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Incline Village Real Estate Blog Daily Updates For the Incline Village MLS

February 2008      March 2008     April 2008      May 2008     June 2008     July 2008

August 2008    October 2008

Daily Blog Update - September 30, 2008
Not a heck of a lot to report on the Incline Village real estate update today, but the little action we did have was quite significant.   3 properties went into escrow, priced between around $1.5 mil. and $3 mil., thereby offsetting the other properties that went into escrow recently in the 800s.   

The MLS tour only had 1 eye catcher today.   The stunning home at 1046 Tiller Way that was listed recently is every bit as nice in person as in pictures.   Low elevation shoppers in the $2.9 mil. range will want to see this property before a savvy buyer snaps it up.

Daily Blog Update - September 29, 2008
We had a fairly hefty chunk of activity on the Incline Village a real estate scene today.  The Incline Village MLS brings us 4 new listings, five price reductions, two properties going into escrow and one property closing escrow on a day that saw the Lake Tahoe basin peppered with a few afternoon thunderstorms.

Leading things off is the super value for the 6BR house at 416 Country Club Drive.  Priced at only $1,096,000, this is the best low elevation property to come on in the past week or two.  Great vacation rental history, large lot, big deck, hot tub, pool table, fireplaces, open beam ceilings, great floor plan and it evokes a warm mountain feel.  Partially remodeled, it won't take much to finish the place off and have a really special Tahoe retreat.  I'm actually surprised at the asking price being so far under $1.2 mil., so anyone interested in learning more about this property please contact me pronto. 

We'll skip past the 2 repeat listings and rock on to the price reductions.  My seller at 58 Royal Pines whacked the price down to $479K today for this 4BR, 3.5BA, 1752 sq. ft. condo with a 2 car attached garage.  1-18 Forest Pines got a big $40K price reduction and is now the best value in the complex at only $550,000.

Low elevation, high-end shoppers will be pleased with the new price of $1,895,000 for the stunningly remodeled home at 1089 Oxen.  A short walk from Lakeshore and boasting a nearly level .388 acre lot make this a perfect place for anyone seeking a property near the beach under $2 million.

Both homes that went into escrow today on the Incline Village real estate market are fixer uppers in the high 800s.  Completely different properties but they each have some good attributes and upside potential.

Daily Blog Update - September 27 - 28, 2008
Sunday on the Incline Village real estate scene brings us just one closed escrow as the small contingent of people in town were enjoying a late summer day on the beach.  Congrats to the hard working listing agent of 171 Mountain Shadows on the sale of this oversized floor plan with carport at $520K.   Nicely remodeled, quality furnishings, I'm sure the buyer will enjoy this condo which is in a good location in the complex.

The only action on the Incline Village real estate update for this sunny Saturday centers around the 2 properties that closed escrow.   Lending credence to the theory that the high end is alive and well, one home is in the Lakeview subdivision and the other a lakeview home on Driver Way on the East Slope.  Savvy buyers are picking up the good values in the best locations while the general population sits on the sidelines and misses out on the best deals...   

Daily Blog Update - September 26, 2008
We've got 3 aces on the Incline Village real estate market today as 1 property closed escrow, 1 deal went into escrow and we have 1 price reduction to report on this sunny Friday.   The fixer upper / tear down at 566 Ponderosa got an accepted offer today.   This is another good example of a low elevation property that was fairly priced and has good upside potential.

#55 Village at Incline, the modified 3BR into 4BR condo closed escrow at the somewhat surprisingly low price of only $775,000.   This is a nice property just a short walk from the beach and was offered tastefully furnished.

That's it for the action on the Incline Village real estate scene as we crawl deeper into the off season.   With the nice weather, we may see more buyers making the rounds this weekend and into early October.

SUPER DEAL ALERT!! - #43 Third Creek - 2BR, 2.5BA, fell out of escrow and had the price drop over $50K.   The new price of only $639,000 makes this the best 2BR value in the complex at the present time.   If you've been holding out for a great buy in 3rd Creek, then take a look at the basic info and let me know if you'd like to see the property.

