Realty World – Lake Tahoe

I was invited to go to Nicaragua on a Medical/Dental Mission trip by a longtime Tahoe friend and I said “Yes”. Way back when, I was a dental assistant and they needed one on this trip. We had no dental instruments or supplies built up in reserve as this was a first mission of this type for my friend who generally does construction projects in Central American countries. I made a few phone calls and was amazed at the generosity of all my old dental contacts so we had more than enough to do the job.
We went to a very poor area in the north western part of Nicaragua called San Ramon and Bonete #7 (which is a word similar to borough) to serve the people, some of them had walked 6 hours to get there. I was told it would be hot, but it was HOT. The work was hard in hard in dirty, smelly places. We were able to provide basic medical services and the Tahoe dentist and I helped approximately two hundred people with pain relief (extractions) over four and a half days of clinics. It was a stretch for everyone and nerves were frayed at the end but I just had to think that I would be cool, comfy (with enough food to eat) at home soon but the Nicaraguans would still be right where we left them. I hope I don’t forget them and their conditions as I see how rich we are here. I am glad I had something to give to these people who gave me so much more than they know.

                                                                                                                                                                                                                                                                                                                                                                     Sold Stats for March 2010

 37 Total Sold Listings in March                  
 14 REO (37.8%% of total March sales)
  7 Short Sales (18.9% of total March sales
  Distressed Properties Comprising 37.8% of total homes sold in March

Active Listings Stats

306 Single Family Properties Currently Listed (Not in Escrow)

  19   REO (.063% of total)

  35  Short Sales (11.44% of total)

 Distressed Properties Comprising 17.65% of Market Total

Pending Listing Stats (Homes in Escrow)

 110 Currently in Escrow  
   20 REO (18%)
   53 Short Sales (48%)
  REO & Short Sales Comprising 66.3% of the Total Homes in Escrow

Average Number of Days on Market (DOM) From Listing to Close of Escrow

 96 DOM for REO Sales
204 DOM for Short Sales
232 DOM for Non Distressed Properties

These numbers still show that homes that are a better value are selling quickly, as any of you who have attempted to get an offer accepted on any of these well priced homes can attest. 
The Average sales price for March was $407,790 which is up slightly from February, whose average sales price was $401,652.  Does that mean the end is near, I think not with the number of notices of defaults and notices of sales still out there.  What it does means is that there is still plenty of opportunity for people who are in a position to purchase these homes.  With the threat of increasing interest rates, things could heat up in the buying arena.  Stay tuned for more updates.

Year to date in South Lake Tahoe there have been 42 single family homes that have closed escrow.  I continue to see the number of bank owned and short sale properties making up over 50% of the market.  Especially surprising numbers since that type of listing is just 19% of the properties that are for sale.
Sold Stats for 2010

42 Sold Listings in 2010                    
15 REOs
  9 Short Sales
  Comprising 57% of total homes sold

Active Listings Stats

307 Single Family Properties Currently Listed (Not in Escrow)

  24   REOs

  34  Short Sales

Comprising 19% of Market Total

Pending Listing Stats (Homes in Escrow)

87 Listings Currently in Escrow
20 REOs
45 Short Sales
Comprising nearly 75% of the Total Homes in Escrow

These numbers are amazing to me because they show that the distressed properties are selling and other listings are not.  I would caution any seller who attempts to navigate these turbulent times of home selling to price their home boldly, perhaps even a bit under the current market value to play the same game as the banks.  This strategy can create a “feeding frenzy” and savvy sellers could end up with multiple offers which can go over the listed price.  Otherwise you may be looking at a listing that can languish on the market without activity for months while the value continues to decline.  If you need to sell a property now,  price courageously and get the listing on as many websites as possible with an agent who has access to an extensive National Distribution Network on the Internet.

 
When I talk to people who live in Tahoe who are looking forward to moving away, I am amazed.  How can anyplace be better than Tahoe?  My whole family gets so excited when it snows and it is cold and travel is difficult and the snow builds up on the sides of the road and in the yard.  That means the skiing is good or even great.  I love living in Lake Tahoe, all year long.  From the winter skiing, springtime days warming up, long warm (not hot) days in summer and what about those spectacular autumn days.  That’s when  the bugs are dead  the trails aren’t dusty and certainly not crowded.   I took this photo on my phone on a wonderful ski day with my husband when other people were complaining about the hassle and mess of “all that snow”.