1133glenwood.com is Live!

I’ve built a website for my latest listing, which is at 1133 Glenwood Way.  Check it out at 1133glenwood.com (click here!)  The benefit to having a website like this is that you can display more photos of your home than the MLS allows.  It can also display a virtual tour.

The home itself is a really spacious 4 bedroom, 2 bathroom residence with 1854 square feet.  It’s just steps from the Bijou Municipal Golf Course.  And it’s less than two miles from Heavenly Mountain Resort and the casinos!

1133glenwood.com
1133 Glenwood Way from the South Lake Tahoe MLS


Posted on November 4, 2008 at 5:17 pm
Drew Kondo | Posted in Single Listing Websites | Tagged , , ,

South Lake Tahoe by the Numbers

Here’s a little information on South Lake Tahoe demographics from the Tahoe Daily Tribune.  I’m not sure how they figured that Sacramento is closer to South Lake Tahoe than Reno.  According to Google, Reno is a 60.2 mile and 1 hour and 17 minute drive.  As the crow flies, it is 41.6 miles from South Lake Tahoe.  Sacramento is a 102 mile and 1 hour and 53 minute drive.  And it’s 85.6 miles from South Lake as the crow flies.

Also, South Lake Tahoe’s population growth has leveled off over the last decade.  The 2000 U.S. Census calculated our population to be 23,609.  City-data.com now shows our population to be 23,374.  I wouldn’t be surprised to see a continued decline in population as home prices continue to increase, which they eventually will. 

 

South Lake Tahoe by the Numbers
Tahoe Daily Tribune, October 3, 2008

South Lake Tahoe’s population has been growing since silver miners and pioneers developed the Bonanza road, which later became U.S. Highway 50. In the last 25 years, South Lake Tahoe’s population has more than doubled.

Fifty-two percent of the city’s population is male. Caucasians make up 63 percent of the population, Hispanics 26.7 percent, Asians 5 percent and African-Americans one percent.

The nearest city to South Lake Tahoe with a population of more than 50,000 is Carson City, Nevada, located 22.5 miles from South Lake Tahoe. Carson City has a number of shopping centers and building supply stores.

The nearest city with a population of more than 200,000 is Sacramento, California, although most locals would argue that Reno, Nevada, takes a shorter time to drive to.

South Lake Tahoe also has a community college with a full-time enrollment of 1,300.


Posted on October 22, 2008 at 1:36 pm
Drew Kondo | Posted in South Lake Tahoe Area Information | Tagged , , ,

September 2008 Statistics for South Lake Tahoe Real Estate

There’s been a bit of a buzz in the South Lake Tahoe real estate community. Have we hit the bottom of the market? Possibly. Check out the median sale prices over the last seven months. It looks like we hit bottom in June and have been heading up in the following months. Additionally, the median list price of homes in escrow right now is $437,000. I’d expect that number to drop to about $412,000 because our sale-price-to-list-price ratio on the year is 94.23%. These numbers fall in line with the theory that we have hit the bottom of the market.

What do I think? I’m skeptical. I wish I remembered enough from my college stats class to back this up, but I don’t think enough homes have sold over a long enough period of time to claim that the market’s downward trend has come to a halt. I’ll be happy when we sell off some more of this oversupply of homes.

Speaking of, South Lake Tahoe’s supply of homes did dwindle some at the turn of the month when seventy listings expired. Only thirteen of those listings are back on the market. With less competition amongst listings, now isn’t a bad time to list.

Other notable activity in September occurred in the foreclosure market. Of the 28 single-family residences that sold in September, 7 of them were foreclosures (25%). At the turn of the month, there were 12 foreclosures in escrow and 15 short sales in escrow. We’re seeing a lot of distressed sales. It’s no wonder that banks are folding on a daily basis.

Only 3 condos sold in the last month. However, some buyers were thinking about the upcoming ski season. An unusually high 6 condos went into escrow.

Four lots went into escrow last month and only two sold. It’s been very slow in the dirt market.

I’d love to hear your comments on any of this. I will update a few numbers as some agents haven’t been able to input their September sales in the MLS yet.