Daily Blog Update - September 25, 2008
After a long day working on my new marketing materials, it's going to be a rather short Incline Village real estate update this evening.  We've got just one new listing and three price adjustments for your viewing pleasure.

In addition to the Super Deal Alert mentioned above, our price changes include a reduction of $19,000 down to $625,000 for one of my favorite fixer uppers at 420 Winding Way and $55,000 for the partially remodeled home at 823 Freel's Peak now priced at $1,695,000.  This is a new listing in the Lakeview subdivision and the rapid price reduction sends a message to everyone out there that the seller wants this property shown and sold.  It's nice to see a seller taking quick action.

The only new listing today on the Incline Village MLS is #243 Mountain Shadows.  Priced at $475,000, this remodeled three bedroom, 2.5 bath, 1360 ft.² end unit features two sunny decks and a location not far from one of the swimming pools.  The furnishings look very nice, so anyone shopping in the Mountain Shadows complex will want to take a look at this property sooner rather than later.  This could very well be the next condo in this complex to sell based on the apparent quality of the property and the good location.

Daily Blog Update - September 24, 2008
It was another action-packed day, by 2008 standards, on the Incline Village real estate market with seven price reductions leading the way to go along with one new listing and one property going into escrow. 

I'm not quite sure if this qualifies as a Super Deal Alert, but #116 Crystal Shores Villas received an $85,000 price reduction today down to $1,210,000, making this the absolute best value in any condo in a lakefront community in Incline Village or Crystal Bay.  This property has been beautifully remodeled and I can't say enough about the attention to detail that the owners have paid to this condo when they did the work.  If you have any interest in owning a Lakeview condo in a lakefront community, please contact me pronto as I don't expect this property to be on the market much longer at the new price.

If you don't want to spend quite that much money for a Lakeview condo then  maybe #63 Bitterbrush is up your alley.  This is a rare (for Incline Village that is) bank owned property and the new asking price of just under $679,000 makes this the best three-bedroom Lakeview value on the market at the present time.  If you don't mind dealing with the rigors of a bank REO transaction, I recommend taking a look at this condo sooner rather than later.

Going into escrow today is a low elevation condo at #38 L'Ermitage.  Priced at $549,000, this two bedroom, 2.5 bath, 1540 ft.² property compares very favorably with the two bedroom McClouds in the same price range.  Not every condo in this complex comes with a garage, but this property does and year-round residents know that's one great amenity to have in your favor.

I don't normally delve into the political arena but with all the talk about the mortgage market contributing to the current financial crisis I feel that a brief statement is in order.  What we have seen is a general collapse of the overall confidence in the dollar and some of the basic functionality of the latest iteration of capitalism.  The amount of leverage used throughout the marketplace (not just in mortgages but also all different types of securities and commodities) has resulted in greater volatility and as many people are now realizing potentially huge liquidity issues.

There is a lot more to the problem than just the liquidity of mortgage backed securities.  The repeal of the Glass-Steagall act, lack of oversight of the financial markets by Congress and the use of leverage beyond all belief have all come together at the same time that pressure is being placed on virtually every natural resource used by mankind.  Throw in an enormous trade deficit, huge budget deficits, unfunded liabilities for Medicare and Social Security in the future and you can understand why the dollar has dropped in value so dramatically over the last four years and confidence in our financial system has been undermined.

On the other hand, the affluent individuals who have diversified their investments have minimal risk exposure in the current crisis.  There are a few places where intrinsic value has held up such as precious metals, some collectibles, and high quality real estate in places such as Incline Village, NV, McLean, VA and other well heeled communities.  So, while there are many strains in the financial market, there are still good opportunities in hard asset categories to ride out the current fluctuations in the economy. 

Communities like Incline Village provide a safe haven in times of economic and political uncertainty.  And while not every single property for sale is a great value, there are enough good values in each price range that a sharp buyer can find what they are looking for if they combine patience with decisiveness.

