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South Lake Tahoe, CA Real Estate Spotlight: The Tahoe Keys

December 18th, 2009 categories: California Neighborhoods, For Buyers, Lake Tahoe Luxury Homes, Lake Tahoe Real Estate, Luxury Home Sales, South Lake Tahoe Statistics, South Lake Tahoe, CA, Tahoe Keys

A Closer look at all 2009 real estate activity in the Tahoe Keys, one of South Lake Tahoe's premier neighborhoods.

We're about to get an extraordinary listing in the Tahoe Keys, one that is an astounding opportunity in terms of both price and vacation rental income production. We're talking verified income, not potential, and believe me there is a difference between cold, hard income… and wishful thinking.

The house we are talking about has the best, most creative vacation rental infrastructure, collateral and materials we have ever seen. (The house branding exists to the depth of home logos on its linens!)

As such, we thought you might be interested in seeing some of the information we provided to the seller, one who is most sophisticated, tech literate, and realistically aware of current market reality. Oh yes, before we forget, they are one of our blog readers, and it is the consistent flow of information here that has most helped the acceptance of said market reality.

(charts and stats below. Tahoe Keys aerial image by Peter Tye of 2viewmedia.)

Right Price First:
Before we start, we'll let you know about this unique Tahoe Keys home soon. It was originally listed at $1.19M, and this time it'll be listed spot on for $699,000. And there will be no wiggle room; priced right, this one will not be one to test low-ball offers to grind away on. The Seller and us have already done that, I assure you.. (see right price chart below)

Actual Email to Client: (Tahoe Keys in-depth 2009)
This is in essence what we sent to seller for pricing. It is by following this that we will explore 2009 Tahoe Keys real estate happenings in depth.

For our Seller, first we sent them 3 different excel workbook documents, each replete in exact detail:
(1) one with all 2009 Tahoe Keys activity (here)
(2) another with all 2009 Tahoe Keys activity that is relevant to their house, and
(3) the last one with month by month sales activity and monthly absorption rates.

2009 Tahoe Keys Demand:

29 Tahoe Keys sold this year as of yesterday.
32 in 2008.
For the last 2 years the keys has averaged about 2.5 sales per month, down from '03 to '05, which figures.
There are more keys sales in the $600K's and low $700K's than any other price point.

Where Keys Demand is:
Of the Keys sales this year:

1 in the $300K's
2 in the $400K's
4 in the $500K's
6 in the $600Ks
7 in the $700Ks
2 in the $800Ks
1 in the $900ks
6 above $1M

Tahoe Keys Foreclosures:

10 of the 29 Keys sales this year are distressed properties (35%).
6 of the 8 Keys homes currently in escrow are distressed properties (75%).
7 of the 44 active Keys listings are distressed properties (16%)

Focus on homes sold in the $600K's and $700K's.

There is more demand in the $600K's and low $700K's than in any other price range.
The average list price of all homes sold in the $600K's and $700K's is $825,369.
The average year built for these sales is 1978.
Average size is 2,330.
Avg. Sq. Ft. value is $298.
The median sold price for all sales in this price range is $700,000.
Average sold price is $688,369.

Observation:

Prices are lower than we might expect.
Demand is about the same as it has been for more than 2 years.
There are not a lot of distressed properties in competition with us right now (this is good).

The Chart below indicates all 2009 Tahoe Keys sales in the $600,000's and $700,000's.

2009 Tahoe Keys home sales $600K - $700K

Some newer and olderposts about the Tahoe Keys:

May, 12, 2010, Tahoe Keys real estate update, here.
April 16, 2010, a look at South Lake Tahoe sun path, here.
April 13, 2010, a study of Aloha Drive in the Tahoe Keys, here.
March 18, 2010, more Tahoe Keys stuff, here.
March 18, 2010, Tahoe Keys real estate update, here.
February 5, 2010, an extraordinary Tahoe Keys listing, here.
January 29, 2010, Tahoe Keys real estate update, here.
January 3, 2010, Tahoe Keys real estate update, here.
December 4, 2009, Tahoe Keys real estate real update, here.
September, 28, 2009, Tahoe Keys real estate update, here.
August 4, 2009, Tahoe Keys real estate update, here.
June 4, 2009, Tahoe Keys real estate update, here.
March 26, 2009, Tahoe Keys real estate update, here.
August 13, 2008, Tahoe Keys wooden boat show, here.

Why we publish this blog:
We support our families by helping folks buy and sell real estate. The goal here is twofold: to show you convincingly why you should consider asking us for help, and that you can trust the help you will find.

Email us directly here. Call us: 800-923-9022.
Search South Lake Tahoe, CA listings here. Search Stateline, NV listings here. Automatic Listing notification here.