Lake Tahoe Real Estate Blog

Short Sales and Bank-Owned Properties were the hot topic of the past week.  Over half of this week’s new escrows were such type lisitngs. Investors and folks that have been waiting for a good time to get back into the market appear to be taking advantage of opportunities in today’s market.

Within the city limits, there were 7 new homes reported as new or “back on the market” during the past week (down from the 14 during the previous week.) The list prices ranged from $250,000 for a 2 bedroom condo to $899,000 for a newer 4 bedroom home.  Both are near the Heavenly Ski Resort.

The number of homes that went into escrow was 5, down from the 9 last week. These properties ranged from $319,000 for a bank-owned home in the Tahoe Island area to $529,000 for a brand new home in the Sierra Tract. 

There was only 1 reported sale for a 5 bedroom home in the Gardner Mountain area which sold for $640,000.

The county area reported There were 8 new or “back on the market” (slightly down from last week’s 9.)  These listings ranged from $273,000 for what was basically the beginning stages of a new construction to  $1m850,000 for a deluxe home in the North Upper Truckee area. 

There were 4 new escrows  up from the 1 last week.  These properties ranged from $245,000 for a bank-owned 2 bedroom home in the Meyers area to $1,199,000 for a newer “mini-mansion” which was accepted as a short sale.

There was 1 reported sale for a lovely view property in the Pioneer Trail area.  This home had over 3,000 square feet of living space and sold for $825,000.

Within both the city and the county, the only lot activity had to do with city lots.  There were 3 new escrows ranging from $240,000 for an acre in town to $1,335,000 for a 5 acre parcel with plans for a small estate.

MORE SNOW! And just as we experienced during our most recent storm activity, as the snow increased, so did our real estate activity. 

Within the city limits, there were 14 new homes reported as new or “back on the market” during the past week (up from the 8 during the previous week.) The list prices ranged from $269,900 for a studio condo to $1,396,000 for a 4 bedroom waterfront property.  Both of these homes were in the Tahoe Keys area and featured views and boat docks.

The number of homes that went into escrow was 9, triple that of last week.  These properties ranged from $195,000 for a smal (520 sf) cabin to $750,000 for a spacious (1,920 SF) three bedroom home near Heavenly Mountain. 

There were 3 reported sales ranging from $410,000 for a 3 bedroom/2 bath home to $650,000 for a newer 4 bedroom home.

The county area reported There were 9 new or “back on the market” (up from 2 the previous week.)  These listings ranged from $369,000 for a 2 bedroom/1 bath home to  $799,000 for a 3 bedroom home built in 2002. 

There was 1 new escrow  for a 3 bedroom/2 bath home with 1, 266 SF of living space. 3,200 SF which was listed for $399,900.

There were 2 recorded closings ranging from $366,000 for a 4 bedroom/2.5 bath home to $490,000 for a 3 bedroom/2 bath home built in 1992..

Both the city and the county each saw one new listing for lots appear on the market.  The city lot is listed for $125,000 while the lot in the county is listed for $225,000.

The past week’s Lake Tahoe real estate activity was slower than weeks past.  With all the gorgeous new snow, it appears as though folks were more interested in skiing than house-hunting.

Within the city limits, there were 8 new homes reported as new or “back on the market” during the past week down from 13 the prior week.  The prices ranged from $353,000 for a 3 bedroom home to $1,250,000 for a brand new construction with approximately 2,600 SF of living space.  Both of these homes were in the Bjiou area.

3 homes went into escrow down from the 5 the previous week.  These properties ranged from $265,000 for a 2 bedroom, 1 bath  to $449,000 for a 3 bedroom, 2 bath home with over 1,600 SF.

There were 0 reported closed sales within the city limits.

The county area reported There were 2 new or “back on the market” listings ranging from $514,900 for a “half-finished” home in desirable Montgomery Estates to $750,000 for a brand new construction (with views) in the North Upper Truckee area.

Down from the 14 new escrows last week, there were 6 new escrows ranging from $275,000 for a 2 bedroom, 1 bath home to $975,000 for a 4 bedroom home with over 3,200 SF. 

There was 1 recorded closings for a 3 bedroom, 2 bath home with 1,736 SF of living space for $485,000.

There was no new activity amongst lots within either the county or the city limits.

This was an interesting week. Despite a week long episode of storm after storm after storm, homes were being listed and sold at a rate equivalant (and even better in some categories) than the previous months.  Never mind the fact that most neighborhoods were experiencing narrow, one lane roads with snow berms eliminating most views.  One agent shared an actual dream she had last night of driving her car through a maze and not being able to find her way out.  This followed a day of showing houses in a neighborhood that left her unsure of what street she was on at any given time.

