Half of 2010 Sales Are Foreclosures and Short Sales

South Lake Tahoe, CA – Real estate in Lake Tahoe is coveted for the pristine location and year round recreation. The recession has created an excellent opportunity to own Lake Tahoe real estate at bargain prices. The median selling price for a single-family home in South Lake Tahoe is now $326,500. That is 33 percent lower than the market peak of $489,000 in April of 2006. Many Lake Tahoe homes for sale are foreclosures and short sales listed at or below 2003 prices.

Tahoe real estate exploded from 1999 to 2005. The demand was insatiable and homes were doubling in value every 3 to 4 years. In 2006, unit sales dropped by 35 percent and the median price leveled out. The price of Lake Tahoe houses reached a bottom of $317,250 in February of 2010. The median sales price has improved each month since. “This is a unique opportunity for buyers of Lake Tahoe property,” states Paradise Real Estate President and CEO Dan Spano. “The current market gives every advantage to the buyer. There is a good supply of homes with motivated sellers, mortgage interest rates are at an all-time low and home prices are greatly reduced.”

Buyer activity is also increasing. The number of Lake Tahoe sales through August 20, 2010 is 335 compared to 250 in 2009. That is a 34 percent increase and exactly half of the South Lake real estate sales this year have been bank owned or short sale listings.

Spano recently sold the Paradise Timeshare Resale division of his business to focus all of his attention on South Lake Tahoe real estate. “Paradise Real Estate specializes in Lake Tahoe foreclosures and short sales. Our team approach is very beneficial for our clients. Instead of dealing with one agent exclusively, clients profit from the combined knowledge of five experienced real estate professionals. Many realtors prefer not to handle short sales due to the difficult negotiations with many parties. At Paradise, we welcome the challenge and are proficient with short sale transactions.”

This weekly report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe, CA.  This information is focusing strictly on the South Lake Tahoe, CA. side of Lake Tahoe.

As of today, August 6,  2010 @ 3:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 508.  69 of these active listings are bank-owned or short sales.

Homes sold from August 1,  2010 to August 6,  2010 are: 9. Of the 9 homes sold, 3 or 33% , are foreclosure (bank owned or short sales). During the  same time period last year 7 homes sold, of which 0 were foreclosure. Total homes sold year to date are 312, of which 157 or 50% are foreclosures.  Total homes sold for the same time period last year were 228, of which 87 or 38% were foreclosures.

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

This report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This blog post is focusing strictly on the South Lake Tahoe, CA. side only and does not include West, North, or the NV portion of Lake Tahoe. 

As of today, May 28,  2010 @ 2:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 408.  63 of these active listings are bank-owned or short sales.

Homes sold from May 1,  2010 to May 21,  2010 are: 39. Of the 39 homes sold, 15 or 39%, are foreclosure (bank owned or short sales). During the same time period last year, May 1, 2009 to May 21, 2009, 25 homes sold, of which 11 or 44% were foreclosure. 

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

Local Broker Dan Spano of Paradise Real Estate reports current statistics for residential homes and condos in the Lake Tahoe, Nevada area.  This report does not include properties on the CA side of Lake Tahoe. 

As of today, April 30, 2010,  there are 143 active listings. Of the 143 there are 9 listings that are either short sale or bank-owned.  The listing prices range from $99,900 for a condo/townhouse in the Summit/Tahoe Village area to $100,000,000 for a 38,000 square foot lakefront property in Zephyr Cove. 

 34 residential and condo listings have sold since January 1, 2010, with a low sale price of $79,900 for a condo in Upper Kingsbury to a high of $5,900,000 for a home in the Glenbrook area.   

If you are thinking of purchasing a home in the Lake Tahoe area, there is no better time to buy.   You can find all of the available properties in South Lake Tahoe, CA   or Lake Tahoe, NV  on our website, or simply email me for prompt and courteous assistance.

A few more statistics are the median days on the market 128/146. The minimum list price was $81,000 and the maximum list price was $12,900,000.

This report shows that there is activity in the South Lake Tahoe Real Estate market and for those interested in searching for properties available today you can go to: http://www.idxcentral.com/sltbor/idxsearch.cfm?idxid=dspano  This is a very valuable search tool and includes an option for Short Sales and Bank Owned properties. Please note that even though the bank owned properties are priced to move quickly there are private sellers that are willing to compete with the bank owned properties and lower their listing prices below what the banks are willing to list at.

Dan Spano, President/Broker of Paradise Real Estate

This report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This post is focusing strictly on the South Lake Tahoe, CA. side only and does not include West, North, or the NV portion of Lake Tahoe. There will be future reports on those areas also.

As of today, April 26,  2010 @ 2:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 393. The listing price starts at $99,000 and tops out at $12,900,000.

Homes sold from Jan 1st 2010 to April 26 2010 are: 147. Of the 147 homes sold, 82 or 56%, are foreclosure (bank owned or short sales). The sold price started at $67,000 for a condo and the top sales price was $1,400,000 for a Tahoe Keys home. There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.