A Detailed Look at South Lake Tahoe, CA Homes for Sale Demand

April 17th, 2012 categories: Buyers Report, For Buyers, For Sellers, Lake Tahoe Real Estate, Local Information, Major Market Reports, Sales Reports, South Lake Tahoe Statistics, South Lake Tahoe, CA

South Lake Tahoe, CA housing demand... more sales now than in the last 5 years.

Appetite continues increasing for South Lake Tahoe, CA homes for sale.

Lets take time to review South Lake Tahoe, CA housing demand for the last decade. Here we'll look more closely at the number of annual sales, but one of the charts below will also give you a month-to-month look at sales volume as well.

What this study tells us is South Lake Tahoe, CA housing demand is higher now than at any time in the last 6 years, and the first quarter of this year is on a pace greater than it was last year. This simply means that more people are buying more South Lake Tahoe houses these days.

The factors causing a steady increase in South Lake Tahoe home sales since 2008 are basically this:

  • a decrease in home prices
  • historically low interest rates
  • slight improvements in the US economy

 Number South Lake Tahoe, CA Home Sales : a review

In the last decade, the most homes sales in South Lake Tahoe in a year was in 2004 with 831 homes sold. The least was 356 home sales in 2008.

Since then, the number of homes sold has increased in each succeeding year. To date this year, the pace of 2012 South Lake Tahoe home sales is 9 more sales than last year.

The chart below indicates the number of South Lake Tahoe, CA  home sales by year since 2003.

Number South Lake Tahoe, CA home sales by year since 2003.

 

 South Lake Tahoe, CA Home Sales by Month : a review

Seasonal factors influence South Lake Tahoe home sales. Though some traditionally think of home sales within a "selling season", there is really no such thing per se here in our resort.

Normally, home sales, or the actual buying of a home occurs throughout our year, but there is more buying activity in both of our key seasons.

There are increases in the number of homes sold in the second quarter compared to the first of the year, but because escrow normally takes 60-days, the increases in Q2 sales reflects Q1 buying activity. In other words, our ski season comes with an increase in home buyers.

The number of interested home buyers here in town always drops off gradually after labor day. This ultimately results in the fewest number of sales always occuring in January and February, and this reflects buying activity in November and in December, particularly before the snow comes.

Over the last decade, October has on average the most home sales of any given month. September is a close second. This reflects late summer home buying activity.

Last year, though, the most sales in a month was 63 homes sold in December. It's wise, we think, to understand there are always exceptions to real estate home buying trends.  Over the last decade, the most home sales occurred in August of 2004 (95 sold).

If one were to think about how South Lake Tahoe, CA home owners plan on selling a house, lets review what we normally experience. To best do that, we should remember that some 65% of our area homeowners live elsewhere. That is the nature of a second-home vacation resort.

Because so many owners do not live here, most who wish to sell do not come up here in mid-winter to put their house on the market. Usually they will wait until the snow has melted. This is why we always see an inventory increase that starts toward the end of the second quarter and continues into mid summer.

Peak inventory usually occurs in July and August. After labor day, some sellers will take their houses off the market, usually the closer it gets to snowfall. Normally we have full snow coverage by the Christmas holidays. Usually we have snow melt in late April. None of this was true this year, however; we didn't have snow until mid January and there is little snow a lake level as we write this today.

The best time for a seller to sell, we think, and we've proven it time and again, is in January and February. There is always less competition then for a reasonably priced house, and we do mean "reasonably." Some sellers sometimes, unfortunately, think otherwise.

The chart below indicates South Lake Tahoe, CA home sales by month since 2003.

South Lake Tahoe, CA home sales by month since 2003.

Some previous Lake Tahoe Real Estate Blog posts you may find of interest.

Mar 30, 2012: A South Lake Tahoe, CA Neighborhood Home Value Study
Feb 10, 2012: The Characteristics of the South Lake Tahoe, CA median sold house
Oct 19, 2011: The South Lake Tahoe House Now and Then

Some of our videos that you may enjoy:

Jul 5, 2011: Awesome Fireworks Finale: South Lake Tahoe, July 4, 2011
Dec 9, 2010: How to find and use our Bolero Button… and why you should.
Oct 20, 2010: Bijou Neighborhood video
Sep 28, 2010: A South Lake Tahoe Indian Summer
Sep 23, 2010: Emerald Bay Treetops… and a Bald Eagle
Sep 16, 2010: Walking on Water… South Lake Tahoe Style
Sep 11, 2010: Al Tahoe Neighborhood video

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Written by Richard Bolen | Discussion: Please leave a comment.