Daily Blog Update - September 23, 2008
I was just barely ahead of the crowd when I put my price reduction for 704 Golfers Pass Road on the Incline Village MLS at 7 a.m. this morning.  The Incline Village real estate market bought a torrent of activity with six new listings, six price reductions, one property going into escrow and two properties closing escrow on this beautiful Tuesday at the Lake.

With a $20,000 price adjustment and a new asking price of only $1,079,000, my four bedroom, 3.5 bath, 2729 ft.² listing is arguably the best value in this price range on either of the golf courses in Incline Village.  The exterior has been recently painted, the kitchen has a new ceramic tile floor, new dishwasher, wine refrigerator, there's a new skylight and lots of other touches and improvements.  One of my favorite amenities is the six person sauna on the entry level, so you can go straight from the ski slopes right into the sauna without even going up stairs.   Click Here to See the Virtual Tour

The other price reduction that catches my eye today is #343 Burgundy Hill which is now the least expensive Lakeview condo in town at only $379,000.  Located in the quieter building number three of the complex, this condo is offered tastefully furnished and could well be the best value in all of Burgundy Hill.

One of the better listings to come along in quite a while in the Mill Creek subdivision appeared today at 1046 Tiller Drive.  Priced at $2,895,000, this four bedroom, five bath, over 4000 ft.² home on a .518 acre lot was built in 2004 and features dramatic architecture along with a great location.

If you like the Country Club Villas but want a more woodsy setting, then the new development on Northwood may be right up your alley.  Four of the other new listings fall into this grouping of three bedroom, 3.5 bath, 2400 plus square foot freestanding condos within walking distance of everything.  Priced at $1,195,000 and boasting high quality finishes throughout, this could be the best value in new construction to hit Incline Village in 2008.  The construction is 11 years newer than Country Club Villas the floor plan provides approximately 300 ft.² more living space and every bedroom gets its own private full bath.  If you have any interest in these properties please contact me right away as I expect this entire development will sell out rather quickly. 

The Lakeview fixer-upper/tear down on the east slope located at 541 Sky Lake closed escrow today at $1,250,000.  Once again, we have a panoramic Lakeview home on the east slope selling for its intrinsic value and anyone expecting a gift from a seller holding a panoramic lake view property is going to be sorely disappointed.  This property went for exactly fair market value.  I'd like to offer my congratulations to the listing agent for pricing the property appropriately and making the deal happen quickly as this home was on the market a very short time.

Wrapping things up on the Incline Village real estate update, congrats to the listing agent of 579 Jackpine for putting this beautiful home into escrow.  Priced at $1,895,000 this is one of the finer quality properties for sale in Incline Village in the $2 million price range and he worked hard to market this property for a long time.

Daily Blog Update - September 22, 2008
For some inexplicable reason, we had a flurry of activity on the Incline Village real estate market today in the price reduction department.  The Incline Village MLS brings us a total of seven price reductions, one property going into escrow, one property closing escrow and one new listing which is a repeat at #256 McCloud.

Congratulations to the listing agent in my office who put #118 Third Creek into escrow today.  This three bedroom, 2.5 bath, 1846 or so square-foot condo which backs up to the creek came on the market in mid-August at a very reasonable price of $849,000.  Even though this is an inside unit, the quality of the property along with the adjacent to the creek location made this a good value.

Third Creek is stealing the headlines today as #48 closed escrow on this sunny Monday afternoon.  Many of you will remember this is the very rare bank owned property with the unusual 1700 plus square foot floor plan in a two bedroom, two bath unit.  The unique cabin like architecture, mountain feel and wonderful location make this a good value at the $664,900 sale price if you don't mind the $500 plus per month in homeowners dues (only a small part of the complex has these high monthly dues, and I frankly don't know the historical reason why they are different here than in any other part of the complex).

