South Lake Tahoe, NV home values, foreclosures and the differences between them!

July 27th, 2009 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, South Lake Tahoe Statistics, Stateline, NV

Effect of foreclosures on South Lake Tahoe, NV active listingsSouth Lake Tahoe real estate market forces are different for foreclosures than homes that are not… don’t even try to compare the two!

This is a comparison exploring the differences between listings on the Nevada side of our South Lake Tahoe real estate market that are distressed properties (bank owned and/or short sales) and those listings that are not.

A post below this one is of a similar study on the differences between all South Lake Tahoe, NV 2009 home sales of distressed properties and those that are not (here).

Note: Four charts below indicating statistics used for the study herein. In particular we find this comparison chart interesting.

Two things are revealed:

  • less than 10% of current Stateline, NV listings are distressed properties, and
  • there are two different, distinct real estate markets currently functioning in South Lake Tahoe, on both the Nevada and Califnornia sides of our market..

Because of the unique characteristics of second home resort markets in general, and ours in South Lake Tahoe in particular, one can not apply the trends and conditions of distressed properties to those that are not, and vice versa. (study on this statement  here).


The Bottom Line: (Glenbrook and Lakefront  Properties NOT included)

  • Listings of distressed properties have a 4.5% downward pull on the current median price of all South Lake Tahoe, NV active listings. This is found in the differences in the current reduced prices below.
  • The current price of a distressed property is 62.1% less. (this means there are a lot of high-end listings that are not distressed properties)
  • It was originally listed 61.4% lower.
  • It has been on the market an average of  200  fewer days (65.9% less).
  • It is 32.5% smaller (1,039 sq ft less).
  • It is 11 years older.

Note: When a property sells, these same characteristics above become significantly different. This is due to the difference between what sells and what remains on the market.

The Distressed Home Sale Difference: (Glenbrook and Lakefront  Properties NOT included)

  • Current Reduced Price (Avg.):
    • All current active listings: $1,349,546
    • All current Distressed listings: $535,432
    • All current Not Distressed listings: $1,412,461
    • Difference between them: $877,029 (62.1)%
  • Average Original List Price:   
    • All current active listings: $1,536,365
    • All current Distressed listings: $615,054
    • All current Not Distressed listings: $1,593,779
    • Difference between them: $978,725 (61.4%)
  • $ Difference Avg. List Price v.  Reduced Price:
    • All current active listings: $186,819
    • All current Distressed listings: $79,622
    • All current Not Distressed listings: $181,318
    • Difference between them: $101,696 (56.1%)
  • Average Days on Market:
    • All current active listings: 290
    • All current Distressed listings: 104
    • All current Not Distressed listings: 304
    • Difference between them: 200 days (65.9%)
  • Average Price Sq Ft:
    • All current active listings: $386
    • All current Distressed listings: $248
    • All current Not Distressed listings: $395
    • Difference between them: $147 sq ft (37.3%)
  • Median Size:
    • All current active listings: 3,135 sq ft
    • All current Distressed listings: 2,161 sq ft
    • All current Not Distressed listings: 3,200 sq ft
    • Difference between them: 1,039 sq ft (32.5%)
  • Average Age (year built):
    • All current active listings: 1979
    • All current Distressed listings: 1969
    • All current Not Distressed listings: 1980
    • Difference between them: 11 years

The chart below indicates all currently active South Lake Tahoe, CA singe family home listings (including distressed and non distressed properties): (Tahoe Keys is not included)

 All South Lake Tahoe, CA active listings.

The chart below indicates all currently active South Lake Tahoe, CA listings of single family distressed properties (bank owned or short sales): (Tahoe Keys is not included)

 All South Lake Tahoe, CA active listings of distressed properties.

The chart below indiates all currently active South Lake Tahoe, CA listings of non distressed single family homes: (Tahoe Keys is not included)

 All South Lake Tahoe, CA active listings of non distressed properties.

The chart below indiates a comparision of all current South Lake Tahoe, CA listings of distressed and non distressed single family properties: (Tahoe Keys is not included)

Comparison South Lake Tahoe, CA distressed v. non distressed active listings.

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This entry was posted on Monday, July 27th, 2009 at 9:00 am and is filed under For Buyers, For Sellers, Foreclosures, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, South Lake Tahoe Statistics, Stateline, NV. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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