The South Tahoe Realty Blog

The latest development in the South Lake Tahoe real estate market is the slew of foreclosure properties that have recently been listed, specifically in the higher price bands. For a few months, lower-price homes have steadily made their way onto the MLS. However, higher priced homes are now being foreclosed upon as well.

These properties are being sold at incredible prices. Why? Because the banks who own these homes consider them unproductive assets. They look bad sitting on their books. Thus, the banks price them to sell quickly. A foreclosure home usually lists for 85%-95% of its market value. However, there are some exceptions. Last month, I submitted a buyer’s offer on this property at 3463 Beaver Brae Dr. I’d estimate its market value to be around $590,000. The listing agent suggested a price of $550,000 for quick sale. The bank, however, hired the services of an unseasoned appraiser from out of the area. He suggested a list price of $464,900! My buyer decided to rescind his offer and wait for something else, but someone scored an incredible deal.

Here are a couple foreclosure properties now on the market:
1301 Pine Valley Rd. (Listed at $664,000)
1210 Huph St. (Listed at $525,000 … actually a short sale)

Here are a few foreclosure properties that recently went into escrow:
2136 Shawnee St. (Listed at $1,119,000 … rumor is the bank accepted a very low-ball offer.)
3463 Beaver Brae Dr. (Listed at $464,900)
1825 Elks Club Dr. (Listed at $649,900)

For more information on foreclosure properties in South Lake Tahoe, call me at (530) 545-1831 or reply to this e-mail.

This entry was posted on Monday, March 31st, 2008 at 5:34 pm and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.