Drew's Blog

Tahoe Mega Yacht Sells for $3.2 Million

2008-09-04T18:30:38Z

In the latest news, last Thursday the 86-foot yacht that had been sitting in the Tahoe Keys Marina was auctioned off. This article says that the former owner used it as a summer and weekend home. That's interesting because I thought using boats as overnight dwellings on Lake Tahoe wasn't allowed. This yacht, the Sierra Rose, was actually posted on our MLS for a while. It had to be taken off, however, because it isn't real property or attached to real property. I guess the association of Realtors didn't want our MLS becoming a place for people to sell their RVs and campers!

http://www.rgj.com/apps/pbcs.dll/article?AID=/20080822/DOUGLAS/808220525

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

WellcomeMat.com Features the 2489 Bernice Lane Video Tour in its Top 5

2008-08-31T00:02:11Z

Being new to real estate video, I was surprised this morning to find an e-mail in my inbox from a video company recruiter. She informed me that she had seen a video of mine on the WellcomeMat.com Top 5. I had no idea what that was. However, after doing some searching, I found that WellcomeMat.com chose my 2489 Bernice Lane tour as one of their top 5 videos for last week! It was featured along with videos from Texas, Tennessee, and Colorado.

The WellcomeMat.com Top 5 - Aug. 28, 2008

For those of you who've never heard of WellcomeMat, it's most easily described as the YouTube of real estate. At their website you can view video from around the world highlighting different properties, neighborhoods, agents, and other real estate related topics.

I have no plans of producing video full-time, but if you need to create a video, give me a call. Maybe I can also get you on the WellcomeMat.com Top 5!

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

South Lake Tahoe Crime Stories

2008-08-30T04:37:43Z

Yesterday I was perusing through news articles on South Lake Tahoe and ran across some fascinating stuff. A substantial history of crime in Lake Tahoe shouldn't surprise me too much. I mean they did shoot Godfather II here, and rumors continue to persist that Jacques Cousteau found dozens of mobster corpses intact at the bottom of the lake. I just thought I would have already heard about such things.

Not much of this relates to South Lake Tahoe real estate - just fascinating Tahoe history I thought some readers would enjoy. Each topic has a link to the article I read online. And not to worry, I don't think anything this crazy happens in Lake Tahoe anymore.

Harvey's Bombing Memorable 28 Years Later - Did you know that in 1980 Harvey's Lake Tahoe Casino was victim to, at that time, the largest domestic bombing in U.S. history? A few people, led by John Birges Sr., developed and delivered the bomb in hopes of extorting a ransom. Their plans for retrieving the ransom, however, were so terrible that authorities couldn't figure out where to drop it. After a day and a half of working on the technologically advanced bomb, bomb experts attempted to detonate a charge that would explode the bomb's detonator and not the bomb itself. The plan failed. The bomb was surrounded by sandbags. Many believe the Harvey's building would have been lost completely without them. The explosion would stand as the largest domestic bombing in U.S. history until the incident at the World Trade Center in 1993.
Frank Sinatra Jr. Kidnapping - In 1963, the son of famous singer, Frank Sinatra Sr., was kidnapped at Harrah's. Sinatra's son was returned to him two days later when he paid a $240,000 ransom. The kidnappers were later apprehended and sentenced to long prison terms.
Operation Deep Snow - Federal investigators broke up a cocaine ring in 1989 that led to the arrests of 19 South Lake Tahoe real estate brokers, doctors, casino employees, and even then time mayor, Terry Trupp. This article was published because Trupp passed away last week at the age 65.

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

Foreclosure List for South Lake Tahoe, CA - August 27, 2008

2008-08-28T11:11:13Z

There are 14 foreclosure properties in South Lake Tahoe today. Four homes are new since I last published it two weeks ago. I’m surprised that only two foreclosures went into escrow since the last list. In that same time frame, 32 homes & condos went into escrow. That’s a lot for South Lake Tahoe, so it’s not like buyers have slowed down at all.

