Incline Village Real Estate
News Letter - February 2011
Don Kanare - Realtor
Your E-Pro Incline Village Real Estate Agent
775-828-3380 - www.InsideIncline.com
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This Months Articles:
Have Condo Prices Bottomed Out?
New Energy Consumption Form Helps Buyers
For Daily Updates on Incline Village Real Estate visit my web site at: www.InsideIncline.com
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Have Condo Prices Bottomed Out in Incline Village
During the past year many condo buyers have continued to sit on the sidelines waiting for some certainty in the direction of the market. While savvy buyers picked up some excellent values as the number of condos sold in 2010 was nearly double that of 2009, many people are still wondering if condo prices have bottomed out in Incline Village.
It's hard to make blanket statements about any one segment of our market because we have such a variety of locations, floor plans and amenities among the different condo complexes. However, the retreat in the median condo price from the peak of $585,000 in 2007 down to only $333,000 in 2010 means that buyers who thought they were priced out of the market just a couple of years ago now get a second chance.
In desirable locations where sale prices have retreated back to a 2002 - 2003 level we have seen a significant increase in sales activity. For example, two bedroom, two bath condos in McCloud have seen a sharp rise in unit sales during the past 12 months. As the median price declined to approximately $395,000 last year, we had a total of 12 condos change hands in the complex. That’s in contrast to 2009 where only 5 of the 2 bedroom properties sold in McCloud as sellers refused to budge on their asking prices and buyers responded by not writing many offers.
With 125 condos for sale in Incline Village as we go to press, there is a good variety at every price point and location from which to choose. It's a lot easier for a buyer to make an informed decision in the wintertime when purchasing a condo as opposed to a single-family home. With a typical single-family residence, it's very important to be able to see and analyze all of the characteristics of the land. Condo buyers tend to be more concerned with the physical structure, floor plan and amenities than the surrounding land, since they don't personally own the land and can’t develop it.
If you are a buyer that has been shopping for a condo, you will have fewer buyers to compete with between now and the start of the busy summer season. I can also research the withdrawn and expired listings to see if there is a property not currently on the MLS that might be of interest to you. Unless there is some type of shock to our economic system, it appears that condo prices in Incline Village have consolidated and long-term investors will be rewarded if they purchase quality properties in good locations in 2011.
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New Energy Consumption Form is Helpful to Buyers
Over the years the paperwork attached to a real estate transaction has seemed to grow endlessly. What was originally a one-page contract to buy or sell real property has morphed into a stack of documents that only a lawyer could love. Besides the 11 page purchase agreement (which is standard for all Incline Village real estate transactions), there is a seemingly limitless supply of disclosure forms along with a thirtysomething page Residential Disclosure Guide explaining the purpose of all the forms.
The latest addition to the paperwork pile is actually a rather useful document known as the Seller's Energy Consumption Evaluation Form. Until now it has taken a lot of initiative on the part of buyers and their agents to ascertain any information about the cost of utilities when performing their due diligence on a property.
During the last legislative session in Carson City there was a great debate about whether or not energy audits should be required upon the sale of real property in the state of Nevada. The end result was NRS 113.115(3) which provides for disclosure of energy usage, the types of appliances, conservation measures taken and other information related to energy consumption and efficiency at a particular property.
When completing the form the seller will provide information on the type of heating system, and the amount of electricity, gas, oil or other energy consumed. There are six brief questions in the Dwelling Unit Information section where the seller is asked to disclose improvements, changes or special attributes affecting energy consumption.
There is also a section concerning the age and Energy Star rating of the appliances at the property. This includes the efficiency rating of heating and cooling systems and the water heater. The last section applies to the type of lighting in the home and the percentage of various types of incandescent, fluorescent and LED light sources. All of this information is quite valuable to a buyer when trying to make an informed decision about purchasing a property.
After having reviewed this five-page form (including instructions), it appears that providing the simple information for the buyer's edification will take no more than 30 to 60 minutes for the average property. Nevada Energy and Southwest Gas routinely include a bar graph with every billing statement showing the energy consumption for each of the past 12 months. For those Nevada property owners who do not occupy their house or condo all year round, a statement notifying the buyer that the energy usage shown is based on part-time occupancy will allow the buyer to do their own calculations and make their own estimates.
There are certain situations where the Energy Consumption Evaluation Form does not need to be completed, but for the vast majority of transactions it is applicable. The buyer and seller may elect to waive completion of the form by mutual agreement, although the waiver does need to be executed in writing by both parties. In short, this is one disclosure form that helps a buyer learn important information about a property and requires only a small effort on the part of the seller.
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Copyright 2008 - 2011 - Don Kanare - All rights reserved.
Inside Incline is entirely written and published each month by Don Kanare of RE/MAX Premier Properties 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 775-828-3380 or send an e-mail to: Don@InsideIncline.com