Don Kanare Lakeshore Realty 954 Lakeshore Drive Incline Village, NV 89451 Tel: 775-831-7000 E-Mail Don Quick Links Search the MLS Weekly Market Update Weekly Market Archives Current Listings Best Buys Read My Blog Contact Don Home Page Monthly News Letter Current Newsletter Archived Newsletters  |
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This Months Articles: Click Here to See All of My Listings and Virtual Tours Just Listed on the MLS! For Daily Updates on Incline Village Real Estate visit my web site at: www.InsideIncline.com 905 Tyner Way - Panoramic Lake View Home The spectacular panoramic lake view will knock your socks off. Even if you are not shopping for a luxury home you will want to see the photos and virtual tour! You'll be treated to a view of Lake Tahoe that stretches from Diamond Peak to Squaw Valley. The interior features high end finishes throughout, design by Doug Eddy, remodeling work by Greenwood Homes. Please be patient when you go to see the virtual tour, it's high resolution photography and may take awhile to load. Why Prices Have Not Collapsed in Incline Village We are seeing prices for houses and condos either decrease by wildly varying percentages or remain flat depending on the location, quality, view and amenities. Some of the condos on Southwood Boulevard in the high-density complexes without amenities have declined as much as 50% from their historical highs. While the two-bedroom condos in McCloud are down only about 15%, yet they are located just a couple of blocks away. The only way to truly understand the divergent price mechanisms in our local real estate market is to examine how the elasticity of demand affects prices here. When you are dealing with commodities where the demand is rather constant, a change in the supply can be expected to have a direct impact on the prices that consumers pay. However, when the product or service in question involves a discretionary purchase, then the elasticity of demand will have an effect as to what happens to prices. That is the primary reason that we have seen individual sellers throw in the towel and accept a price that is below fair market value, while the vast majority of sellers can hang on and ride out the current economic downturn. A good example of this would be to take a close look at the Lakeview and lakefront properties where we have a pretty high inventory and at the present time light demand. One would expect prices of these properties to have dropped significantly in the past two years, but that is not the case. Over the long term, the supply of Lakeview and lakefront properties is finite. Owners of these properties know that. So, unless someone is in dire straits, Lakeview and Lakefront property owners are not willing to sell their places cheaply. The result is that bargain hunters have a limited number of quality properties to choose from. Every now and then we see a bank owned or short sale property that is well under fair market value. We are also occasionally seeing a longtime owner capitulate and price their property well below fair market value. These are the types of properties that buyers have been snapping up in 2009 and it appears this will be the pattern in the near future. Our market in 2009 has become stratified with most sales taking place at the low end and the high-end and only a tiny percentage of sales occurring among the moderate priced properties. So, even though the demand for real estate in Incline Village and Crystal Bay is significantly below the levels we've seen in recent years past, most property owners would rather spend time at their place than give it away at a fire sale price. My advice in 2009 is for sellers to analyze their own personal financial situation and price their property accordingly. If you don't have to sell in 2009, then I recommend that you either rent out or enjoy your property in Incline Village as much as possible. And buyers should be prepared to negotiate fairly and realistically. When you find a good value, then write a fair offer and don't try to low ball a seller who is already giving you a great deal. Most sellers will simply reject that type of offer or counter close to their asking price, especially if they don't have much room left to maneuver. If someone is offering you a quality property either at low elevation or with a lakeview at a 2004 price, I'd say jump on it before someone else does. 174 Third Creek - 3BR, 2.5BA, 1846 sq. ft., 1 Car Attached Garage - $859,000 A Solution for the Old Elementary School Site 1. Soccer field Every property owner in Incline Village is owed a tax refund by Washoe County. The county is unable to pay all of the refunds and it is likely that they will continue to use delaying tactics in the legal system to avoid paying refunds and rolling back our property taxes to the 2002 - 2003 level as mandated by a recent court case. As a small down payment on the money that is owed to the property owners in Incline Village and Crystal Bay, the county can do the bookkeeping entry necessary to pay off the school district for the property. Then, the school district can transfer the property to a non-profit entity here in Incline Village. The non-profit will have an agreement with IVGID to manage the recreational facilities and maintain the property. It is estimated that the value of the old Elementary School property is somewhere between 3% and 8% of the total amount of tax refunds owed to the property owners in Incline Village and Crystal Bay. Therefore, all of us would be leaving a small percentage of our tax refunds on the table in exchange for the community acquiring this valuable piece of land that can be used for the benefit of all the local residents. Since the old school property is close to the highest density condos in town where there are lots of kids residing, it makes perfect sense to have these recreational facilities right in the neighborhood. And these new facilities will be a valuable asset to Incline Village and will help attract new families to live here. BEAUTIFULLY REMODELED ! - 2BR, 2BA, 1,111 Sq. Ft. - $559,000 VERY MOTIVATED SELLER!! Click Here to See All of My Listings and Virtual Tours 2009 Newsletters 2008 Newsletters 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 |
| For Incline Village Real Estate Information or a Free Comparative Market Analysis of Your Property Contact Don Kanare Your Incline Village Real Estate Agent Lakeshore Realty - 954 Lakeshore Blvd - Incline Village, NV 89451 - 775-831-7000 |