A couple properties stand out on this list. 602 Wintoon Dr. was reduced $30,000 a couple days ago and is an incredible buy. 3549 Morton Dr. was listed yesterday. It’s on 3/4 of an acre and backs to the South Upper Truckee River.

As usual, I have more information on properties that will become foreclosures. However, I don’t feel at liberty to publish this information on the internet. If you are interested in those properties or the ones on this list, call me at (530) 545-1831.

Address	Bed/Bath/ Gar	Square Feet	Days on Market	Price
2587 Kubel Ave.	2/1.75/0	1003	71	$224,900
2734 Knox Ave.	2/1/0	1042	65	$250,000
2537 Kubel Ave.	2/1/1	864	13	$254,900
3159 Pioneer Trl.	3/2/2	1110	12	$299,900
1414 N. Upper Truckee Rd.	3/1/0	1040	22	$300,000
3705 Montreal Rd.	4/2/0	2035	72	$309,000
602 Wintoon Dr.	3/2/0	1536	26	$329,900
733 Zuni St.	4/2/0	1886	125	$340,000
2604 Knox Ave.	4/2/1	2210	20	$379,900
864 San Francisco Ave.	3/1.75/0	1848	270	$390,000
3549 Morton Dr.	3/2/3	1534	1	$435,000
1490 Seminole Dr.	3/2/2	1872	6	$449,900
1612 Choctaw St.	6/4/0	2489	40	$474,500
967 Colusa St.	3/2.5/2	2286	23	$525,000

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

Foreclosure List for South Lake Tahoe, CA - August 13, 2008

2008-08-13T12:52:39Z

Here is the latest foreclosure list for South Lake Tahoe. There are 11 foreclosures on the market. They are all single-family residences (no condos or multiplexes).

Since the last foreclosure list, there have been a few interesting developments in the foreclosure market. A few properties were just listed. The only one I’m really excited about, though, is 2604 Knox Ave. It is located on a rare 1/4 acre lot in Sierra Tract. I think there could be a ton of value in that purchase. I’ll drive by it tomorrow and post a comment with my thoughts on it.

The only other foreclosure steal that is new to my list is 2508 Cold Creek Trl. It fell out of escrow recently. It’s located in Montgomery Estates, which is one of the most prestigious neighborhoods in town.

There were some significant price reductions on the foreclosure list. In the last two weeks 2587 Kubel Ave. went into escrow, fell out, and then saw a 10% price reduction down to $224,900. Wow! 3705 Montreal Rd. also experienced a huge reduction. It went from $339,900 to $309,000. Both these properties could be sold before my next list comes out in two weeks. (Montreal may remain because it needs a ton of work.) 1612 Choctaw was reduced $24,500 to $474,500.

I have more information on properties that will become foreclosures. However, I don’t feel at liberty to publish this information on the internet. If you are interested in those properties or the ones on this list, call me at (530) 545-1831.

Address	Bed/Bath/ Gar	Square Feet	Days on Market	Price
2587 Kubel Ave.	2/1.75/0	1003	57	$224,900
2734 Knox Ave.	2/1/0	1042	51	$250,000
1414 N. Upper Truckee Rd.	3/1/0	1040	8	$300,000
3705 Montreal Rd.	4/2/0	2035	58	$309,000
733 Zuni St.	4/2/0	1886	111	$340,000
2604 Knox Ave.	4/2/1	2210	6	$379,900
864 San Francisco Ave.	3/1.75/0	1848	256	$390,000
2508 Cold Creek Trl.	3/2/2	1960	97	$429,900
2638 Lipan St.	3/2.5/2	2286	153	$467,500
1612 Choctaw St.	6/4/0	2489	10	$474,500
967 Colusa St.	3/2.5/2	2286	9	$525,000

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

July 2008 Statistics for South Lake Tahoe Real Estate

2008-08-08T00:47:23Z

Always trying to improve the real estate statistics I present to you, I’ve decided to mine for a new stat – median sale price for the last 90 days. I will present this statistic along with the median sale price for the last month. See the table below for the actual numbers.

