Weekly South Lake Tahoe Home Sale Report for 2/18/17

February 18, 2017


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 market value trend.

The South Lake Home sales market meet resistance with Hwy 50 road closures and too much snow! Despite the hurdles, it is still ahead of last year! This past 2 weeks there were 16 completed sales for a year to date total of 72 sales. This is up by 2.9% from last year The lowest sale was a condo in the Bavarian Village for $212,000. About half of the sales were below $400,000. The top three sale were on Dundee Cr for $639,000, Sierra House Tr for 668,000 and Shawnee St for $1,110,000. The 6 month average sales price had edged slightly up to $496,742. This is up by 14.7% from last year.

The number of South Lake Tahoe homes for sale and condos has decreased by 2 for a total of 123 in the last 2 weeks. This is 30.5% below last year’s inventory! The number of pending sales is the same for a total of 75. This is down from last year by 16.7%. The lower inventory, record snow and the road closures is slowing the market down. There are no bank owned foreclosures and 1 short sale available on the market.

To find a local South Lake Tahoe real estate agent, contact Jim Wire at 530-314-9008 or email to jim@hotwiretotahoe.com. To find South Lake Tahoe homes for sale, go to HotWireToTahoe.com. I have over 14 years of experience and I’ve been a Lake Tahoe resident for over 32 years. As a top real estate agent and long time local, you will benefit from my knowledge and experience of the area. I’m licensed in both California and Nevada.

 

 Listings per Status

Area Market Survey
Summary

Listings as of 02/18/17 at 1:23pm
Active
Listing Price Range Quantity Average DOM
$140,000 thru $159,999 1 632
$180,000 thru $199,999 1 148
$200,000 thru $249,999 4 57
$250,000 thru $299,999 5 69
$300,000 thru $349,999 9 116
$350,000 thru $399,999 11 114
$400,000 thru $449,999 3 71
$450,000 thru $499,999 10 119
$500,000 thru $549,999 4 131
$550,000 thru $599,999 4 105
$600,000 thru $649,999 5 92
$650,000 thru $699,999 7 99
$700,000 thru $749,999 4 165
$750,000 thru $799,999 8 118
$800,000 thru $849,999 2 47
$850,000 thru $899,999 2 590
$950,000 thru $999,999 6 280
$1,000,000 thru $1,249,999 12 198
$1,250,000 thru $1,499,999 13 156
$1,500,000 thru $1,749,999 3 217
$1,750,000 thru $1,999,999 3 300
$2,000,000 thru $2,249,999 2 251
$2,500,000 thru $2,749,999 1 600
$3,750,000 thru $3,999,999 2 137
$6,000,000 thru $6,999,999 1 149
  123 156
 
Summary Price Information
Minimum $154,900 Maximum $6,800,000
Average $897,156 Median $699,000
Pending
Listing Price Range Quantity Average DOM
$120,000 thru $139,999 1 49
$140,000 thru $159,999 1 30
$200,000 thru $249,999 3 133
$250,000 thru $299,999 7 125
$300,000 thru $349,999 12 240
$350,000 thru $399,999 13 116
$400,000 thru $449,999 9 191
$450,000 thru $499,999 5 92
$500,000 thru $549,999 2 34
$550,000 thru $599,999 4 91
$600,000 thru $649,999 2 144
$650,000 thru $699,999 3 289
$700,000 thru $749,999 3 236
$750,000 thru $799,999 2 44
$800,000 thru $849,999 1 101
$900,000 thru $949,999 1 50
$1,000,000 thru $1,249,999 2 500
$1,250,000 thru $1,499,999 1 234
$1,500,000 thru $1,749,999 1 189
$1,750,000 thru $1,999,999 1 274
$2,250,000 thru $2,499,999 1 145
  75 164
 
Summary Price Information
Minimum $129,000 Maximum $2,350,000
Average $536,239 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 ©2017 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045
 

