Everyone needs to check this out. The Bolen's have done some great research in comparing todays market with the makets of the past in South Lake Tahoe- this will give everyone a clearer picture of the market were in today and the deals that people are getting.
Does one get More for their Money Now than Before, and if so, How Much?
This is a study to determine if one can get more home for their money in South Lake Tahoe today than before. If so, the next important question is how much more, and is it quantifiable?
To best do this we’ll focus on the two most objective factors available to look at the value of a home, which is its size and price per square foot. Lets also look at other more subjective factors such as condition, age and the availability of a newer home.
Since we’ll be looking at market-wide data, “location” will be part of the mix, but lets not highlight that specifically here.
(We will prepare a custom, extensive look at the market, that very much includes location, for you anytime. This is our “value workup", which is used to best advise a listing price for Sellers, or to best assure that a buyer dos not pay too much. example here)
A Bridge over Disconnected Waters? As many of you may know, we continually update South Lake Tahoe market conditions via reports that track the median sold price, and any changes thereunto (here).
What sparked this new study are a few recent comments coming from these median sold price reports (here). What these sentiments reveal to us is there is a disconnect with some potential buyers between what the market is, and what they expect it to be.
To goal of this study then is to see if we can bridge that gap between buyers expectations, much of which is fueled by national real estate news, and current market reality, which is determined by tracking the median sold price.
What We Know So Far: At present we have seen a 15% decline in the median sold price in South Lake Tahoe since our market highs in 2005/2006 (here).
We also know that a third of this decline is due to foreclosed home sales in 2008 alone (here).
The New Study: Normally we look at price segments in $50,000 increments. This is how we look at and break down South Lake Tahoe housing demand, or absorption rates, over time (here).
For this study, we think looking at market segments in $100,000 increments will be sufficient to determine how much more house one can get for their money these days.
The $300,000 South Lake Tahoe House Then and Now: Please look at the chart below, which details the average characteristics of a home purchased from $300,000 to $399,000 since 2003.
Also note the last column in the chart, with its numbers in red . These are the same, comparative characteristics for houses currently listed. It is from this chart that the following is revealed:
On average, the $300,000 South Lake Tahoe house available right now is listed 10% lower than it was in 2006.
On average it takes 91% longer to sell a $300,000 South Lake Tahoe house than it did in 2005.
On average the square foot value of a the $300,000 South Lake Tahoe house that is available today is 19.3% lower than it was in 2005.
The $300,000 South Lake Tahoe house that is available today is 27% larger than it was in 2005.
On average the age of the $300,000 South Lake Tahoe house is about the same today as it has been since 2004. It is some 6 years newer than the average age of a house sold in 2006 and 2007.
What it Means:The Bottom Line Our assumptions are correct: the $300,000 house in South Lake Tahoe, CA is more than 25% larger, and priced nearly 20% lower in square foot value than homes sold at our market high.
Coupled with the15% decline in the South Lake Tahoe median sold price, this represents at leastanother 20% decline in value as found in the average home listed in the $300.000 price range today.
We use the term “at least” above because the homes currently listed in South Lake Tahoe in any price range, including this one, will be sold at a further reduction in both current listed price and, correspondingly, price per square foot.
It appears that much, if not most, of the additional declines in home values as predicted in recent national real estate news reports are already factored into the home values of current South Lake Tahoe listings. (Rather than being found exclusively in the median sold price, it’s hiding in plain sight!)
Sorry i missed Mays green tip- i was on vacation. Our tip this month is brought to us by Harvard University:
There's a simple path to greener laundry: pick the cold water wash! Around 90% of the energy used by washing machines goes to simply heating the water.*
Many people assume that they're getting extra cleaning power by washing in hot water, but in most cases washing clothes in cold water is just as effective as washing clothes in hot water.
Hot water is sometimes beneficial when you're trying to remove oily stains or sanitize heavily soiled items, but otherwise wears out clothes quickly, causing them to fade, stretch, and wrinkle.
Tips for Even Greener Laundry
Always wait to wash until you have a full load; combine partial loads with those of fellow residents.
Choose detergents and other laundry products that are ecologically friendly. Check labels for products that are biodegradeable, plant-derived, free of phosphates, and concentrated (so you'll use less each load).
Spin clothes at high speeds-- this will reduce the time needed to dry your clothes in an electric dryer.
Use a drying rack or clothesline rather than an electric dryer whenever possible.
If purchasing a clothes washer, choose one certified by ENERGY STAR®; you may cut energy use by a third and water use by half. You may also be eligible for a rebate.
Resources
ENERGY STAR® Clothes Washer Best Practices for energy conservation
Alright everyone, here it is 1189 margaret ave has reduced to $250,000.00 and there is a $3000.00 bonus to the selling agent. You cant beat this price! Check out the listing on my website www.calnevarealestate.com, MLS #113002
Replace your old water heater with a new tankless or on-demand water heater.
Water heating in the house accounts for 13% of the homes energy cost. By replacing the old 50 gallon water heater with a tankless one will cut water heating expenses by 30% and, if installed in 2009, will get you an additional federal tax credit.
Prices on these range from $200.00 to $1200.00 depending on your demand of use. Some of the higher preformance products are made by Bosch, Navien America and Noritz. Check any of them on there websites and start saving money now.
Hey everyone, I don't know if you saw but my listing on 1189 Margaret has been reduced to $280,000.00. If you look at it on the MLS its #113002. Even thought its currrently electric blue on the outside, its been updated on the inside. There is a wonderful wood siding underneath that would be beautiful if brought back out. inside includes new paint, carpet, window coverings, cleaned fireplace and wall heater. This is a 2/1 with a 2 car carport that could be converted into a garage. She will sell all furnishings along with the property.
I sold it last year to the most amazing 80+ year old lady who was so excited to finally buy a home by herself since she'd been renting due to her husband passing. This was a huge step for her and she took it with great confidence that she was investing in her future. Unfortunately her brother got extremely sick and she needs to move down to the bay area to care for him. Shes trying to be optimistic about selling but is getting her hopes lowered due to the economic state. She chose house color from memory, thinking it was the same blue as the house she previously owned with her husband but realized it was the wrong blue after it was too late.
Please make and appointment to see today- this truly is a lovely Tahoe cabin.
Heres a great new website created by Becky Bell that gives the 411 on local events. Its Tahoe Arts and Mountain Culture. Make sure to put it into you favorites
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Does one get More for their Money Now than Before, and if so, How Much?
Since we’ll be looking at market-wide data, “location” will be part of the mix, but lets not highlight that specifically here. 
The New Study: 
;)
;)