What are the benefits of looking at the median sale price for the last 90 days? First, it helps minimize some of the incredible variance that occurs in a small market like South Lake Tahoe. A few high priced sales can throw off the median sale price for a single month here in South Lake. This isn’t so true when looking at sales over a 90-day span. Second, the 90-day statistic centers on a date 45 days in the past. The commonly accepted monthly median sale price centers on a date 15 days in the past. Thus, we get three times more homes, which minimizes variance, and only lose a month when it comes to keeping our stats current. If you are yet to be convinced, look at the table below. For any given month, the median price for the last 90 days, more often than not, produces a better reflection of market conditions than the median price for the month.

For those of you who’ve been following my statistical reports, you’ll notice that I’m no longer calculating median sale price over the last year (a.k.a. 12-month moving median). The statistic just doesn’t make sense to me. It’s good for looking at real estate history; and this is only true if the reader knows the data centers on a date 6 months in the past. Presenting it as current information on a month-to-month basis, however, just doesn’t make any sense.

As for now, we’re still seeing a lot of homes in escrow. We’ve had 60-70 homes in escrow at any given time in the last 2-3 months (the numbers I took from STAoR for the months previous to this one are low somehow.) And we’re finally seeing an increase in homes sold, but it still should be higher. Look at the numbers in 2005 when the market was at its peak. About 65% of escrows closed at that time. Right now we’re seeing about half close. I know a knowledgeable real estate professional who suggested that perhaps we have a bunch of really long escrows sitting out there. This would keep many of our escrows from closing. This isn’t the case, however. When I looked through South Lake Tahoe’s escrows a week ago, only 14 out of the 70 had been in escrow for more than 60 days. I think it’s just that a larger percentage of homes are falling out of escrow than we’ve seen in the past. With a tight lending industry, most buyers probably aren’t qualifying for loans. So if you’re a seller here in South Lake Tahoe, don’t be too upset about your home falling out of escrow. It’s happening to everybody.

I’ll do my best to bring you more statistics in the next week. I was only able to go back to the beginning of 2007 with the 90-day median sale price. I’d also like to give you some foreclosure, condo, and lot numbers. It’s just a very, very busy time for real estate here in South Lake Tahoe.

Month & Year	Listings at Month's End	Escrows at Month's End	Homes Sold	Median $ Over Last 90 Days	Median Sale $
July 2008	494	64	36	$396,000	$391,500
June 2008	465	57	30	$392,000	$365,000
May 2008	414	47	31	$396,000	$415,000
Apr 2008	372	44	21	$387,000	$379,000
Mar 2008	361	40	34	$402,500	$387,500
Feb 2008	374	52	16	$445,750	$412,500
Jan 2008	366	33	16	$466,500	$428,000
Dec 2007	382	28	34	$460,000	$502,000
Nov 2007	403	42	27	$415,000	$460,000
Oct 2007	353	15	39	$415,000	$425,000
Sept 2007	442	30	30	$415,000	$398,250
Aug 2007	538	45	38	$437,500	$421,500
July 2007	557	40	25	$440,000	$435,000
June 2007	552	33	35	$435,000	$440,000
May 2007	522	47	32	$465,500	$460,000
Apr 2007	423	32	28	$474,000	$392,500
Mar 2007	359	37	30	$482,500	$507,000
Feb 2007	327	25	25	$485,000	$492,500
Jan 2007	331	37	21	$475,750	$395,750
Dec 2006	339	29	40		$497,500
Nov 2006	362	50	44		$483,500
Oct 2006	411	55	53		$450,000
Sept 2006	463	63	31		$442,000
Aug 2006	548	46	36		$427,500
July 2006	571	49	37		$475,000
June 2006	532	51	37		$480,000
May 2006	424	50	35		$465,000
Apr 2006	302	50	32		$504,000
Mar 2006	264	39	38		$485,140
Feb 2006	262	51	21		$489,000
Jan 2006	256	32	20		$508,750
Dec 2005	198	n/a	31		$450,000
Nov 2005	282	42	53		$455,000
Oct 2005	300	69	55		$485,000
Sept 2005	313	93	63		$495,000
Aug 2005	270	96	79		$510,000
July 2005	209	110	74		$484,500
June 2005	188	113	65		$456,000
May 2005	172	96	57		$495,000
Apr 2005	116	91	72		$488,500
Mar 2005	88	83	50		$440,000
Feb 2005	72	86	34		$449,500
Jan 2005	85	63	47		$405,000

