South Lake Tahoe, CA

Purchasing a bank owned property can be a bit overwhelming. When dealing with foreclosures there can be multiple offers, scary bank addendum's, issues with having utilities turned on for inspections, out of town title and escrow companies and tight time periods. When I am representing a buyer on a bank owned foreclosure purchase, I try to go the extra mile to insure that the transaction will go as smoothly as possible.

Last week I closed escrow on two bank owned properties and here is what my two wonderful clients had to say about my performance:

To whom it may concern:

We were in the Tahoe area visiting our son and drove by a house with a REO sign. We made a few phone calls to local Realtors then spoke to Brent Johnson who seemed to be very knowledgeable. Brent was immediately available to help us with options and educate us on a Real estate ownedproperty. Brent was very knowledgeable and patient and won our confidence - later that afternoon we found ourselves back in his office discussing the process and submitted an offer. Throughout the process, which included a second round of negotiations, Brent was there as an advisor for us. Soon thereafter we received a call that the bank accepted our offer - Brent helped us to interface with the other realtor and the bank to make a few concessions and repairs on the home before close of escrow. Brent's expertise and knowledge in the field made this transaction successful.

Thanks again Brent
Bill and Mona Pecsi
Southern CA

Brent, we wanted to thank you for all of your assistance with the purchase of our house at Tahoe. Your advice in establishing an offering price was extremely useful. And your help as the house progressed through escrow was invaluable. We didn't fully understand the challenges with purchasing a foreclosure. Living in the Bay Area we never would have been able to obtain all of the historical documentation from the city or be able to follow-up on the required "fixes" to the house. Having you acting on our behalf was invaluable.

We are very pleased with the purchase and expect that our family will have many enjoyable years at the house.

Stan and Sherry

So far this year almost one in three houses sold in South Lake Tahoe was a bank owned foreclosure. There have been 353 single family homes reported as sold on the South Lake Tahoe MLS, 109 of them were foreclosures. With a steady incoming inventory of foreclosure listings coming onto the market, buyers looking for deals still have a good selection to choose from. Although there is still a steady incoming inventory of foreclosure listings, there are more buyers in the real estate market competing for the deals.

The competition over the foreclosure listings has caused many multiple offer situations and has caused many homes to sell over the list price. The average list to sales price for the 30 foreclosure listings that sold from 31 to 60 days of being on the market was 103.47% of list price. The non foreclosures only sold for 96.8% of list price with the same days on the market.

Below is a graph showing the average list price to sales price for the foreclosure listings in South Lake Tahoe that have sold so far this year.

The bank owned foreclosures are also selling for a much lower price per square foot than the non-foreclosure listings. The 109 foreclosures have sold for an average price per square foot of $191 and the non-foreclosures have sold for an average price per square foot of $252. One thing to keep in mind is that most of the bank owned foreclosures needed some work. Weather it was carpet, paint, appliances, or a total remodel needed, there was usually some kind of work necessary for the foreclosure homes.

The average days on the market was much lower for the foreclosures also. The average days on the market for the foreclosures was 87 days. The average days on the market for the non foreclosures was 185 days.

Here are some more interesting comparisons between the foreclosures and non-foreclosures sold this year.

• The median price per square foot for the foreclosure listings was 1,520 and the median square footage for the non-foreclosures was 1,611.
• The median sales price for the sold foreclosures was $280,000 and the median sales price for the non-foreclosures was $352,000.
• The median days on the market for the sold foreclosures was 75 days and the median days on the market for the non-foreclosures was 147.

If you are interested in purchasing a foreclosure in South Lake Tahoe, here are some tips. Make sure that you sign up for new listing notification on my website so that new foreclosure listings are e-mailed to you as they come onto the market. Be sure to look at my current list of foreclosures in South Lake Tahoe for an updated list of what foreclosures are available and which foreclosures are in escrow. The most important thing to do is to get pre-approved from a mortgage broker. Many banks will not even look at an offer unless a pre-approval letter is included with the offer. When you find a foreclosure that you are interested in, be ready to act quickly. With multiple offer situations very common with foreclosure listings, time is of the essence!

