Lake Tahoe Real Estate Market Update, Aug. 7 – 13
Hot August Nights has more than one meaning in the Lake Tahoe area. Combined with neighoring Reno’s annual classic event of old cars, prom events, & cook-offs, we here at the lake have been experiencing what is for us, a HEAT WAVE. Temperatures in the 90′s and we are finding ourselves sans long sleeves in the evenings.
The past week showed somewhat consistant activity within the Lake Tahoe real estate market. Down from last week’s 32 new listings, there were 24 this week (the second highest number in the past 6 weeks.) The lowest asking price is $210,000 for a 2 bedroom, 1 bath condo within the Bijou area. The highest asking price is $2,695,000 for a 5 bedroom, 4 bath Tahoe Keys waterfront home with almost 4,000 SF of living space. The median price for these new listings is $459,750.
Also down from the previous week’s 12 new pending sales, were this week’s reported 10. The lowest asking price among this category was $139,000 for a studio condo along Emerald Bay Highway near Pope Beach and Fallen Leaf Lake. The highest asking price was $1,495,000 for a 5 bedroom, 3 bath Tahoe Keys home with nearly 3.000 SF of living space. The median price among this category was $464,450. The average days on the market for these homes was 84.
Congratulations and Best Wishes to the buyers and sellers of the 5 reported closed sales (down from last week’s whopping 14.) The low end of the range was $225,000 for a 2 bedroom, 1.5 bath condo near Heavenly Mountain skiing. The top of the range for closed sales was $775,000 for a lodge-style home at the foot of Heavenly Mountain featuring 4 bedrooms, and 3.5 baths. The median home price was $326,000 and the average days on the market for these homes was 54, a relatively short time based on recent history.
Our pick for “Deal of the Week” is 1161 Glenwood. This stylish ranch style home is located in the Bijou area close to nearly every South Lake Tahoe destination of entertainment. Completely remodeled from studs to finish touches, this three bedroom, two bath home features all the “bells and whistles” you will find in homes starting at twice the price. Hardwood floors, granite counters, gas fireplace – it’s all here for an amazing $448,000.
Click Here to See For Yourself
South Lake Tahoe, CA Market Update, July 18 – July 24
During the week of July 18th through the 24th, the South Lake Tahoe real estate market continued along a consistent path of new, pending and sold escrows. During this week there were 18 new listings. Among these new listings, the lowest asking price is $305000 for a 2 bedroom, 1 bath home with approximately 1,000 SF in the Sierra Tract to a high of $839,000 for a 3 bedroom, 2.5 bath with over 2,500 SF in the popular Montgomery Estates neighborhood. The median price for these 18 new listings was $452,000.
There were 9 new escrows, slightly up from the previous week’s 8. The low was $239,000 for a one bedroom, one bath cabin with only 468 SF of living space. This escrow is pending bank approval for a short sale. The high range reached $899,999 for a 4 bedroom, 3 bath home built in 2004 and featuring over 2,817 SF of living space. This home is located in the Al Tahoe area, within walking distance to Lake Tahoe.
The number of closed sales totaled 4, slightly down from last week’s 5. The lowest selling price was $271,000 for a 2 bedroom, 1 bath home with 912 SF of living space in the Bijou area. Congrats to daughter Jaime for a great job. The highest priced home sold during the past week was $402,800 for a 4 bedroom, 2 bath home featuring nearly 1,906 SF in the HIghland Woods area.
This week’s featured property is 707 Julie. This delightful home is located in the popular Gardner Mountain area which is well known for its forested settings within a few short miles to Lake Tahoe beaches, a few short steps to National Forest trails leading to Fallen Leaf Lake and yet, within the city limits. This home has 3 super sunny bedrooms, 2 baths, granite counters, large rake windows and a double garage. Click Here To Take A Visual Tour.
Commuter Camping in Lake Tahoe
Whenever we travel, folks ask us where we live. When we answer, “Lake Tahoe,” we undoubtedly hear the same response, “Then why are you here?” And as usual, no matter how glorious the vacation, upon our return, we are always find ourselves wowed that we actually LIVE in Lake Tahoe.
A couple of years ago, a friend and I were pondering as to which destination we would point our GPS in search of our annual “girls get-a-way.” And, to both our surprise, we decided to vacation in our backyard – Lake Tahoe. The weather is pleasant, the recreation endless and the time spent traveling would be minimal and hassle-free. So, we packed the golf clubs and traveled a full forty minutes to Lake Tahoe’s Squaw Resort. Great spa, golf, meals and all within our backyard.
