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This Months Articles: Click Here to See All of My Listings and Virtual Tours Click Here to See the Lastest Incline Village Real Estate Weekly Sales Statistics Luxury Home Sales Continue to Show Strength The single-family home at 789 Tyner Way is a beautiful piece of new construction that was completed in 2009. Featuring a stunning panoramic Lakeview, this 5,253 square-foot home contains four bedrooms, five full baths plus a family room, game room, den and a mud room. The attention to detail throughout is absolutely phenomenal. Dramatic stone fireplaces, hardwood floors installed with pegs not nails, custom cabinets, extensive use of slab granite, even the laundry room is beautiful. The final sale price of $3,088,750 makes this the second most expensive property ever to sell in the Upper Tyner subdivision. Even though the six bedroom, five bath, 5,630 square-foot home at 714 Champagne does not have a lakeview, it still fetched a final sale price of $2,325,000. Situated on a large lot of just over 1 acre, the long driveway brings you to a private woodsy setting that is complemented with an inground swimming pool. Spacious rooms, clean interior lines, light colors and large picture windows along with quality upgrades throughout characterize the interior of this lovely home. Of the 33 single-family homes in Incline Village and Crystal Bay that have closed escrow in 2011, eight of them sold for over $2 million and two others sold between $1.9 million and $2 million. This means that nearly one third of the closed escrows so far this year for single-family homes have been properties that by Incline Village standards would be considered luxury homes. Historically, approximately 15% of home sales in Incline Village and Crystal Bay would fall into this category. So, the strength of sales in the luxury price range is up dramatically during 2011. One of the main reasons we are seeing so much activity in this sector of the market is due to the retreat in prices from their peak in 2007. When the market became overheated, the majority of luxury property buyers moved to the sidelines and waited to see the direction of the market. While prices for luxury homes may seem expensive when compared with most of the rest of the country, it's considered a veritable bargain when you can purchase a property for $2 million to $3 million that was originally priced between $4 million and $6 million. During the afternoon of July 9 the general public will be given a rare opportunity to see some of the most beautiful panoramic Lakeview homes on the market in Incline Village. Myself and 8 other real estate agents will be holding a special open house to showcase some very special properties exclusively on the East Slope. All of these homes are priced between $1.8 million and $7 million with a wide variety of architectural styles and floor plans. Even if you are not shopping for a luxury Lakeview property you may wish to visit these unique homes where you might pick up a few remodeling ideas or get some inspiration for improvements to your place. 818 Jennifer St. - Lakeview home with 3BR, 2BA, 2 Car Attached Garage, 1,424 sq. ft. $649,000 460 Teresa - Lovely lakeview home in Crystal Bay. 4BR, 2.5 BA, 1,992 sq. ft., level entry to kitchen, living, dining, master suite, powder room and 2 decks. All 3 guest bedrooms downstairs for maximum privacy. $639,000 Inventory Levels Show Dramatic Improvement The chart below is a vivid indicator of how inventory levels have changed over the past five years. Seeing a significant drop in the number of properties currently for sale as the same date in 2007 is a positive trend for our local real estate market. Statistics were gathered from the InclineVillage Board of Realtors MLS for properties for sale in Incline Village and Crystal Bay on Memorial Day weekend 2007 through 2011. Year Houses Condos Free Standing Condos Total 2010 184 162 39 385 2009 228 167 54 449 2008 211 159 51 421 2007 170 163 54 387 From 2007 three 2009 while the inventory continued to move upward, supply greatly outstripped demand and prices began their retreat from the historic highs established in 2007. Although the current inventory still hovers around 18 months, this is a far cry from the 24 month to 30 month inventory levels experienced during 2008 and 2009. The combination of an increased rate of sales (albeit rather slowly) over the past 18 months and the relatively minor number of actual foreclosures in Incline Village and Crystal Bay are the main factors in reducing the total number of properties for sale. The vast majority of homeowners in our community have the staying power to ride out any recession and many people have simply decided not to put their properties back on the market after testing the waters in 2008 and 2009. There are a fair number of property owners whose homes and condos did not sell that wound up in the long term rental pool. While this creates a bit of a shadow inventory, the good news is most of these rental property owners are willing to wait until the prices show a steady uptick before putting their places back on the market. As the inventory continues to decline prices will tend to stabilize except for those properties in the least desirable locations or with glaring weaknesses such as unworkable floor plans or nightmare driveways. In time, the finite supply which characterizes our market will lead to a long-term revival of the historical price trends. However, that will not occur until demand exceeds supply and a higher level of confidence returns among consumers and businesses. 