Checking out the price reductions on the Incline Village real estate scene I had to do a double take when I saw the enormous drop of $168,000 for the condo at 221 Lark Court #3.  This is now a short sale and the asking price of $380,000 is subject to lender approval.  So, if you've been looking for a super bargain at low elevation you may want to take your chances on this one.  Just be patient when it comes to dealing with banks and any other lenders on these short sale situations.

We had a couple of other fairly significant price reductions on the Incline Village MLS today.  The beautiful Lakeview home at 543 Knotty Pine dropped $100,000 today and is now looking pretty tasty at $2.4 million.  The beautifully remodeled four-bedroom, 4.5 bath, nearly 4000 ft.² home at 629 Village Blvd. took a $75,000 tumble and is now a veritable bargain at $1.4 million.  I think this property would make a super vacation rental and the proximity to everything along with what is a much quieter than you would think location puts this home at the top of my charts in this price range.

Daily Blog Update - September 20 - 21, 2008
You can count on these daily Incline Village real estate blog updates being relatively shorter this time of year as we are no longer at the summertime pace of activity.  With two new listings, one condo going into escrow and one property closing escrow, I don't have a heck of a lot to offer you on this beautiful weekend on the North Shore of Lake Tahoe.

Popping on the Incline Village MLS on Sunday is my listing at #111 Bitterbrush with a new asking price of only $499,000.  Anyone shopping for a Lakeview condo will want to put this two bedroom, two bath, 1232 ft.² end unit on their short list as the property is nicely furnished and very well maintained.

Our new listings for the day include #50 Northwood Estates which is priced very competitively at $350,000 and #237 Mountain Shadows offered at $435,000.

My congratulations to the listing agent who handled both sides of the transaction for #39 at 1000 Lakeshore.  The final sale price of over $1.3 million shows that prices are not backing off for condos in Lakefront communities especially if they have a Lakeview.  This property (in fact all of the properties in this complex) comes without a garage, so you can see the intrinsic value of owning property in a Lakefront community here in Incline Village.  At this point in history, you are probably better off owning Incline Village real estate than most common stocks if you're seeking safety, long term appreciation and less volatility. 

With all of the volatility in the stock market, this might be a great time to take profits on some of your long-held investments and reposition some of those assets into a quality piece of real estate here in Incline Village.   After all, it is a buyers market, so why not move some of your profits from equities over to the real estate sector and reduce your beta factor for volatility.

Daily Blog Update - September 19, 2008
As the first taste of autumn weather descends on Lake Tahoe the Incline Village real estate market keeps plodding along at a slow steady pace.  The MLS brings us one new listing, three price adjustments, one property going into escrow and one property closing escrow today.

After coming on the market at $799,000 back in July 2006, #43 Third Creek finally got an accepted offer after numerous price reductions that brought the asking price down to $689,500.  The current owners paid $765,000 for this property in July 2005.  It will be interesting to see where this property finally sells, and I will refrain from telling you the long story behind this condo even though it is rather intriguing. 

It was nice to see 758 Tyner Way come back on the market at just under $2.5 million.  This is a beautiful Lakeview home and has been for sale for quite some time, but the most recent change in listing agents along with a $400,000 price reduction now makes this property worth a closer look.  This is arguably one of the better values among the panoramic Lakeview properties for sale.  With just over 4000 ft.² of living space it provides you with a wonderful floor plan, high-quality interior and fabulous views of Lake Tahoe.

One of my favorite properties in the Mill Creek subdivision located at 1069 Mill Creek was reduced down near lot value and is only $995,000.  Readers of this column will remember that this is the property with the oversized garage with all of the room from your grown-up toys and the 1000 square-foot master suite.  If you've been looking at low elevation properties I highly recommend taking a peek at this property especially if you want boat or RV parking.

