Lake Tahoe Weekly Real Estate Market Statistics For East Shore Nevada

May 14, 2010

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes and Condos for the East Shore. I just started tracking condos with homes as of October 28th, 2009 which will be give different results from previous market reports. The reason that I use this segment of the market is that it has the most influence on the general value trends.

Despite the snowy, spring weather, Nevada is seeing good buyer activity. To track the most current Buyer activity, I use the Market Activity Ratio which is the relationship between Active Listings and Pending Sales. The Market Activity Ratio this past week decreased slightly from 16.4% to 14.9% which is the result of the Active LIstings increasing by 8 as the Pending sales decreased by 2. It’s interesting to note that the number of Pending Short Sales did decrease by 2 for a total of 14.

This past week there were 4 new sales for a YTD total of 46 sales. The sale prices were $267,500 at Lake Village, $570,000 at Upper Kingsbury, $1,525,00 at Round Hill, and $1,695,000 in Glenbrook. This increased the 6 month Average Sales Price by 7.5% to $820,479. The average days on market for the sold properties is 268 days.

Status	Class	Type	Area	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM


Active Listings				198	$398,723,825	$2,013,757	$734,500	289
Listings Under Contract				3	$1,138,900	$379,633	$390,000	55
Listings Sold 2010				46	$34,403,550	$747,903	$447,625	256