Price Range	Active Listings	Absorption Rate in sales/mo. (% of inventory)	Months Supply of Inventory
$0 - $300,000	33	4.92 (14.91%)	6.7
$300,001-$500,000	195	13.75 (7.05%)	14.2
$500,001 - $750,000	131	6.08 (4.64%)	21.5
$750,001 - $1,000,000	63	2.50 (3.97%)	25.2
$1,000,001 - $2,000,000	56	1.83 (3.27%)	30.6
$2,000,001 and up	16	0.08 (0.52%)	192

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

Foreclosure List for South Lake Tahoe, CA - July 28, 2008

2008-07-29T02:57:03Z

I know a lot of you searching the internet are curious about South Lake Tahoe foreclosures. I’ve decided to make things easy for you, and I’m just going to publish a foreclosure list every couple weeks. The latest list can be accessed at the foreclosure section of my blog.

Right now there are 8 foreclosures in South Lake Tahoe - 7 homes and one multi-plex. There are no condos in foreclosure.

The two latest foreclosures, 873 Stanford & 1612 Choctaw, are pretty good deals. 873 Stanford is especially well priced. For further information on these properties, call me at (530) 545-1831 or e-mail drew@southtahoehouses.com.

Address	Bed/Bath/ Gar	Square Feet	Days on Market	Price
2587 Kubel Ave.	2/1.75/0	1003	41	$249,900
2734 Knox Ave.	2/1/0	1042	35	$250,000
3705 Montreal Rd.	4/2/0	2035	42	$339,900
733 Zuni St.	4/2/0	1886	95	$340,000
864 San Francisco Ave.	3/1.75/0	1848	240	$425,000
873 Stanford Ave.	5/3/1	2385	3	$425,000
2638 Lipan St.	3/2.5/2	2286	137	$469,900
1612 Choctaw St.	6/4/0	2489	10	$499,000
3672 Aspen Ave. (6-plex)	7/6/2	1872	167	$499,000

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

The Right Time to Buy May Be Now

2008-07-27T02:00:26Z

Seventy homes are in escrow here in South Lake Tahoe. It hasn’t been since September 2005 that we’ve seen that many homes pending. Over the last few years, a lot of people have been waiting for the right time to buy. It seems that many think that time is now. I’m really beginning to agree with them. Here are a few good reasons why it may be time to buy:

1. Interest Rates Will Go Up

Interest rates are low these days. They have no where to go but up and with inflation skyrocketing, the Federal Open Market Committee has a lot of incentive to raise rates. When this happens mortgage rates will increase, which means homebuyers’ dollars won’t go as far. Assume you can afford a $400,000 home with today’s rates. If interest rates increase by a single point, you’ll then be able to afford a $368,000 home. That single point will sap you of 8% of your buying power!

2. The Market Can’t Down Cycle Forever, Especially in Tahoe

The South Lake Tahoe housing market has seen a 25% correction since August 2005. Can prices really drop much further? I have no crystal ball, but we will eventually hit the bottom. With a limited supply of homes in the Lake Tahoe basin and an ever-increasing demand, we should hit bottom before many other areas.