October was another great month for single family home sales in South Lake Tahoe. There were 46 homes sold in October which tied the month September for the most single family houses sold in 2009. Home buyers did a great job taking advantage of the low home prices and the great fall weather here in South Lake Tahoe. Many of the home buyers were first time home buyers taking advantage of the $8,000 first time home buyer tax credit before it expires. There has been talk about the possibility of the first time home buyer tax credit being extended. According to The National Association of Realtors, Key lawmakers in the Senate have tentatively agreed to extend the existing tax credit for first time home buyers. If the tax credit is extended, it should benefit the housing market across the country.

Here are the statistics for the single family houses in South Lake Tahoe that sold in October:

• There were 46 single family homes in South Lake Tahoe that were sold in October
• 16 of the sold homes were bank owned foreclosures
• There were 4 short sales in South Lake Tahoe sold
• The average sales price for the sold homes was $440,393 (up from $371,058 in September)
• The median sales price was $323,500 (up from $292,500 in September)
• The average selling price per square foot was $239 (up from $215,000 in September)
• The median days on the market was 123

There were only 4 short sales that closed escrow in October, this is down from 7 sold in September. The short sales that sold had a very long median days on the market of 227. The average price per square foot for the short sales was $231, and the median sales price was $564,500. It still seems like most banks are more willing to spend time and money on foreclosing on homes than they are willing to work with the sellers and real estate agents to get short sales closed!

There were 16 bank owned foreclosures that were sold in October. The average price per square foot for the sold foreclosures was $184, down from $196 in September. The average price per square foot for the non-distress sales that sold in October was $274, $90 per square foot more than the foreclosures. South Lake Tahoe real estate buyers continued to target bank owned foreclosure listings and continued to pay close to or above list price for them. The foreclosures that sold in the first 30 days of being listed (3 homes) sold for 98% of list price. The foreclosures that sold from 31-60 days of being listed (2homes) sold for 130% of list price. The foreclosures that sold from 61-90 days of being listed (4 homes) sold for 94% of list price. The foreclosures that sold after over 91 days of being listed (7 homes) sold for 101% of the listing price.

• The average sales price for the foreclosures sold in October was $308,838
• The median sales price for the sold foreclosures was $282,500
• The median days on the market was 79
• The average sales price per square foot was $184

There is still a great selection of houses available in South Lake Tahoe. There are currently 346 houses for sale on the South Lake Tahoe mls and 95 houses that are in escrow. There has also been some decent foreclosures coming onto the market each week. Make sure to keep visiting my current list of foreclosures in South Lake Tahoe or sign up for my new listing notification to be notified of new listings that meet your criteria.

After a slow start to 2009, Tahoe Keys real estate activity is now showing signs of new life. There are now 17 single family houses in the Tahoe Keys that are in escrow according the South Lake Tahoe MLS. Out of the 17 houses that are in escrow, 10 are distress sales. The distress sales that are in escrow consist of 2 bank owned foreclosures and 8 short sales. The bank owned foreclosures that are in escrow are 1886 Genevieve Ct, a 4 bedroom, 2.5 bath, 2 car garage, 1946 square foot home listed for $599,000 and 1971 Aloha, a 4 bedroom, 2.5 bath, 2 car garage, 2524 square foot home listed for $798,000.

There have been 20 houses in the Tahoe Keys that have sold so far in 2009. Distress sales have accounted for 8 of the sold Tahoe Keys homes. There were 5 short sales and 3 bank owned foreclosures that have been reported as sold on the South Lake Tahoe mls.