ACTIVE
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	29	$8,737,900	$301,307	$265,500	340
			Upper Kingsbury	6	$4,933,000	$822,167	$547,000	303
			Mid Kingsbury	11	$9,674,000	$879,455	$550,000	311
			Lower Kingsbury	4	$6,348,000	$1,587,000	$1,404,500	260
			Lincoln Park	1	$1,695,000	$1,695,000	$1,695,000	560
			Kahle Park	1	$279,000	$279,000	$279,000	440
			Lake Village	11	$4,817,950	$437,995	$359,950	155
			Round Hill	10	$7,325,999	$732,600	$697,000	377
			Elk Point	2	$3,460,000	$1,730,000	$1,730,000	248
			Pinewild/Marla	10	$9,026,677	$902,668	$661,500	189
			Zephyr Heights/Knolls	10	$9,084,000	$908,400	$732,000	138
			Zephyr Cove	1	$510,000	$510,000	$510,000	23
			Skyland/Tall Pn/Snug Harbor	7	$5,807,000	$829,571	$625,000	159
			Hidden Woods	3	$6,470,000	$2,156,667	$2,595,000	283
			Upper & Lower Lakeridge – LT	2	$2,094,999	$1,047,500	$1,047,500	654
			Cave Rock	7	$12,551,000	$1,793,000	$1,040,000	198
			Logan/Cedarbrok	2	$5,645,000	$2,822,500	$2,822,500	500
			Glenbrk/Uppaway	20	$66,758,500	$3,337,925	$2,567,500	325
			Lakefront Propt	15	$183,390,000	$12,226,000	$4,950,000	515
			Sub Total	152	$348,608,025	$2,293,474	$746,500	304
New
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	2	$534,000	$267,000	$267,000	3
			Mid Kingsbury	1	$555,000	$555,000	$555,000	3
			Kahle Park	1	$370,000	$370,000	$370,000	8
			Round Hill	1	$1,850,000	$1,850,000	$1,850,000	2
			Logan/Cedarbrok	1	$6,500,000	$6,500,000	$6,500,000	1
			Glenbrk/Uppaway	2	$2,444,000	$1,222,000	$1,222,000	4
			Sub Total	8	$12,253,000	$1,531,625	$852,000	4
Back On Market
	RESIDENTIAL
		Residential
			Lower Kingsbury	1	$239,000	$239,000	$239,000	231
			Sub Total	1	$239,000	$239,000	$239,000	231
Extended
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	1	$315,000	$315,000	$315,000	469
			Skyland/Tall Pn/Snug Harbor	1	$1,064,000	$1,064,000	$1,064,000	188
			Hidden Woods	1	$1,000,000	$1,000,000	$1,000,000	41
			Sub Total	3	$2,379,000	$793,000	$1,000,000	233
Price Raised
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	1	$146,000	$146,000	$146,000	314
			Round Hill	1	$588,000	$588,000	$588,000	3
			Sub Total	2	$734,000	$367,000	$367,000	159
Price Reduced
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	1	$189,000	$189,000	$189,000	91
			Lower Kingsbury	1	$1,825,000	$1,825,000	$1,825,000	109
			Round Hill	1	$1,850,000	$1,850,000	$1,850,000	165
			Zephyr Heights/Knolls	1	$925,000	$925,000	$925,000	126
			Lakefront Propt	1	$6,350,000	$6,350,000	$6,350,000	218
			Sub Total	5	$11,139,000	$2,227,800	$1,825,000	142
Active/Pending-Call
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	3	$1,291,900	$430,633	$595,000	84
			Upper Kingsbury	1	$535,000	$535,000	$535,000	70
			Mid Kingsbury	1	$479,000	$479,000	$479,000	27
			Zephyr Heights/Knolls	1	$750,000	$750,000	$750,000	10
			Skyland/Tall Pn/Snug Harbor	1	$895,000	$895,000	$895,000	394
			Glenbrk/Uppaway	1	$2,850,000	$2,850,000	$2,850,000	261
			Sub Total	8	$6,800,900	$850,113	$595,000	127
Active/Pending-Loan
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	1	$219,000	$219,000	$219,000	77
			Zephyr Heights/Knolls	1	$745,000	$745,000	$745,000	360
			Upper & Lower Lakeridge – LT	2	$2,144,000	$1,072,000	$1,072,000	254
			Lakefront Propt	1	$2,995,000	$2,995,000	$2,995,000	716
			Sub Total	5	$6,103,000	$1,220,600	$849,000	332
Active/Pending-Short Sale
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	3	$401,400	$133,800	$122,500	359
			Upper Kingsbury	1	$2,100,000	$2,100,000	$2,100,000	336
			Mid Kingsbury	1	$399,000	$399,000	$399,000	302
			Lake Village	1	$349,500	$349,500	$349,500	1308
			Round Hill	2	$784,000	$392,000	$392,000	217
			Zephyr Heights/Knolls	4	$3,569,000	$892,250	$730,000	328
			Cave Rock	2	$2,865,000	$1,432,500	$1,432,500	751
			Sub Total	14	$10,467,900	$747,707	$422,000	448
SOLD
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	12	$2,583,200	$215,267	$188,500	159
			Upper Kingsbury	7	$2,568,900	$366,986	$395,000	145
			Mid Kingsbury	6	$2,972,000	$495,333	$454,500	252
			Lower Kingsbury	1	$470,000	$470,000	$470,000	125
			Lincoln Park	1	$450,000	$450,000	$450,000	174
			Lake Village	8	$2,206,400	$275,800	$266,250	96
			Round Hill	7	$6,225,250	$889,321	$449,000	242
			Pinewild/Marla	1	$475,000	$475,000	$475,000	401
			Zephyr Heights/Knolls	3	$1,759,000	$586,333	$535,000	425
			Zephyr Cove	1	$730,000	$730,000	$730,000	939
			Skyland/Tall Pn/Snug Harbor	3	$1,430,000	$476,667	$555,000	45
			Upper & Lower Lakeridge – LT	2	$1,324,000	$662,000	$662,000	172
			Cave Rock	1	$1,300,000	$1,300,000	$1,300,000	985
			Logan/Cedarbrok	1	$1,060,000	$1,060,000	$1,060,000	957
			Glenbrk/Uppaway	3	$8,425,000	$2,808,333	$1,500,000	395
			Lakefront Propt	3	$15,250,000	$5,083,333	$5,750,000	795
			Sub Total	60	$49,228,750	$820,479	$435,625	263
PENDING-No Show
	RESIDENTIAL
		Residential
			Upper Kingsbury	1	$399,900	$399,900	$399,900	111
			Lake Village	1	$349,000	$349,000	$349,000	20
			Cave Rock	1	$390,000	$390,000	$390,000	35
			Sub Total	3	$1,138,900	$379,633	$390,000	55

Filed Under Weekly Statistics for NV · Leave a Comment

NO MORE STATE TAX ON FORGIVEN DEBT

May 9, 2010

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

NO MORE STATE TAX ON FORGIVEN DEBT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board’s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

C.A.R. provides REALTORS® with many legal articles covering a wide range of topics of interest. Some of the new or newly revised legal articles available at http://qa.car.org/ are as follows:

Homebuyer Tax Credit Chart 2010.

