Foreclosures hitting Tahoe and Truckee

“We have not seen many foreclosures until recently, now they make the majority of our business.”

Kelly Smith is a lake tahoe real estate agent who specializes in REO or bank owned sale.

I have a number of these listings in the areas around lake tahoe and truckee.

With a good portion of the market in what we call a huge slowdown the majority of the sales are in the foreclosure sector of the lake tahoe and truckee areas Foreclosures tend to be located in the starter home areas or areas that the primary buyers have purchased versus the the 2nd home buyer.

The areas hardest hit so far are the prices around the 500k range and less.

To slow the the national downturn, President Bush signed an economic package that included help to those threatened with foreclosure. In some cases and in some loans foreclosure will be postoned for 30 days while lenders look for a way to make the mortgage work for the owner.

This slow down is really just slowing the inevitable.

Buyers should be looking aggresively for good buys right now and move quickly when they come along…rates are at historical lows again…so its a good time to be a buyer.

This article is written and update by Kelly Smith, Century 21-Tahoe North Realtors REO Specialist in Lake Tahoe

385 Lake View Drive
Meeks Bay
West Lake Tahoe, CA

Sold 8/16/2007 $350,000

Ready to build w/ allocation for this west shore lakeview double lot 23,300 sq. ft. Plans are included for a 2652 sq. ft. 3 bed, 2.5 bath home with family room, office, 2 car gar. No HOA. Trees are being dropped to show lakeviews. Buyer to reimburse seller for BMP deposit. Seller paid school fees, TRPA, etc. Permits good until 7/2009.

23,300 Square Feet
761 IPES
11% Coverage

2nd Avenue
Tahoe Cedars
Tahoma, CA 96142

Sold 1/23/2008 for $187,500

Almost dead level vacant lot in Tahoma, West Lake Tahoe. Easy access year-round. Quiet secluded cul-de-sac west shore setting as close to Sugar Pine state park as you can get. Good IPEs score and 24% allowable coverage. No drive by traffic. This is the last lot on the west side of street before the park.

Lot Dimensions 50 x 125
788 IPES
24% Coverage

11956 Snowpeak Way
Tahoe Donner
Truckee, CA 96161

Sold 10/12/2007 for $676,745

Looks almost brand new home with lots of rustic charm. Exterior has large granite support posts. Granite kitchen counter top, hardwood flooring, large rockfireplace, open kitchen and dining area, large rear deck. Large open loft, and much more. Priced to sell!

This is a bank reo sale, buyers need to provide proof of downpayment, and seller would like prequal from a countrywide lender. Buyer may choose any lender for financing. Bank foreclosure, quick close and strong offers recommended.

3 Bedrooms
2.5 Bathrooms
2-Car Garage
2,169 Square Feet
Built in 2003

315 Rose Pine Court
Twin Peaks Estates
Tahoe City, CA 96145

Sold 10/23/2007 for $950,000

Home looks new and is located at end of cul-de-sac adjoining to a conservancy lot which adjoins to paige meadows (USFS land). River rock hearth fireplace, hardwood flooring upstairs and down, slab granite kitchen counter tops, all tile baths. Other features include an additional family room downstairs, remote activiation of your thermostat to get the place nice and warm before you arrive, and much more. Quiet secluded sunny deck faces the meadow. Home was just restained. Level access to large garage, with completely level lot with lots of parking. One of the most secluded and private settings anywhere in tahoe real estate. Perfect tahoe get-a-way home.

4 Bedrooms
2.5 Bathrooms
2-Car Garage
2,668 Square Feet

5951 Dodowah Road
Carnelian Bay, CA 96140

Sold 7/15/2007 for $558,000

Affordable Agate Bay home for sale. Enjoy the peek lakeviews from your quiet front deck in the woods. Sleeps over 12 people with large sleeping area (great for kids) upstairs. Fabulous level back yard with slate patio area. Large oversized 1 car garage. Perfect summer time retreat, vacation home or full-time residence close to the lake, miniture golf, hiking and more. Covered area great for a hot tub or storage. Tons of remodel potential, home is in great condition just a bit dated and could use some freshing up. Agate Bay Beach and Sun Club membership is not included.

5 Bedrooms
2 Bathrooms
1-Car Garage

8840 Cutthroat Avenue
Kings Beach, CA 96143

Sold 10/9/2007 for $675,000

Brand new home for sale in the quiet Brockway area of Kings Beach near many nice and newer homes. This is a very functional home with an open kitchen, bar and living area. Interior features include; a slate entry, slab granite kitchen counters, hickory wood floors in kitchen, stainless steel appliances, all tile baths, granite rock hearth fireplace, pine vaulted ceiling, 8′ alder doors, oil rubbed bath fixtures, and much more. Board and batt cedar siding, granite exterior wainscoating, and barn style garage door. A great mountain home.

3 Bedrooms
2.5 Bathrooms
2-Car Garage

11925 Rio Vista Drive
Truckee, CA 96161

Sold 1/12/2007 for $850,000

Brand new home, feels like your on top of the mountain w/ great views of truckee, located on a quiet cul-de-sac near forest land. Open kitchen and living area with raised bar, slab granite kitchen counters, stainless steel appliances, hickory floor and tile baths. High 9 ‘ceilings throughout, 8′ alder doors, 8′ sliders, granite fireplace with log mantle, built-in entertainment center with slab granite top vaulted ceilings and lots of windows (low-e). Seperate laundry room & den Imperfect smooth wall finish throughout. Large cedar front and back decks w/ unique metal railing, cedar siding, and an oversized garage with carriage style doors. Walk to the forest, dirt bike or cross country ski out your front door.

4 Bedrooms
2.5 Bathrooms
2-Car Garage
2,605 square feet

Find all new construction homes for sale in Truckee and North Lake Tahoe at: www.realestate-laketahoe.com

8931 North Lake Boulevard
Kings Beach, CA 96143

Sold 5/11/2007 for $546,000

Previously the “Foothill Motel” currently rented out nightly by owner. 7 nightly rental units and a main unit that includes foyer with a kitchen/office & a brick fireplace. Main unit has new slate flooring, new kitchen, pine ceilings & more. This motel has been upgraded so it could rent out well nightly at this time! No gross income numbers yet available. 2 adjoining residential lots also available for $219,000 each. Great commercial property investment in the up and coming area of Kings Beach, North Lake Tahoe.

7 rooms
Main Cabin
Parking for up to 8 cars
Parcel Size 75 x 125 feet
Commercial Zoning
Placer County

Attention Lake Tahoe Buyers and Real Estate Investors:

The real estate market in Lake Tahoe continues to be changing. We are seeing more foreclosure properties coming on the market every week.

We just listed another bank owned, REO property at: 3523 Blackwood Road, South Lake Tahoe, CA price $323,900, well below market value. Features include 3 bedrooms, 2 bathrooms, and a 2-car garage. The home is in very nice condition with tile kitchen counter tops, laminate flooring, fireplace and more.

You can view all of my foreclosure listings at: www.realestate-laketahoe.com/reo-listings.htm