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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September 2008 2008 Sales Statistics as of 9/1/08 Houses Condos Free Standing Total Units Sold 2008 61 42 17 120 2007 97 67 31 195 There are 11 houses in escrow as of 9/1/08. If all 11 close, the median price for houses in 2008 will be at $1,190,000 vs. $1,200,000 for all of 2007, a decline of less than 1%. Only 3 of the houses in escrow are priced under $1,295,000, all others are higher. So, while unit sales are down in 2008 vs. 2007, prices for most single family homes are still holding firm. Most sellers have staying power and don't need to discount their properties below fair market value. For Daily Updates on Incline Village Real Estate visit my web site at: www.InsideIncline.com BIG PRICE REDUCTION - 288 SKI WAY RIDGE - NOW ONLY $475,000 This Months Articles: FEATURED PROPERTY: 4BR, 3.5 Bath, 2,729sq. ft., natural landscaped low maintenance yard,
6 person sauna, 2 decks, oversized 2 car garage, new exterior paint. Offered for $1,099,000
SELL, RENT OR USE? It looks like 2008 will go down in the history books as the slowest year for real estate sales in Incline Village in over a decade. With over 530 properties currently for sale in Incline Village and Crystal Bay and no more than 70 transactions likely to take place during the last four months of the year, we will be hard-pressed to reach even 200 sales this year. This raises the question of what should a property owner do during the next 18 months? Are you better off selling your property, renting it or using it to get as much enjoyment as possible? For the vast majority of property owners I recommend that you hold off on selling your home or condo unless you have very strong reasons for doing so. With the current oversupply of inventory and the decrease in demand (in relation to the boom years of 1996 through 2005), sellers cannot command a premium for their property unless it has some very special attributes that differentiate it from the competition. If you have owned your property for a long time and are happy with making a nice profit (and willing to take fair market value), then selling your property could still be a good option in 2008 or 2009. If you don't use your property more than a couple of weeks a year, but you don't need to sell at this point in time, then you might wish to consider either renting to a long-term tenant on a six month or one year lease or doing some vacation rentals to bring in extra income. Not everyone needs the extra money, but if you'd like some income to offset expenses such as property taxes, utilities and routine maintenance, it's far better to make that decision now rather than wait until the middle of winter. Anyone who really wants or needs to sell their property in the next 12 to 18 months may wish to first take a look at the properties you are in direct competition with before pricing your property and signing a listing agreement. Only by viewing the competition firsthand can you truly understand the state of the market and how to price your property appropriately. I try to take my seller prospects to see between four and six properties that are the closest competition before we establish an asking price. It is very helpful to visit each of the homes or condos that you will be competing with and learn about their features, benefits and attributes (both positive and negative) so you can position your property at the optimum price point. And if you are not sure which of these three directions to take, then I recommend you use your property in Incline Village as much as you possibly can and enjoy life in our wonderful community on the North Shore of Lake Tahoe. For most people a trip to Tahoe is a once-in-a-lifetime dream that they hope to fulfill. For Incline Village property owners, it's a dream that we can live every day. PRICE REDUCED! - 2BR, 2BA, 1,111 Sq. Ft. - $562,500 WHY MY WEB SITE AT INSIDEINCLINE.COM GETS OVER 5000 HITS A WEEK AND WHAT TYPE OF INFORMATION YOU'LL FIND THERE During the past year I have spent hundreds of hours rebuilding my website in an effort to provide the most comprehensive source of information on Incline Village real estate. Each day, I spend 1 to 2 hours updating the site including writing a column about the new listings, price changes, properties going into escrow and properties closing escrow. I also provide links to the MLS information for each of these properties so that anyone interested in our market can see the same information that all of us agents do. Every Monday, I update the weekly statistics, which include the numbers of properties for sale and price ranges for each property category, the sales statistics for the past week and the price range for properties going into escrow. I also maintain archives going back to 2004 for all of the statistics since this information (other than closed sales) is not retrievable from our MLS. You can stay current every single day by visiting my website at: www.InsideIncline.com MOTIVATED SELLER!! See Prior Newsletters in 2008 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 |