Filed Under National & California Association Of Realtors News · Leave a Comment

South Lake Tahoe Weekly Real Estate Market Statistics

May 7, 2010

As of July 29th, 2009, I began adding Condos to the market statistics. What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes and Condos. The reason that I use this segment of the market is that it has the most influence on the general value trends.

There was an up tick in the market!. To track the most current Buyer activity, I use the Market Activity Ratio which is the relationship between the Active Listings and the Pending Sales. This past week we saw the Market Activity Ratio increase from 21.3% to 22.7% which is the result of the Active Listings increasing by 3 as the Pending Sales increased by 8. It is interesting to note that the pending REO sales increased to 16 and the Short Sales increased to 51 which represents 57.8% of the Pending Sales.

There were 9 new sales this past week for a YTD of 164 Sales. Most of the sales were below $350,000 and one sale above that which was in the Tahoe Keys for a sales price of $750,000. This decreased the 6 month Average Sales price by 3.3% to $390,234.

Listings per Status

Listings per Status

Area Market Survey

Listings as of 05/07/10 at 8:39am

Active
Listing Price Range	Quantity	Average DOM
$90,000 thru $99,999	2	141
$120,000 thru $139,999	4	210
$140,000 thru $159,999	7	70
$160,000 thru $179,999	9	82
$180,000 thru $199,999	10	217
$200,000 thru $249,999	22	191
$250,000 thru $299,999	53	177
$300,000 thru $349,999	42	128
$350,000 thru $399,999	38	172
$400,000 thru $449,999	29	111
$450,000 thru $499,999	31	215
$500,000 thru $549,999	21	144
$550,000 thru $599,999	24	179
$600,000 thru $649,999	13	142
$650,000 thru $699,999	10	179
$700,000 thru $749,999	11	203
$750,000 thru $799,999	9	159
$800,000 thru $849,999	3	278
$850,000 thru $899,999	7	136
$900,000 thru $949,999	2	383
$950,000 thru $999,999	7	343
$1,000,000 thru $1,249,999	10	262
$1,250,000 thru $1,499,999	5	93
$1,500,000 thru $1,749,999	6	184
$1,750,000 thru $1,999,999	7	325
$2,000,000 thru $2,249,999	2	57
$2,250,000 thru $2,499,999	4	260
$2,500,000 thru $2,749,999	2	57
$3,750,000 thru $3,999,999	1	10
$4,000,000 thru $4,249,999	2	100
$4,250,000 thru $4,499,999	1	647
$4,750,000 thru $4,999,999	1	1395
$10,000,000 or more	1	141
	396	176


Summary Price Information
Minimum	$99,000	Maximum	$12,900,000
Average	$630,834	Median	$425,000

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.

Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2010 Rapattoni Corporation. All rights reserved.

Area Market Survey

Listings as of 05/07/10 at 8:39am

Pending
Listing Price Range	Quantity	Average DOM
$90,000 thru $99,999	1	77
$140,000 thru $159,999	3	62
$160,000 thru $179,999	4	164
$180,000 thru $199,999	10	116
$200,000 thru $249,999	19	143
$250,000 thru $299,999	19	196
$300,000 thru $349,999	12	136
$350,000 thru $399,999	8	175
$400,000 thru $449,999	3	79
$450,000 thru $499,999	5	195
$500,000 thru $549,999	4	172
$550,000 thru $599,999	5	309
$600,000 thru $649,999	2	298
$650,000 thru $699,999	4	78
$700,000 thru $749,999	5	206
$750,000 thru $799,999	3	421
$850,000 thru $899,999	1	143
$900,000 thru $949,999	1	66
$950,000 thru $999,999	2	414
$1,000,000 thru $1,249,999	3	223
$1,250,000 thru $1,499,999	1	378
$4,250,000 thru $4,499,999	1	238
	116	177


Summary Price Information
Minimum	$99,000	Maximum	$4,250,000
Average	$446,448	Median	$320,600