We really like this one: Jobless Rates for US Veterans Plunges

March 16th, 2012 categories: About Us, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe, CA, Stateline, NV

Jobs for US veterans

More Jobs for Returning Veterans is good for us all.

Being the sons of a retired US Army infantry colonel, army brats we are, this is a particularly nice report for us to pass along. Anything that is good for those who serve us is always joyful for us.

Today's report about veterans and civilian jobs comes from CNNMoney.com. The news is more veterans are coming back from war and getting back to work in the civilian job force, thanks to efforts by both employers and the government, as well as the improving economy.

Here's a few more bullet points:

  • The jobless rate for Iraq and Afghanistan veterans has fallen to 7.6%. This is more than a half-point below the overall U.S. unemployment rate of 8.3%.
  • This is nearly five percentage points below the 12.5% rate for veterans a year ago.
  • This past year saw passage of a number of bills specifically designed to support veteran hiring and training.

Find Vet jobs and benefits: Halfaker and Associates and  VetJobs and Heros Work Here and Returning Heroes Tax Credit

(Full article here)

Some previous Lake Tahoe Real Estate Blog posts about US employment and jobs market.

Mar 15, 2012: US Unemployment Rates Keep Getting Better and Better
Feb 17, 2012: US Unemployment Applications at Four-Year Low
Jan 5, 2012: First Jobs Report of the Year is a Good One
Dec 27, 2011: 2011 Year End Economic Indicators
Dec 13, 2011: US Housing Affordability Now at Record High
Dec 12, 2011: South Lake Tahoe, CA Home Values and Distressed Sales right now
Oct 2, 2011: More South Lake Tahoe, CA Home Value is Q3 Trend
Jul 6, 2011: Q2 2011 South Lake Tahoe, CA Real Estate Report
Apr 2, 2011: Q1 2011 South Lake Tahoe, CA Real Estate Report
Jan 2, 2011: 2010 South Lake Tahoe Housing Demand Report

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Written by Richard Bolen | Discussion: Please leave a comment.

Our New South Lake Tahoe, CA Home Buyer Software: You Never have to Worry about Paying Too Much Again!

October 28th, 2011 categories: About this Blog, About Us, Buyers Report, For Buyers, For Sellers, Lake Tahoe Real Estate, Major Market Reports, Market Performance Updates, Sales Reports, South Lake Tahoe Statistics, South Lake Tahoe, CA

"Characteristics by Price" helps Buyers find the Deal they are looking for.

If you are a South Lake Tahoe, CA home buyer, or seller, watching this video is a must.

This is what we've been working on for the last year and a half: public real estate information empowerment software. This is one of five new real estate software applications we are developing for you. Making things easier and more exact is our goal, and yes this is US patent pending.

Here is the introductory narrative found in the video:

This is Richard Bolen from the Lake Tahoe Real Estate Blog. We'd like to introduce you to a new feature, "Characteristics by Price." This is a new software application in beta form, which means it will evolve with your comments from this first public test.

Though characteristics by price will help a home seller better understand price, we have specifically designed this innovative application to help home buyers with their two most main concerns.

Today’s home buyer is looking for a deal. The deal, it seems, is more important to today’s buyer than anything else. But most home buyers have difficulty recognizing the deal they are looking for… even when it is staring them in the face.

This new application helps buyers better recognize the deal they are looking for. Another principal home buyer concern is the fear of paying too much. This new application helps a home buyer with a new means to see, better understand and become comfortable that they are not paying much.

Both the deal buyers are looking for, and the necessary facts to be sure one is not paying too much, these are both found in the characteristics of the house. Not necessarily in a more reduced price.

This new information resource can be property specific, but at first this new application works by looking at the price range of any home a South Lake Tahoe, CA home buyer finds of interest. Please look at the video above to see how it works.

