There were four condos listed for sale in the Tahoe Keys neighborhood in April, which is double the number listed in March. In all of South Lake Tahoe, new listings of condos went up 81% in April from the previous year, while single family home listings went down almost 4%. When looking at the last year, condo listings are up 48% in the Keys and 48% in all of South Lake Tahoe. This is an interesting coincidence!
Why the interest in buying a condo in South Lake Tahoe?
Since many home buyers in Lake Tahoe are looking for a vacation home (either for personal use or to rent out for income), the convenience of a condo where the HOA covers basic exterior maintenance and can provide loads of amenities (such as in the Tahoe Keys) is very appealing. Couple that with a normally lower cost for a condo, buyers are stepping up interest.
In South Lake Tahoe we experienced a surge of sales for homes priced under $200,000 toward the end of the real estate recovery, not only because people were looking for a bargain and assumed it might be the last time they could afford a Tahoe home, but also because investors came in to buy up those homes. The bottom end of the market has climbed from an average selling price of $197,500 in February of 2012 to the current median of $355,000. The price of condos is normally lower than those of single family homes, so the interest is moving in that direction.
Closed sales of condos in South Lake Tahoe over the last 12 months went up 18% when compared to the previous year, while the number of home sales went down 8% during the same period. This was bound to happen since the number of homes for sale has been continuing to drop and the number of sales taking place kept increasing.
Benefits of Buying Tahoe Keys Condos
Imagine owning a home on the lake with a boat dock and not having to take care of maintenance or repairs for your roof, exterior painting or siding? Listed here are the benefits the Tahoe Keys HOA provides to condo owners. If you’re interested in renting out your home, the appeal of a boat dock brings more renters. Depending on the size of the condo and the size of your mortgage, rental income could even cover your HOA dues.
In my opinion, another reason for buyers wanting condos in the Keys is the price point. They can get into the Keys and have a boat dock for a lot less money than a single family house. As of May 6, there are 16 condos for sale in the Tahoe Keys, ranging in price from $299,000 for a short sale to $1,550,000 for a luxurious condo in the prestigious Tahoe Marina Shores area.
How To Find Your Condo in Lake Tahoe
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