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This Months Article: Click Here to See All of My Listings and Virtual Tours For Daily Updates on Incline Village Real Estate visit my web site at: www.InsideIncline.com REAL ESTATE SALES CONTINUE THEIR UPTREND IN 2010 Looking at the charts below we can see that the number of units sold in 2010 year to date is nearly double the number sold in 2009. With 53 properties currently in escrow, buyers are clearly voting with their dollars and writing offers when they find a good value for sale. Year to Date Sales 2010 vs. 2009 Houses Condos PUDs Total 2009 27 15 6 48 Properties for Sale on the IVBOR MLS on May 30th Houses Condos PUDs Total 2009 240 166 59 465 The median price for single-family homes in Incline Village and Crystal Bay has remained right around one million dollars. The median square footage has also not varied much at all during the past 18 months, hovering at approximately 2900 square feet. One anomaly, there have not been any sales of single-family homes in 2010 in the price range between $775,000 and $1,030,000. While the sales activity in all price ranges has increased significantly, just a couple of sales will push the median price up or down $100,000 or more. The reality is that you can find the occasional good value in a single-family home under $800,000. But more often than not, you will be spending one million dollars plus for a quality home & a good location in Incline Village. There is actually a shortage of single-family homes with good lake views or mountain views in the $900,000 to $1.3 million price range. Sellers with these types of properties will have little difficulty negotiating a fair deal, unless there is some mitigating factor such as road noise or the interior needs a lot of work. Condo owners should be exceptionally happy with sales in 2010 nearly triple the number YTD in 2009. Condo prices in general have slipped back to the 2003 or 2004 level. But anyone who purchased in 2002 or earlier is most likely still ahead of the game. The condos that have held their value the best are generally low elevation properties that have been updated and have a garage. The Southwood Blvd. corridor has been hit with some pretty significant price declines, especially high-density complexes without reserved parking. In 2010, investors have been scooping up the best values all over town & renting them to long-term tenants when the cash flow numbers make sense. McCloud condo owners will be happy to know that there have already been more sales in McCloud in the first 5 months of 2010 than in all of 2009. The chart on the reverse side shows the recent sales activity in the complex. The reason prices have varied so greatly are due to the differences in floor plans, locations, interior remodeling and seller motivation. I have already represented the sellers of 3 McCloud condos that have closed escrow in 2010. If you are thinking of selling, please contact me & let’s discuss marketing and pricing. The sales activity in Third Creek continues at a steady pace after a 9 month drought was broken in July 2009. Since that time six properties in the complex have closed escrow and there is currently one in escrow. Prices for a three bedroom unit have retreated from the 860K to 930K range during the peak of the real estate boom back down to the mid-600s. There is currently a shortage of inventory in Third Creek and there are no end units backing up to the creek for sale as of late May. There is still enough inventory overall that it will probably take two or three more years before prices have any chance to improve significantly. Buyers have come to the realization that most sellers in Incline are affluent enough to ride out any economic storm. But, the stalemate between buyers and sellers that existed for most of 2008 and 2009 appears to have been broken as the market finds a new equilibrium. If you are a longtime property owner in Incline Village or Crystal Bay who has been thinking of selling, 2010 presents some interesting opportunities. Those owners who have properties with unique, positive attributes may wish to consider putting them on the market now that prices have stabilized for the most part. FURNISHED LAKE VIEW CONDO - ONLY $380,000 LAKE VIEW HOME ON STREET TO STREET LOT - 673 ALPINE VIEW Click Here to See All of My Listings and Virtual Tours 2010 Newsletters 2009 Newsletters February April May July October December 2008 Newsletters May June July August September October December Copyright 2010 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 775-828-3380 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 |