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The Foreclosure Difference in South Lake Tahoe, CA Homes in Escrow

July 28th, 2009 categories: Escrow Report, For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA

Distressed Properties make a difference in South Lake Tahoe, CA Escrow too!

we haven’t lreported this market aspect before, and we thought you might find it interesting. It’s another way of looking at the effect of distressed properties on the South Lake Tahoe, CA real estate market.

This also another way of looking at what folks are buying right now, imminent sales before they close. So lets see what the characteristics are, and what the difference is between bank owned properties (REOs), short sales and homes that are not.

Lets also make sure to remember that the prices here will be somewhat different once an escrow closes. That is because a home usually goes into escrow at a different, lesser price than the current listed price, unless it went into escrow at full price, or more, of course.

(the bottom line, and charts below, especially this one.)

The Bottom Line: (Tahoe Keys included)

Distressed properties in escrow have a 4.5% downward pull on the current median price of all South Lake Tahoe, CA homes in escrow. This is found in the differences in the median reduced price in the charts below.
The average price of a distressed property in escrow is 13.5% less.
It was originally listed only 2.8% lower. (This is due to a host of short sales that were originally listed excessively over market value.)
It has been on the market an average of 61 fewer days (37% less).
The preponderance of short sales has created an "opposite" effect regarding size and year built. There is a host of large, newer distressed properties in escrow at present, which is contrary to both what one might thing, and what we see in all 2009 single family home sales.

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 Escrow Difference: (Tahoe Keys included)

Median Reduced Price:
- All current active listings: $360,000
- All current Distressed listings: $345,900
- All current Not Distressed listings: $365,000
- Difference between them: $19,000 (5.2)%

Current Reduced Price (Avg.):
- All current active listings: $466,346
- All current Distressed listings: $431,801
- All current Not Distressed listings: $499,421
- Difference between them: $67,620 (13.5)%

Average Original List Price:
- All current active listings: $530,840
- All current Distressed listings: $523,003
- All current Not Distressed listings: $538,344
- Difference between them: $15,341 (2.8%)

$ Difference Avg. List Price v. Reduced Price: (more affected by short sales rather than REOs)
- All current active listings: $64,494
- All current Distressed listings: $91,202
- All current Not Distressed listings: $38,922
- Difference between them: $52,280 (134%)

Average Days on Market: (more affected by short sales, rather than REOs)
- All current active listings: 194
- All current Distressed listings: 225
- All current Not Distressed listings: 164
- Difference between them: 61 days (37%)

Average Price Sq Ft:
- All current active listings: $267
- All current Distressed listings: $239
- All current Not Distressed listings: $294
- Difference between them: $55 sq ft (18.7%)

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 homes in escrow

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 all distressed properties in escrow

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

South Lake Tahoe, CA homes in escrow that are not 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 homes in escrow