Sold
Selling Price Range	Quantity	Average DOM
$60,000 thru $69,999	1	77
$70,000 thru $79,999	1	82
$80,000 thru $89,999	2	106
$100,000 thru $119,999	1	38
$120,000 thru $139,999	4	269
$140,000 thru $159,999	12	95
$160,000 thru $179,999	10	102
$180,000 thru $199,999	10	107
$200,000 thru $249,999	40	109
$250,000 thru $299,999	34	124
$300,000 thru $349,999	25	141
$350,000 thru $399,999	26	189
$400,000 thru $449,999	15	251
$450,000 thru $499,999	15	157
$500,000 thru $549,999	7	129
$550,000 thru $599,999	11	184
$600,000 thru $649,999	7	227
$650,000 thru $699,999	9	125
$700,000 thru $749,999	3	67
$750,000 thru $799,999	5	295
$800,000 thru $849,999	1	393
$850,000 thru $899,999	1	439
$900,000 thru $949,999	2	374
$950,000 thru $999,999	1	1
$1,000,000 thru $1,249,999	3	330
$1,250,000 thru $1,499,999	2	295
$1,500,000 thru $1,749,999	1	0
$3,000,000 thru $3,249,999	1	117
	250	154


Summary Price Information
Minimum	$67,000	Maximum	$3,200,000
Average	$390,234	Median	$317,250

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.

Filed Under Weekly Statistics for CA · Leave a Comment

Lake Tahoe Weekly Real Estate Market Statistics For Nevada East Shore

May 7, 2010

Bammm! Nevada is awake from it’s slumbering market in a big way. To track the most current Buyer activity I use the Market Activity Ratio which is the relationship between the Active Listings and Pending Sales. This past week we saw the Market Activity Ratio sharply increase from 11.2% to 16.4% which is the result of the Active listings decreasing by 3 as the Pending Sales increased by 11. The number of Pending Short Sales did increase by 2 for a total of 16.

This past week there were 2 new sales for a YTD of 42 sales. One of the sales was on top of Kingsbury Grade with a sales price of $395,000 and a Condo in Lake Village with a sales price of $295,000. This decreased the 6 month average sales price by 2.1% to $763,391. The average days on market for these sales is 259 days.

Status	Class	Type	Area	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM


Active Listings				192	$390,504,725	$2,033,879	$744,500	292
Listings Under Contract				3	$2,484,900	$828,300	$399,900	285
Listings Sold 2010				42	$30,541,050	$727,168	$435,625	259