96 Third Creek - Great location on the gated side of the complex. End unit, 3BR, 3BA, 1,787 sq. ft., 1 car attached garage. Private setting buffered by trees, fence and open space. $679,000 48 McCloud - Rare 2 story, 2BR, 2BA, 1,328 sq. ft. floor plan. Beautifully remodeled, granite counters, new appliances, marble vanity tops, pride of ownership! $513,000 Price 'Em Right and Sell 'Em Fast The reason that the days on market (DOM) statistic can be misleading is because a significant percentage of sellers in Incline Village and Crystal Bay are simply testing the waters at any given time. By pricing a property at a theoretical number that bears no relation to fair market value, it is unlikely that property will get many showings or offers. Some properties have languished on the market for as long as nine years and it's not because there is something wrong with the property. It's more a question of an owner creating an asking price that they are willing to accept but not anywhere close to what a buyer is willing to pay. On the other hand, we recently saw two properties come up for sale in Incline Village that got a tremendous amount of interest and sold within a very short time of being listed on the local MLS. Both of these properties had sellers who established asking prices right out of the starting gate that were sure to attract a lot of interest. These two properties are excellent case studies and show that the DOM statistic is nothing more than an interesting number and not a guideline for how long it will take a property to sell in Incline Village or Crystal Bay. The beautifully remodeled panoramic Lakeview home at 810 Jennifer St. came on the MLS on May 20, 2011 and went into escrow on June 3. With an asking price of $1,295,000 for this three-bedroom, three bath, 2440 square-foot home, that works out to $530 per square foot. But what the numbers don't show is the superb high-end remodeling done throughout, the incredible attention to detail and the private feeling of this unique location. There are plenty of panoramic Lakeview homes for sale, but none with the combination of this location, floor plan, quality, view and price. This property sold quickly because it had great features and attributes plus the initial offering price was established at a level that was likely to attract a significant amount of interest. The listing agent also did a great job marketing the property. It doesn't take an incredible Lakeview to get a property sold in a short amount of time. Witness the quick sale of #13 Montclair Villas. This 1440 square-foot freestanding condo features 3 bedrooms, 2.5 baths and a few modest upgrades. But the asking price of only $260,000 made it temporarily the least expensive freestanding condo for sale in our community. The listing agent and seller diligently prepared the property so it showed very nicely on the weekly MLS tour. This property came on the market on May 21 and went into escrow only 10 days later. It does not have a Lakeview or even a garage, but what it does have is an asking price that has not been seen in this complex since 2002. So the next time somebody tries to have a conversation about the average number of days on market, remind them that quality properties in good locations will sell quickly if they are priced right. Regardless of the inventory level and annnual rate of sales, there are always buyers at Lake Tahoe looking for good properties at reasonable prices. 916 Harold Drive - #48 Cedar Crest - Beautifully remodeled 3BR, 2BA cabin with 2 car garage. 1,536 sq. ft.. - $459,000 680 Wilson Way - #1 - Nicely Remodeled 3BR, 2.5BA, End Unit Condo in 4 Unit Complex. Hardwood Floors, Slab Granite, New Appliances, New Roof, New Driveway! $439,000 - Reduced $40,000 86 McCloud - 2BR, 2BA, 1111 sq. ft. - Tastefully Furnished Upper Unit 1 Block from Beach - $429,000 Click Here to See All of My Listings and Virtual Tours 2011 Newsletters 2010 Newsletters April June September October November 2009 Newsletters February April May July October December 2008 Newsletters May June July August September October December 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 |
| For Incline Village Real Estate Information or a Free Comparative Market Analysis of Your Property Contact Don Kanare Your Incline Village Real Estate Agent RE/MAX Premier Properties - 5250 Neil Road, Suite 100 - Reno, NV 89502 - (775) 828-3380 |