3. It Is Better to Buy in a Buyer’s Market!

Those who are waiting for the market to hit rock bottom before buying are doing themselves a disservice. Buying a home isn’t only about getting the best deal possible. It’s about finding a home you can truly enjoy living in. With the number of homes on today’s market, you should be able to find what you want when it comes to location, condition, and quality. Finding that special home on tomorrow’s market could be much more difficult.

4. It’s a Home, Not a Stock

You’re buying something you will live in. Unlike a stock, bond, or commodity, your home will have utility. You’ll grow attached to it. And if you hold onto your home for a while, it’s pretty much guaranteed to increase in value.

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

Angora Fire Real Estate Video Blog

2008-07-17T00:43:32Z

This is a quick video I put together on real estate opportunities in the area of South Lake Tahoe that was struck by the Angora Fire. A lot of the new construction homes there are featured. I discuss real estate opportunities in the area and the advantages of buying a burn area lot.

Watch in high quality

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

June 2008 Statistics for South Lake Tahoe Real Estate

2008-07-11T13:45:19Z

As predicted, the median sale price for single-family residences in South Lake Tahoe dropped dramatically in June, down to $365,000. The market is certainly suffering. However, I’m becoming skeptical of the statistical barometers we continue to rely upon. Perhaps the steep decline in median sale price doesn’t quite reflect what’s happened to home values here in South Lake Tahoe. Perhaps the decline in median sale price is due in large part to increased activity in the lower price bands. Given how tight the lending market has been with jumbo loans, this is a valid hypothesis. I’ll dig through some data in the next few days to see if I can find numbers to support.

The foreclosure market was active in June with 6 foreclosure escrows of the 37 homes that went into escrow for the month. There were also 3 short sale properties that went into escrow. As of today, there are 9 foreclosure single-family residences on the market.

Lot sales and condo sales were few and far between in June. Five condos sold and 4 went into escrow. Six lots sold and 5 went into escrow in June.

Activity has increased in the 1 to 2 million dollar price band. This price band has averaged 1.75 sales per month over the last year. However, 4 sold in June, and right now there are 5 homes in escrow that were listed between 1 and 2 million dollars.

Month & Year	Listings at Month's End	Escrows at Month's End	Homes Sold	Median $ Over Last 12 Mths.	Median Sale $
June 2008	465	57	30	$415,000	$365,000
May 2008	414	47	31	$425,000	$415,000
Apr 2008	372	44	21	$428,000	$379,000
Mar 2008	361	40	34	$425,000	$387,500
Feb 2008	374	52	16	$435,750	$412,500
Jan 2008	366	33	16	$449,900	$428,000
Dec 2007	382	28	34	$449,900	$502,000
Nov 2007	403	42	27	$445,000	$460,000
Oct 2007	353	15	39	$450,000	$425,000
Sept 2007	442	30	30	$450,000	$398,250
Aug 2007	538	45	38	$464,000	$421,500
July 2007	557	40	25	$463,000	$435,000
June 2007	552	33	35	$465,000	$440,000
May 2007	522	47	32	$465,300	$460,000
Apr 2007	423	32	28	$465,150	$392,500
Mar 2007	359	37	30	$475,000	$507,000
Feb 2007	327	25	25	$474,250	$492,500
Jan 2007	331	37	21	$474,500	$395,750
Dec 2006	339	29	40	$476,000	$497,500
Nov 2006	362	50	44	$474,500	$483,500
Oct 2006	411	55	53	$465,000	$450,000
Sept 2006	463	63	31	$474,500	$442,000
Aug 2006	548	46	36	$475,000	$427,500
July 2006	571	49	37	$485,000	$475,000
June 2006	532	51	37	$485,000	$480,000
May 2006	424	50	35	$485,000	$465,000
Apr 2006	302	50	32	$489,000	$504,000
Mar 2006	264	39	38	$489,000	$485,140
Feb 2006	262	51	21	$485,000	$489,000
Jan 2006	256	32	20	$482,000	$508,750
Dec 2005	198	n/a	31	$475,000	$450,000
Nov 2005	282	42	53	$475,000	$455,000
Oct 2005	300	69	55	$465,000	$485,000
Sept 2005	313	93	63	$455,000	$495,000
Aug 2005	270	96	79	$446,000	$510,000
July 2005	209	110	74	$430,000	$484,500
June 2005	188	113	65	$425,000	$456,000
May 2005	172	96	57	$410,000	$495,000
Apr 2005	116	91	72	$399,000	$488,500
Mar 2005	88	83	50	$390,000	$440,000
Feb 2005	72	86	34	$390,000	$449,500
Jan 2005	85	63	47	$383,250	$405,000