The property closing escrow today on the Incline Village real estate scene is #44 Coeur-du-Lac.  I told the listing agent when this property was most recently on the MLS tour that her seller should be thrilled to get around $500,000 since that is fair market value, not the $549,000 that they are asking.  Well, wouldn't you know it, the condo closed at exactly $500,000 and I think both buyer and seller should be happy for what is a very fair deal.  This property is in a great location in the complex and with some updating on the upper level it will become quite a gem.

Daily Blog Update - September 18, 2008
It was a moderately busy day for the Incline Village real estate scene with three new listings, one price reduction, one property going into escrow and one property closing escrow on what could be one of the last beautiful summer days before we slowly make our way into autumn.  The first tidbit of news on today's Incline Village MLS update is that #17 Woodmere closed escrow at the very fair price of $705,000.  When this originally came on the market on March 1, 2006 at $870,000 I told the listing agent that I'd probably have a buyer somewhere around 700 K, and the seller promptly replied that he was not interested.  Well here we are 2 1/2 years later...

The beautiful condo at #12 Bitterbrush got an accepted offer today.  Even though this is one of the higher priced units in the complex at $1,245,000, the stunning Lake views and gorgeous interior combine to make this a superb property.

We have a dramatic $200,000 price reduction for the bank owned property at 915 Jennifer St.  Now priced at only $850,000, bring your imagination and your toolkit. 

Two of the new listings today on the Incline Village real estate market appear to be new construction in the Lakeview subdivision and both will merit a closer look as they approach completion.  These properties are on well located lots just a short walk from Lakeshore Drive and the builder is famous for using high-quality materials.  The asking prices are not for the faint of heart as these new properties are being offered at $3.5 million and $3.7 million.

Daily Blog Update - September 17, 2008
The big headline on the Incline Village real estate scene today is my new listing at 716 Bunker Ct.  This is an architectural gem that can be enjoyed as is, or if you need more bedrooms you can modify the den and / or the huge utility room into additional sleeping quarters.   Rarely do you find a private cul-du-sac location with such easy access to both Hwy 431 and the center of Incline Village.  Click Here to See the Virtual Tour

Besides my new listing, the Incline Village MLS offers up one other low end condo, a price increase and 2 properties closing escrow.   Congrats to the listing agent who hit the daily double with both escrows being her listings.  These properties were on the market less than 30 days, both were located within a block of Lakeshore Drive and priced attractively enough to draw a good deal of interest.   I'm sure the buyers of #19 Village Highlands ($1 mil. even) and 130 Mayhew Circle ($925,000) will be very happy with their respective properties.

Daily Blog Update - September 16, 2008
Not much to report on the Incline Village real estate update on this autumn like Tuesday as we had just 1 new listing and 2 properties going into escrow on the MLS.  It was nice to see a couple of places get accepted offers, including the home at 920 Lakeshore Drive. Congrats to Tim, the listing agent for his hard work marketing this beautiful property in the $4 mil. price range.

The one property on the MLS tour that got my attention today that's in the "affordable" price range is the lakeview home at 591 Tyner Way.  Great location next to a seasonal creek, sweet lake and mountain views to go along with a good floor plan.   I think this property will get a lot of interest as it doesn't have much competition in the $1.3 to $1.4 mil. sector.

Daily Blog Update - September 15, 2008
Let's do a quick recap of the Incline Village real estate market for the past 7 days. But before getting back to business, I have to let you know that I just returned from a spectacular backpacking trip doing a loop around the southern half of Yosemite.  I covered around 50 miles in 4.5 days of hiking and 4 nights of camping in some of the most beautiful spots between 7000 and 11000 feet on a route that took me from Mono Meadow (near Glacier Point) counter clockwise around to the finish at Tenaya Lake up along Tioga Road.   

The highlight of my trip was crossing over Red Peak Pass into the Clark Range which is a wholly unique mountain range contained within the confines of the Sierras.   Geologically different from the surrounding glacially carved mountains, the high lakes, streams and snow melt form the headwaters of the Merced River.  Click Here to See Some Photos

The Incline Village real estate update for the past week brings us a total of 8 new listings, 8 properties going into escrow (that's a 1 to 1 ration for the first time in 2008), 5 properties closing escrow and a bunch of price changes (4 of which are rather exciting).  Since I'm a little short on time playing catch up today, the summaries will be unusually brief.  Please contact me if you'd like more info on any of these properties, a few of them may sell rather quickly.