Some more Lake Tahoe Real Estate Blog videos you may enjoy:

Jul 14, 2001: Heaven on Earth: a video featuring the South Lake Tahoe Weather
Jul 5, 2011: Awesome Fireworks Finale: South Lake Tahoe, July 4, 2011
Dec 9, 2010: How to find and use our Bolero Button… and why you should.
Oct 20, 2010: Bijou Neighborhood video
Sep 28, 2010: A South Lake Tahoe Indian Summer
Sep 23, 2010: Emerald Bay Treetops… and a Bald Eagle
Sep 16, 2010: Walking on Water… South Lake Tahoe Style
Sep 11, 2010: Al Tahoe Neighborhood video

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Written by Richard Bolen | Discussion: Please leave a comment.

South Lake Tahoe Home Affordability: Interest Rates Have Never Been this Low Before.

October 9th, 2011 categories: Buyers Report, For Buyers, For Sellers, Interest Rates, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA

South Lake Tahoe is a red carpet for home buyersInterest Rates below 4%? It screams South Lake Tahoe home buyer advantage.

There is really no other way to say it: mortgage interest rates on a South Lake Tahoe home loan are as low now as they were in the 1905's. The truth is many of you have not seen such good home buying news in your lifetime. (I have, but it was when I was only four-years old, and back then I was much more interested in sand boxes than houses.)

For a moment last week the mortgage interest rate on a conventional loan dropped below 4%. Unheard of is not hyperbole; this is the first time this has happened. Ever!

Today's mortgage interest rate on a 30-year fixed loan is 4.089%. This online rate found here, and it is also the source for the chart on average mortgage interested by month by year since year 2000 as found below.

Associated Press home mortgage interest ratesHere's key bullet points found in an Associated Press article a few days ago about the interest rate dropping below 4% for the first time.

  • The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent.
  • For those who can qualify, it's an extraordinary opportunity to buy a home or refinance.
  • On Thursday, Freddie Mac said the average rate dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record. The 15-year loan has fallen for six straight weeks.
  • Mortgage rates are now lower than they were in the early 1950s, when the average rate reached 4.08 percent for a few months, according to the National Bureau of Economic Research. Back then, mortgages typically lasted just 20 or 25 years.

 The Bottom Line :

South Lake Tahoe, CA home buyer, if you are thinking about buying a home with a loan, there has never been a better, cheaper time to get a loan that it is now.

The chart below is the source for mortgage interest rates on a home loan by month by year since 2000. (See chart in full size here)

Mortgage interest rates by month and year since year 200.

Previous Lake Tahoe Real Estate Blog posts:

Aug 10, 2011: Interest Rates just got even better for South Lake Tahoe, CA home buyers
Aug 3, 2011: Plunging Interest Rates
Jul 12, 2011: A Heads up on Mortgage Bank Relief
May 5, 2011: Interesting Interest Rates
Jun 11, 2010: Talking Low Interest Rates
April 10, 2010: An Interest in Interest Rates
April 27, 2010: You Still Get a 5% Can Mortgage?

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Written by Richard Bolen | Discussion: Please leave a comment.

2011 South Lake Tahoe, CA Neighborhood Home Values

October 5th, 2011 categories: Al Tahoe, Bijou, Black Bart, Buyers Report, California Neighborhoods, Christmas Valley, Country Club Estates, For Buyers, For Sellers, Gardner Mountain, Lake Tahoe Real Estate, Meyers, Montgomery Estates, North Upper Truckee, Pioneer Trail, Sierra Tract, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline Area, Tahoe Island Drive, Tahoe Keys, Tahoe Paradise, Y Area

South Lake Tahoe, CA home values by neighborhood

South Lake Tahoe home values continue to be better deals for home buyers

We thought it would be helpful to look at South Lake Tahoe, CA home values by neighborhood, and compare the differences so far this year with the final stats from last year.

The source chart for this study is found below.

 Highest Median Sold Price :
The top five South Lake Tahoe, CA neighborhoods with the highest median sold home values are:

1. The Tahoe Keys ($602,450)
2. Heavenly Valley ($454,300)
3. North Upper Truckee ($429,000)
4. Country Club Estates ($428,000)
5. Montgomery Estates ($396,000)

 Lowest Median Sold Price :
The top five South Lake Tahoe, CA neighborhoods with the most affordable median sold home values are:

1. Stateline Area ($143,000)
2. Y Area ($156,500)
3. Sierra Tract ($162,900)
4. Bijou ($209,900)
5. Meyers ($225,000)

 Neighborhoods with increases in median sold values :
The following are the only South Lake Tahoe, CA neighborhoods with an increase in median sold home values to date this year.