So, if Paradise is in your backyard, why not enhance life one step further by incorporating “vacation benefits” within the typical work week? Hence, the discovery of “commuter camping.” For the second year in a row, the owners of Pinnacle Real Estate in South Lake Tahoe rented a cabin on Echo Lake. The deck of this cabin literally extends over the water. If you haven’t yet visited Echo Lake, mark it in your “to do” list the next time you are in South Lake Tahoe. The plan was to open the doors to our team to use as they wished for two weeks. Any number of us would gather at the cabin in the afternoons, enjoy relaxing dinners, play games, fish, hike … whatever one pleased. Upon waking, some agents would head in to the office to take care of business while others would stay behind to take a “day off” with their cell phones at hand. In and out. Just like every other working soul however, our commute was a treat in and of itself.
The results were incredible. Magnify the benefits of a power nap by 100 fold. Living and working in Lake Tahoe most certainly blends the values of vocation and avocation in one nice life-style bundle.
Lake Tahoe Real Estate, Weekly Market Update, July 10 – 16
What a great week in South Lake Tahoe. The smoke is gone, the weather is fabulous and the phones are ringing in the real estate industry. Okay, records are being set and homes are selling like they used to, but there are definitely smiles all across town. I suppose that is what brilliant blue skies can do for one’s overall disposition.
Just as in the previous week, the South Lake Tahoe Association of Realtors’ MLS reported 20 new or “back on the market single family & condo residential listings. The low end of the value range was a 2 bedroom condo on Ski Run near Heavenly Mt. for $242,000 while the top end featured a newer 4 home waterfront home in the Tahoe Keys asking $1,635,000.
New pending sales totaled 8 (down from last week’s 11) starting at $199,900 for a smaller cabin to $1,400,000. The latter was, once again, a waterfront home in the Tahoe Keys. The median asking price for these 8 homes is $425,500.
Closed sales totaled 5 (again the same as last week) starting with a 2 bedroom, 2 bath home in the Pioneer Trail area for $363,000 to a high of $725,000 for a 4 bedroom, 2 bath home on a fabulous setting within the North Upper Truckee area. The median for these 5 homes was $423,000.
It is of interest to note that last year, we reported the same number of sales for the same exact dates. The median home price at that time was $430,000, only slightly higher than what we are seeing this hear despite the media’s focus on the current housing & mortgage troubles.
THIS WEEK’S HOME OF THE WEEK is 687 Julie in Garner Mountain. This must be one of the best deals in today’s market. Brand new, this archetictural design features alder cabinets, travertine floors, two laundries, lofty vaulted ceilings, a stone fireplace and three full baths. Best of all, it is located within a short walk to the Fallen Leaf Lake Trails, a short bike ride to the best beaches along Lake Tahoe and just a few short minutes to Heavenly Skiing. All of this for only $699,000. Click here to take a visual tour. We hope you enjoy this tour and please, pass it along to anyone you feel could be interested.
South Lake Tahoe Weekly Market Update, July 2nd-9th
We took a brief hiatus from the Lake Tahoe real estate weekly market updates due to system changes, updates and, okay, a brief vacation. However, we’re back in action and it looks like the timing is perfect.
Rather than divide the South Lake Tahoe market activity between City & County properties, we felt those closely watching the sales reports would be more interested in weekly and annual comparisons. These statistics are especially interesting when one compares them to the national real estate reports being broadcast on a daily basis.
Between the week of July 2nd through July 9th (encompassing the July 4th holiday) there were a total of 14 closed escrows as compared to only 5 for the same period last year. These sales ranged from a low of $285,000 to a high of $1,100,000. Last year’s sales ranged from a similar low of $285,000 to a high of $540,000.
New escrows totaled 11, down from the 17 the previous week. The lowest asking price among these properties was $190,000 for a bank-owned 3 bedroom, 2 bath home near the Y area to a high of $1,295,000 for a waterfront home in the Tahoe Keys. The median price among the new escrows was $387,000 demonstrating that the under $500,000 price range continues to dominate the South Lake Tahoe real estate market.
There were 20 new/back on the market listings ranging from a low of $265,000 to a high of $1,750,000 with a median asking price of $544,000. Last week’s new/back on the market listings numbered 28 with a median price of $469,000.
THIS WEEK’S HOME OF THE WEEK is 1093 San Diego. Just reduced by over $100,000, this stunning home features mountain luxury through and through. 2,000 SF of hand-distress solid oak floors, raised paned alder doors, recirculating hot water system, professional series appliances RV parking, and VIEWS. Outdoor enthusiasts will love the proximity to the Truckee River, Lake Tahoe Golf Course, Tahoe Paradise Park and three major ski resorts. Click here to take a visual tour. Enjoy the journey and let us know if you would like further information on this or similar homes.