Month & Year Listings at Month’s End Escrows at Month’s End Homes Sold Median $ Over Last 90 Days Median Sale $
Sept 2008
443
78
28
$417,500
$435,000

Aug 2008

499
61
34
$399,000
$443,750
July 2008
494
64
36
$396,000
$391,500
June 2008
465
57
30
$392,000
$365,000
May 2008
414
47
31
$396,000
$415,000
Apr 2008
372
44
21
$387,000
$379,000
Mar 2008
361
40
34
$402,500
$387,500
Feb 2008
374
52
16
$445,750
$412,500
Jan 2008
366
33
16
$466,500
$428,000
Dec 2007
382
28
34
$460,000
$502,000
Nov 2007
403
42
27
$415,000
$460,000
Oct 2007
353
15
39
$415,000
$425,000
Sept 2007
442
30
30
$415,000
$398,250
Aug 2007
538
45
38
$437,500
$421,500
July 2007
557
40
25
$440,000
$435,000
June 2007
552
33
35
$435,000
$440,000
May 2007
522
47
32
$465,500
$460,000
Apr 2007
423
32
28
$474,000
$392,500
Mar 2007
359
37
30
$482,500
$507,000
Feb 2007
327
25
25
$485,000
$492,500
Jan 2007
331
37
21
$475,750
$395,750
Dec 2006
339
29
40
$477,000
$497,500
Nov 2006
362
50
44
$464,000
$483,500
Oct 2006
411
55
53
$444,000
$450,000
Sept 2006
463
63
31
$449,500
$442,000
Aug 2006
548
46
36
$465,000
$427,500
July 2006
571
49
37
$480,000
$475,000
June 2006
532
51
37
$482,290
$480,000
May 2006
424
50
35
$482,580
$465,000
Apr 2006
302
50
32
$489,000
$504,000
Mar 2006
264
39
38
$495,000
$485,140
Feb 2006
262
51
21
$477,000
$489,000
Jan 2006
256
32
20
$464,500
$508,750
Dec 2005
198
n/a
31
$460,000
$450,000
Nov 2005
282
42
53
$485,000
$455,000
Oct 2005
300
69
55
$500,000
$485,000
Sept 2005
313
93
63
$495,000
$495,000
Aug 2005
270
96
79
$485,750
$510,000
July 2005
209
110
74
$482,000
$484,500
June 2005
188
113
65
$480,000
$456,000
May 2005
172
96
57
$489,000
$495,000
Apr 2005
116
91
72
$475,000
$488,500
Mar 2005
88
83
50
$440,000
$440,000
Feb 2005
72
86
34
$433,000
$449,500
Jan 2005
85
63
47
$405,000
$405,000

Price Range
Active Listings
Absorption Rate in sales/mo. (% of inventory) Months Supply of Inventory (Sept.) Months Supply of Inventory (Aug.) Months Supply of Inventory (July)
$0-$300,000
37
4.00 (10.81%)

9.3

8.8
5.2
$300,001-$500,000
168
18.00 (2.68%)
9.3
13.8
12.4
$500,001-$750,000
112
5.67 (1.26%)
19.8
19.7
21.8
$750,001-$1,000,000
61
2.67 (1.09%)
22.9
34.0
31.5
$1,000,001-$2,000,000
50
1.00 (0.50%)
50.0
22.5
28.0
$2,000,001 and up
15
0.00 (0.00%)
n/a
n/a
n/a

* For the sake of statistical integrity, my absorption rates are no longer considering sales for the last year. They are now calculated using sales for the last 90 days. For more information on why I decided on the change, e-mail me at drew@southtahoehouses.com.


Posted on October 2, 2008 at 8:49 am
Drew Kondo | Posted in Statistics | Tagged , , , , , , , ,

Great Real Estate Websites

As a South Tahoe Realtor, I frequently surf the web for information. Given that you’re currently reading this article, I assume you also want to acquire real estate information via the internet. Thus, I’ve looked through my web browser’s bookmarks and have pulled websites I figured would be most helpful to you. They cover a variety of real estate related topics. In no particular order, the websites I’ve chosen are:

Zillow.com – They have great aerial maps and a good discussion forum. They also have a good bit of information on all the homes here in the United States. However, most people go here for the Zestimate feature. Type in any home address and the Zestimate algorithm will provide a guess on what the home is worth. Take the Zestimate with a big grain of salt as it can oftentimes be very inaccurate. For more of my thoughts on that, see my post Estimating the Value of Zillow’s Zestimate.

