What goes up must come down, right. Well prices did decline over the last 3 months however in September prices jumped to near all-time highs not seen since the summer of 2006. The median sales price for the South Lake Tahoe city and county areas rose last month to $485,000. Only $4000 off our highest median sales price ever – $489,000 which occurred two months earlier in April 2006. Can we still go higher? Only time will tell.
Land coverage is an essential element of the Tahoe Regional Planning Agency’s environmental plan to protect Lake Tahoe. Permanent land disturbance is most commonly measured in terms of land coverage, also called impervious surface, and includes all man-made structures such as homes, driveways, and parking lots.
Much of the value of this Sawmill Road property lies in the building capabilities and coverage available to you. Zoned R1 for single family residential, this 2.5 acre parcel offers 16,901 SF of type 1A coverage and 25,852 SF of type 6 coverage.
For those seeking the perfect location for a corporate retreat, a profitable short term rental or a large private estate you need look no further. The parcel also sits adjacent to CA Conservancy and U.S. Forest Service land providing privacy, and huge mountain views of nearby Twin Peaks. The property is also located across from the Lake Tahoe Country Club Golf Course and the Upper Truckee River.
Call 530 314 0352 today to receive more information and to hear the additional benefits of owning this property. Showing by appointment only. Robert Stiles, REALTOR® 01279125 CA – Chase International. Offered at $749,000.
In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) published a final rule which establishes a new condominium approval process. The polices become effective October 15, 2019. FHA’s new rule introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing; extends the recertification requirement for approved condominium projects from two to three years; and allows more mixed-use projects to be eligible for FHA insurance. “Condominiums have increasingly become a source of affordable, sustainable homeownership for many families and it’s critical that FHA be there to help them,” said U.S. Housing and Urban Development Secretary Ben Carson. The vast majority (84 percent) of FHA-insured condo buyers have never owned a home before. While there are more than 150,000 condominium projects in the U.S., only 6.5 percent are approved to participate in FHA’s programs. As a result of FHA’s new policy, it is estimated that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing annually.Source: Forbes
Is Measure T taking its toll on the South Lake Tahoe real estate market? Usually at this time of year we are closing a high number of residential properties within the city. However over the last 30 days city sales have declined 35% from this same time period last year while the county areas have had a 17% increase in residential sales. So is now the time to be buying within the city limits? Will more buyers begin to purchase within the county due to less restrictive controls over short term rentals? Only time will tell if the current trend continues but one thing is for sure. Labor Day sales activity within the city in 2019 is down 35% from last year.
Owner just reduced price on this updated Gardner Mountain home to $449,900. Previously listed at $479,000 the owner wants this property sold today. The residence has 4 spacious bedrooms, 2.5 baths with newer double pane windows and an updated kitchen. It is located one block to the Fallen Leaf hike and bike trail. What a great way to spend the afternoon or evening. The residence is perfect for a second home or long term rental property. Contact the listing agent, Robert Stiles, REALTOR® at Chase International for more information. 530-314-0352
For those seeking their next business opportunity I believe my current Lake Tahoe land listing at 1721 Sawmill Road will provide just that – an opportunity to build substantial income from constructing a residence of 10,000 to 20,000 SF for short term rental purposes on the South Shore.
Last year South Lake Tahoe approved Measure T which stopped the issuance of short term rental permits outside of the Stateline and Lakeland Village tourist corridor. Existing short term rental permits will either expire upon property transfer or at the latest, December 31, 2021 per Measure T.
Visitors to South Lake Tahoe will soon have limited housing options however demand for short term rental housing is expected to increase outside of the city limits. My 2+ acre land listing is located 5 minutes from the Y area and offers over 40,000 SF of available land coverage to build a large residence. The property backs to U.S. Forest Service land with CA Conservancy land to the west.
For more information on this land listing at Lake Tahoe contact Robert Stiles, REALTOR® for CHASE INTERNATIONAL, DRE#01279125. Asking $799,000.
530-314-0352 / RSTILES@CHASEINTERNATIONAL.COM