1. Black Bart ($55,000)
2. North Upper Truckee ($49,000)
3. Country Club Estates ($39,500)
4. Heavenly Valley ($15,700)
5. Tahoe Island Park ($4,000)

 Neighborhoods with the highest price decreases in median sold values :
The following are the top five South Lake Tahoe, CA neighborhoods with the greatest price decreases in their median sold home values to date this year compared to all of last year.

1. Montgomery Estates (-$100,250)
2. The Tahoe Keys (-$73,050)
3. Tahoe Paradise (-$72,400)
4. Christmas Valley (-$58,750)
5. Y Area (-$58,500)

 Neighborhoods with the highest percent decreases in median sold values :
The following are the top five South Lake Tahoe, CA neighborhoods with the greatest percent decreases in their median sold home values to date this year compared to all of last year.

1. Y Area (-27.2%)
2. The Tahoe Keys (-20.2%)
3. Tahoe Paradise (-19.6%)
4. Christmas Valley (-19.3%)
5. Y Area (-17.8%)

 Neighborhoods with the most homes sold :
The following are the top five South Lake Tahoe, CA neighborhoods with the most homes sold this year:

1. Bijou (41)
2. Sierra Tract (38)
3. Tahoe Keys (36)
4. North Upper Truckee (35)
5. Montgomery Estates (24)

 Neighborhoods with the greatest decrease in sales :
The following are the top five South Lake Tahoe, CA neighborhoods with the greatest decreases in the number of homes sold to date compared to all of last year:

1. Tahoe Paradise (24 fewer sales)
2. Al Tahoe (21 fewer sales)
3. Pioneer Trail (18 fewer sales)
4. Tahoe Keys (18 fewer sales)
5. North Upper Truckee (16 fewer sales)

The chart below is the source study for the information herein. (see it in full size here)

2011 South Lake Tahoe median sold price by neighborhood

Other related Lake Tahoe Real Estate Blog posts you may find of interest:

Apr 23, 2011: South Lake Tahoe, CA Median Home Values by Neighborhood
Jan 22, 2011: South Lake Tahoe, CA Distressed Sales by Neighborhood
Jan 22, 2011: South Lake Tahoe Median Sold Prices by Neighborhood since 2005

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Written by Richard Bolen | Discussion: Please leave a comment.

2011 South Lake Tahoe, CA Home Values by Month

October 1st, 2011 categories: Buyers Report, For Buyers, For Sellers, Lake Tahoe Real Estate, Major Market Reports, Median Sold Price Report, Sales Reports, South Lake Tahoe Statistics, South Lake Tahoe, CA

South Lake Tahoe, CA median sold price2011 South Lake Tahoe, CA Home Value Decline is 10.7%

In the current South Lake Tahoe, CA real estate market climate, we are seeing essentially the same home buyer concerns today that we've seen for some time. Those concerns are basically two: (1) have I missed anything, and (2) am I paying too much?

What's different, however, is today's home buyer seems to be looking more for a "deal" than a house. Don't get me wrong here; the house is what the buyer is buying, and it is important, but it needs to be perceived as a real deal for most buyers these days. Much more so, we find, than usual.

This will start a series of posts about current prices, Q3 South Lake Tahoe, CA real estate results, the characteristics of houses by price and size, all geared to help buyers better understand the deal they are looking for, which will help sellers better understand sales and listing thoughts and strategies at the same time.

For the post here, lets look at South Lake Tahoe, CA home values at the first of each month throughout 2011. What both buyers and sellers here will see is that South Lake Tahoe, CA home values remain in decline. It's gradual, not precipitous, but nonetheless decline.

From January 1 to September 1, the South Lake Tahoe, CA median sold price declined by $20,000. This number is the same whether the Tahoe Keys is included or not. As of today, which includes September sales reported up to mid-day on the 30th, the median sold price not including the Tahoe Keys is $250,000, a decline of $30,000 since Jan 1, or 10.7%.

