Incline Village Real Estate
News Letter - February 2009

Don Kanare - Realtor
Your E-Pro Incline Village Real Estate Agent
Lakeshore Realty 954 Lakeshore Blvd. Incline Village, NV 89451
775-831-7000(P) / 775-831-6777 (Fax) www.InsideIncline.com

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Click Here to See the December 2008 Newsletter and 2008 Year in Review

For Daily Updates on Incline Village Real Estate visit my web site at: www.InsideIncline.com

This Months Articles:
A NEW LOOK AT WEB BASED HOME VALUATIONS
WASHOE COUNTY ROLLS BACK TAXABLE VALUES
ROBERT STACK ESTATE - MAKING IT A PUBLIC PARK
INCLINE VILLAGE ROUNDABOUT UPDATE

716 BUNKER COURT - ON THE MOUNTAIN GC

3BR, 3.5 Bath, 3,674sq. ft., On Mountain Golf Course & Next to NV Conservation Land Stunning Sederquist Architecture with Open Beam Ceilings, Redwood Doors and Trim, Wraparound deck, Oversized 2 Car Garage,   Offered for $1,900,000

HOW ACCURATE ARE HOME VALUATION SERVICES
ON THE INTERNET IN 2009?
With all of the changes in the real estate markets around America during the past two years, the accuracy of computer-generated property values has become even more of a challenge. Internet-based services such as Zillow, House Values and others try to use an algorithm to analyze recent sales in a particular ZIP code and then generate an approximate valuation for a particular property.

You may have tried doing this for your own home and been surprised at the estimated value. In a micro market such as Incline Village where we have virtually all custom homes, I don't think you can really get an accurate valuation this way. Doing a comparable sales analysis is a rather complicated and time-consuming project here. There are many nuances to each property such as quality of construction, driveway access, materials and finishes, location, view, setting, and other intangibles.

I recently took a look at the Zillow website and checked out a few properties that are on the market in Incline Village. Then I looked at their margin of error chart on their website for Washoe County. The median margin of error is 12.3%. Their estimates are within 10% of the sale price 43% of the time, and 20% of the sale price 68% of the time. Or, looking at it another way, almost one third of the time, the Zestimate deviates from the actual value of a property by more than 20%, which means about $200,000 for a property in Incline.

So, I took the liberty of contacting the marketing department at Zillow. I wanted to ask them if they could please stop using their computerized algorithm in places with custom home such as Incline Village. After a long conversation with a nice gentleman named Drew Myers, he said to me, "Custom homes are something you can't put an algorithm to."

Well there you have it straight from the horses mouth at the Zillow marketing department. Anyone buying or selling property in Incline Village should consider these computerized valuation services to be nothing more than an enjoyable parlor game. I'll be happy to provide you with the comparable sales for your home or condo if you are thinking of putting it on the market. Together, we can analyze the raw data to determine the fair market value and the best asking price.

BEAUTIFULLY REMODELED ! - 2BR, 2BA, 1,111 Sq. Ft. - $559,000
NICELY UPDATED AND FURNISHED CONDO -194 MCCLOUD
Click Here to See Photos and Details

CREATING A NEW PUBLIC PARK
ON THE NORTH SHORE OF LAKE TAHOE
One of the largest and most pristine parcels of land remaining on the North Shore is the Robert Stack Estate. This piece of land forms the tip of Crystal Bay and is virtually undeveloped. It's been in the same family for over 80 years and came on the market last year priced at $39 million. The price was reduced down to $24 million and I would love to see this property become a public recreation area instead of a place for new development.

There has been absolutely no interest on the part of the TRPA to work with any individuals or entities to purchase this property and make it part of the public trust. I am hoping that someone reading this newsletter knows a philanthropist such as George Soros, who would be interested in purchasing this property and donating it to the State of Nevada or the Forest Service.

Please contact me if you could possibly refer me to an individual or entity that would be in a position to purchase this property. This particular piece of land is a spectacular location on the North Shore that should be preserved from development forever.

VERY MOTIVATED SELLER!!
259 Ski Way Ridge - 1BR + Sleeping Alcove, 2BA, 1,064 Sq. Ft., Mountain Views!
New Ceramic Tile in Kitchen, Baths and Entry, New Lighting, Newer W/D
Newly Modified Kitchen Opens to Living Area - Reduced to $319,000
Click Here to See The MLS Info and Pictures of This Condo

WASHOE COUNTY ROLLS BACK TAXABLE PROPERTY VALUES BY 25%
In a shockingly positive development for property owners in Incline Village and Crystal Bay, Washoe County rolled back taxable values by 25%. This is a major success for our local tax revolt group! There have been several recent court decisions in favor of Incline Village property owners and we should get some relief, maybe or maybe not 25%, but it's a long awaited victory.

Unfortunately, I don't think Washoe County has the tens of millions to refund to everyone for all the years it has overcharged local property owners. So, this presents a unique opportunity for us to finally have some leverage over the powers down in Reno and become our own county. I'm willing to leave part or most of my refund on the table if Washoe County will support our efforts to break away and become a separate county. We need their permission and their assistance lobbying the vast majority of state legislators who come from southern Nevada, since only a vote of the state government can create a new county.

Washoe County is a financial mess and they are hoping future development north of Reno will somehow add to the tax base and bail them out. It won't, just like the expansion of the past 25 years down in the desert has been an abysmal failure. I think that the property owners in Incline Village and Crystal Bay should negotiate immediately with the county. If the county is not willing to negotiate in good faith, then we can have a good old-fashioned tax revolt.

If you pay your quarterly property taxes late there is only a 3% penalty, plus a low interest rate for the period of delinquency. I don't think the county can operate if our community were to have a massive property tax withholding for just one quarter. Maybe just the threat of a massive tax revolt would be enough for us to finally become our own county and permanently reduce our taxes even further since we won't be subsidizing services down in Reno. We would finally have true local control of our services and by my estimate, property taxes would be around 30% to 40% lower than they are today.

174 Third Creek - 3BR, 2.5BA, 1846 sq. ft., 1 Car Attached Garage - $859,000
Backs to Creek - Mountain Views, Best Location in the Complex Currently on the Market!
Click Here to See a Virtual Tour

ROUNDABOUT ON HOLD DUE TO STATE BUDGET ISSUES
The roundabout that was approved for the intersection of Highway 431 and Hwy 28 is now on hold until the state can find the funds to do this project. Even though the project was given a high priority score, the shortfall in tax revenues in Nevada has stopped many road projects.

I am establishing a fund with an initial contribution of $1000 & seeking donations to construct the roundabout. I believe if we raise half the money privately, then we will be able to work with the State to put up the other half and get this valuable project completed within the next 12 to 18 months.

Please contact me if you are interested in contributing to this cause or helping with the fundraising. Let's work together to improve highway safety and the flow of traffic at this critical intersection in Incline Village.

See Prior Newsletters in 2008

May     June     July     August      September     October    December    

Copyright 2008 Don Kanare - All rights reserved.

Inside Incline is entirely written and published each month by Don Kanare of Lakeshore Realty for property owners and others who have an interest in Incline Village and Crystal Bay. If you have any questions or comments, please contact me at 775-831-7000 or send an e-mail to: Don@InsideIncline.com