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This Months Articles: 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 Multi Unit Properties May Be Making A Comeback From March 2007 through December 2008 there was a veritable flurry of activity with four investment residential properties changing hands. Since that last sale, there has been only one transaction and that was for a duplex that closed escrow in July 2010. Historically, the cash flow numbers have not been great for multiunit buildings in our community. Investors have bought more for appreciation and in some cases they keep one unit as a vacation getaway or personal residence and rent the others for long-term income. With the pullback in real estate prices, the cash flow numbers are starting to look better for these types of properties. In the past it required a down payment of between 50% and 75% just to get breakeven cash flow. With current market prices and reasonable rents, some properties are showing breakeven cash flow with as little as 25% down. This makes investment residential property much more attractive, especially for absentee owners. Sometimes it behooves a first time buyer to consider a multiunit property. A great example would be one of the four plexes that came on the market last week on Tomahawk Drive. Each building has four – 1 bedroom, 1 bath units that bring in between $725 and $750 in rent per unit, per month for a gross income of over $35,000 per year. The asking prices are $425,000 and $485,000 respectively. With a 25% down payment, in today's market you would be looking at a mortgage payment and property taxes of approximately $2200 per month. That means you could live in one unit and the rent from the other three units would just about cover the mortgage and taxes. In time you would build equity and have yourself a nice long term investment with someone else paying the mortgage. Or you could build equity for a few years, then sell and purchase that single-family home you have always dreamed of. Occasionally there are multiunit properties with an architectural design that permits one unit to be kept as a vacation home (and maybe a vacation rental, too) while the other units are rented out to long-term tenants. This kind of flexibility is nice for an absentee owner who wants to get some enjoyment from a property at Lake Tahoe while still trying to generate income when the place is not being used. While most multiunit structures do not lend themselves favorably to this type of arrangement, occasionally there are properties that work well for this purpose; one that comes to mind is a triplex on Harold Drive. A lot of the investment residential properties at Lake Tahoe do not have garages and that can be a major drawback when seeking long-term tenants. Most full-time renters really appreciate the convenience of having a garage especially after a winter like the one we just had. Often you will find carports instead of garages at some of the older properties in town. With a variety of multiunit properties on the market from duplexes up to a six unit building, investors have better choices in 2011 then they have had in a long time. INCLINE VILLAGE REAL ESTATE YEAR TO DATE SALES Houses Condos Free Standing Condos Total 2011 Sales 61 66 20 147 2010 Median Price 815,000 350,000 695,000 2011 Median Price 800,000 347,000 557,000 818 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!! Roundabout Art Project Creates a New Community Gateway Everyone will benefit from the improved traffic flow and the reduction in the number and severity of accidents. Property owners in some neighborhoods will get an additional perk from the reduction in the volume of traffic using local streets to bypass this busy intersection, especially during the summertime and holiday periods. Equally important, the roundabout will become a new gateway on the west side of our community that will be visually and aesthetically pleasing. The creation of the roundabout has provided a rare opportunity to dramatically improve the landscape at this intersection. An extensive community outreach project performed during 2010 and 2011 resulted in strong public support for a natural landscape consisting of wildflowers, native grasses, boulders and life-size bronze statuary of some of the local animals. It took several meetings with the Nevada Department of Transportation to finally reach agreement on the landscape design. While NDOT will take responsibility for providing and installing the basic landscape elements, one of the stipulations is that the community raise private funds to pay for the life-size bronze statues of a bear, deer, bobcat, coyote, raccoon and two squirrels. We as a community need to raise $120,000 to support our new Public Art Project. I have already donated $7000 to pay for the cost of the bobcat in memory of my cat Spumoni who passed away a few years ago. I would like to encourage others in the community who wish to memorialize a beloved pet or family member to sponsor one of the bronze statues. Contributions of $1000 or more will be recognized in a future public monument. On Saturday evening September 24th from 5 to 8 PM please join us as at the Parasol Building at 948 Incline Way and enjoy some gourmet food, fine wine and learn more as we celebrate the beginning of this community-wide venture and forthcoming outdoor public art display. Tickets are $20 in advance and $30 at the door. June Towhill Brown, a talented and famous sculptor who lives right in our community is generously donating her time to do the sculpture work. But we still need to cover the costs for the high quality materials, detailed manufacturing process, shipping, delivery and installation. Projects such as the roundabout which improve the quality of daily life and the aesthetics at Lake Tahoe will have a long-term positive impact on property values and the desirability of living here. Incline Village and Crystal Bay property owners will benefit from having a safer intersection and visually appealing entrance to our community that will provide a warm welcome to visitors. Your support of this public art project will help to create a beautiful gateway that will be enjoyed for generations to come. For more information on the September 24th event or to purchase tickets please contact: 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 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 |