Over 2011, on average, the decline in residential home values can be thought of as about $75 a day. This doesn't occur everyday, of course, but we think thinking about losing $75 a day in home value is a context that a home seller might want to understand.

The chart below tracks the South Lake Tahoe, CA median sold price since Jan 1 (Tahoe Keys is included). Seen at the first of each month, these are for all sales for the last 180-days prior.

South Lake Tahoe, CA 2011 180-day median sold prices by month

Looking at this, we notice that the median sold prices goes up in some months, down in others. That's normal.  Since the first of the year, the overall decline is 6.4%.

The chart below tracks the South Lake Tahoe, CA median sold price since Jan 1 (Tahoe Keys is NOT included). Seen at the first of each month, these are for all sales for the last 180-days prior.

South Lake Tahoe, CA 2011 180-day median sold price, Tahoe Keys not included.

Again, the median sold price fluctuates from month to month. Sometimes its lower, other months its higher, but the overall decline is 7%.

The chart below is the source of this study. See it in full size here.

South Lake Tahoe, CA 2011 median sold price by month over 180-days.

Some previous Lake Tahoe Real Estate Blog posts of you may find helpful:

Jul 19, 2011: Our Q2 South Lake Tahoe, CA report in the Tahoe Daily Tribune
Apr 2, 2011: Q1 2011 South Lake Tahoe, CA Real Estate Report
Jan 2, 2011: 2010 South Lake Tahoe Housing Demand Report

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Written by Richard Bolen | Discussion: Please leave a comment.

Attention Home Buyers: Making South Lake Tahoe Even More Attractive (pt 7)

September 21st, 2011 categories: California Neighborhoods, For Buyers, Gardner Mountain, Lake Tahoe Real Estate, Local Information, South Lake Tahoe, CA, Tahoe Island Drive, Y Area

Investments into South Lake Tahoe, CA are good for home buyersNew Developments at The Y

This is all good news for South Lake Tahoe home buyers. Home prices have not been this affordable in a decade, and mortgage interest rates have never been this low.

In addition to these very real home buyer advantages, there are a host of additional South Lake Tahoe positives that make our community even more attractive, and our housing climate even better.  These positives include improvements in our infrastructure and private investments in local businesses. All together, what this means is a tremendous amount of very smart money is being put into South Lake Tahoe right now.

This is a part-seven in a 9-part series to help South Lake Tahoe home buyers better understand the ongoing investment into our resort community, and how these infusions make for an even better reason to buy here.

A Gas Station, Convenience Store and a Car Wash

Sometimes an old building sits vacant too long. One of those eventually became a bit of an eyesore at the intersection of Emerald Bay Road and Lake Tahoe Boulevard. This is the "Y" and that old building is no longer.

In its place is soon to be a new gas station, convenience store and a car wash. All are welcomed in this important South Lake Tahoe, CA connective point.

The gas station is a Raley's Aisle 1 Fuel Station, which will include 12 fueling stations. This will be the 12th gas station for the Raley's grocery store chain, which has dozens of locations throughout Northern California and Northern Nevada. Aisle 1 locations offer discounts on gas fwith the purchase of at least $50 worth of eligible groceries at a Raley's-owned grocery store.

The closest South Lake Tahoe, CA residential neighborhoods to this new development are the Y Area, Gardner Mountain and Tahoe Island Drive.

Other Lake Tahoe Real Estate Blog posts in this series:

Sep 13, 2011: (pt 1) California Conservation Corps Tahoe Service Center
Sep 14, 2011: (pt 2) Trout Creek to Ski Run Project
Sep 15, 2011: (pt 3) Lake View Commons
Sep 16, 2011: (pt 4) Sierra Colina Village
Sep 17, 2011: (pt 5) South Lake Tahoe High School Improvements
Sep 20, 2011: (pt 6) New Tenants for Bills Casino Building
Sep 24, 2011: (pt 8)  A New National Store at the Y?
Sep 25, 2011: (pt 9) Federal Grant for Lake Tahoe Community College

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Written by Richard Bolen | Discussion: Please leave a comment.

Actual Email to a Tahoe Keys, South Lake Tahoe Home Buyer

September 10th, 2011 categories: About this Blog, About Us, Buyers Report, California Neighborhoods, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA, Tahoe Keys

actual email to client from Lake Tahoe Real Estate Blog

Working with a South Lake Tahoe home buyer from afar.

