Housing Challenges for an Aging Population

 

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Interesting article provided by C.A.R.

South Lake Tahoe Real Estate Market Update February 7. 2017

Currently there are 134 Active listings (single family and condo) in the city and county neighborhoods of South Lake Tahoe. 1 of which is a short sale and there are currently no REO (bank-owned) listings. There are currently 69 Active Pending (in escrow) listings. 6 of which are short sales and 1 is a REO listings.
 Comparing 2016 South Lake Tahoe Residential Sales to 2015 Sales
  • Median Home Values were up 13.4% compared to last year.
  • # of Sales were up from 694 to 773
  • # of Homes on the market are down 22.5% from 298 to 231
  • Average list to sale range is 97.7%.
  • Month supply of homes on the market is 3.6 compared to 5.3 last year.  Under 4 represents a sellers’s market.
The above information is based on the previous 12 Month Averages  (The method used by CAR).

Tahoe Island Drive 4th Quarter Report 2015

There were 35 single family homes that sold in the Tahoe Island Drive neighborhood in 2015 compared to 28 homes sold in 2014.

Avg. List Price $349,226
Avg. Sold Price $338,860
Avg. DOM (Days on Market) 121
Avg. SF (square feet) 1375

Avg. price per SF—$246.44

When comparing statistics with the previous year, the average price per square foot increased slightly (2.8%)compared to $239.53 per sq. ft. in 2014.

JUST SOLD (October 1 – December 31)

2143 12th St. (2 bd, 2 ba, 1272 sf) Listed at $269,000   Sold for $269,000

777 Eloise  Ave. (2 bd, 1 ba, 600 sf) Listed at $287,000   Sold for $280,000

2213 Washington Ave. (2 bd, 2 ba, 2 car garage,1092 sf)                                                                                      Listed at $339,000   Sold for  $332,000

734 Hazel Dr. (3 bd, 2 ba, 2 car garage, 1092 sf )                                                                                              Listed at $349,000   Sold for $339,000

779 Patricia Ln. (3 bd, 2 ba, 1566 sf) Listed at $369,000  Sold for $365,000

2140 Peter Ave. (3 bd, 2 ba, 2 car garage, 1532 sf) Listed at $399,900  Sold for $389,900  

223 Tahoe Vista Dr. (3 bd, 2 ba, 2000 sf) Listed at $425,000  Sold for $390,000        

ACTIVE LISTINGS

2055 12th St. #3  (2 bd, 1 ba, 976 sf) Listed at $155,000

682 Eloise Ave. #3 (2 bd, 1 ba 976 sf) Listed at $179,000

2186 Butler Ave. (3 bd, 2 ba, 1222 sf) Listed at $345,000

915 South Shore Dr. (4 bd, 3 ba, 2 car     garage, 2028 sf) Listed at $425,000

869 Lapham Dr. (3 bd, 2 ba, 2180 sf) Listed at $459,500

831 Patricia Ln. (4 bd, 4 ba, 3 car garage 3242 sf)  Listed at $799,000

ACTIVE PENDING (In Escrow)

915 Lapham Dr. (3 bd, 1 ba, 1128 sf) Listed at  $269,000

2208 Tahoe Vista Dr. (2 bd, 1 ba, 1 car garage, 912 sf)Listed at $329,000

625 Tahoe Island Dr. (5 bd, 3 ba, 2 car garage, 3055 sf)Listed at  $798,000

2111 Lukins Way ( 4bd, 3 ba, 2 car garage, 2463 sf) Listed at $639,000

 

                     

                      

         

 

 

 

 

 

                                                                

 

 

 

 

 

 

 

 

 

 

I would love to hear from you.  If you would like to share “news” taking  place in the neighborhood, or share  photos, recipes, or any special topics of interest, I will be happy to   include them in future editions.