ACTIVE
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	24	$7,545,500	$314,396	$275,250	365
			Upper Kingsbury	5	$4,674,000	$934,800	$649,000	347
			Mid Kingsbury	10	$9,415,000	$941,500	$560,000	334
			Lower Kingsbury	5	$8,247,000	$1,649,400	$1,850,000	223
			Lincoln Park	1	$1,695,000	$1,695,000	$1,695,000	553
			Kahle Park	1	$279,000	$279,000	$279,000	433
			Lake Village	10	$4,462,450	$446,245	$387,475	79
			Round Hill	12	$10,836,000	$903,000	$697,000	371
			Elk Point	1	$1,770,000	$1,770,000	$1,770,000	270
			Pinewild/Marla	8	$7,703,677	$962,960	$734,950	227
			Zephyr Heights/Knolls	11	$10,089,000	$917,182	$769,000	130
			Zephyr Cove	1	$510,000	$510,000	$510,000	16
			Skyland/Tall Pn/Snug Harbor	6	$5,033,000	$838,833	$612,000	163
			Hidden Woods	4	$7,470,000	$1,867,500	$1,885,000	216
			Upper & Lower Lakeridge – LT	2	$2,094,999	$1,047,500	$1,047,500	647
			Cave Rock	6	$12,179,000	$2,029,833	$1,795,000	224
			Logan/Cedarbrok	2	$5,645,000	$2,822,500	$2,822,500	493
			Glenbrk/Uppaway	15	$54,173,500	$3,611,567	$3,850,000	364
			Lakefront Propt	16	$188,655,000	$11,790,938	$4,950,000	511
			Sub Total	140	$342,477,126	$2,446,265	$897,450	313
New
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	1	$219,900	$219,900	$219,900	3
			Mid Kingsbury	1	$259,000	$259,000	$259,000	2
			Round Hill	1	$724,999	$724,999	$724,999	4
			Pinewild/Marla	2	$1,323,000	$661,500	$661,500	2
			Zephyr Heights/Knolls	1	$750,000	$750,000	$750,000	3
			Glenbrk/Uppaway	3	$8,950,000	$2,983,333	$1,375,000	5
			Sub Total	9	$12,226,899	$1,358,544	$724,999	4
Back On Market
	RESIDENTIAL
		Residential
			Cave Rock	1	$1,365,000	$1,365,000	$1,365,000	345
			Sub Total	1	$1,365,000	$1,365,000	$1,365,000	345
Extended
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	2	$354,000	$177,000	$177,000	330
			Lake Village	2	$704,500	$352,250	$352,250	429
			Elk Point	1	$1,690,000	$1,690,000	$1,690,000	212
			Skyland/Tall Pn/Snug Harbor	1	$1,064,000	$1,064,000	$1,064,000	181
			Glenbrk/Uppaway	2	$3,490,000	$1,745,000	$1,745,000	438
			Lakefront Propt	1	$4,680,000	$4,680,000	$4,680,000	364
			Sub Total	9	$11,982,500	$1,331,389	$1,064,000	350
Price Reduced
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	2	$428,500	$214,250	$214,250	62
			Upper Kingsbury	1	$259,000	$259,000	$259,000	36
			Skyland/Tall Pn/Snug Harbor	1	$774,000	$774,000	$774,000	87
			Sub Total	4	$1,461,500	$365,375	$239,250	62
Active/Pending-Call
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	3	$1,291,900	$430,633	$595,000	77
			Upper Kingsbury	2	$1,124,900	$562,450	$562,450	40
			Skyland/Tall Pn/Snug Harbor	1	$895,000	$895,000	$895,000	387
			Glenbrk/Uppaway	2	$4,545,000	$2,272,500	$2,272,500	151
			Sub Total	8	$7,856,800	$982,100	$595,000	125
Active/Pending-Loan
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	1	$219,000	$219,000	$219,000	70
			Lake Village	1	$280,000	$280,000	$280,000	87
			Zephyr Heights/Knolls	1	$745,000	$745,000	$745,000	353
			Upper & Lower Lakeridge – LT	2	$2,144,000	$1,072,000	$1,072,000	247
			Sub Total	5	$3,388,000	$677,600	$745,000	201
Active/Pending-Short Sale
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	5	$806,400	$161,280	$135,000	304
			Upper Kingsbury	1	$2,100,000	$2,100,000	$2,100,000	329
			Mid Kingsbury	1	$399,000	$399,000	$399,000	295
			Lower Kingsbury	1	$239,000	$239,000	$239,000	224
			Lake Village	1	$349,500	$349,500	$349,500	1301
			Round Hill	2	$784,000	$392,000	$392,000	210
			Zephyr Heights/Knolls	4	$3,569,000	$892,250	$730,000	321
			Cave Rock	1	$1,500,000	$1,500,000	$1,500,000	1143
			Sub Total	16	$9,746,900	$609,181	$379,000	407
SOLD
	RESIDENTIAL
		Residential
			Summit/Tahoe VL	17	$3,748,200	$220,482	$198,000	202
			Upper Kingsbury	6	$1,998,900	$333,150	$354,000	166
			Mid Kingsbury	7	$3,771,000	$538,714	$485,000	271
			Lower Kingsbury	1	$470,000	$470,000	$470,000	125
			Lincoln Park	1	$450,000	$450,000	$450,000	174
			Lake Village	7	$1,938,900	$276,986	$265,000	97
			Round Hill	6	$4,700,250	$783,375	$447,625	162
			Pinewild/Marla	1	$475,000	$475,000	$475,000	401
			Zephyr Heights/Knolls	3	$1,759,000	$586,333	$535,000	425
			Zephyr Cove	1	$730,000	$730,000	$730,000	939
			Skyland/Tall Pn/Snug Harbor	3	$1,430,000	$476,667	$555,000	45
			Upper & Lower Lakeridge – LT	2	$1,324,000	$662,000	$662,000	172
			Cave Rock	1	$1,300,000	$1,300,000	$1,300,000	985
			Logan/Cedarbrok	1	$1,060,000	$1,060,000	$1,060,000	957
			Glenbrk/Uppaway	2	$6,925,000	$3,462,500	$3,462,500	566
			Lakefront Propt	3	$15,250,000	$5,083,333	$5,750,000	795
			Sub Total	62	$47,330,250	$763,391	$405,000	271
PENDING-No Show
	RESIDENTIAL
		Residential
			Upper Kingsbury	1	$399,900	$399,900	$399,900	104
			Round Hill	1	$1,695,000	$1,695,000	$1,695,000	724
			Cave Rock	1	$390,000	$390,000	$390,000	28
			Sub Total	3	$2,484,900	$828,300	$399,900	285