Area Market Survey
Summary

Listings as of 02/18/17 at 1:23pm
Sold
Selling Price Range Quantity Average DOM
$100,000 thru $119,999 2 501
$120,000 thru $139,999 1 477
$140,000 thru $159,999 2 128
$160,000 thru $179,999 5 135
$180,000 thru $199,999 4 173
$200,000 thru $249,999 21 96
$250,000 thru $299,999 43 95
$300,000 thru $349,999 48 123
$350,000 thru $399,999 64 102
$400,000 thru $449,999 37 127
$450,000 thru $499,999 34 123
$500,000 thru $549,999 28 105
$550,000 thru $599,999 17 83
$600,000 thru $649,999 20 117
$650,000 thru $699,999 18 105
$700,000 thru $749,999 16 138
$750,000 thru $799,999 14 93
$800,000 thru $849,999 5 128
$850,000 thru $899,999 3 221
$900,000 thru $949,999 2 220
$950,000 thru $999,999 2 48
$1,000,000 thru $1,249,999 8 208
$1,250,000 thru $1,499,999 3 249
$1,500,000 thru $1,749,999 2 59
$1,750,000 thru $1,999,999 2 317
$2,000,000 thru $2,249,999 3 119
$2,750,000 thru $2,999,999 1 0
  405 118
 
Summary Price Information
Minimum $106,700 Maximum $2,800,000
Average $496,742 Median $410,000
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 ©2017 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Weekly Lake Tahoe Home Sale Report for the Nevada East Shore 2/6/17

February 8, 2017

The data provided in my weekly home sale reports are extracted  from the Northern Nevada Regional Multiple Listing Service .  The data represents Single Family Homes and Condos for the East Shore of Lake Tahoe, Nevada. The purpose of the weekly market reports is to give either the buyer or the seller an ideal of the market trend. As a result you will be able to make better informed decisions! I hope you find it helpful!

The home sale market on the Nevada east shore has over heated despite the above average snow fall! This past week there were 6 completed sales for a year to date total of 18. This is 12.5% higher than last year! The lowest priced sale was on Andria Dr for $429,000. The top three sales were on 617 Lake Shore Blvd for $1,100,000, Cedar Ridge Dr for $1,550,000 and Hidden Woods Dr for $1,700,000. This had increased the 6 month average sales price by 3.2% to $1,005,735. The average days on market are 186.

This past week the number of Lake Tahoe homes for sale on the Nevada east shore had decreased by 6 for a total of 106. This is down 19.1% from last year! The number of pending sales is down by 1 for a total of 26. There are now 1 bank owned foreclosure and 1 short sale currently on the market.

To find a local Lake Tahoe real estate agent, contact Jim Wire at 530-314-9008 or email to jim@hotwiretotahoe.com. To find South Lake Tahoe homes for sale, go to HotWireToTahoe.com. I have over 14 years of experience and I’ve been a Lake Tahoe resident for over 32 years. As a top real estate agent and long time local, you will benefit from my knowledge and experience of the area. I’m licensed in both California and Nevada.

Why We Hate Vacation Rentals But Shouldn’t!

February 6, 2017

February 6, 2017

By Jim Wire

I’ve lived on the south shore of Lake Tahoe for over 34 years which qualifies me as a long time local. As a local, I’d like to give my humble opinion regarding controversial subject that continues to fester in our community. All too often we are subject to negative opinions that often overlook the positive. I’d like to change that by giving a perspective that is not expressed enough. My objective is to outline the issues that have contributed to the hatred of vacation rentals and balance that with a more positive perspective.

For the last couple of years, the South Lake Tahoe city council has been consumed with creating more regulations for Vacation Home Rental (VHR) permits. This has been driven by a small group of older folks that just aren’t happy until they have effectively eliminated vacation rentals all together. What began as a noise nuisance complaint has grown into something larger that encompasses a wider range of issues. The other issues include unfair competition, neighborhood character, housing shortage, health and safety, mini-hotels, zoning and more. What should have been a quick and easy fix to the noise nuisance issue instead turned into a perpetual and unrelenting attack on VHRs.

