South Lake Tahoe Real Estate Blog (530-318-5665)

This afternoon I was on the steps of the El Dorado County Courthouse for a foreclosure sale of real estate.  I am always so amazed when I do this to see the little slice of Americana in motion.  The property I was interested in bidding on was postponed but it was still a successful visit.  While we were waiting for the auctioneer to arrive I sat next to the courtroom sketch artist who was touching up her rendering of the courtroom proceedings, I am sure I will see those same images on the news later tonight.  There was an elderly woman (I have to be careful here as that could be a reference made to myself) who was asking tons of questions since this was her first visit to an auction.  She asked me, “Do they really have the auction on the courthouse steps?”.  She was amazed to know that they certainly do.  It is a wonderful atmosphere of excitement and anticipation, almost carnival like.  I say it was a success, even though I didn’t get to bid on the property that I have been watching,   I was entertained by all the goings on and as I was leaving I went to the finest hardware store anywhere, Placerville Hardware, what a treat.

Cabin on Echo Summit

Did you ever ask yourself this question as you were driving up to Tahoe along the Highway 50 corridor?  There are an amazing number  little cabins beginning at about Whitehall.  Well . . . the answer is they are mostly recreation residences, or Forest Service Cabins.  There are almost 600 of them on on the El Dorado National Forest and that includes those in the Lake Tahoe Basin.  You can buy these cabins, not the land, just the cabins when the present owners wish to sell them.  It is sort of like buying a car or a boat because they are considered personal property in the form of improvements on land that is owned by the public, you and me.  You get to use the land with a 20 year special use permit (not a 99 year lease) issued by the Forest Service.  There is a yearly fee for the land use and, get this, you also pay real property taxes at about 1.1% of the purchase price to the county where the cabin is located.  They tell me taxes are charged because you receive county services for your cabin which is good, especially if you need a fire truck or a paramedic.  These are cash transactions and there may not be winter access or winter water, so are you wondering, “Why in the world would I want to pay cash for a cabin on land that I don’t own that does not have winter water or winter access and I can’t rent it our more than 14 days per year?”  Good question.  The answer to that one seems to be the lifystyle that comes with these wonderful places.  In my many years of representing sellers and buyers of these cabins I have been witness to the amazing transformation that comes over families who rest at ease as they see the new families who are buying the place where their family  memories  were born as they realize that more wonderful memories will continue to be created for the new owners.  Each cabin tells it’s own story and I can say that I’ve never  heard the same story twice.

We attended a professional luncheon at the golf course here in Tahoe on Monday, what a beautiful day at the Lake.  Well attended event with great information from California Association of Realtors Economists.  Reportedly the bottom of the market is already here.  Interest rates are near their historic lows,  inventories are shrinking, and over 80% of Californians can afford to buy a home:  Given those three factors, all you buyers better get off that fence and get busy.  The phrase “barn yard sale” was coined at the meeting to describe today’s real estate prices.

Of the 461 single family homes on the market right now in South Lake Tahoe 20 are REOs and 43 are short sales comprising 13.7% of that number.  The total number of single family homes in escrow is 105 and 55.2% of those are short sales or REOs.  There are many reasons that people are selling at what may be the bottom of the real estate market.  BUT:  Those sellers who have had their homes for longer time periods and who have not tapped into the equity over the years, are doing fine. I just listed a home in that second category on a Monday and on Wednesday we had three offers. We will get through this though market.  There is only one Lake Tahoe and if you know someone who is ready to grab a piece of that, it could be a good time.  Buyers are more informed than any other time in history, Realtors provide a great service in the websites that contain the entire MLS for one or more local area that buyers can peruse at their leisure and learn everything about the homes and neighborhoods we represent.  That means a property better be priced to sell, or it won’t.  That simple.