Replies (2)
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:722
Thanks for sharing the information!! Hope you all have a great winter there!
- Robert Stiles, "Tahoe Expert"
- Contributions:55
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.
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.
Lake Tahoe Foreclosures and Short-sales
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- 5.0/5.0
- (2 reviews)
Contributions:32If 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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