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

Months Supply of Inventory (MSI) and Absorption Rates in Real Estate

2008-07-09T23:35:22Z

I love real estate statistics. I got a math degree from the University of Texas, so I could make a career of real estate stats. In this blog, I’ll keep things relatively simple.

In efforts to improve the statistics I present you, I am beginning to mine for and calculate absorption rates and months supplies of inventory for you. These stats are important because they reflect how a market is doing. They also help savvy buyers and sellers establish and meet their goals.

Absorption rate – the rate at which real estate is sold, or absorbed, in a specific area

I calculate absorption rates in terms of homes sold per month. Thus, for South Lake Tahoe the absorption rate is the number of homes sold in the last year, 341, divided by the months in a year, twelve. 28.4 homes are sold per month in South Lake Tahoe. This is the absorption rate. (Feel free to skip the rest of this paragraph.) Some people like to express absorption rates in relation to the amount of inventory. Our inventory in South Lake Tahoe is 476 homes. Thus, 28.4 homes is 5.97% of the inventory; so the absorption rate is 5.97% of the inventory per month.

Months supply of inventory (MSI) – an estimation of how long it will take for all the market’s homes to be sold, or absorbed, based on how many homes are currently on the market and the rate homes have sold in the past (absorption rate).

This is pretty simple. If 28.4 homes are sold per month in South Lake Tahoe, how long will it take to sell 476 homes? Divide homes by homes sold per month (476/28.4 = ???). It will take 16.76 months to sell all the houses. This is the months supply of inventory (MSI). You may now be asking, “Who cares? New homes are listed all the time. You’ll never sell the entire inventory in South Lake Tahoe.”

This is true. MSI is simply used to compare the size of an inventory to the rate of sale. This is very important. MSI is a great indicator of how balanced a market is.

MSI less than 5 months = seller’s market
MSI equals 5-7 months = balanced market
MSI greater than 7 months = buyer’s market

These guidelines are not fool-proof. Notice in the table below there is a 6.7 month supply of inventory in the sub-$300,000 price band in South Lake Tahoe. Any seller in this price band will tell you it’s not a balanced market. The buyers continue to call the shots. The MSI stat was skewed in this price band by desperate sellers, especially banks, who bent over backward in the last year for buyers. Thus, the absorption rate was increased, which decreased the MSI.

So how can these stats help you? I’ll preface the answer by saying that no mathematical model can be used to determine what will happen in real estate. There are way too many factors involved. That having been said …

For sellers, these stats will tell you how much competition you have. Let’s consider a seller with a $1,500,000 listing in South Lake Tahoe. With almost 33 months of inventory, he better think about some serious price reductions if he wants to sell soon. The seller with a sub-$500,000 listing (6.7-13.3 months of inventory) should also think about a price cut. However, there is a greater chance he’ll get lucky and find a buyer who loves his home and qualifies for a loan.

For buyers, MSI will tell you how negotiable sellers may be in different markets. If there are 3.5 months of inventory in Bangladesh and 10.2 months of inventory in Baghdad, the sellers in Baghdad will probably be more negotiable.

