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This Months Articles: Year to date in 2011 we see that 84 condos have close escrow as compared to 78 houses. With 27 condos currently in escrow versus 17 single-family homes under contract, it seems pretty certain that condo sales will come out on top this year. All statistics are from the IVBOR MLS on October 15, 2011. Year Houses Sold Condos Sold If we go all the way back to the peak of the real estate boom in 2004, we see that there were 317 sales of condos and 224 sales of single-family homes. It was during this time that the median price of a single-family home was starting to rocket and many buyers were forced to look at condos or else risk being priced out of the market. The median price for both houses and condos continued to trend up through 2007, before reversing course and returning to the values we see today. So, even though the number of sales in units was declining from 2005 through 2007, the median price continued to rise as demand outstripped supply. It was not until late 2007 that prices started to retreat and the following two years saw price declines that have brought us back to the 2002 level. While the median price of a house has declined approximately 35% from $1.2 million in 2007 down to just under $800,000 today, the median price for a condo has seen a more precipitous drop. At the end of 2007 the median price for a condo was $585,000 and today that number hovers between $300,000 and $340,000 depending on the closed sales at any given time. With 19 of the 27 condos currently under contract having asking prices under $300,000, it appears that bargain hunters continue to dominate the market. Nearly 2/3 of all purchases of Incline Village and Crystal Bay real estate continue to be made by vacation homeowners and many of them prefer the convenience and reduced maintenance of a condo when compared to a single-family home. So, it looks like condo sales will stay relatively strong in the near future. With an inventory that ranges between 18 and 24 months, prices for condos will likely remain attractive. Buyers have a good selection of floor plans, locations and amenities from which to choose. And with unit sales of condos up nearly 50% since the market contraction in 2008, sellers have a reason to be mildly optimistic. Incline Village Roundabout Coming to Fruition However, in order to get the landscape design preferred by the community we need to raise private funds of approximately $130,000 to pay for the cost of the life-size bronze statues of a bear, deer, coyote, bobcat, two squirrels, raccoon and bird. The community public art project has raised nearly $35,000 in just the past two months. I donated $7000 to pay for the statue of the Bobcat in memory of my cat Spumoni who passed away in May 2006. I would like to ask that everyone who reads my blog contribute something to this permanent icon that will be the gateway to Incline Village and Crystal Bay. Over 3 million people pass through this intersection every year making this one of the most highly visible locations anywhere at Lake Tahoe. Contributions of $1000 or more will be recognized in a high visibility monument be constructed near the roundabout in the future. Click Here to See All of My Listings and Virtual Tours 638 Fairview - Panoramic Lakeview Home on 1.57 Acres - 1800 Sq. Ft. of Addtional Coverage Approved by the TRPA - Expand the Main House or Build a Guest House Click Here to See the Lastest Incline Village Real Estate Weekly Sales Statistics 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! $419,000 - Reduced $60,000 86 McCloud - 2BR, 2BA, 1111 sq. ft. - Tastefully Furnished Upper Unit 1 Block from Beach - $379,000 -Lowest Price 2BR on the Village Blvd side of the complex INCLINE VILLAGE REAL ESTATE YEAR TO DATE SALES Houses Condos Free Standing Condos Total 2011 Sales 89 95 22 206 2010 Median Price 815,000 333,000 752,500 2011 Median Price 775,000 347,000 597,500 818 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. $499,000 - Reduced 100K - Motivated Seller!! New Incline Village Disc Golf Course is the Latest Recreational Amenity The Disc Golf Course was the inspiration of a gentleman named Art Cross. He put together a group of frisbee throwing disc golf enthusiasts and presented a proposal to the Incline Tahoe Foundation (ITF) asking for community support. As a member of the Board of Directors of ITF and a long-time participant in disc golf, myself and the other directors immediately got behind the project. A special thanks goes out to the IVGID Board of Trustees for their vote of support and to the Parks and Rec management team of Indra Winquest and Hal Paris for helping to coordinate the effort. This is a perfect example of members of the community coming up with an idea and bringing it to fruition through the collaborative efforts of citizens, ITF and IVGID. Not one penny of IVGID