What Area in Tahoe Has the Most Short Sales?

by Joe Salcedo on 10:27 pm

How many Incline, Stateline, Zephyr Cove and Glenbrook Short Sales?

How many short sales in Tahoe?

I was thinking of a topic to write about today and a question came to mind, “What part of Tahoe has the most short sales?”

What is the benefit of knowing, you may ask. Good question. Hmmmm.  I have only one (possible) good answer to that question — distressed properties (short sales and foreclosures) when it begins to invade an area (if it reaches 20% or more of active for sale listings) will drag home prices down.

What’s interesting with this phenomenon is in some ways it could transcend basic economic rules like supply and demand.  What I mean is even though there’s strong housing demand, prices can still suffer.  This is already happening in Reno Real Estate.  This largely has to do with the unpredictability of how financial institutions (banks) sell their distressed inventory.

They are unpredictable because they’re primarily looking out for themselves ( and shareholders, of course) and not the community’s.  (To be fair, when banks hold back on releasing their foreclosures, it could potentially be beneficial if demand sustains itself.) They adjust with market fluctuations and government regulations. So banks could do whatever they please like holding off foreclosures so current inventory could be sold at a higher price or actively encourage programs like loan modification — which could later backfire (this is what pundits call “shadow inventory”.)

So without further ado, here are the areas which has the most short sales:

(Note: data from Northern Nevada Regional MLS)

44 Active Tahoe Short Sale Listings

  • 20 Stateline NV Short Sales
  • 10 Incline Village Short Sales (I’m sure there’s more — if you check IVMLS,)
  • 7 Zephyr Cove Short Sales
  • 5 Glenbrook
  • 1 South Lake Tahoe (check STAOR for more short sale listings)
  • 1 Crystal Bay

Here are the short sale homes if you want to look at individual listings:

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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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