One of the things that makes what we do interesting is providing information about a South Lake Tahoe house to a client who doesn't live here. Because we are a resort attraction, this happens more than not: some 65% of our homeowners do not live here.

We never recommend that a buyer buys a house unless they have seen it. It has happened before, though, but that is very rare. The challenge is to give someone afar as much information as possible before they get here to look. This missive below is one of those.

We've been working with this client for some time now. They've been here twice in the last year to vacation and look. They want the Tahoe Keys, and like all of them, finding the right home at the right price is a process. One that requires both a steady flow of information and patience. This is teamwork at its best.

The client is from… lets say the East Coast. He and family is looking for either a vacation home, or a permanent residence. The real answer to that question has yet to be determined; the result of which means we're providing information on two different price ranges within the Tahoe Keys.

Here's an actual email that went out to him from us last week, which is a good example of the work and communication involved. This was in response to questions about two properties. Images and actual addresses not included.

Email from Lake Tahoe Real Estate Blog to a client

 

 

 

House # 1:

  • Bright, airy, oak, granite tile, wood beam ceilings, built in 1994. Shows clean, newer than most, and nice.
  • Master upstairs. Both it and master bath are spacious. Has two skylights, and bath seems nice and inviting.
  • Kitchen has two skylights too.
  • 2.5 baths throughout. The half bath is on top floor w master and great room.
  • Faces directly West more than anything else. Full view of Mt. Tallac and sunsets. House needs, IMO, auto screens to shield from summer sun, but view is all about snow caps, mountains and the wide canal and boats in back.
  • One can see the back yard of (another house we've been talking about) from here.
  • Most keys houses of similar floor plan have small sitting room, or den, or game room, whatever one calls it, downstairs with two bedrooms and a bath off of it. This house has 3 beds instead, but not so much at the expense of the sitting room. It’s plenty big enough for nice separation from great room and main living area. Ideal for both kids and guests.
  • Verdant yard is ok, but could  be even more lush w minimal effort. Think adding pavers would make a nice patio.
  • Dock and water is fine, deep. 3 boats can easily moor here.
  • Seller is real estate broker. He paid ($ x) for it in 2001. His agent is unsure exactly how motivated he is.
  • I like this location much better than (another house he wanted to buy) house, though it was somewhat more upscale, but certainly darker inside with little comparable view.
  • Seller agent is not sure where seller is re price. His first thought was higher than ($ x), but again he is not sure.
  • This could very well be the house; there is very little if anything to do to move in. Maybe eventually replace kitchen counters w slab granite and put in better appliances, which is easy.
  • I am not standing up and down and shouting come in and see it because it’s the one for sure, but this is in that ballpark, particularly if one could get it below ($ x).

House # 2:

  • Met there w contractor friend as planned. Bottom line: about $115,000 – $125,000 for complete remodel.
  • That includes room over garage, which is probably 20 x 16. Figure $175 to $200 sq foot for that. Structure will need be examined to be sure of snow load compliance (150 lbs sq ft), and plans would need to done… etc.
  • There is about 320 sq ft to be added here (not 400 as thought because upstairs second story addition area is not 20 x 20).
  • Also includes upstairs bathroom remodel, which would require gutting it, moving plumbing (easy to do) toward existing master, and building hall behind new bathroom to best get to garage extension.  This means bathroom would be smaller, and there would be 3 entrances to it: from master, new extension, and existing sitting room upstairs.
  • Also includes full kitchen re-do as discussed (floors, all cabinetry, ceiling, all appliances).
  • About $10,000 of estimate is included for incidentals those things that always come up in remodel construction that have not been thought of yet.
  • Both contractor and I wonder if this house should have such additional investment.

Images coming separately, and hope this gives as clear an picture as possible about these two,

Cheers,

Richard

Some other actual client emails here on the Lake Tahoe Real Estate Blog:

Jul 22, 2011: Actual Email to a Hopeful South Lake Tahoe Home Buyer
Sep 7, 2010: Actual Email to a Cautious South Lake Tahoe Home Buyer
Aug 22, 2010: Email to a South Lake Tahoe Home Buyer in Europe

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Written by Richard Bolen | Discussion: Please leave a comment.