 

 

 

What’s Your True Monthly Payment

You filled out the paperwork, you closed the deal, you locked down the deed. But have you calculated the true cost of your home?
What’s “true” cost? (Isn’t there just one monthly mortgage payment?)
If only. For the new homeowner, expenses span far beyond a single monthly mortgage payment. But not to fear! Here’s how you can remain on top of all your monthly costs.
In addition to your mortgage bill each month, you can expect maintenance, repair, and other upkeep fees. That’s not including your utilities (Internet, heat and electricity, garbage, inspection fees, etc.), insurance, PMI, HOA, and … whoa. When did it all add up so quickly? And how can you budget for it all?
First things first: list out all expenses. It’s not as scary as it seems, especially after the first pass! Getting your numbers straight will only empower you as you create your payment plan.
To get the clear picture of your total monthly expense, you’ll want to factor in multiple expenses.

Utilities and basic living expenses-

Getting settled in your new home will likely start with setting up some of the basics: gas and electric, garbage, and water. Tag onto that cable and Internet plus any initial deposits or setup fees. These are costs that will crop up monthly.

Homeowners insurance-

Once you take on your own house, you’ll also want to protect it! Homeowners insurance is a crucial part of the monthly expense (and can sometimes be one of the most painful checks to write). The cost of homeowners insurance will depend on where you live and what plan you choose.

PMI-

For those whose downpayment is less than 20 percent, you’ll most likely be required by your lender to pay into something called private mortgage insurance or PMI. The reason? Lenders use this as a protection in case a borrower defaults on the loan.

Repairs-

Gone are the days when you called your landlord when the faucet leaks. You’re the head honcho now! That means any repairs will be at your own expense. General repairs and upkeep costs are an important expense to factor into your budget.

Property taxes-

Property taxes are based on the value of your home. The higher the value, the more you’ll have to yield come tax time. Something to consider as you sign the dotted line on your above-budget dream home!

HOA fees-

Joining a condominium or apartment complex community? That usually means you’ll be required to contribute to the maintenance of any common spaces (pool, landscaping, and general upkeep). These homeowners association (HOA) fees are often annual, though depending on the community, they can get a wee bit pricey.

Styling expenses-

How you plan to fill your new space makes a big difference in your budget. Mattresses run upward of $1,000, and appliances and furnishings aren’t a drop in the bucket! Consider the items you plan to add to your home over time – and include them in your budget.

ICE costs-

In-case-of-emergency (ICE) expenses cover unexpected costs. Maybe you need a roof repair after a storm or the refrigerator dies on you. Though these aren’t guaranteed expenses, it’s likely you’ll face a challenge at some point in your homeownership timeline.

Do the math-

Once you’ve made the rough estimate for each housing expense, you can separate the costs into two categories: monthly and yearly. For any yearly cost, dividing the number by 12 will show an expected monthly cost for that particular expense. Then add each of those newly calculated monthly expenses to the total in the monthly expense category. Voila, here’s your true monthly payment.

Surprised? No doubt about it, it can be a bit shocking to see the true calculation in the beginning. But knowing this number gives you a clearer picture of what you can expect as you transition into homeownership. Clarity and strategy are a winning combo when tackling your budget.

Courtesy of Claire Murdough. Reprinted from Houselogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

813 Tahoe Island Drive, South Lake Tahoe

Charming rancher in the desirable Tahoe Island Drive neighborhood. The main home has 1075 sf with two bedrooms, one bath, a full laundry room with new LG appliances and an over sized two car garage. The bonus guest cottage has one bedroom and a bath. Perfect for use as an office or for overflow guests. The home has a very open feel with vaulted ceilings and an abundance of windows. A complete remodel was done in 2012. Interior upgrades include wood beams, new flooring, lighting, doors, fixtures and wood trimmed low-e vinyl windows. Hickory cabinets, concrete counter tops, and Samsung stainless steel appliances complete the expansive kitchen. Enjoy soaking in the whirlpool tub with new tile surround. Exterior features include, new roof, paint, drought resistant landscaping and insulated garage doors. Great location with easy access to shopping, skiing, hiking and biking trails, and the beaches of Lake Tahoe!

1075 SF with 110 SF guest quarters/office

7831 SF Lot

3 bedrooms

2 baths

Offered at $359,000

Bathroom Bedroom 1 Day Bed Dining Area Front of Home Front Porch View Game Area Hallway In-law Room Kitchen (1) Kitchen Area Kitchen View 2 Kitchen View3 Living Room 2 Living Room Master Bathroom Master Bedroom View 2 Master Bedroom Mud Room Rear of Home

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