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 Learns the New California Purchase Contract
Like it or not, the “old dogs” are learning some new tricks. Beginning April 28th, the California Association of Realtors will be releasing the newest form of their Residential Purchase agreement. This will be the first major revision since 2002. This morning, Gov Hutchinson, Assistant general Counsel and Staff Vice President of the California Association of Realtors, presented a class this morning, April 2nd in South Lake Tahoe through the South Tahoe Association of Realtors. Every page of the eight page contract reflected changes and each page was covered, practically line by line. In attendance were approximately 120 Realtors from the surrounding area. Following the class, many stayed to take a test required to earn continuing education credits.
Significant among the changes were clarifications to timelines. No longer can a deadline fall on a weekend or a legal holiday. While these days can be counted within a timeline, the deadline must be be extended beyond the weekend or legal holiday. For example, if the 17th day of an inspection contingency falls on a Sunday and the following Monday is a holiday as well, the deadline then becomes Tuesday. Another major change to the contract makes it clear that a deposit check can be electronically transferred into escrow without having to go through the hands of the agent. Further changes included: the notice to perform, FHA and VA loans, financing, appraisal contingencies, pest inspections, home warranties and contingencies. There was even language included that addresses whether or not brackets holding up a flat screen tv is considered a fixture or personal property (definitely a sign of the times.)
What do these changes mean to the consumer? Whether a buyer or seller, the greater the clarification in contract terms, the better the protection and risk management. More than ever, a local, knowledgeable Realtor is a valuable asset to the real estate transaction. The next time you find yourself interviewing Realtors, ask them about their continuing education and what they are doing to stay one step ahead of the market trends. You’re going to be pleasantly surprised.
South Lake Tahoe Real Estate Market Update, Oct. 15- Oct. 21
The South Lake Tahoe real estate market showed 13 NEW LISTINGS this past week, up from the previous week’s 7. The lowest priced new listing is $164,500 for 2577 Armstrong, a 3 bedroom, 1 bath with 832 square feet. The highest priced new listing is $1,395,000 for 1321 Wildwood, a 4 bedroom, 3 bath with 3432 square feet. This week’s median listing price is $495,000.
There were 11 homes that went into ESCROW this past week, up from last week’s 7. The lowest priced new escrow is $164,900 for 3713 Montreal, a 4 bedroom, 1 bath with 1020 square feet.The highest pending sale price is $737,000 for 1984 Osage, a 4 bedroom, 3 bath with 3009 square feet. The median pending sale price is $324,000 with and average time on market of 60 days.
This week there were 9 homes recorded as SOLD, one more than last week’s 9. The lowest sale price was $85,000 for 1223 Bonanza #25, a 2 bedroom, 1 bath condo with 985 square feet. The highest sale price was $520,000 for 756 Lakeview, a 4 bedroom, 2 bath with 1706 square feet. The average time on the market (including the escrow period) was 142 days. The median sale price was $314,000.
South Lake Tahoe Real Estate Market Update, Oct. 8- Oct. 14
[SinglePic not found]The South Lake Tahoe real estate market showed 7 NEW LISTINGS this past week, down one from the previous week’s 8. The lowest priced new listing is $185,000 for 1183 Lodi, a 2 bedroom, 1 bath with 864 square feet. The highest priced new listing is $648,000 for 1357 Gilmore Lake, a 4 bedroom, 4 bath with 3406 square feet. This week’s median listing price is $335,000.
There were 7 homes that went into ESCROW this past week, down from last week’s 14. The lowest priced new escrow is $139,900 for 2680 Kubel, a 2 bedroom, 1 bath with 448 square feet. The highest priced new escrow is $1,988,000 for 5 Lighthouse Shores, a 3 bedroom, 2.5 bath with 2996 square feet. The median pending sale price is $399,000 with and average time on market of 102 days.
This week there were 8 homes recorded as SOLD, down from last week’s 14. The lowest sale price was $222,000 for 2319 Sky Meadows, a 3 bedroom, 1.75 bath with 1280 square feet. The highest sale price was $750,000 for 2205 Venice, a 4 bedroom, 2.5 bath with 2467 square feet. The average time on the market (including the escrow period) was 158 days. The median sale price was $610,900.
South Lake Tahoe Real Estate Market Update, Oct. 1- Oct. 7
[SinglePic not found]Lots of surprises this week, starting with a surprise winter storm in Lake Tahoe (hint of some fun times ahead.) Next, the South Lake Tahoe real estate market activity continues to show signs of a steady albeit slow recovery. Last week showed 8 NEW LISTINGS, down from the previous week’s 14. The lowest priced new listing is $249,000 for 1033 Cheyenne, a 3 bedroom, 2 bath with 1124 square feet. The highest priced new listing is $1,295,000 for 1790 Meadow Vale, a 6 bedroom, 4 bath with 3200 square feet. This week’s median listing price is $455,000.
There were 14 homes that went into ESCROW this week, one less than last week’s 15. The lowest priced new escrow is $112,900 for 3740 Larch, a 1 bedroom, 1 bath with 468 square feet. The highest priced new escrow is $3,275,000 for 3819 Beach Rd., a 4 bedroom, 2 bath with 2286 square feet. The median pending sale price is $309,500 with and average time on market of 107 days.
This week showed 13 homes recorded as SOLD, up from last week’s 8. The lowest sale price was $130,000 for 1176 Margaret, a 4 bedroom, 3 bath with 2184 square feet. The highest sale price was $1,250,000 for 596 Lucerne, a 4 bedroom, 4 bath with 5313 square feet. The average time on the market (including the escrow period) was 115 days. The median sale price was $275,000.