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?