The Meyers Neighborhood in So. Lake Tahoe Holds its Own
Meyers, located at the gateway to South Lake Tahoe, appears to be continuing in it’s draw toward buyers. According to statistics offered by the South Tahoe Association of Realtors MLS, the Meyers neighborhood saw an upswing in the number of closed escrows, the median and average home prices as well as the time on the market. When studying sales for the first four months of 2010 as compared to the same period in 2009, we see that there were 7 homes sold as compared to 4 in 2009. The median and average home prices sold were $260,000 and $275,586 respectively which was up from $225,000 and $233,375 in 2009. Another improvement was in regards to the time on the market. In 2010, the cumulative time on the market (which includes the actual escrow period) was 125 days. This was approximately a month quicker than the 171 days reported in 2009.
Following are the seven posted sales for Meyers during the first trimester of 2010.
1079 Modoc was built in 1974 with 1,200 SF of living space sold for $260,000.
1198 Tomahawk was built in 2009 with 2,130 SF of living space was a bank-owned sale at $410,000.
1139 Modoc was built in 2006 with 2,286 SF of living space was a short sale at $440,000
1194 Apache was built in 1981 with 1, 120 SF of living space sold for $287,000.
1998 Cherokee was built in 1971 with 1,228 SF of living space was a bank-owned sale at $210,000.
1964 Cherokee was built in 1961 with 1,088 SF of living was a bank-owned sale $172,100.
1596 Arapahoe was originally built in 1977 and included an unfinished upstairs addition. This property sold for $150,000.
Actually, when you consider that over half of the homes sold in Meyers during the first trimester of 2010 were bank-owned or short sales, the improvements in the above mentioned categories were a welcomed sight.
Country Club Estates Show Positive Moves in Tahoe Real Estate Market
According to the South Tahoe Association of Realtors MLS, the news is looking a bit better for the Country Club Estates neighborhood. When looking at a comparison of the first four months of 2010 in relation to that of 2009, improvements were noted in several areas. The positive trends were in regards to the number of homes sold, the average sales price, the time on the market and the dollar per square foot. In 2010, there 7 closed escrows averaging a sales price of $365,343 at approximately $230 per square foot and a cumulative time on the market of 158 days. During the same period last year, there were only 3 homes sold at an average sales price of $341,833 with an average $207 per square foot and a cumulative time on the market of 220 days. Although better than 2009, the numbers were slightly lower than the average sales price of $548,980 at $252 per square foot and a cumulative time on the market of 142 days.
The median home price during the first trimester of 2010 was only $312,500 which pretty much in line with the $318,500 median home price found throughout the South Lake area. The median price of $318,500 was down from last year’s $395,000 posted at the end of April.
Following are the seven posted sales for Country Club Estates during the first trimester of 2010.
1887 Elks Club was built in 2005 with 2,678 SF of living space and was a short sale at $565,000.
1637 Sawmill was built in 1976 with 2,000 SF of living space and sold for $310,000.
1636 Thunderbird was built in 1972 with 1,288 SF of living space and was a short sale at $312,500.
1545 Tionontati was built in 1973 with 1,728 SF of living space and was a bank-owned sale at $206,000.
1451 Glen Eagles was built in 1981 with 2,068 SF of living space and sold for $450,000.
1209 Country Club was built in 2005 with only 598 SF of living space and was a bank-owned sale at $228,900.
1863 Crystal Air was built in 2009 with 1,700 SF of living space and was sold over asking at $485,000.
They’re baby steps but we’ll take every step we can.
South Lake Tahoe Real Estate Market Update, May 6- May 12
Our run of reduced listings and higher number of new escrows came to an end last week. We’re hoping that the decline in market activity was due to the amazing snow storm we experienced however, all in all, the numbers are still more encouraging than we normally see this time of year.
According to the South Lake Tahoe Association of Realtors there were 21 NEW (or back on the market listings), one more than the previous week. The lowest priced new listing is $129,000 for 1409 Bonanza, a 2 bedroom, 1 bath with 815 square feet. The highest priced new listing is $999,000 for 1261 Country CLub, a 4 bedroom, 4 bath with 2598 square feet located in the Meyers neighborhood near the Lake Tahoe Golf Course. The median listing price this week was $489,600.
