The number of sales within the Al Tahoe neighborhood of South Lake Tahoe are certainly showing signs of an improved real estate market. According to the South Tahoe Association of REALTORS Multiple Listing Services, from January 1st, 2010 through December 23, 2010, forty homes closed escrow in the Al Tahoe Neighborhood. This is quite an increase from the number of homes sold in the prior two years; in 2009 there were 27 Al Tahoe homes sold and in 2008 there were 25 Al Tahoe homes closed escrow.
Of the forty homes which have closed escrow since January 1, 2010, the lowest sale price was $150,000. This property was a very small cabin, located at 953 Tallac Avenue, was bank-owned and included one bedroom and one bathroom, with 420 square feet. At the opposite end of the spectrum, the highest selling price in Al Tahoe was $1,000,000. This property, located at 857 Lakeview Ave., included four bedrooms, three and a half baths, lake views, beach front property, and 2,628 square feet. Of the forty Al Tahoe homes sold to date in 2010, nearly half (19) were distressed sales; eleven were bank-owned properties and eight were sold by short sale. The average sale price was $327,663, which is based on an average of 3 bedrooms, 2.11 bathrooms, and 1,600 square feet. The median price was $280,000 for three bedrooms, two bathrooms, and 1,517 square feet.
As of December 23, 2010, there are 33 active listings within the Al Tahoe Neighborhood. Not including a multi-million dollar project in the neighborhood, the average price for the currently listed properties is $368,343. The median price for the same listed properties is $299,000. The 33 listed properties offer an average dollar per square foot of $263.22. Of Al Tahoe’s currently listed properties, there are three bank-owned properties and one short sale.
As of December 23, 2010, Al Tahoe currently had four homes in escrow. The average listing price for these four homes is $404,000 and the median listing price is $358,000. The average dollar per square foot for Al Tahoe’s homes in escrow is $225.49.