Tahoe Keys Real Estate Statistics for the Sold 2009 Homes

• The average listing price for the sold Tahoe Keys homes was $992,692
• The average selling price for the sold Tahoe Keys homes was $926,258
• The median listing price for the sold Tahoe Keys homes was $759,900
• The median selling price for the sold Tahoe Keys homes was $705,000
• The average price per square foot for the sold Tahoe Keys homes was $323
• There have been 5 sold short sales in the Tahoe Keys
• There have been 3 sold foreclosures in the Tahoe Keys
• The average days on the market was 199
• The median days on the market was 164

The average sold price per square foot of $323 in the Tahoe Keys is down 17 % from 2008 when the average sold price per square foot was $388. The following statistics show how the average price per square foot for sold single family homes has come down in the Tahoe Keys.

• In 2005 there were 49 houses sold and the average price per square foot was $473
• In 2006 there were 35 houses sold and the average price per square foot was $475
• In 2007 there were 37 houses sold and the average price per square foot was $476
• In 2008 there were 32 houses sold and the average price per square foot was $388
• In 2009 there have been 20 houses sold in the Tahoe Keys and the average price per square foot has been $323

With 46 houses for sale in the Tahoe Keys on the South Lake Tahoe mls, there is still a great selection of homes to choose from. There are only 3 homes for sale that are being listed as short sales, and there are no available foreclosures for sale in the Tahoe Keys. If there are any new foreclosure listings in the Tahoe Keys, I will be sure to add them to my current list of foreclosure listings in South Lake Tahoe. For further information about Tahoe Keys real estate please contact Brent and Jill Johnson today!

Here is a list of the single family foreclosures in South Lake Tahoe that are currently on the South Lake Tahoe mls. Click on the address for a complete description of the listings.

