South Lake Tahoe Neighborhood Update, Montgomery Estates

The overall news for Montgomery Estate homeowners is pleasant.  In fact, a few “high-fives” are in order.  According to the South Tahoe Association of Realtors’ Multiple Listing Services, as of November 3, 2010 there have been 33 closed escrows since January 1, 2010 in the Montgomery Estates neighborhood. During the same period in 2009, there were 27 closed sales and 16 reported sales occured in 2008 during the same time period.

Of the 33 homes sold, the lowest sale price was $214,800 for 1701 Pepperwood St., a 3 bedroom, 1 bath bank-owned home with 1,064 square feet of living space. The highest price for a home sold in Montgomery Estates was $1,150,000 (congratulations Pinnacle!) for 2232 Columbine Trail. This home featured 7 bedrooms, 5 baths, 4,746 square feet and an indoor swimming pool.  Out of the 33 sales, a total of 7 sales in the Montgomery Estates neighborhood were bank-owned and another 5 were short-sales. The average sale price was $533,294 with an average dollar per square foot of $212.  The median sale price was $518,000 with a median dollar per square foot of $201.

As of September 30, 2010, the South Tahoe Association of Realtors’ MLS reported that the median home price within the Montgomery Estates neighborhood  showed a considerable increase over the median home price reported last September 30th for the same period of time.  In fact, Montgomery Estates was one of the few areas that actually saw increased values as compared to a year ago.

As of today, November 3, 2010, there are 29 active listings within the Montgomery Estates neighborhood.  These 29 listings are averaging a list price of $559,259 with a median list price of $425,000.  Among the 29 active listings, a total of 6 of them are ”distressed” sales with 2 being bank-owned and another 4 are listed as short sales. The average dollar per square foot for these 29 listings is $250 with a median dollar per square foot of $220. Within this group of  homes currently on the market,  4 are currently in escrow.  2 of the homes in escrow are currently pending bank approval for a short sale, 1 is a bank owned foreclosure and the other one is a “traditional” sale.  These escrows are averaging a list price of $531,250 and have a median list price of $499,000.  The average dollar per square foot for the homes in escrow is $195 and the median dollar per square foot is $194 (these dollar per square foot numbers are quite a bit lower than the average  dollar per square foot numbers for the active homes that have not yet gone into escrow).