Chamberlands, Homewood, California, West Shore, Lake Tahoe Real Estate Market Report – Year End 2011
The Chamberlands neighborhood of Homewood, California is located approximately 7.5 miles south of Tahoe City, on the West Shore of Lake Tahoe.
This West Shore neighborhood is located between the McKinney Shores neighborhood, and Tahoma, California. You’ll know when you’re passing by this neighborhood as they have signs posted to the entrance of Chamberlands on Highway 89 South. If you miss those signs, right across the street is the gated entrance to the exclusive lakefront condominium complex of Chambers Landing.
The Chamberlands neighborhood is a charming Tahoe neighborhood, which has a mix of smaller, older Tahoe Cabins, along with larger, newer luxury mountain homes. The appeal of the Chamberlands neighborhood is the Beach and Mountain Club, and the full Chamberlands Membership.
Not all property owners are members, but for those that are, the Beach and Mountain Club provides a neighborhood shuttle service to the public beach area at Chambers Landing. Those owners that have a full Chamberlands Membership have access to the Chambers Landing lakeside pool, private beach area, use of the pier, and tennis courts.
A full Chamberlands Club membership adds significant market value to a property to a comparable property that does not have the membership, and is highly desired on the West Shore of Lake Tahoe. Membership is restricted by geography to Chamberlands, or the Chamberlands Addition. If a home is located in these subdivisions and the property does not come with a full Chamberlands membership, there are full Chamberlands memberships available for sale.
The entire Chamberlands neighborhood is either walking distance, or a short bike, or car ride to the beach area. All property owners can use the public beach area, so if you don’t have the full membership you can still have access to Lake Tahoe here.
Chambers Landing was established in the late 1800’s and is a well-known landmark in Lake Tahoe. Perhaps you’ve had a Chambers Punch at the Chambers Bar and Grill? This very desirable West Shore, Lake Tahoe neighborhood is located in Homewood, California and is a great place to live year-around, or be a second home owner.
Sold Single Family Homes in the Chamberlands neighborhood West Shore, Lake Tahoe, California:
In the Chamberlands area, mountain home and cabin prices are down -8% this year, with the average median sales price at $420,000. While prices have dropped, the number of transactions from 2010 to 2011 has more than doubled, which means buyers are finding values in this area.
Since 2006, the average median home sales price in Chamberland has dropped by -45%, which shows that even in the best neighborhoods in Lake Tahoe, the market has corrected.
Cash sale transactions for the Chamberlands, Homewood area has dropped to 11%, which is well below the regional average of 34%, which means the availability of conventional loans has improved.
The current absorption rate for this neighborhood is at 5 months. Anything between 5 to 7 months of inventory is considered a Balanced market. The first step to turning a neighborhood around from a declining market is to balance the inventory.
Distress sales (bank foreclosures- real estate owned (REO’s) and short sales) accounted for 44% of the sales in 2011, which was a significant change from 2010, where there were no distressed sellers. While most sellers are not distressed sellers, having REO’s or short sales in their neighborhood puts pricing pressure on regular sellers as these distressed sales are helping to set the sales price for all sellers in a neighborhood. The second step to turning a declining market around is to work through the short sales and foreclosures.
Currently, there are 5 homes/cabins listed for sale in the Chamberlands neighborhood area as of 01/14/2012. The lowest is priced at $249,000 and the highest is $1,300,000. There are no short sales, or REO’s listed for sale in this subdivision. There is one pending sale, listed at $449,000 and it is not a bank owned REO, or short sale property.
See all Chamberlands, Homewood, California mountain homes, and cabins that are for sale here.
See all Chambers Landing Condos that are for sale here.
See all Homewood, California mountain homes, and cabins that are for sale here.
See all West Shore, Lake Tahoe, California mountain homes, and cabins that are for sale here.
Chamberlands, Homewood, California, West Shore, Lake Tahoe Real Estate Summary
Sold Single Family Homes
Year |
Homes Sold |
Median Average Sales Price |
Lowest Price Sold |
Highest Price Sold |
% Cash Transactions |
Absorption Rate < 5 months Sellers Mkt 5-7 months balanced Mkt >7 months Buyer’s Mkt |
% Distressed Sales |
Breakdown of distressed Sales |
2011* |
9 |
$420,000 |
$295,000 |
$784,000
|
11%
|
5 months Balanced Market |
44% |
2 REO’s 2 Short Sales |
2010 |
4 |
$458,000 |
$349,000 |
$639,000 |
50% 1 out of 2 |
NA |
0% |
0 REO’s 0 Short Sales |
2009 |
5 |
$550,000 |
$435,000 |
$810,000 |
40% |
NA |
20% |
0 REO’s 0 Short Sales 1 Court Approval |
2008 |
1 |
$657,000 |
$657,000 |
$657,000 |
0% |
NA |
0% |
0 REO’s 0 Short Sales |
2007 |
5 |
$675,000 |
$575,000 |
$845,000 |
20% |
NA |
0% |
0 REO’s 0 Short Sales |
2006 |
3 |
$761,666** |
$720,000 |
$785,000 |
0% |
NA |
0% |
0 REO’s 0 Short Sales |
*YTD period is 01/01/2011 – 12/31/2011. Data Source: Tahoe Sierra Multiple Listing Service.
** Average price used not median price.
Use caution when only a handful of sales are available in a neighborhood. The percent changes can be significant and numbers are easily moved in either direction. When reviewing neighborhood data, I recommend reviewing the overall Lake Tahoe, California area, or the entire Lake Tahoe – Truckee Region to confirm market trends and direction, rather than relying on just a small group of neighborhood sales.
Note: Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TMLS’s may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change and/or correction without prior notice. Data Source – Tahoe Sierra Multiple Listing Service (TSMLS). If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.
For all of your Tahoe real estate needs –
Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304
All information is deemed reliable, but is subject to change, and/or correction without notice.
Chamberlands, Homewood, California, West Shore, Lake Tahoe Real Estate Market Report – Year End 2011