South Lake Tahoe Home Deals of the Week

They’ve been updated again! Please go to www.tahoehomedeals.com and click on the top ten deals if you are interested in any of the following homes.

Currently featured homes:

$129,900, 1223 Bonanza #24: lowest priced condo on the market that is bank owned–condo is in good condition and priced $15,000 below the next lowest priced condo!

$169,900, 516 Emerald Bay Rd #434: Not the lowest priced condo but close! And it is in a great location, on the road as you are going out to Camp Richardson, it is the last complex on the left. You can literally hike or cross country ski right out from your back door, take the trail across the ridge directly Fallen Leaf or cross the street and be on the bike trails that head out to Pope beach, Kiva and all the great summer time locations on Lake Tahoe. Turnkey and nicely furnished!

$250,000, 2133 Helen Ave: Bank owned home that needs some TLC but the price is right at below $175/sq ft!

$273,000, 1721 Nadowa St: If you were considering building but not wanting to go through the waiting process with permits, this would be a good opportunity for you! A unique opportunity to build immediately on this prepped lot. The home being constructed has 2,100 sf of living, 4 bdrms, 2.5 ba, 2 story Grt Rm, family room, formal dining, & much more. The price includes the work completed thus far; lot prep, foundation, garage slab, driveway, subfloor sheeted & prepped with mechanical, water, waste & gas

$289,500, 827 Gardner St: For the price, this home is right on. With the Tahoe chalet feeling and an established vacation rental history, this is a good deal. Open floorplan, the only thing funny about it is the bathroom setup with having to go through another bedroom to get to the only bathroom. But the living area is great for a Tahoe getaway and a very large and sunny kitchen is included.

$304,900, 1083 Navahoe: Short sale that MUST sell out in the county. While the home needs some TLC, the lot is amazing with plenty of sun exposure, mountain views and in a very central location in Meyers.

$395,000, 1451 Thunderbird Dr: Voted home of the week on the MLS tour due to the great views and setting at this property. If you are into properties with views, this would be a good affordable home for views.

$399,000, 1870 Haidas Cir: Great half acre lot out in the county off of Upper Apache–property is newer and in good condition and has a nice private setting.

$548,000, 2288 Wasabe Dr: Another opportunity to complete your dream home? This is in a great county location and just needs to be finished off–priced below $200/sq ft this is cheaper than the cost to build a home like this in Tahoe so definitely worth checking out if you are into brand new construction!

$599,000. 764 Modesto Ave: Newer construction deal in the Al Tahoe neighborhood and located just six blocks from the lake and close to the meadow walk down to a secluded beach. Great condition and comes fully furnished.

South Lake Tahoe Market Trends

We’ve noticed a trend of interested buyers wondering when the best time to purchase a home is going to be in the South Lake Tahoe area. And of course sellers are always wondering when is the best time to put their home on the market.

Every market is unique and we feel the news media hype is not doing a good job of breaking down news for different market areas. Here is a graph that will hopefully help both parties evaluate the market more accurately in the South Lake Tahoe:

This graph shows how many months of home inventory on the market we have in relationship to how many people are buying them in the Tahoe area. “Inventory” refers to the number of homes that are sitting active on the market. The relationship between the homes sitting on the market and the homes actually being purchased is called the “absorption rate”.

Buyers:

If you are buying a home in South Lake Tahoe then you have more leverage as a buyer when the absorption rate is higher (20 months of inventory vs. 10 months of inventory). This is because with more competition, sellers have to be more competitively priced in order to sell. When the absorption rate is high, this is typically when we see prices dropping the most dramatically. We thought the attached absorption rate graph would be useful for you to know as you plan your Tahoe purchase.

Sellers:

Of course when the absorption rate is showing a lower level of inventory, this is when you are more likely to want to sell, as your odds of selling your home are greater. When the absorption rate is demonstrating fewer months of inventory, there is less competition, thus increasing the chance that a buyer will end up walking through your home and bringing you an offer. Now when the absorption rate is higher, it is important to note that these are the times when your home needs to be priced aggressively to sell. Your home has to look more like a “deal” and stand out from the competition as there is just way too much inventory on the market

Short Sale Mistakes That Can Cost You

Short sales are not easy for anyone involved—but most of all for the sellers. The web is filled with so many websites on how your credit can be affected, how one option to avoid foreclosure is better than the other—it is so hard to find the truth! The truth? Bottom line, every situation is different and you shouldn’t be making a decision about a short sale without talking to multiple experts about your unique situation. So which experts should you talk to? Not just one, but ALL of the below, need to be spoken to prior to knowing if a short sale is the right move for you:

Real estate agent/broker:
Find out what the market value is on your home through having the agent establish fair market value and to prepare your estimated proceeds from the sale. If looking at market value you cannot pay off the loan in full, one of your options would then be a “short sale”. This would be a good time to make sure this agent is familiar with short sale proceedings as well.

Tax advisor:
This is the important step many are skipping over! I just had a client call me today, ready to list his home short sale. I asked him about if he had talked to his tax guy. His answer? “No”…well, after insisting that he double checked he was so thankful. He thought he didn’t have to pay taxes because it was his principle residence but due to some catches on his refinancing, he would have had to pay upwards of $10,000 to the IRS! Bottom line: Do not take this info from anyone BUT your tax advisor. And if you don’t have one, pay for a one hour consult or you will regret it later.

Lawyer:
Only a lawyer can really tell you if a short sale is your best option. For many clients who I have insisted they visit a lawyer—they have found that bankruptcy was a MUCH better option for their situation. It is worth paying for a one hour consult to make a decision that could impact you for a long time.

Credit Counselor:
While there is a lot of conflicting information out there on websites over how a short sale vs. deed in lieu of foreclosure vs. foreclosure can affect your credit, I have found the only ones truly willing to talk about it are the credit counselor’s.