This past week there were 14 homes that went into escrow, down 5 from the previous week’s 19. The lowest priced new escrow is listed at $139,000 for 3610 Spruce, #6, a 2 bedroom, 1 bath with 896 square feet. The highest priced new escrow is listed at $799,000 for 2301 Cold Creek, a 4 bedroom, 3.5 bath with 3330 square feet in the Montgomery Estates neighborhood. The median pending asking price was $264,250 with an average time on the market of 103 days.
There were 5 CLOSED sales this past week, down 3 from the previous week’s 8. The lowest sale price was $309,000 for 930 Edgewood Circle, a 4 bedroom, 3.5 bath with 2400 square feet. The highest sale price was $650,000 for 1608 Plumas, a 5 bedroom, 3.5 bath with 3199 square feet. The median sale price was $495,000 with an average time on the market of 100 days. The good news is that this median home price is higher than the overall average.
Montgomery Estates sees Improving Sales Activity in South Lake Tahoe
Here it is – straight from the South Lake Tahoe Association of Realtors’ Multiple Listing Services, the first of our studies to compare Year-to-Date (January 1st through April 30th) sales statistics for the past three years.
The news is rather encouraging for the Montgomery Estates neighborhood. The number of closed escrows totaled ten which was slightly up from last year’s nine and soared above 2008’s total of only three. While still below the average and median home prices of 2008, the numbers were definitely up as compared to last year at the same time.
This increase of median and average home prices scored better than the picture presented throughout the overall South Lake Tahoe area. The overall median home price (based upon the average from the preceding twelve months,) appears to have settled during the past six months. These statistics show a median home price of $318,500, down from last year’s $395,000 posted at the end of April.
Following are the ten posted sales for Montgomery Estates during the first trimester of 2010.
2303 Sutter built in 2003 with 2,971 SF sold for $564,500
2341 Cold Creek built in 1974 with 2,703 SF sold for $775,000
1802 Amador built in 1991 with 2,448 SF was a short sale at $400,000
1215 Gold Dust built in 1991 with 2,814 SF sold for $518,000
3100 Jacarillo built in 1982 with 1,400 SF and backing forest sold for $355,000
1157 Early Dawn built in 1973 with 1,120 SF sold for $298,000
1148 Golden Bear built in 1972 with 1,846 SF was a short sale at $350,000.
2384 Cold Creek built in 1977 with 1,832 SF was a bank-owned sale at $351,000.
1701 Pepperwood built in 1969 with 1,064 SF was a bank-owned sale at $214,800.
3025 Lodgepole built in 1996 with 2,578 SF and backing forest sold for $540,000
Let’s all keep our fingers crossed and hope this encouraging news is only the beginning of a stabilizing market. While we are at it, let’s keep those interest rates at record lows and keep those smiles first and foremost.
South Lake Tahoe Real Estate Market Update, Mar. 25- Mar. 31
What does the South Lake Tahoe real estate market and the local Sierra snow pack have in common? They are both showing improved numbers. Between March 25th and March 31st, there were 16 NEW (or back on the market) listings posted over the past week according to the South Tahoe Association of Realtors. This number is slightly down from the previous week’s reported 17. Among these listings, the lowest asking price is $129,900 for 1596 Arapahoe, a 2 bedroom, 1.5 bath home located in the Meyers neighborhood. This home had an unfinished top floor addition. The highest priced new listing is $699,000 for 1556 Apache, a 4 bedroom, 2.5 bath with 3200 square feet. Overall, the median listing price this week was $332,000. This is up from the current median price of approximately $312,000.
During this same week, there were 17 homes that went into ESCROW this past week. Wow – especially when you note that last week reported only 7 new escrows. The lowest priced new escrow is $149,900 for 2579 Elwood, a 2 bedroom, 1.75 bath with 826 square feet located in the Sierra Tract neighborhood. The highest priced new escrow is $875,000 for 1924 Cathedral, a 4 bedroom, 2.75 bath Tahoe Keys home with 3746 square feet. The median pending asking price is $3285,000 with an average time on the market of 34 days.
Finally, the last week showed 14 CLOSED sales, up 10 from the previous week’s 4. The lowest sale price was $150,000 for a 1353 Meadow Crest, a 5 bedroom, 2 bath Black Bart home with 2329 square feet (this home is going to be a rebuilding/ remodeling project). The highest sale price was $800,000 for 2020 Aloha, a 3 bedroom, 2.5 bath Tahoe Keys with 2329 square feet. The median sale price was $286,700 with an average time on the market of 94 days.
More information about these homes and neighborhoods can be found on our website or simply give us a call at 530.577.0389 for further information.