Google Maps – When searching for a property’s location, it doesn’t get any better than Google Maps. I used MapQuest for years simply out of habit. As a Realtor, however, I got tired of its shortcomings. I switched to Google Maps several months ago and haven’t looked back.

SouthTahoeHouses.com – This is my personal homepage. Here you can search MLS listings for the entire south Tahoe region in California. For Nevada listings, see my broker, Deb Howard & Co.’s, Nevada search.

Craigslist – If you want to know of EVERY property for sale in South Lake Tahoe, you shouldn’t overlook those that are for sale by owner. These sellers often post their properties on Craigslist. I don’t use it much, but you should keep an eye on it.

RealtyTrac.com – This is a website that requires a paid subscription. I don’t use it, but I’ve heard good things about their foreclosure updates. I post a thorough foreclosure list but don’t feel at liberty to publish information on upcoming foreclosures. You can contact me for this information or you can use RealtyTrac.

TRPA.org – This is the homepage for the Tahoe Regional Planning Agency. The TRPA affects every homebuyer and homeowner in the Lake Tahoe basin. Their website provides comprehensive information on their regulations. If you’re working with a Realtor, I wouldn’t spend too much time here as your Realtor will probably be knowledgeable in TRPA regulations. This is the source, though.

ActiveRain.com – This site is for real estate professionals like Realtors, mortgage brokers, home stagers, etc.  It’s a social networking site and is a great source of information.  You can ask questions and get good responses here.  Its sister site, Localism.com, is also a good source of information.  ActiveRain Real Estate

If you’ve found these sites helpful, feel free to let me know by commenting. If you know of additional sites that are really good, feel free to comment as well! –drew


Posted on September 28, 2008 at 6:34 pm
Drew Kondo | Posted in Internet Real Estate Resources | Tagged , , , , , ,

Tahoe’s $75 Million Tranquility Estate – Part 2

The following was posted as a comment to my original Tranquility estate post. I found it so interesting that I’m creating a separate posting for it. Thanks to Don for the following write up:

 

I was a helper for the granite company that worked there. I thought I’d add a couple of other cool things that stood out for me.

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1. The master bath is made completely out of white carrera marble. Floors, walls, crown molding, window sill, and shower. There is a jetted tub that was carved from two large chunks of marble.

2. Each door hinge cover is made from solid silver.

3. I’ve seen it mentioned that the property was completed in 2000. That’s inaccurate. It was completed in 2001. We were still finishing up in the spring.

4. The brown trout grew so accustomed to Hamburger Helper and Hostess products that when Horowitz would fish the lake, he couldn’t catch anything with normal bait. We would eat on the dock and feed the trout.

5. The entire house has hydronic heating. We had to be extra careful of all the hoses when putting the marble floors down.

6. In the picture of the staircase, at the base of the stairs on the floor, there are little squares of blue marble. We were worried we wouldn’t have enough to complete the job. There was none left in the world. We used it all.

7. I hated working here. It was SO cold all the time. It was hard, hard work.

Edit: Title was changed to reflect a price reduction.


Posted on September 23, 2008 at 10:35 am
Drew Kondo | Posted in Tranquility Estate | Tagged , , , , , , , , , ,

Real Estate Stats Aren’t Skewed in South Lake Tahoe

As I’ve mentioned in previous articles, there’s been a theory proposed by a few South Lake Tahoe real estate agents, myself included, that home prices haven’t dropped as much as the statistics show. Perhaps there’s been more activity in the lower price bands. After all, it’s been much tougher to get a jumbo loan this last year. Additionally, the majority of foreclosure and other distressed sales have occurred in the lower price bands.

If there actually was more activity in the lower price bands, this could skew the all-important median sale price. I did a little data mining recently to see if in fact the theory was true.

What affects median sale price more than anything? Square footage. So I decided to break sales up into two categories – homes up to 2,000 square feet and homes above 2,000 square feet. If speculation was correct, we’d see an abnormally large amount of homes sold below 2,000 square feet in the last year. See the table below for the results I found. Percentages in parentheses represent the decline since the previous year.

