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Home Values of 2008 South Lake Tahoe, CA Foreclosure Sales.

January 12th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA

A Market Within A Market: think of foreclosures as a subset of South Lake Tahoe real estate sales.

Lets take a close look at the value of all 2008 South Lake Tahoe home foreclosure sales. We think to best do that, it’s important to distinguish the difference between a bank owned home sale vs. one that is not.

We will also provide a detailed chart of all 2008 South Lake Tahoe, CA home foreclosure sales below.

The Bottom Line:

One can not compare the value of foreclosed listing to a listing that is not.
A banks’ goal for a sale of a foreclosed property is not to get the most money possible, but to get the quickest money possible.
The Median Sold Price for a South Lake Tahoe, CA foreclosure is $110,000 less than homes that are not.

2008 South Lake Tahoe, CA foreclosure statistics:
The Median Sold price is $320,000.
The average time it takes to sell one is 86 days.
The average price per sq ft is $233.
The average age is 35 years old.

South Lake Tahoe 2008 home foreclosure sales statistics

Unique characteristics of a Foreclosure:
Plain and simple, a bank owned listing is not the same as a listing that is not. The nature of a foreclosure is so different, it’s like comparing an apple to an orange.

Briefly, lets take a look at how a bank owned property comes to be, and at the characteristics that so much set a foreclosure apart from other listings.

For a house to become a bank owned property:

Owner fails to make mortgage payments, house goes into default, is eventually offered for auction at the country court house at the price of the loan owed to the bank.
If auction fails, bank takes-over ownership of the property.
Bank hires a listing agent (often an agent at large, and sometimes without agent experience or professional credentials necessarily considered).
Agent provides a “BPO” for bank. (BPO is a price “opinion” that is often done via a drive-by only, rather than a thorough review of the house. Often a banks’ charge to the agent for said opinion is “what price will a property sell for in 30-days”.)
Bank gets appraisal for second price opinion (appraiser not necessarily an area appraiser who works in, or necessarily knows the unique factors of the South Lake Tahoe market).
Property is listed (often at a price that is under value). The goal of the bank is to get the property off of the banks’ books as quickly as possible.
In other words, rather than get the most money for the sale of a house, which is our professional standard of care for every seller, a bank wants the quickest money possible (which always means less, rather than more).

For the best list possible of current South Lake Tahoe listings in foreclosure, here.