|
I live and work full time in Knowledge, Service
This website dedicated to |
Incline Village Real Estate Don Kanare - Realtor If You Would Like to Receive This Newsletter Automatically Each Month,
Send Me An E-Mail. Your Information Will Never Be Divulged to Anyone. 
This Months Articles: East Slope Sales Hit the Doldrums Characterized by relatively large sloping lots that tend to capture the afternoon and evening sun, the East Slope contains some of the most dramatic architecture in our community. Many of these homes exceed 4000 square feet and carry price tags above $2 million. But not every home in this neighborhood is built on a grand scale. There are actually nine properties currently for sale priced under $1 million ranging between 1596 sq. ft. and 3024 sq. ft. that are quite charming and very livable. From January through May this year, six properties on the East Slope closed escrow and five of them sold for more than $2.3 million. Sellers were quite excited to see this much activity early in the year especially in the luxury market. But this strong pace of sales did not continue after May and for some inexplicable reason luxury home sales throughout Incline Village and Crystal Bay during the past four months have tailed off considerably. Only three properties have closed escrow with a final sale price in excess of $2 million in Incline Village and Crystal Bay since May 26. Of the 22 properties currently under contract, only two have asking prices above $2 million. Even though a lot of high-end sellers have significantly reduced their prices, it seems that luxury buyers have taken to the sidelines while bargain hunters in the lower and moderate price ranges have dominated during the summer and early fall. How much of this pullback by luxury home buyers can be attributed to the recent decline and volatility in the stock market is purely speculation. What is significant is that after exhibiting a major market presence during the first five months of the year, high-end home shoppers are now few and far between. Since business does run in cycles, it’s just a matter of time before luxury buyers return to the market. This could possibly occur later in the off-season when shoppers in all price ranges are looking for the best values they can find among the motivated sellers who have been waiting for an offer all year. What is harder to explain is the lack of sales activity for the more moderately priced properties in the East Slope subdivision. Most of these homes have good locations that provide fairly quick access to the center of the Village and decent floor plans. Only a handful of the properties for sale have driveways that would be considered somwhat challenging to get in and out of during the wintertime. This is just one of those situations where there is no single overriding factor that can explain the lack of sales activity in one of the most desirable neighborhoods on the North Shore of Lake Tahoe. Buyers may wish to take advantage of this slowdown in sales activity along with some excess inventory to look closer at the East Slope and see if a property meets their personal criteria. When the cycle turns upward and the usual level of demand for homes on the East Slope returns, buyers will not be able to negotiate the same price and terms. Just like in the stock market, it's better to buy on weakness and sell on strength and now is a good time for buyers to investigate the East Slope before it comes out of the doldrums. On a personal note, my mom Trudy passed away on Friday, September 23 at the age of 87, that is why you did not any see blog entries for over a week in late September. If you wish to help honor her memory we are adding a bronze bird to the Roundabout as a memorial to mom (she was an avid bird watcher). 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 Priced 2BR Condo in McCloud INCLINE VILLAGE REAL ESTATE YEAR TO DATE SALES Houses Condos Free Standing Condos Total 2011 Sales 73 80 20 173 2010 Median Price 845,000 332,500 695,000 2011 Median Price 775,000 347,000 557,000 818 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!! Businesses Snap up Good Locations on Highway 28 Starting with the Raley’s shopping center, Alpine Realty International moved to a new location next to Azzarra’s restaurant after departing from their old spot near the intersection of Country Club Drive and Highway 28. The result has been a substantial increase in walk-in traffic that has benefited their business in a most positive way. Kudos to the owners of this local brokerage, John and Gail Krolick for spotting this opportunity to move to a location with greater foot traffic, visibility and better business potential. Just a couple of doors down, the Acute-Care Clinic has taken up residence after departing from their longtime location on Highway 28 next to the Lake Tahoe School. Moving to the Raley’s shopping center will provide a better parking situation (most of the time) and will certainly increase public awareness of their new location, especially during peak holiday periods when everyone is buying food next door. Across the street, Rainbow Printing made a big change leaving the strip mall where it had resided for a very long time and shuffled about 100 yards to the east to the newer, nicer Corporate Center Building. The additional square footage combined with the modern architecture and construction makes for a nicer working environment. The staff continues to provide the same great customer service, only now the retail section of the store is much more user-friendly with greater space in the aisles, bigger displays, better lighting and an expanded service counter that makes doing business a lot easier. American Family Insurance moved across town from the upper level of the Village Shopping Center into remodeled quarters just two doors to the west of US Bank. Bret and his staff have a much warmer and inviting climate in which to help customers along with a high-profile location and excellent signage. Moving from a tucked away corner location with limited visibility to this high-traffic spot near the center of town can only have a positive impact over the long term. Jeff Miller the owner of Advanced Design and Construction had the presence of mind to snap up the vacant office space in between American Family Insurance and US Bank. As one of the top contractors in Incline Village, having this spot directly across the street from Raley's supermarket and next-door to one of the three big banks in town, he will likely reap nice benefits. While there is still a fair amount of vacant commercial space available, the business owners mentioned above have all made significant moves to improve their locations and visibility within the community. It takes guts to take the risk of moving a business from a longtime location and I applaud each of these entrepreneurs for their foresight and courage. 617 Tumbleweed Circle - Beautifully remodeled 5BR, 5.5BA,home next to US Forest Service land. Spectacular canyon and mountain views along with views of Lake Tahoe. Spacious rooms, great floor plan for everyday living and for entertaining. Formal dining room, family room, game room, office, den. $1,599,000 - Reduced 51K 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 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 |