The best new listings look like the lakeview home at 591 Tyner priced just under $1.4 mil. and it's on the tour on Tues. so I'll get a better look, 823 Freels Peak in the Lakeview subdivision at $1,750,000 and 563 Antler at $1.2 mil.  Although I'm not usually a big fan of higher elevation homes, this one is high on my list to view as it appears to be nicely remodeled and sits on a very quiet cul-du-sac with Forest Service land on 2 sides.  If you're going to drive uphill you might as well have some privacy and this place has it!

The eye grabbing price reductions in no particular order are 571 Dale Drive with a great lake view and nicely remodeled now at $1,650,000, 823 Ophir Peak with a 200K slide down to $1,250,000, 898 Tyner, the contemporary fixer pano lake view hanging off the mountain side dropped 200K to $1,795,000 and the super lake view at 510 Gonowabie plunged 600K to $4,750,000.

On a quick diversion, what is up with the financial services sector? A year ago these guys were paying themselves hundreds of millions in bonuses (in some cases that much per person), now Lehman Bros. and Merrill Lynch are either in Chapter 11 or being taken over? Why don't the high level guys who raked in the mega bonuses loan some money back to their companies? Or is this a case of take the money and run only doing it with computerized trading and obtuse finanacial instruments instead of stage coach robbers with guns?

Looking at the 8 properties that went into escrow on the Incline Village MLS, it's nice to see that 3 of my recent recommendations on the price reduction front all got accepted offers.   I don't have a crystal ball (ok, I do, but don't tell anyone), but when I see a quality property dropping to at or below what I consider fair market value, it usually gets an offer in a week or two.   Such is the case with 824 Northwood at 725K, 101 Red Cedar, at $999K it's a super value and #43 White Pines, the remodeled one you may remember from prior columns.   The Incline Village real estate market is neither dead nor dormant, it's slowly plodding along and properties that are priced at or below fair market value will continue to draw offers.

Daily Blog Update - September 8, 2008
I expected things would slow down a bit in the off-season for the Incline Village real estate market but it looks like we have nearly rolled off a cliff with the lack of activity in the past few days.  At least we've got three new listings (2 of which are very intriguing), one price reduction and one property going into escrow today to give the brain cells a little bit of a workout before I depart on a backpacking trip in Yosemite.

This is the last column until September 15 or thereabouts, depending on how long it takes me to complete the 50 or 60 miles that I plan to cover at elevations ranging between 7000 feet and 11,500 feet in the southern half of the park.  I'm really cutting down the gear this trip to the bare minimum and will have only 24 pounds including food (but not counting water) at the start of the journey.   Which is good, since 15 of the first 18 miles are uphill...

I will not have access to cell phone, voice mail or e-mail until September 15 at the earliest.  In my absence if you have any questions about Incline Village real estate please contact Tony Tuoto at Lakeshore Realty at 775-831-7000.

The big headline today is the condo for sale at #5 Crystal Shores East which came on the market at $1.2 million.  This is a rare condo in a lakefront complex with a garage and you also get a Lakeview to go along with two bedrooms and two baths.  I think there's a really good chance this may go into escrow while I am away on vacation, so if you have any interest in this property gives Tony a call and ask him to show it to you.

The other new listing that piques my interest today is 687 Cristina.  With panoramic Lake views to go along with 10 bedrooms, 10 baths, over 7000 ft.² of living space and a large lot with natural landscape this is the ultimate house for parties and entertaining.  Now, I'm not sure the neighbors would like to hear me say that, but I used to manage this property in a former life time and it is set up perfectly for large gatherings.  The asking price of $1,850,000 makes me want to revisit this property to see if anything has been done with it in the past couple of years.