If you have questions about these statistics feel free to comment, e-mail me (dkondo@chaseinternational.com), or call me (530-545-1831).

South Lake Tahoe real estate statistics as of 7/1/2008

Price Range	Active Listings	Absorption Rate in sales/mo. (% of inventory)	Months Supply of Inventory
$0 - $300,000	32	4.75 (14.84%)	6.7
$300,001-$500,000	173	13.00 (7.51%)	13.3
$500,001 - $750,000	127	6.33 (4.99%)	20.1
$750,001 - $1,000,000	68	2.50 (3.68%)	27.2
$1,000,001 - $2,000,000	57	1.75 (3.07%)	32.6
$2,000,001 and up	16	0.08 (0.52%)	192

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

TRPA Part 1: An Introduction to the Tahoe Regional Planning Agency

2008-07-03T03:22:34Z

Imagine the Lake Tahoe basin with 800,000 homes in it. A freeway, connecting different mountain peaks, overlooks the basin where the Tahoe Rim Trail currently lies. Lake Tahoe is another San Francisco. This is what many area planners hoped for in the 1960's, shortly after the Olympic Games at Squaw Valley. Fortunately the government stepped in, and the U.S. Congress ratified an agreement in 1969 creating the Tahoe Regional Planning Agency (TRPA).

These days the TRPA is most often a target of criticism. The agency has had a tremendous affect on property owners and seekers in the Tahoe basin. Best Management Practices (BMP) regulations require homeowners to spend thousands to avoid water runoff from their properties. Proposed home additions are often blocked by the TRPA; and $5,000 fines are levied to those who remove trees without a permit.

In the weeks to come, several of my posts will cover different aspects of the TRPA and how it affects life in Lake Tahoe.

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

South Tahoe’s 4th of July Spectacular

2008-06-27T23:44:52Z

With Independence Day one week away, I want to discuss South Lake Tahoe’s 4th of July experience. IT IS INCREDIBLE. Our fireworks display, Lights on the Lake, is rated amongst the top in the nation by many. Seeking tourists, Tahoe casinos invest a ton of money into the pyrotechnics. Here are a few reviews I found on the internet:

MSNBC.com – Top 6 in the U.S.
American Pyrotechnics Association - #4 in the U.S.
FireworksGuide.com - #9 in the U.S.

The fireworks, however, aren’t the only reason why our July 4th is so special. The atmosphere is festive wherever you go, whether it’s Nevada Beach, Regan Beach, Baldwin Beach, the Tahoe Queen, M.S. Dixie, or even your own boat. Firework displays begin on the north side of the lake in Truckee and Incline Village. They can be seen from the south shore and provide a good appetizer for the fireworks to come. After these shows finish, the lights of hundreds (perhaps thousands?) of boats can be seen traversing the lake for the south shore show. Before it begins, lights scatter the south side of Lake Tahoe and its surrounding shore. The fireworks spectacular is outstanding. Tune your radio to KRLT-FM 93.9 or KOWL-AM 1490 to hear a music broadcast synced with the fireworks. After thirty minutes, there will be a grand finale. Stick around afterward to see all the lights on the lake disperse to their various marinas, piers, and launches.

South Lake Tahoe has the best 4th of July I’ve ever experienced. There’s good reason it’s ranked amongst the top in the nation! When you can, I highly recommend you experience it for yourself.

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

Chase International Unveils ChaseNation

2008-06-20T00:43:47Z

My real estate agency, Chase International, has recently unveiled a new website at ChaseNation.com. ChaseNation is a social networking site like Facebook or MySpace. However, ChaseNation is geared toward Reno-Tahoe real estate. In fact, it is the first ever agency specific social networking site. I invite you to check it out at:

www.ChaseNation.com

South Lake Tahoe Real Estate
The South Tahoe Realty Blog

Statistics for South Lake Tahoe Real Estate - June 16, 2008

2008-06-16T17:25:26Z

After some of the statistical revelation I experienced over the last week, it’s become much easier to make conclusions on this market that can be validated with empirical evidence.