  Sales 0-2000 sqft. Sales Above 2000 sqft. Median Price 0-2000 sqft. Median Price Above 2000 sqft.
Sept. 2007-Aug. 2008
102
(-14.3%)
248
(-12.4%)
$365,000
(-11.0%)
$720,000
(-7.1%)
Sept. 2006-Aug. 2007
119
283
$410,000
$775,000

As you can see, the results of my data mining actually show the opposite of what was speculated. If speculation was correct, there wouldn’t have been such a big drop in sales of homes up to 2,000 square feet. Moreover, the decline in median price would have been greater in higher priced homes. Instead the opposite occurred.

When it comes to South Lake Tahoe real estate, the median sale price continues to stand as one of the most accurate indicators of the state of the market.


Posted on September 18, 2008 at 1:56 pm
Drew Kondo | Posted in Statistics | Tagged , , ,

August 2008 Statistics for South Lake Tahoe Real Estate

South Lake Tahoe real estate saw a lot of activity in the higher price bands during August. This pushed the median sales price for single family residences to $443,750 for the month and $399,000 for the last 90 days. We are still seeing a market decline, however. In the last two weeks there have been 71 price reductions amongst the market’s ~500 single-family residences. Our month’s supply of inventory in all price bands also reflects a buyer’s market (greater than 7 months).

Speaking of activity in higher price bands, I mentioned in a previous post that many question if the decline in median sale price has truly represented the decline in home values. Perhaps the median has moved so much because there has been more activity in the lower price bands. I’ve almost finished looking at numbers that will provide some enlightening answers. Look for a post about this in the next week.

As for now, I’ll finish this up with some foreclosure, condo, and lot numbers. There were 4 foreclosure sales in August, 3 homes and one condo. Thus, foreclosures only made up 10.5% of home and condo sales. They are not dominating the market as they are in other parts of the country. There were 4 condo sales in South Lake Tahoe for August, and 4 condo sales.

Month & Year Listings at Month’s End Escrows at Month’s End Homes Sold Median $ Over Last 90 Days Median Sale $
August 2008
499
61
34
$399,000
$443,750
July 2008
494
64
36
$396,000
$391,500
June 2008
465
57
30
$392,000
$365,000
May 2008
414
47
31
$396,000
$415,000
Apr 2008
372
44
21
$387,000
$379,000
Mar 2008
361
40
34
$402,500
$387,500
Feb 2008
374
52
16
$445,750
$412,500
Jan 2008
366
33
16
$466,500
$428,000
Dec 2007
382
28
34
$460,000
$502,000
Nov 2007
403
42
27
$415,000
$460,000
Oct 2007
353
15
39
$415,000
$425,000
Sept 2007
442
30
30
$415,000
$398,250
Aug 2007
538
45
38
$437,500
$421,500
July 2007
557
40
25
$440,000
$435,000
June 2007
552
33
35
$435,000
$440,000
May 2007
522
47
32
$465,500
$460,000
Apr 2007
423
32
28
$474,000
$392,500
Mar 2007
359
37
30
$482,500
$507,000
Feb 2007
327
25
25
$485,000
$492,500
Jan 2007
331
37
21
$475,750
$395,750
Dec 2006
339
29
40
 
$497,500
Nov 2006
362
50
44
 
$483,500
Oct 2006
411
55
53
 
$450,000
Sept 2006
463
63
31
 
$442,000
Aug 2006
548
46
36
 
$427,500
July 2006
571
49
37
 
$475,000
June 2006
532
51
37
 
$480,000
May 2006
424
50
35
 
$465,000
Apr 2006
302
50
32
 
$504,000
Mar 2006
264
39
38
 
$485,140
Feb 2006
262
51
21
 
$489,000
Jan 2006
256
32
20
 
$508,750
Dec 2005
198
n/a
31
 
$450,000
Nov 2005
282
42
53
 
$455,000
Oct 2005
300
69
55
 
$485,000
Sept 2005
313
93
63
 
$495,000
Aug 2005
270
96
79
 
$510,000
July 2005
209
110
74
 
$484,500
June 2005
188
113
65
 
$456,000
May 2005
172
96
57
 
$495,000
Apr 2005
116
91
72
 
$488,500
Mar 2005
88
83
50
 
$440,000
Feb 2005
72
86
34
 
$449,500
Jan 2005
85
63
47
 
$405,000

Price Range
Active Listings
Absorption Rate in sales/mo. (% of inventory) Months Supply of Inventory
$0 – $300,000
50
4.83 (9.66%)
10.4
$300,001-$500,000
230
14.00 (6.09%)
16.4
$500,001-$750,000
138
6.33 (4.59%)
21.8
$750,001-$1,000,000
68
2.33 (3.43%)
29.2
$1,000,001-$2,000,000
60
1.58 (2.63%)
38.0
$2,000,001 and up
19
0.08 (0.42%)
228.0