money was spent to create or maintain the Disc Golf Course. Through the generosity of the Lions Club, local businesses and individuals, enough money was raised to pay for all of the expenses to build the course and still leave several thousand dollars in reserves. Adding this new recreational amenity is a great benefit for all of the property owners in our community. We no longer have to travel to Truckee or Tahoe Vista and visitors will appreciate the Disc Golf Course more than you can imagine. A large percentage of the vacation renters in the summertime live in areas where Disc Golf is a thriving activity. Throughout the Davis/Sacramento area and all over the Bay Area disc golf is a very popular form of recreation and we can expect the new course to be widely enjoyed especially during the summertime. Imagine what Incline Village and Crystal Bay would be like without all of the fantastic recreation choices that we have. Remove the golf courses, ski area, parks, rec center, tennis courts, etc. and you would be left with a beautiful place in the mountains with limited recreational opportunities. The addition of the Disc Golf Course brings us one step closer to fulfilling the dream of having every type of recreational activity in proximity. What this means to local property owners is that you have a value added amenity that has been delivered at no cost to you. A large piece of vacant IVGID land has been repurposed in a way that provides a new form of recreation, along with a pleasant place just to take a walk and enjoy the sounds of Third Creek. Each new amenity that we create in our community will help to make it a more desirable place to live and increase our property values over the long term. 916 Harold Drive - #48 Cedar Crest - Beautifully remodeled 3BR, 2BA cabin with 2 car garage. 1,536 sq. ft.. - $429,000 - Reduced $30,000 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! $474,000 Good Opportunities for Renters in Autumn at Lake Tahoe During the past year the residential vacancy rate in Incline Village and Crystal Bay has declined and rents are starting to stabilize after sliding downhill since 2009. I have spoken with a number of people looking to rent a place recently and while there are still vacancies in all price ranges, choices are somewhat limited. Finding a house or condo in a good location with a garage is becoming increasingly more difficult as low elevation properties with covered parking tend to get snapped up rather quickly. If a property has been for sale all summer and has not received any offers, sellers will sometimes consider renting the property in the off season to generate additional revenue and cover a portion of the ongoing monthly expenses. So, when a listing expires this time of year it's only natural that property owners will contemplate the pros and cons of leasing their property to a tenant. Seasonal employees who work at the ski resorts have not yet started to arrive in droves. This provides an opportunity during the next several weeks for tenants who are on month-to-month leases to consider relocating. Whether someone is seeking a better location, more space, different floor plan, view or some other feature, before the snow flies it's a great time to look at rental properties. Because so many listings will be expiring at the same time, there is competition among sellers who are becoming prospective landlords to get their properties rented. This level of competition is highly beneficial to renters seeking to relocate this time of year. And the new rental inventory coming on the market provides tenants with choices that they did not have just a short time ago. There are some excellent property management firms and rental agencies in Incline Village and Crystal Bay. I encourage sellers whose listings are expiring to interview two or three rental agents if they are considering leasing their residential property. Finding someone who you communicate well with and trust to handle the leasing of your property is very important, especially for absentee owners. Tenants will find that the local professionals in the rental business can help them locate a nice place to live much more quickly than scouring the market on their own. Many times good rental properties do not need to be advertised because word-of-mouth brings in a new tenant to replace the one who is moving out. Networking with the locals and maintaining regular communication with the rental agents can help you find a nice place to live and might reveal a property that you would otherwise not find. Early November is a great time to search for a new place before the seasonal ski area employees arrive and create their annual impact on the North Lake Tahoe rental market. Click Here to See All of My Listings and Virtual Tours 2011 Newsletters January February April May June July August September 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 |