Lake Tahoe Foreclosures and Short-sales

Resort markets were slower to see the foreclosures emerge. The market took a year to correct itself. There were many sellers that were under the impression that their homes were not affected by the market decrease, so there was a large gap between the foreclosures and the standard sales. This in turn created a niche foreclosure market, whereby the standard homes were not selling, and yet foreclosures had multiple offers and bidding wars. We are still seeing this even though the market has, for the most part, adjusted.
If you are planning on buying a foreclosure in Lake Tahoe, be prepared for a bidding war. Better yet, I suggest, you find a standard home and offer under asking. This way you will get a home you want at a price you want, as there are no other bidders, and sellers are motivated.
Lake Tahoe short sales are also plentiful, and though the number of foreclosures has significantly dropped in the last year, we are seeing an increase in short sales. This is also a very good alternative to a foreclosure, but be prepared for about 3 month turn-around.

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November 15 2011 - US
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Thanks for sharing the information!! Hope you all have a great winter there!
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November 15 2011
The South Lake Tahoe area is still experiencing a steady flow of REO and Short Sale activity. As of November 1st, 39% of the single family homes sold over the last 90 days were REO (bank owned) properties or short sales. There was a 10% increase in the number of solds over the previous 90 days yet a surprising 8% decline in the number of distressed sales for the period. It takes more than one month to start a trend but it's nice to see a downward tick in the number of distressed sales.

Besides lower interest rates, I really don't see any positive news on the horizon for the rest of 2011. As of October 31st the single family residential median sold price in South Lake Tahoe had declined 13.1% from $326,500 in 2010 to the current $283,750.

The straight fact remains most of our local neighborhoods are still in decline. The few pockets of price growth are located outside of the city limits in the Elks Club area, Christmas Valley and the Black Bart areas. It will be interesting to see how continued foreclosure activity effects the area over the next 6 months.
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November 16 2011
 
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