When you ask almost any local about their feelings regarding VHR’s, they will almost always say that they hate them. Their reason is based primarily on the noise nuisance issue. Almost everybody has a story about their sleep being disrupted in the middle of the night. They are further frustrated that there has never been an immediate remedy. Nobody likes to lose sleep but with the added regulations the city has more tools to provide the remedy. Regardless, this is a stigma that still sticks in the minds of many locals.

Within the last couple of years more regulations have been created to give law enforcement more tools to abate the noise issue. Rental management companies are more sensitive and more responsive than ever before. They have become late night minutemen and respond to noise complaints. If their property owner receives more than 2 police citations, then the VHR permit is revoked. Despite the more stringent enforcement and proactive rental management, they are still pushing to make the VHR process more restrictive than it already is.

While most locals hate the noise nuisance from VHR’s, they love the dollars that it brings to our town. After all, tourism is our economy. It always has been and it will continue to be so. We all benefit when the tourists fill our town whether it is directly or indirectly. If you aren’t touched by a tourist dollar, then you aren’t looking close enough. Even if you are retired or unemployed, you still benefit from the government services that it contributes to or the property values.

Not long ago, the city of South Lake Tahoe was faced with a budget deficit. Thanks to the surge in the tourism the TOT(Transient Occupancy Tax) tax that VHR’s had generated amounted to something close to $2.2 million. At that time, it was an unanticipated gift. Nobody had complained about the VHR’s then.

Property values have benefited from vacation rentals. Locals care about real property values because eventually, everybody sells their home, income property or vacant lot. For buyers that may not be able to afford the higher price, a vacation rental income may give them a little edge. As a real estate agent, I can attest that most property owners that use their homes or condos as VHR’s are not motivated to make it a profitable venture. It is primarily an investment in lifestyle. It’s a place to park their money and have a place to stay in Tahoe.

It has been argued that vacation rentals have depleted the rental housing for locals. Squeezing the VHR’s with regulations will not result in a conversion to more long term rentals. Contrary to belief, many owners will choose to keep them vacant to allow for their own personal usage. If the loss of VHR income results in a hardship, the owner may choose to just sell which may go to another second home buyer that intends to acquire it for personal use. It is a weak argument to say that less VHR homes will translate to a larger long term rental inventory. I believe that there are better solutions to providing more long term rental housing and it doesn’t involve squeezing the VHR’s.

It has been said that VHR’s have negatively impacted the character of the neighborhoods. I’m assuming, that they are objecting to having nicer homes that are rarely occupied. Personally, I like that my neighborhood is vacant about 70% of the year because it’s more tranquil. I don’t like to admit it, but some of those VHR homes are better kept than mine. To be competitive in the market, a VHR must be better kept. That means that they are using local contractors, maintenance services and buying product and materials in Tahoe. They are also paying for services that they don’t use all the time such as mandatory garbage pickup.

Another objection is what the city has labeled “mini-hotels”. I don’t know of many homeowners that haven’t maximized the allowable coverage on their land. If your lot is large, then your home will most likely be large. Owning the smallest home in the neighborhood isn’t such a bad thing. You will most certainly benefit from higher values which are influenced by larger homes. The impact of larger homes is that they have a higher number of bedrooms which can accommodate larger families or groups of people. For some neighbors this can be an intimidating experience but they too must comply with the same rules as a small home.

Some of the motel and hotel owners have expressed a concern that VHR’s are unfairly taking their business away. In an effort to level the playing field, the city had increased fees and regulations. Most notably home owners with VHR permits are now subject to a building inspection. This is to ensure health and safety code and check for unpermitted improvements.

From my observation, the plight of motel and hotel owners has more to do with vacation trends and lack of investment. For decades, I’ve seen motels and hotels neglect to maintain and improve their properties. They have relied on reducing their room rates which crippled them financially to make the much-needed reinvestment.

More than that, vacation trends have changed on a national level. More tourists are choosing homes over motels or hotels because they are seeking a different experience. Homes have space for people to mingle and gather. They can share more activities together. Be closer to the outdoor activities that they enjoy such as paddle boarding, mountain biking, hiking and snow riding. Being embedded in a neighborhood allows them to feel like a local and fit in.