• 838 Tahoe Keys Blvd (10/22/09) $179,000 3 bedroom, 1 bath, 1 car garage, 1064 square foot home in Tahoe Island Park.
• 1971 Aloha (10/22/09) $798,000 4 bedroom, 2.5 bath, 2 car garage, 2545 square foot home in the Tahoe Keys.
• 2577 Armstrong (10/19/09) $164,500 3 bedroom, 1 bath, 832 square foot cabin in the Sierra Tract.
• 2298 Sutter Trail (10/21/09) $549,900 4 bedroom, 2.5 bath, 2 car garage, 2674 square foot newer home in Montgomery Estates.
• 1501 Walkup $270,000 (10/16/09) 3 bedroom, 2 bath, 1 car garage, 1208 square foot bank owned foreclosure.
• 1625 Player $435,600 (10/16/09) 3 bedroom, 2.5 bath, 2 car garage, 2309 square foot newer home. In Escrow!
• 2480 Lupine $647,900 5 bedroom, 4 bath, 2 car garage newer home in Montgomery Estates.
• 942 Brockway (10/6/09) $364,900 3 bedroom, 2 bath, 6 car garage, 1806 square foot home in Highland Woods.
• 1183 Lodi (10/13/09) $185,000 2 bedroom, 1 bath, 864 square foot house in the Sierra tract.
• 1033 Cheyenne(10/7/09) $249,900 3 bedroom, 2 bath, 1124 square foot home in Meyers.
• 1139 Modoc Way (9/30/09) $525,000 3 bedroom, 2.5 bath, 2 car garage, 2286 square foot newer house in Meyers.
• 932 Tahoe Keys Blvd. (9/29/09) $246,411 3 bedroom, 2 bath, 2 car garage, 1248 square foot rancher in Tahoe Island Park.
• 1800 High Meadow Trail (9/25/09) $699,900 4 bedroom, 3.5 bath, 2 car garage, 3,243 square foot newer home in Montgomery Estates.
• 1208 Tokochi (9/26/09) $276,200 3 bedroom, 2 bath, 2 car garage, 1460 square foot chalet.
• 2680 Kubel (9/23/09) $154,900 2 bedroom, 1 bath, 448 square foot cabin in the Sierra Tract. In Escrow!
• 1852 Guadalupe (9/23/09) $378,551 3 bedroom, 2.5 bath, 2 car garage. 1680 square foot newer home.
• 1251 Sierra Blvd (9/23/09) $197,120 1638 square foot duplex in the Sierra Tract.
• 2359 California (9/22/09) $273,900 3 bedroom, 2 bath, 2 car garage, 1920 square foot fixer in Tahoe Island Park. In Escrow!
• 2882 Oakland(9/09/09) $287,900 3 bedroom, 2 bath, 1552 square foot Al Tahoe home. In Escrow!
• 3504 Pinecrest Ave. (9/11/09) $242,000 3 bedroom, 2 bath, 1728 square foot Bijou home.
• 3344 Sandy Way #26 (9/16/09) $139,900 2 bedroom, 1 bath condo with a pool.
• 1439 Ski Run I-2 (9/15/09) $274,900 1067 square foot condo near Heavenly Valley with a pool.
• 3320 Pioneer Trail (9/15/09) $286,000 1288 square foot, 3 bedroom, 2 bath, remodeled home.
• 1892 Ulmeca (9/08/09) $172,260 3 bedroom, 2 bath, 1968 square foot home. In Escrow!
• 3140 Nevada (9/9/09) $261,900 3 bedroom, 2 bath, 2 car garage Al Tahoe home. In Escrow!
• 930 Modesto (9/1/09) $374,900 3 bedroom, 2.5 bath, 2 car garage, 1560 square foot home in Al Tahoe.
• 3713 Montreal Rd. (8/28/09) $164,900 4 bedroom, 1 bath, 1020 square foot cabin near stateline.
• 2187 Big Pine Ave (8/31/09) $190,000 2 bedroom, 1 bath, 979 square foot home in Tahoe Island Drive. In Escrow!
• 1886 Genevieve Ct. (9/2/09) $599,900 4 bedroom, 2.5 bath, 2 car garage, 1946 square foot foreclosure in the Tahoe Keys area. In Escrow!
• 1040 Fairway Ave. (8/28/09) $210,000 3 bedroom, 1 bath, 1 car garage, 1064 square foot home.
• 2680 Kubel (8/21/09) $139,900 2 bedroom, 1 bath, 448 square foot home. In Escrow!
• 1174 Echo View (8/10/09) $422,755 5 bedroom, 3 bath, 2 car garage, 3290 square foot home in Echo View Estates. In Escrow!
• 1977 Tooch $296,000 3 bedroom, 2 bath, 1414 square foot county home with a carport. In Escrow!
• 1370 Glenwood (8/14/09) $ 297,900 3 bedroom, 2 bath, 1384 square foot home in Bijou. In Escrow!
• 1223 Bonanza Ave #1 (8/1/09) $89,900 2 bedroom, 1 bath, 812 square foot condo.
• 1223 Bonanza Ave #25 (8/4/09) $115,000 2 bedroom, 1 bath, 985 square foot condo. In Escrow!
• 3025 Christmas Valley (7/28/09) $209,900 2 bedroom, 1 bath, 960 square foot condo in Christmas Valley.
• 1531 Tionontati (7/7/09) $384,275 3 bedroom, 2.5 bath, 2 car garage newer 2175 square foot home built in 2003. In Escrow!
• 1865 Arrowhead Ave (6/26/09) $229,000 3 bedroom, 2 bath, 1605 square foot home in Meyers.
• 3740 Larch (6/24/09) $112,900 1 bedroom, 1 bathroom, 468 square foot cabin. In Escrow!
• 751 Seneca (6/17/09) $198, 900 2 bedroom, 1 bath, 864 square foot fixer off of North Upper Truckee.
• 1033 River Drive (6/14/09) $209,900 3 bedroom, 1.5 bath fixer upper. In Escrow!
• 1211 Wildwood (6/9/09) $159,900 2 bedroom, 1 bath, 994 square foot home in the Stateline area. In Escrow!
• 3025 Christmas Valley (5/15/09) $209,900 2 bedroom, 1 bath Christmas Valley Condo.

For additional information about any of the foreclosures in South Lake Tahoe please contact Brent and Jill Johnson today!