About South Lake Tahoe's Bijou 1

Would you believe me if I said that some homes in South Lake Tahoe can be purchased for less than half of what they were worth in 2005/2006? If this were true, would you think that it is now a good time to buy real estate in South Lake Tahoe? Your answers to both of my questions should be yes!

Not all homes in South Lake Tahoe are selling at half price, but some are, and here is a recent example:

My wife Jill recently sold a home located at 1035 Herbert for $208,000. This house had previously sold in October 2004 for $330,000 and again in July 2006 for $480,000! The recent sales price of $208,000 is 57% less than what this house had previously sold for in 2006! The buyers purchased this house for less than half of what someone else paid 3 years ago!

1035 Herbert was a 1394 square foot bank owned foreclosure. With four bedrooms, two bathrooms, and a detached garage, this house has plenty of room and a great layout. The selling price per square foot was $149.21 which was well under the median price per square foot of other South Lake Tahoe foreclosures (which is $202 per square foot). The sales price of $208,000 was also well below the median sales price of other foreclosures in South Lake Tahoe (which is currently $272,000).

There are a lot of potential home buyers out there who do not think that they can get a loan to purchase a home like this one. That is not necessarily true. This house on Herbert was financed as a second home! As long as you have a solid credit score and proof of income, you have a good chance of obtaining financing. Most lenders are now requiring a minimum FICO score of 620 to obtain an FHA loan. In order to obtain an FHA loan, the house does need to be your primary residence. With Mortgage rates at historical lows, and home prices at up to half off, now is a great time to buy Real Estate in South Lake Tahoe! If you would like to find out if you can qualify for a loan, give Lee Nicchel at Associated Mortgage a call at (530) 544-5309. Lee should be able to let you know if you can qualify for a loan in just a few minutes.

If you would like to know more about homes in South Lake Tahoe, South Lake Tahoe real estate, or questions regarding foreclosures in South Lake Tahoe, please contact Brent and Jill Johnson today!

The Bijou area in South Lake Tahoe is located between Pioneer Trail and Regan Beach, just west of Ski Run. The South Lake Tahoe MLS divides Bijou into two sections, Bijou 1 and Bijou 2. Bijou 1 is on the East side near Ski Run and Pioneer Trail, and Bijou 2 is on the west side near Highway 50 and Johnson Blvd. near the Bijou Golf course.

Bijou is one of the oldest neighborhoods in South Lake Tahoe. Centrally located near Heavenly, the casinos, and Lake Tahoe, making Bijou a great area for a primary or vacation home.

The Bijou Community Park located off of Al Tahoe Blvd. offers a playground, basketball, volleyball, a bmx and skate park, disk golf, and a dog park.

Also located in Bijou is the public Bijou Municupal Golf Course. This is a 9 hole golf course and costs $15 for El Dorado County residents, and $20 for non-residents for 9 holes.

Other close by activities include the ice skating rink, Regan Beach, and the South Lake Tahoe Recreation complex, which has a year round indoor/outdoor pool.

Single family homes in the Bijou area range from small older cabins in the $200,000 range, to remodeled and new homes priced over a million dollars. Some of the houses in Bijou may have mountain and/or meadow views, forest views, and are on relatively flat lots. There are also some areas in Bijou that have multi-family properties including duplexes and small apartment buildings.

The statistics for 2008 sold single family homes in Bijou 1 are as follows

• Median sales price $382,500 (down 3% from $393,500 in 2007)
• Average days on market was 177 ( up from 152 in 2007)
• Total units sold was 28 (down from 37 in 2007)
• Average sales price $412,371
• Total sales volume $11,546,500
• 5 sold houses were foreclosures

Bijou 2

• Median sales price $319,000 (down 18% from 390,000 in 2007)
• Average days on market was 112 (down from 145 in 2007)
• Total units sold was 11 (up from 7 in 2007)
• Average sales price $326,277
• Total sales volume $3,588,500
• 3 sold houses were foreclosures

Click here to search active Bijou 1 and Bijou 2 listings on the South Lake Tahoe MLS.

For more information on South Lake Tahoe Real Estate, properties on the South Lake Tahoe MLS, or foreclosures in South Lake Tahoe, contact Brent and Jill Johnson today!

Bijou Neighborhood Update: All 2008 Home Sales, Current Escrow and Listings.

We’ve just updated Bijou. Please click the link “Bijou, CA” found in the left sidebar of our Lake Tahoe Real Estate Blog. This will lead one to all current Bijou listings, current escrow and all sales in 2008. Also included are all Bijou sales for 2007, 2006 and 2005.

Also included in our left sidebar are all other South Lake Tahoe and Stateline, NV neighborhoods, plus complete reports on the entire South Lake Tahoe and Stateline, NV real estate market. Here you will find current South Lake Tahoe and Stateline, NV real estate absorption rates as well. This is the most complete and up-to-date Lake Tahoe real estate information available online. Our goal is to provide you with all of the information... all of the time.

Read about all South Lake Tahoe Market Statistics here.