Within the city limits, there were 13 new homes reported as new or “back on the market” listings within the past week.  This group represented quite a variety of homes starting as low as $144,900 for a small condo to $1,350,000 for a 5 bedroom home built in 2005 located at the doorstep of Heavenly Mountain Ski Resort.  There was one new lot listing within the $220,000 range.

5 homes went into escrow ranging from $179,000 for a small home in the Sierra Tract to $579,000 for a 4 bedroom older home with approximately 2,600 SF of living space in the Bijou area.  No lots went into escrow within the city limits.

There were 2 reported sales ranging from $253,000 to $480,000.  There no lots sales recorded within the city limits.

The county area showed quite a bit of selling activity.  There were 2 new or “back on the market” listings ranging from $575,000 for a 5 bedroom home to $699,000 for a 4 bedroom home.  In regards to lots, there were 2 new listings, both in the $220,000 range.

Now check this out - there were 14 new escrows within the county area.  These sales ranged from $349,000 for a 3 bedroom, 1,560 SF home to $999,000 for a 3,276 SF home built in 2002.  There was one new escrow for a lot in the Montgomery Estates area for a terrific value of $139,000.

There were no recorded closings within the county area for either homes or lots.

FREEZE BACK PREVENTION

Just yesterday, we received calls from three of our past clients. Two more had called on the previous day. Another today. The perplexed callers all had the same questions. “There is water coming in through the roof/window/floor (the locations varied). What do I do, who do I call?

So… what do you do and who do you call? Most of the roofers have headed south for the winter. If “freeze back” is the cause (and in all five of the previous cases, it was) the first thing you need to do is remove some of the snow and ice that has accumulated over the edges of your roofline, usually on the North side of th house. It is generally recommended to remove close to 5 feet in width.

Here’s the general problem - roofs with inadequate ventilation ice up in snowy conditions. This can lead to ice dams at the roof edge which prevents melting water from the upper section of the roof from flowing off the roof. This water then ponds at the ice dam and leaks under the shingles. These leaks can travel through the roof structure and can cause considerable water damage. Prevention can be aided by installing heating cables on roofs (especially the north side of the house) and in gutters. Further advice is to check to see that pine needles have not accumulated throughout valleys within the roof design. These nests of pine needles will also assist in the creation of ice dams.

Since it is difficult to install heating cables with the current 4 - 6 feet of snow on our roofs and even more difficult to remove pine needles, you may have to work in stages. Most importantly, begin the removal of the snow and ice at the edges. Our best suggestion at this time is to call some folks associated with snow removal, and/or a general contractor. If you are at a loss for names and numbers, give Don a call. He has been handing out these numbers the past few days and probably has them memorized by now.

Once the work is done - go skiing. It’s fabulous.

Technology - we love it, we cringe sometimes, and then we fall in love all over again. With today’s technology, the most up-to-date real estate information is at both the Realtor’s & the consumers’ fingertips at just about the same time. No longer does the consumer have to drag themselves out of the comfort of their homes or squeeze one more hour into their hectic schedules, to see homes that have absolutely no interest to them. Nor does the Realtor spend his time hovering over a telephone or hoping for a “walk-in.” Online previews (although today’s photographic technology can do wonders and present a “better than reality” image) can save hours of precious time.

On that note, we are eager to share with you some of the “real estate tips” that could make life a whole lot simpler.

DID YOU KNOW that folks interested in staying in touch with the Lake Tahoe real estate market (or just about anywhere they desire,) have the ability to sign up to be notified as soon as a new listing appears on the market. For example, if a potential buyer is interested in knowing about all homes listed under $500,000 with at least three bedrooms and two baths AND located within 2 miles of Lake Tahoe beaches, they could sign up with only an email address, punch in their wishes, and wait for the information to arrive.

They can even take this process one step further. That same potential buyer (or simply curious individual) can set up a portfolio, save the properties that caught their eye within that portfolio and watch the status of those same properties progress.

AND NOW FOR THE NEWEST TECHNOLOGICAL ADVANCE: this same person can now easily distinguish between newly matched listings and listings that have had a price or status change. An improved auto-prospecting e-mail format now informs them which listing numbers in their client portal have changed, and includes hyperlinks to the public view of each changed listing.

This program is done through a system called IDX which is a direct feed from the South Tahoe Association of Realtors Mulitple Listing Services. In our website, access is provides through the “New Listing Email Alerts.” Check it out or contact us if you have any questions on setting up this program.

Makes you just wonder what is next. Bring it on!