However, hotels are still competitive and are hugely successful. The Grand Marriott and Heavenly Village is proof that a large tourist population prefers the walkable access to a wide variety of services and experiences. A couple of the top grossing restaurants in the city of South Lake Tahoe are in the Heavenly Village. Edgewood has recognized this and they have built a new hotel which is opening this spring.

I may not have persuaded you to love VHR’s but at least you may recognize that are positive impacts as well. They contribute to a significant portion of our local economy. You might say that VHRs have evolved from home sharing and that is a concept that is old as the homes in our community. It’s also a concept that you cannot regulate away. We can save a lot of city’s time, energy and money by learning to accept and embrace VHRs. The current rules and regulations has had a significant impact on the behavior of VHRs. Rental management companies and home owners have learned to become more responsible and accountable. My suggestion is to give it time. Most of these rules and regulations are still new. Both the city and stakeholders are still in the process of adapting to it. More time is needed to recognize a measurable impact. Before you cuss out the tourist for driving too slow on the highway, keep in mind that they are the ones putting food on your table and a roof over your head. Be patient and welcome our tourists with a smile!

 

 

 

 

 

 

Weekly South Lake Tahoe Home Sale Report for 2/6/17

February 6, 2017

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 market value trend.

The South Lake Tahoe home sale market is getting the squeeze from too much success! This past week there were 8 completed sales for a year to date total of 56. This is up from last year by 19.1%! The lowest sale was on Stockton Ave for $299,000. Most of the sales were above $500,000. The top three sales were on Marconi Way for $775,000, Apple Valley Dr for $780,000 and Christie Dr for $825,000. This had increased the 6 month average sales price by .6% to $496,713. The average days on market are 115 days.

This past week, the number of South Lake Tahoe homes for sale has dropped by 15 for a total of 125. This is down by 26.5% from last year! The success of home sales has greatly reduced the available homes and condos available on the market. This has the potential to strangle the market from buyers which could benefit the sellers that are currently on the market. The number of pending sales has increased by 10 this past week. There are now no bank owned foreclosures and 1 short sale available on the market.

To find a local South Lake Tahoe real estate agent, contact Jim Wire at 530-314-9008 or email to jim@hotwiretotahoe.com. To find South Lake Tahoe homes for sale, go to HotWireToTahoe.com. I have over 14 years of experience and I’ve been a Lake Tahoe resident for over 32 years. As a top real estate agent and long time local, you will benefit from my knowledge and experience of the area. I’m licensed in both California and Nevada.

Listings per Status
 

Area Market Survey
Summary

Listings as of 02/06/17 at 6:05pm
Active
Listing Price Range Quantity Average DOM
$120,000 thru $139,999 1 37
$140,000 thru $159,999 1 620
$180,000 thru $199,999 1 136
$200,000 thru $249,999 5 79
$250,000 thru $299,999 5 73
$300,000 thru $349,999 10 214
$350,000 thru $399,999 12 115
$400,000 thru $449,999 5 135
$450,000 thru $499,999 10 108
$500,000 thru $549,999 4 119
$550,000 thru $599,999 2 192
$600,000 thru $649,999 2 119
$650,000 thru $699,999 8 120
$700,000 thru $749,999 3 206
$750,000 thru $799,999 8 106
$800,000 thru $849,999 2 35
$850,000 thru $899,999 3 471
$950,000 thru $999,999 6 268
$1,000,000 thru $1,249,999 12 208
$1,250,000 thru $1,499,999 13 144
$1,500,000 thru $1,749,999 3 205
$1,750,000 thru $1,999,999 3 288
$2,000,000 thru $2,249,999 2 239
$2,500,000 thru $2,749,999 1 588
$3,750,000 thru $3,999,999 2 125
$6,000,000 thru $6,999,999 1 137
  125 166
 