The median sale price for single family residences increased 9.5%, from $379,000 in April to $415,000 in May. Unfortunately, this is not evidence of a market turnaround. Most of the buyers who acquired property in May were simply higher priced buyers. Of the homes sold so far in June, nothing has closed above $350,000.

Prices in South Lake Tahoe will continue to drop. Look to see around twenty foreclosures hit the market this summer and even more later this year. The foreclosures are being priced very low, and they continue to force sellers to lower their prices to compete. There were sixty price reductions in the MLS over the last two weeks. We’ll see hundreds more over the summer.

A piece of positive news is that buyer activity is increasing. We saw more homes go into escrow last spring than in the spring of 2007. Right now, there are sixty-eight homes in escrow. We haven’t seen that many escrows at one time since October 2005! The bottom of this market may be in sight.

Month & Year	Listings at Month's End	Escrows at Month's End	Homes Sold	Median $ Over Last 12 Mths.	Median Sale $
May 2008	414	47	31	$425,000	$415,000
Apr 2008	372	44	21	$428,000	$379,000
Mar 2008	361	40	34	$425,000	$387,500
Feb 2008	374	52	16	$435,750	$412,500
Jan 2008	366	33	16	$449,900	$428,000
Dec 2007	382	28	34	$449,900	$502,000
Nov 2007	403	42	27	$445,000	$460,000
Oct 2007	353	15	39	$450,000	$425,000
Sept 2007	442	30	30	$450,000	$398,250
Aug 2007	538	45	38	$464,000	$421,500
July 2007	557	40	25	$463,000	$435,000
June 2007	552	33	35	$465,000	$440,000
May 2007	522	47	32	$465,300	$460,000
Apr 2007	423	32	28	$465,150	$392,500
Mar 2007	359	37	30	$475,000	$507,000
Feb 2007	327	25	25	$474,250	$492,500
Jan 2007	331	37	21	$474,500	$395,750
Dec 2006	339	29	40	$476,000	$497,500
Nov 2006	362	50	44	$474,500	$483,500
Oct 2006	411	55	53	$465,000	$450,000
Sept 2006	463	63	31	$474,500	$442,000
Aug 2006	548	46	36	$475,000	$427,500
July 2006	571	49	37	$485,000	$475,000
June 2006	532	51	37	$485,000	$480,000
May 2006	424	50	35	$485,000	$465,000
Apr 2006	302	50	32	$489,000	$504,000
Mar 2006	264	39	38	$489,000	$485,140
Feb 2006	262	51	21	$485,000	$489,000
Jan 2006	256	32	20	$482,000	$508,750
Dec 2005	198	n/a	31	$475,000	$450,000
Nov 2005	282	42	53	$475,000	$455,000
Oct 2005	300	69	55	$465,000	$485,000
Sept 2005	313	93	63	$455,000	$495,000
Aug 2005	270	96	79	$446,000	$510,000
July 2005	209	110	74	$430,000	$484,500
June 2005	188	113	65	$425,000	$456,000
May 2005	172	96	57	$410,000	$495,000
Apr 2005	116	91	72	$399,000	$488,500
Mar 2005	88	83	50	$390,000	$440,000
Feb 2005	72	86	34	$390,000	$449,500
Jan 2005	85	63	47	$383,250	$405,000

Price Range	Active Listings
$0 - $250,000	6
$250,001 - $300,000	21
$300,001 - $400,000	81
$400,001 - $500,000	67
$500,001 - $600,000	60
$600,001 - $700,000	38
$700,001 - $800,000	34
$800,001 - $900,000	22
$900,001 - $1,000,000	21
$1,000,001 and up	64

South Lake Tahoe Real Estate
The South Tahoe Realty Blog