Have a great week everyone and I will try to post some pictures on the site after I return from my journey to Yosemite.  For those of you who have a map of the park, I am starting at the Mono Meadow trailhead off of Glacier Point Road traveling up Ilillouette Creek to Lower Merced Pass Lake, then over Red Peak Pass to the headwaters of the Merced River, down the canyon towards Merced Lake and then exiting at Tenaya Lake.  I may do a detour to Isberg Pass or Post Peak Pass, it all depends on how long it takes me to get to that part of the world.

Daily Blog Update - September 6 - 7, 2008
There was no action on the Incline Village real estate market on Saturday and only 1 price change on Sunday.  Enjoy the updates from earlier in the week.

Daily Blog Update - September 5, 2008
If you thought yesterday's Incline Village real estate update was rather encapsulated, today's is not much different.  We've got two new listings, both of which are repeats and five price alterations on the Incline Village MLS today.  Regular readers of this column take note, I am leaving on Tuesday, September 9 to go on a backpacking trip that will take me on a circuitous route of approximately 50 miles in Yosemite National Park.  I plan to return on either September 14 or 15 and if I'm not back by the 16th send out a search party.

Two of the price reductions on the Incline Village real estate market are big movers today.  The gorgeous piece of new construction at 970 Mica Ct. is now only $2,195,000.  With a very nice Lake view and super high quality materials throughout, this 3453 ft.² home features four bedrooms, 4.5 baths, cherry wood floors, granite fireplaces and a lot that is adjacent to Forest Service land for extra privacy. 

If you've got about a million less to spend, then the home for sale at 236 Allen Way might be more to your liking priced at $1,295,000.  The massive $245,000 price reduction makes this one of the better values of the Lakeview subdivision.  With three bedrooms, three baths, over 4000 ft.² of living space and a lot that is just a bit more than one half acre, I anticipate this home will get a tremendous amount of interest at the new price.

Daily Blog Update - September 4, 2008
It's going to be a very quick recap for the Incline Village real estate market this evening.  We've got just got one minimal price reduction and one property going into escrow to contemplate on this gorgeous Thursday on the North Shore of Lake Tahoe.

The remodeled three bedroom, two bath, 1576 ft.² home for sale in the Mill Creek subdivision located at 145 Selby with an asking price of $970,000 got an accepted offer today.  This property came on the market less than one month ago and when I viewed it on the MLS tour I thought it would get a lot of interest pretty quickly.  Low elevation homes especially within walking distance of Lake shore Drive are still experiencing solid demand as long as they are priced fairly.

I am contemplating going on a backpacking trip in Yosemite from Tuesday through Saturday next week.  If anyone in the audience is planning to come up and look at property between September 9 and 14 please let me know now so I can adjust my schedule.  Summer won't last forever, and sleeping outdoors above 9000 feet is something I prefer to do before the ground is covered in snow.

Daily Blog Update - September 3, 2008
It looks like summer has returned to Lake Tahoe after a brief absence for a couple of days and this Incline Village real estate agent kept moving along at a summertime pace.  Besides working on setting up a new listing, I picked up two new buyer clients today and I'm preparing some sales stats for another new client I'm meeting with on Thursday. 

The Incline Village real estate scene brings us one new listing, six price reductions and one property going into escrow today.  Congratulations to the listing agent who is handling the home for sale at 838 Ophir Peak Rd.  This is a beautiful home that I saw on the MLS tour recently and I knew the combination of great location, high-end finishes and very reasonable asking price would make this a very desirable property in the Lakeview subdivision.  The asking price of $3 million makes this one of the finer homes for sale in Incline Village without a Lakeview.

We can pass on the new listing today since it's just a repeat and move on to the price reductions at hand.  The big news of the day on the price reduction situation is the $24,000 alteration for my listing at 288 Ski Way Ridge.  Now priced at only $475,000, this is by far the lowest price we have seen for a penthouse unit in many years that was not a distressed sale.  Considering the most recent sale of a two bedroom unit in the complex was $455,000 (and that was for a second-floor condo in building one with a wonderful view of the parking lot instead of a great view of the mountains), I think #288 should start to draw more interest from buyers looking in the under $500,000 price range.

