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South Lake Tahoe Bargain Hunting: 851 Rainbow Dr. (A house in the $350,000 – $375,000 Range)

July 20th, 2008 categories: About Us, Best Deals, Buyers Report, For Buyers, Lake Tahoe Real Estate, Market Performance Updates, South Lake Tahoe, CA

Yep, it’s one of the Top Three Best 4BD Buys on the South Lake Tahoe Market Right Now.

As mentioned in the post below, South Lake Tahoe Bargain Hunting 101, we’ve had recent requests from many Buyers who are looking for the best deals on the market. (That’s one of the productive things about this blog, we’ve got real buyers asking real questions.)

To best help one appreciate and become comfortable with what a South Lake Tahoe bargain is, we’ve also posted the following articles:

“The South Lake Tahoe House: How to See how it Stacks Up against its Competition” (here)

“Emotion and Ego: The Necessity of Taking Them Out of the Sale of a South Lake Tahoe House.” (here)

“How to Gain Market Control as a Buyer in South Lake Tahoe.” (here)

The bottom line about being comfortable with making a buying decision in South Lake Tahoe is not just to be pointed to a particular house, but to be shown, not told, why it is a bargain.

To best do that, we’ll be ranking a home against its competition. Lets see how we do to help bargain hunters with show, not tell.

851 Rainbow Drive, South Lake Tahoe, CA
$389,000. (But it was just reduced to $375,000)
4BD, 2 BA
1,720 Sq. Ft.
Built in 2004

Here’s a little real estate show on it you might enjoy:

Here’s a flyer too:

Why 851 Rainbow Drive is a Bargain :

Of the 4BD homes on the Market: (132 of them)

It is priced 9th.
It is 14th lowest in price per square foot.
It is 18th in size.

Of the 4BD homes on the Market between $350,000 – $400,000:

It is the 3rd largest.
It is the 2nd newest.
It is priced 8th.
It is 4th in price per square foot.
Of the 3 homes that have a lower value per square foot:
- 2 are significantly older (1966, 1968)
- 2 are bigger
- both of these have been on the market longer (145 and 192 days)

Of the 4BD homes on the Market that are priced less:

851 Rainbow has been on the market for 58 days.
6 have been on the market longer (between 87 and 809 days).
2 have been on the market less than 58 days. (21, 34 days respectively)
- Of these 2, both are significantly older (1951, 1966)
- one is significantly smaller (1,368 sq ft.).

Of the 4BD homes on the Market between $400,000 – $450,000 (or the next price range higher)

There are 9 of these.
851 Rainbow is priced first (obviously).
It is also first in age, meaning the newest.
4 are bigger.
- 2 of these have been on the market for 103 and 295 days.

only 3 have a lower price per square foot.
- 2 of these have been on the market for 103 and 295 days.
2 have been on the market for less than 58 days.

Absorption Rates (all of them here, about and how to use them here)
An average of 4.8 homes have sold between $350,000 – $400,000 in the last 180 days (29 total).

5 of these were 4BD homes.
851 Rainbow is at least 28 years newer than all of these.
3 were larger (on market for 110, 276, 383 days respectively)
4 had a lower price per square foot (on market for 110, 276, 383 days respectively)

6 homes sold in South Lake Tahoe between $350,000 – $400,000 in the last 30 days.