Meeks Bay, California, West Shore, Lake Tahoe, Real Estate Market Report – Year End Review 2011
The Meeks Bay, California area starts approximately 11 miles south of the “Y” in Tahoe City on the West Shore of Lake Tahoe.
The Meeks Bay area is a small, West Shore community that is next to Rubicon Bay just south of Tahoma, California. This neighborhood overlooks both the Meeks Bay and the Rubicon Bay areas of Lake Tahoe.
Meeks Bay is known for their white sandy beaches and those amazing blues, teals, and green colors that make Lake Tahoe so beautiful. Lakefront homes and lake view homes in this area are very desirable and are considered one of Tahoe’s best kept secrets.
The Meeks Bay neighborhood is a mix of smaller, older, Tahoe cabins, along with larger, newer luxury mountain homes. This area has both lake-side and mountain-side subdivisions.
One reason this area is so desirable is the number of non-lakefront, lakeside (homes located on the lakeside of California Highway 89 South) mountain homes and cabins. A lakeside location means that you are short walk to the beach without having to cross the highway.
The upside for mountain homes and cabins on the mountain-side subdivisions are the stunning lake views. Most properties have access to one of the private home owner associations, or they go to the Meeks Bay Resort area for beach and pier access.
This vacation-resort, second home neighborhood is accessible on a year-around basis, even though many owners only use their places here in the summer.
Sold Single Family Homes in the Meeks Bay, California neighborhood West Shore, Lake Tahoe:
In the Meeks Bay area, mountain home and cabin prices averaged $500,000. With only 1 large lakefront estate sale occurring in 2010, it’s hard to make any real trend direction conclusions from 2011 over 2010, but comparing 2011 with 2009, there has been a -27% decline in single family home values in the Meeks Bay area in the past 2 years. The numbers of sales are up this year when compared to 2010 and 2009.
Of the 9 sales that took place in the Meeks Bay area, 3 were lakefronts, ranging in sold price from $975,000, $1,200,000, and $2,400,000. The sale at $975,000 was the least expensive lakefront sale for both the North Shore and the West Shore area this year and the sale at $1,200,000 was the least expensive lakefront sale with a pier this past year.
Cash sale transactions for the Meeks Bay area are up over 2010, and running at the same level as 2009, which is well above the Lake Tahoe – Truckee, California regional trend of 34%.
The current absorption rate for this neighborhood is at 4 months. Anything below 5 months of inventory is considered a Sellers’ market. The absorption rate can change quickly as the absorption rate on 12/03/2011 was 7.5 months, or a Buyers’ market. If the current level of transactions continues, and the absorption rate stays below 5 months, the Meeks Bay area may have put in a bottom.
There were no distress sales (bank foreclosures- real estate owned (REO’s) and short sales) in 2011, which is an improvement over 2009, where 16.7% of all homes and cabins sold were REO sales in this neighborhood.
There were 8 Active – available homes, cabins, and lakefronts for sale in the Meeks Bay, California, West Shore, Lake Tahoe, area as of 01/23/2012. They ranged in price from $650,000 to $3,500,000. Of the 8 homes offered for sale none were REO, or short sale listings, which is a very positive signal for this neighborhood. There are no pending sales in the Meeks Bay, California area as of 01/23/2012.
See all Meeks Bay, California lakefronts, mountain homes, and cabins for sale here.
See all Rubicon Bay, California lakefronts, mountain homes, and cabins for sale here.
See all Meeks Bay and Rubicon Bay, California lakefronts, mountain homes, and cabins for sale here.
See all Tahoma, California lakefronts, mountain homes, and cabins for sale here.
See all West Shore, Lake Tahoe, California lakefronts, mountain homes, and cabins for sale here.
Meeks Bay, California West Shore, Lake Tahoe, California, Real Estate Summary
Sold Single Family Homes
|
Year
|
Homes
Sold
|
Median Average Sales Price
|
Lowest
Price Sold
|
Highest
Price Sold
|
%
Cash
Transactions
|
Absorption Rate
< 5 months Sellers Mkt
5-7 months balanced Mkt
>7 months Buyer’s Mkt
|
% Distressed
Sales
|
Breakdown
of distressed
Sales
|
|
2011*
|
9
|
$500,000
|
$359,000
|
$2,400,000
3 Lakefronts
|
56%
|
4 Months
Sellers’ Market
|
0%
|
0 REO’s
0 Short Sales
|
|
2010
|
1
|
$12,400,000
|
$12,400,000
|
$12,400,000
1 Lakefronts
|
0%
|
NA
|
0%
|
0 REO’s
0 Short Sales
|
|
2009
|
6
|
$684,500
|
$510,000
|
$1,280,000
0 Lakefronts
|
66.7%
|
NA
|
16.7%
|
1REO
0 Short Sales
|
|
2008
|
3
|
$2,425,000
|
$2,350,000
|
$3,550,000
2 Lakefronts
|
33%
|
NA
|
0%
|
0 REO
0 Short Sales
|
|
2007
|
2
|
$2,512,500
|
$2,350,000
|
$2,675,000
2 Lakefronts
|
100%
|
NA
|
0%
|
0 REO
0 Short Sales
|
|
2006
|
0
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
NA
|
*YTD period is 01/01/2011 – 12/31/2011. Data Source: Tahoe Sierra Multiple Listing Service. Absorption rate based on 30 day period of time as of 01/23/2012.
Use caution when only a handful of sales are available in a neighborhood. The increase and decrease in the percent changes can be significant. Numbers are easily moved. When reviewing neighborhood data, I recommend reviewing the overall Lake Tahoe, California area, or the entire Lake Tahoe – Truckee Region to confirm market trends and direction, rather than only relying on just the neighborhood sales.
If you’d like more Lake Tahoe – Truckee, California real estate information, read Tahoe Laura’s Luxury Homes most recent real estate newsletter.
If you’d like a copy emailed to you, just write to Laura and include “newsletter” in the headline.
If you’re thinking of selling and would like to get a current market valuation for your Tahoe property, click here.
For all of your Tahoe real estate needs - Laura Allen, Broker Associate, REALTOR®, CRS, ABR®, RSPS, ePRO, Previews Property Specialist, DRE# 01473598, 530.414.1260, www.TahoeLauraLuxuryHomes.com Laura@TahoeLaura.com, Coldwell Banker Residential Brokerage, Tahoe City, California.
Note: Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TMLS's may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change and/or correction without prior notice. Data Source – Tahoe Sierra Multiple Listing Service (TSMLS). If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.
