“32% of the properties sold being distressed properties”

by Joe Salcedo on 3:17 am

North Tahoe Kings Beach

North Tahoe Kings Beach (photo by: jankertown)

32%of the properties sold being distressed properties

This was penciled-in in one of the well written year end reports for North Tahoe and Truckee.

(Note: This report was compiled from North Tahoe- Truckee MLS.)

Some things I thought were interesting:

In 2011

  • 16.9% of sales in North Tahoe was foreclosed homes (206 homes).
  • Just a notch below (15.3%) is short sales — 186 homes.
  • So just over a third of all real estate sales in North Tahoe was distressed (short sale, REO’s, etc.,).
  • Of the active listings, there are 132 properties listed as short sales, (15.5%) and 45 properties listed as REO sales, (5.3%).
  • 66% of the homes sold were priced under $500,000 — (investors: Take note.  Liquid market for half a mil and below.)
  • There were fewer “luxury homes” over $1 million sold in 2011 — a step back of negative 24%
  • Median sales price of luxury homes went up 1.5% from $1.6 m to 1.625 m

As Nevada and California’s economy continues to struggle, I don’t expect the Tahoe real estate market to  find a market bottom, home prices are expected to go down further.  I think the question we should be asking is velocity — are home prices going down in double digits? I hope not.  But I think we can never take it out of the equation.

Worth noting is history shows us that real estate recession in our country lasts 3-5 years.  Were headed toward our 5’th, if you count 2007 as the start of the decline.

If you have any questions regarding short sales, you can schedule a free phone appointment to discuss your options.

Click here If you want to search for North Tahoe Homes .

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“Joe’s your man if you need someone to trust. Joe Salcedo is a hard working Realtor. Joe is very professional and will go the extra mile.”

– Philip Duane Johncock

“I was laid off from the state in November of 2007 due to major budget cuts. We were no longer able to make our house payments as the job market was just beginning to get worse and worse. My agent in San Jose found Joe Salcedo in Reno for me and told me he has a lot of experience in short sales. He priced our home at a very realistic price in relation to the market values at the time. Joe was very professional and before we knew it we had an offer on our home. In September of 2008 our home closed and the bank forgave the difference. A short sale comes off of your credit in a much, much shorter time than a bank foreclosure. We will be forever grateful for the assistance of Joe Salcedo”

– James and Marsha McGinnis (feel free to call for a reference, Joe has my number)

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