2020 – 1st Quarter Real Estate Update

REAL ESTATE UPDATE LAKE TAHOE

Chase International just released their local statistics for the 1st quarter at South Lake Tahoe.  I must say some of the numbers are weaker than I thought they would be.  Keep in mind while the coronavirus picked up steam in March, most of March sales volume occurred from business written in January and February.  Nonetheless we had a strong first quarter for condo sales increasing a whopping 93% from this time last year to $13,571,000.  Note that condo sales increased by 11% on the Nevada East Shore.  However single family sales volume declined 14% to $54,321,000 at South Lake while Nevada declined 29%.  The median sales price for condos rose by 11% to $352,000 while single family homes declined 20% to $444,000.  Not sure what’s up with the condo market but that’s where the action is right now.

I’m sure you heard about the Nevada Governor Directive where open house showings, and in-person showings of single family and multi-family residences currently occupied by renters of real estate on the market for sale, are hereby prohibited for the duration this Directive is in effect.  However you can transfer ownership, as long as you do not need to view the property interior, inspectors do not need to go inside, appraisals are done from the exterior or the buyer waives his rights.  The new owner still has to honor the current lease and also cannot evict until this Directive is over.

I can be reached at 775-309-8454 if you need assistance.  My email is RStiles@TahoeSouthRealty.com. Be safe everyone!

Home Inspections

Home Inspection

I was curious as to how the home inspectors were handling the coronavirus so I reached out to Josie at TAG for an update.  Her response is below.
Hey Robert,
As of now, we are still working our inspections that were on the books.
We usually were 14 weeks fully booked with 2 per day.
What we did to minimize exposure is spread out our inspections doing 1 per day only which will keep us busy till about 3 weeks into April.
And with restrictions of course.
Properties need to be vacant, no tenants, buyers or sellers present and we wear our protective gear. 

Hope this helps,
Josie& Alan

Tag, inc

2481 Fountain Avenue – Just Listed For Sale

2481 Fountain Ave 96150

Rustic Tahoe Cabin owned by original family members. Residence is in good condition however interior photos are not available due to moving boxes all over house. All 3 bedrooms are located upstairs. Master has 1/2 bath and downstairs is a full bath. New counter tops and sanding of original wood floors would complete this home. Home is 1334 SF and priced for a quick sale. The Owner is looking for a 3-4 week lease back. Property is in a good location at the rear of the neighborhood and located on one of the larger neighborhood lots. Worth seeing if you are an investor looking for a fixer upper too. Multiple showings first day. Offer arriving Saturday morning. No decision till late Sunday or Monday. Hurry! Asking $319,900.

Robert Stiles, REALTOR®, CHASE INTERNATIONAL 530-314-0352

928 KIOWA DR – JUST LISTED FOR SALE

Welcome to South Lake Tahoe

Rustic 2 BR / 1 BA Tahoe Cabin with all modern amenities. Granite counter tops, newer cabinets and a superb location backing to CA Conservancy land. Surrounded by more expensive homes this property is perfect for Lake Tahoe visitors and their guest. Easy access to local ski resorts, mountain climbing and Lake Tahoe from here. I don’t expect this home to be on the market for very long. Robert Stiles, REALTOR® CHASE INTERNATIONAL License CA 01279125 Call 530-314-0352 for appointment. $349,900

Photos by EVOLV3MEDIA 775-285-7231

928 Kiowa Dr 96150
928 Kiowa Dr 96150

Now or Never Lake Tahoe Lot!

1721 Sawmill Rd

If you want to build a big house at Lake Tahoe you need, what the government calls, “land coverage”. Land coverage is part of the U.S. government’s environmental plan to protect Lake Tahoe via the Tahoe Regional Planning Agency (TRPA). Man-made structures such as homes, driveways, and tennis courts have been classified as disturbances on the soil within the Lake Tahoe Basin. Those disturbances are measured in variables of square footage with the TRPA providing the limits to how much of your land can be disturbed. Much of the value of 1721 Sawmill Road lies in the building capabilities or amount of land 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 acreage in an out of town location you could not ask for a better residential building site. This gorgeous parcel sits adjacent to CA Conservancy and U.S. Forest Service land providing privacy, with beautiful mountain views.Showings are by appointment only. Contact Robert Stiles of Chase International at 530-314-0352. Asking $749,000.

1721 Sawmill Rd 96150
Entrance
Storage Shed

Year End Real Estate Preview

South Lake Tahoe Welcome Sign

It is slowing down a bit in the South Lake Tahoe real estate market but primarily within the county area.  While the number of sales in the past 12 months within the city limits stayed steady near 350 we had a 20% drop in the number of sales in our county areas along the N. Upper Truckee and Pioneer Trail corridor.  I noticed quite a few vacation rental home sales this year. I wonder if the city maintained 2018 sales numbers because of Proposition T which bans vacation rentals outside of the tourist corridor at the end of 2021?  Days on market for both areas however stayed near 2018 levels at 79 which tells me urgency levels have been sustained.  Sales prices increased 5.4% within the city limits while county areas received an increase of only 3.9%.  I would have thought county levels would increase higher in value along with an increase in the number of sales but that was not the case.  There have been 226 county sales within the Tahoe Basin in the last 12 months.  Final numbers for all of Lake Tahoe areas should arrive before mid-January. Happy Holidays!