Hi Chuck,

It is still a buyer’s market in the Tahoe area, inventory is high and not that many buyers.

If you don't need to sell in this market I would hold off until things start picking up. But on the positive side, we are starting to see an increase in activity (properties going into contract) in the last few weeks compared to a month ago.

I can run a CMA (Comparative Market Analysis) for you based on comparable properties in your area. This will give you a better idea of what the true value of your home is in the current market.

Good Luck,

Greg Poulsen
Greg@TahoeHomeHunter.com
Cell (530) 448-9830

Hi Chuck,
There are so many different sizes and ages of homes in Kings Beach and specifically on Steelhead, it is hard to say if your home value is continuing to drop. There has been one closed sale on Steelhead this year, 8487 Steelhead a one bedroom cabin that sold for $370,000. There is one home two bedroom home at 8343 Steelhead offered for sale at $440,000 and another at 8482 Steelhead on the market at $545,000. It sold in 2005 at $535,000. That's a pretty wide range.

With the construction of the new homes on Trout and Rainbow last year, there have been more sales this year (to date) than last year. They were in the range of $435,000 to $460,000, for new construction. The older and smaller homes are selling for much less.

On the Northshore of Tahoe, comparing the 1st quarter of 2007 vs. 2008, the median price dropped from $715,000 to $442,200, a 38% drop. Home values didn't drop that much, it was that there was a shift in the areas where there were sales and the five sales of those newer home pulled the median or mid price down.

Sincerely,
Al Colhoun
Prudential California Realty
al@alcolhoun.com