South Lake Tahoe - February 22nd - 28th. Weekly Market Update
Short Sales and Bank-Owned Properties were the hot topic of the past week. Over half of this week’s new escrows were such type lisitngs. Investors and folks that have been waiting for a good time to get back into the market appear to be taking advantage of opportunities in today’s market.
Within the city limits, there were 7 new homes reported as new or “back on the market” during the past week (down from the 14 during the previous week.) The list prices ranged from $250,000 for a 2 bedroom condo to $899,000 for a newer 4 bedroom home. Both are near the Heavenly Ski Resort.
The number of homes that went into escrow was 5, down from the 9 last week. These properties ranged from $319,000 for a bank-owned home in the Tahoe Island area to $529,000 for a brand new home in the Sierra Tract.
There was only 1 reported sale for a 5 bedroom home in the Gardner Mountain area which sold for $640,000.
The county area reported There were 8 new or “back on the market” (slightly down from last week’s 9.) These listings ranged from $273,000 for what was basically the beginning stages of a new construction to $1m850,000 for a deluxe home in the North Upper Truckee area.
There were 4 new escrows up from the 1 last week. These properties ranged from $245,000 for a bank-owned 2 bedroom home in the Meyers area to $1,199,000 for a newer “mini-mansion” which was accepted as a short sale.
There was 1 reported sale for a lovely view property in the Pioneer Trail area. This home had over 3,000 square feet of living space and sold for $825,000.
Within both the city and the county, the only lot activity had to do with city lots. There were 3 new escrows ranging from $240,000 for an acre in town to $1,335,000 for a 5 acre parcel with plans for a small estate.
March 7th, 2008 at 9:08 pm
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