Reno Foreclosure Blog

Market area: Stateline, NV. Lake Tahoe

Appraised property located on Tramway

Search parameters:

1&2 story Condo’s

located near the Heavenly ski resort of Lake Tahoe

Gross Living Area:  1,084 SF to 1,626 SF

Age: all ages

Current median price = $170,425

Median price from 6/15/05 to 6/15/06   =  $482,000

Percent decline  =   65%

SALES DATA FOR THE LAST 12 MONTHS

Date Run: 10/31/2010

Base/List Date/Current: 10/31/2010

Foreclosures                        =     4      

Short Sales                          =     4

Arms lengths                        =     8

Total Sales last 12 months    =     16

Percent Special Conditions      =          50%

Percent Short Sales                 =          25%

            Median $         =          $205,500         Avg = $214,181

            Hi $                 =          $350,000

CURRENT LISTINGS  =  16   Median days on market = 134

Foreclosures                       =   2         

Short Sales                         =   3

Arms length                        =   11

Percent Special Condition       =          31%

Percent Short Sales                 =          19%

Median $         =          $272,000         Avg = $323,978

Hi $                 =          $695,000

Low $              =          $160,000

Total # of Comparable Active Listings for (Current – 3 Months) is the number as of 10/31/2010 = 16

Condo prices have experienced a continued decline in the last 12 months. The median list price has increased recently, but this is most likely due to the winter ski season. Most areas of the country experience rising prices in the Spring and Summer months, but interest in Real Estate Condominiums located near the ski areas of Lake Tahoe normally increase in the winter months. The increasing list prices may also be contributed to excess optimism by Sellers and Realtors, as numerous indicators point to continued declining values into 2011.