Posted on September 10, 2008 at 9:40 pm
Drew Kondo | Posted in Statistics | Tagged , , , , , ,

Tahoe Mega Yacht Sells for $3.2 Million

In the latest news, last Thursday the 86-foot yacht that had been sitting in the Tahoe Keys Marina was auctioned off. This article says that the former owner used it as a summer and weekend home. That’s interesting because I thought using boats as overnight dwellings on Lake Tahoe wasn’t allowed. This yacht, the Sierra Rose, was actually posted on our MLS for a while. It had to be taken off, however, because it isn’t real property or attached to real property. I guess the association of Realtors didn’t want our MLS becoming a place for people to sell their RVs and campers!

http://www.rgj.com/apps/pbcs.dll/article?AID=/20080822/DOUGLAS/808220525


Posted on September 2, 2008 at 9:09 pm
Drew Kondo | Posted in South Tahoe News | Tagged , , , ,

WellcomeMat.com Features the 2489 Bernice Lane Video Tour in its Top 5

Being new to real estate video, I was surprised this morning to find an e-mail in my inbox from a video company recruiter. She informed me that she had seen a video of mine on the WellcomeMat.com Top 5. I had no idea what that was. However, after doing some searching, I found that WellcomeMat.com chose my 2489 Bernice Lane tour as one of their top 5 videos for last week! It was featured along with videos from Texas, Tennessee, and Colorado.

The WellcomeMat.com Top 5 – Aug. 28, 2008

For those of you who’ve never heard of WellcomeMat, it’s most easily described as the YouTube of real estate. At their website you can view video from around the world highlighting different properties, neighborhoods, agents, and other real estate related topics.

I have no plans of producing video full-time, but if you need to create a video, give me a call. Maybe I can also get you on the WellcomeMat.com Top 5!


Posted on August 30, 2008 at 1:13 pm
Drew Kondo | Posted in Video Blogs | Tagged , , , ,

South Lake Tahoe Crime Stories

Yesterday I was perusing through news articles on South Lake Tahoe and ran across some fascinating stuff. A substantial history of crime in Lake Tahoe shouldn’t surprise me too much. I mean they did shoot Godfather II here, and rumors continue to persist that Jacques Cousteau found dozens of mobster corpses intact at the bottom of the lake. I just thought I would have already heard about such things.

Not much of this relates to real estate – just fascinating Tahoe history I thought some readers would enjoy.  Each topic has a link to the article I read online. And not to worry, I don’t think anything this crazy happens in Lake Tahoe anymore.

  • Harvey’s Bombing Memorable 28 Years Later – Did you know that in 1980 Harvey’s Lake Tahoe Casino was victim to, at that time, the largest domestic bombing in U.S. history? A few people, led by John Birges Sr., developed and delivered the bomb in hopes of extorting a ransom. Their plans for retrieving the ransom, however, were so terrible that authorities couldn’t figure out where to drop it. After a day and a half of working on the technologically advanced bomb, bomb experts attempted to detonate a charge that would explode the bomb’s detonator and not the bomb itself. The plan failed. The bomb was surrounded by sandbags. Many believe the Harvey’s building would have been lost completely without them. The explosion would stand as the largest domestic bombing in U.S. history until the incident at the World Trade Center in 1993.

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  • Frank Sinatra Jr. Kidnapping – In 1963, the son of famous singer, Frank Sinatra Sr., was kidnapped at Harrah’s. Sinatra’s son was returned to him two days later when he paid a $240,000 ransom. The kidnappers were later apprehended and sentenced to long prison terms.
     
  • Operation Deep Snow – Federal investigators broke up a cocaine ring in 1989 that led to the arrests of 19 South Lake Tahoe doctors, real estate brokers, casino employees, and even then time mayor, Terry Trupp. This article was published because Trupp passed away last week at the age 65.

Posted on August 29, 2008 at 10:50 am
Drew Kondo | Posted in South Lake Tahoe History | Tagged , , , , , , ,