Summary Price Information
Minimum $129,000 Maximum $6,800,000
Average $880,267 Median $699,000
Pending
Listing Price Range Quantity Average DOM
$140,000 thru $159,999 1 18
$200,000 thru $249,999 2 97
$250,000 thru $299,999 7 111
$300,000 thru $349,999 11 166
$350,000 thru $399,999 14 118
$400,000 thru $449,999 10 195
$450,000 thru $499,999 5 102
$500,000 thru $549,999 2 22
$550,000 thru $599,999 4 79
$600,000 thru $649,999 5 122
$650,000 thru $699,999 2 239
$700,000 thru $749,999 3 224
$750,000 thru $799,999 1 68
$800,000 thru $849,999 1 89
$900,000 thru $949,999 1 38
$1,000,000 thru $1,249,999 2 555
$1,250,000 thru $1,499,999 1 222
$1,500,000 thru $1,749,999 1 177
$1,750,000 thru $1,999,999 1 262
$2,250,000 thru $2,499,999 1 133
  75 149
 
Summary Price Information
Minimum $159,000 Maximum $2,350,000
Average $542,864 Median $414,900
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 ©2017 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045
 

Area Market Survey
Summary

Listings as of 02/06/17 at 6:05pm
Sold
Selling Price Range Quantity Average DOM
$100,000 thru $119,999 2 501
$120,000 thru $139,999 1 477
$140,000 thru $159,999 2 128
$160,000 thru $179,999 5 135
$180,000 thru $199,999 5 147
$200,000 thru $249,999 19 100
$250,000 thru $299,999 43 94
$300,000 thru $349,999 48 123
$350,000 thru $399,999 65 96
$400,000 thru $449,999 39 115
$450,000 thru $499,999 38 114
$500,000 thru $549,999 30 103
$550,000 thru $599,999 19 83
$600,000 thru $649,999 21 110
$650,000 thru $699,999 18 112
$700,000 thru $749,999 16 138
$750,000 thru $799,999 14 93
$800,000 thru $849,999 5 128
$850,000 thru $899,999 3 221
$900,000 thru $949,999 2 220
$950,000 thru $999,999 3 59
$1,000,000 thru $1,249,999 7 181
$1,250,000 thru $1,499,999 3 249
$1,500,000 thru $1,749,999 2 59
$1,750,000 thru $1,999,999 2 317
$2,000,000 thru $2,249,999 3 119
$2,750,000 thru $2,999,999 1 0
  416 115
 
Summary Price Information
Minimum $106,700 Maximum $2,800,000
Average $496,713 Median $424,450
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 ©2017 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Weekly Lake Tahoe Home Sale Report for the Nevada East Shore 1/26/17

January 29, 2017

The data provided in my weekly home sale reports are extracted  from the Northern Nevada Regional Multiple Listing Service .  The data represents Single Family Homes and Condos for the East Shore of Lake Tahoe, Nevada. The purpose of the weekly market reports is to give either the buyer or the seller an ideal of the market trend. As a result you will be able to make better informed decisions! I hope you find it helpful!

The Lake Tahoe home sale market on the Nevada East Shore is revving up! This past week there were 5 completed sales for a year-to-date total of 12 sales. This is now even with last year at this time! The lowest sale was a condo on Milky Way Ct for $207,000. The top three sales were on a condo on Orion Lane for $335,000 and two single family homes on Pine Dr for $547,500 and Lakeview Ave for $2,100,000. This had decrease the 6 month average sales price by 2.4% to $974,703. The average days on market are 189.

The number of Lake Tahoe homes for sale on the Nevada east shore has decreased this past week by 2 for a total of 112. This is 14.5% down from last year! The pending sales are down by 2 for a total of 27. With the low inventory and strong demand, the home sale market is keeping pace with last year and continuing upward pressure on values.

To find a local Lake Tahoe real estate agent, contact Jim Wire at 530-314-9008 or email to jim@hotwiretotahoe.com. To find South Lake Tahoe homes for sale, go to HotWireToTahoe.com. I have over 14 years of experience and I’ve been a Lake Tahoe resident for over 32 years. As a top real estate agent and long time local, you will benefit from my knowledge and experience of the area. I’m licensed in both California and Nevada.

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