There are a couple of other significant price adjustments today on the Incline Village MLS.  Anyone shopping in the lakefront condo market may wish to take a look at #33 at 999 Lakeshore which had $75,000 lopped off the asking price and is now only $1,024,000 for this remodeled property.  The beautiful home at 1089 Oxen Rd had a price reduction of just over $45,000 and is now just a smidgen under $1,950,000.  If you've been looking in the Mill Creek subdivision in this price range this is one home you'll want to consider. 

The other nice price reduction on the day is the $450,000 shaving for the stunning property at 580 Ponderosa Avenue.   The listing agent refers to this as a "trophy home" and they are right on the mark with that statement.  Now priced at $3,300,000, high rollers seeking a low elevation property may wish to view this elegant home.

It now appears that we will have less than 200 sales of houses, condos and freestanding condos on the Incline Village real estate market in 2008.  However, even though unit sales in 2008 will be down somewhere between 35% and 40% versus 2007, it looks the median price of single family homes is virtually identical to 2007.  The statistical chart at the top of the September newsletter will give you more detail.

Daily Blog Update - September 2, 2008
There is no other action to report on the Incline Village real estate market today and nothing on the MLS tour that gets me excited enough to use up my daily quota of electrons.   So, I guess I'll call it a night and you can enjoy my commentary below about a major issue affecting the concept and philosophy of home valuations.

NEWS FLASH - SEPTEMBER 2, 2008 - The National Association of Realtors has recently introduced something called "Find Home Values" in an effort to compete with Zillow and House Values.   This is a huge blunder and NAR is on the wrong side of this issue.  As Realtors one of our toughest jobs is doing a thorough, detailed and accurate analysis of a property and trying to determine a fair asking price.

It's not possible to value each property accurately using a computer algorithm that simply evaluates recent sales and tries to extrapolate a value for your home on that basis. Each property has unique attributes and needs to be analyzed individually.  An algorithm doesn't know about your new granite counters, type of lake view or neighbor with a junk filled yard.

I advise everyone, do not rely on these computer generated property values, they are generally way off, usually by 10% to 30%.   My own home is valued from $760,000 to $932,000 depending on which of these valuation services I've tried.   There is no subsitute for a recent comparative market analysis combined with visiting the competition to determine the best asking price for your property.

If you're a real estate agent and reading this article, please send a letter to the NAR protesting this new feature.   Our own trade organization should be encouraging buyers and sellers to contact a full time professional real estate agent or appraiser to evaluate the fair market value of a property and not use some inaccurate computerized algorithm.

On a personal note, I'd like to thank everyone who was complimentary and supportive of my latest 16 page tabloid that was inserted in the Bonanza newspaper on Friday 8/29.   It took a lot of hard work to put together all 3 tabloids in August instead of just repeating my full page ads from July.  And a special thanks to Phil, my graphics guy for his efforts.

Daily Blog Update - September 1, 2008
The action on the Incline Village real estate market was quite minimal today as the summer vacation season approaches its terminus.   An unusually cold system from the northwest dropped overnight temps down to 30 degrees and the daytime high was only 60, so visitors departed in droves this morning.   I was able to do a quick hike to the top of Mt. Rose (3:30 round trip) and enjoyed the cool weather instead of the normal baking in the sun routine.

Today's Incline Village real estate update brings us 1 minor price reduction and 2 properties going into escrow.   Congrats to my neighbor at the office, Glen put his listing at 202 Wheel Rd into escrow today.  The seller, originally asked $825K, didn't get any nibbles, so they reduced the price to 775K, then 699K and voila an accepted offer.   Great location on a tiny cul-du-sac in the Mill Creek subdivision.   Price 'em right, sell 'em fast!

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