L.S Chairs: Don Souers – Pinnacle Real Estate Group
•           Joe Filipko – Chase Int’l So Tahoe Realty

Following a successful 2011, the South Tahoe Association of REALTORS® honored the following members for their outstanding efforts and leadership:

REALTOR® of the Year: Amanda Adams – Re/Max Realty Today
Distinguished Service: Jill Stanton Bricker – Re/Max Realty Today
Community Service: Jim Wire – Chase Int’l So Tahoe Realty
Rookie of the Year: Natalie Yanish – Deb Howard & Co

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.

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.

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.

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.

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.

Tahoe Paradise 2011 Median Home Price

Due to a high number of short sales and bank owned properties, the 2011 statistics weren’t so great for the Tahoe Paradise neighborhood of South Lake Tahoe, that is, unless one is a buyer looking for investment opportunities.  According to the South Tahoe Association of REALTORS®’ MLS, there were 22 closed escrows in the Tahoe Paradise neighborhood during 2011. This number decreased from the previous year, in 2010 there were 37 closed sales and in 2009 there were 29 sales reported.

The median sales price for the Tahoe Paradise homes that sold in 2011 was $268,200 which was $100,000 less than the median from the year before. In 2010 the Tahoe Paradise median sale price was $369,900 and in 2009 it was $422,000.

As for the list price to sold price ratio, the homes that sold in Tahoe Paradise during 2011 sold for an average of 93.9% of the asking price. The list to sold ratio has also declined a bit over the last couple of years, in 2010 they sold for an average of 95.2% and in 2009 the homes sold for an average of 94% of the asking price.

The average amount of time on the market for the homes that sold in Tahoe Paradise in 2011 was 152 days (including the escrow period). During 2010 they were on the market for an average of 122 days and in 2009 they were on for an average of 156 days.

At the end of the December in 2011 there were 10 homes currently listed for sale in the Tahoe Paradise neighborhood according to the South Tahoe Association of REALTORS®’ MLS. The lowest priced property on the market at the end of 2011 was $151,200 for 1619 Atroari. This is a bank owned fixer with 3 bedrooms, 2 baths and 1248 square feet of living space. The highest priced listing in Tahoe Paradise at the end of the year was $649,000 for 1921 Celio. This home features 5 bedrooms, 3 baths and 2992 square feet of living space.

Tahoe Keys 2011 Median Home Price

Buyers looking for waterfront properties will be thrilled to know that their best opportunities may be right here/right now.  According to the South Tahoe Association of REALTORS®’ MLS, there were 63 closed escrows in the Tahoe Keys neighborhood during 2011. This number remained about the same as the previous year, in 2010 there were 67 closed escrows. In 2009 the number of closed Tahoe Keys sales was much lower at 38.

The median sales price for the Tahoe Keys homes that sold in 2011 was $515,000. This number was higher in 2010 with a median of $625,000. And in 2009 it was even a bit higher at $670,000.

As for the list price to sold price ratio, the homes that sold in the Tahoe Keys during 2011 sold for an average of 93.6% of the asking price. The list to sold ratio has pretty much remained the same over the last couple of years, in 2010 they sold for an average of 93% and in 2009 the homes sold for an average of 9+2.4% of the asking price.

The average amount of time on the market for the homes that sold in Tahoe Keys in 2011 was 220 days (this is including the escrow period). During 2010 they were on the market for an average of 188 days. Two years before in 2009 the average time on the market was 189 days.

At the end of the December in 2011 there were 38 homes and condos listed for sale in the Tahoe Keys neighborhood according to the South Tahoe Association of REALTORS®’ MLS. The lowest priced property on the market at the end of 2011 was $128,725 for 477 Ala Wai #82. This is a studio condo with 1 bath and 502 square feet of living space. The highest priced property at the end of the year was listed at $3,595,000 for 10 Lighthouse Shores. This is a lakefront home with 4 bedrooms, 5 baths and 4433 square feet of living space.