South Lake Tahoe Home Prices, Interest Rates just get even better for Buyers.

August 10th, 2011 categories: Buyers Report, For Buyers, For Sellers, Interest Rates, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe, CA, Stateline, NV

South Lake Tahoe is a red carpet for home buyersIt's been more than a decade since a South Lake Tahoe home was this affordable.

Lets look at interest rates first. MOrtgage interest rates after the big debt debate debacle!

Online today a 30-year fixed loan w 20% down is being touted at 3.875%, which is unheard of (here). Digging deeper, most of these sensational online rates involve a point or two added into the mix, a loan over $200,000 and a huge FICO to boot. In other words, one is pretty much not going to get a South Lake Tahoe house today with a loan under 4%.

One can get that South Lake Tahoe house today, however, at a mortgage interest rate of 4.125%, which is a lower rate than anything we have seen in decades, but this rate will likely involve a point in the mix too. A point being 1% of the purchase price added into the loan. In other words, a point on a $200,000 loan would be an extra $2,000 given to the lender to get a rate that low.

If one does not add a point into the mortgage loan mix, it is possible to get a South Lake Tahoe house today at a mortgage loan rate of 4.25%, again historically low, and damn close to the lowest rate we have ever seen (4.12% appeared once last November for a few hours!).

 More Price Decline :

The median sold price in South Lake Tahoe, CA today is $265,000, which is based on all home sales in the last 180-days, not including the Tahoe Keys. (here, for data with the Tahoe Keys, and here for the Tahoe Keys itself.)

Based on the same criteria, lets track the South Lake Tahoe, CA median sold price at various times since the first of the year:

  • On January 1, it was: $285,000
  • February 1, it was $280,000.
  • March 15, it was $280,000.
  • May 13, it was $285,000.
  • June 1, it was: $285,000.
  • July 7, it was: $274,500.
  • Aug 8, today, it is $262,500.

What this means is South Lake Tahoe, CA median sold house values have declined 7.8% since the beginning of the year.

 The Bottom Line :

The South Lake Tahoe, CA home buyer, if they are going to get a loan, has not seen a better buying condition in our resort in a very, very long time. Think at least a decade, if not more.

Previous Lake Tahoe Real Estate Blog posts:

Aug 3, 2011: Plunging Interest Rates
Jul 12, 2011: A Heads up on Mortgage Bank Relief
May 5, 2011: Interesting Interest Rates
Jun 11, 2010: Talking Low Interest Rates
April 10, 2010: An Interest in Interest Rates
April 27, 2010: You Still Get a 5% Can Mortgage?

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Written by Richard Bolen | Discussion: Please leave a comment.

Some Better News in South Lake Tahoe Today: Job Growth?

August 5th, 2011 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe, CA, Stateline, NV

Jobs report is better than exptected.Any U.S. Job Growth helps South Lake Tahoe, and everywhere else too!

Lets not get too excited, the "good" news in South Lake Tahoe today is good because… well, it's not worse, and who knew that we would see an increase in the jobs market in July, and a tenth of a point down tic in the national unemployment rate from 9.2% to 9.1%?

All of yesterday's forecasters certainly didn't see this coming, and any movement in a positive direction is big time better than not.

CNN logoThe CNN headline read "Jobs Show Surprising Growth." We didn't use that… because a tenth of a point unemployment decline in a sea of national economic woe doesn't beg such sensationalism we think, but yes, it was a surprise. Welcomed it was.

Here's a few of the bullet points in the CNN article:

  • The U.S. job market strengthened in July.
  • This is good news that sharply contrasted other recent data pointing toward an economic slowdown.
  • U.S. employers added 117,000 jobs in July, easily topping the 75,000 gain economists had predicted.

(full article here)

Previous Lake Tahoe Real Estate Blog posts about jobs:

Jul 28, 2011: A Better Jobs Report… amid this Political Nonsense!
May 8, 2011:  A Good Jobs Report
Mar 4, 2011: Jobs Report: Good News for all of Us, and South Lake Tahoe too.
Mar 3, 2011: Caution: positive South Lake Tahoe housing news found here
Feb 10, 2011: More Better Economic News for South Lake Tahoe

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Written by Richard Bolen | Discussion: Please leave a comment.

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