Don Kanare - Realtor / E-Pro - Your Incline Village Real Estate Agent - www.InsideIncline.com
Lakeshore Realty - 954 Lakeshore Blvd. - Incline Village, NV 89451 - 775-831-7000 / 775-831-6777 (fax)

Incline Village MLS Blog - Incline Village Property for Sale and MLS Daily New Listings Updates

September 28, 2006
The Incline Village MLS kept up its solid autumn pace with one new listing, three price reductions and three deals going into escrow today.  The new listing is a condo that I can't really get excited about in the White Pines complex.  So let's skip ahead to the price reductions two of which are low elevation condos in Incline Village and one of which is a house up on Divot Court near the top of Country Club Drive.

The condo at #17 All Seasons dropped down to $408,000 today but I think this is still a tad expensive at only 898 sq. ft, especially since you can get much higher quality properties in Incline Village for about the same price.  The one bedroom, 2 bath condo at #302 Burgundy Hill is a good example and it has underground parking.  

#72 McCloud came down to $614,900 but since the place has not been remodeled I still think they're asking too much money for this one.  #36 McCloud at $659,000 is a way better deal since it has 20% more square footage and is in a much better location.  The house on Divot Court is finally approaching a reasonable price now that it has been reduced to $1,299,000.  Readers of this column will remember that when this property first came on the market in the summer at $1,585,000 I stated that it was way out of line and would need a very substantial price reduction.  Now that it has been reduced almost $300,000 since the original asking price you can see that my crystal ball is looking pretty good on this one.

There are a lot of homes and condos in Incline Village that are good values this time of year and when you look at the in escrow:listings ratio switching around to 3:1 that is a good indicator that buyers have recognized this fact.  It is also nice to see sellers getting motivated and bringing the asking prices for their properties in Incline Village closer to fair market value.  I think we can expect a few more good weeks of sales in the Incline Village real estate market as buyers recognize that this is an excellent time of year to negotiate.  The property owners who truly wish to sell recognize that if they don't make a deal now, that both the buyers and the bears will soon be in hibernation for the winter.
Incline Village MLS New Listings of Homes, Condos and other Incline Village Real Estate on September 28, 2006

September 27, 2006
It was a relatively busy day on the Incline Village MLS with 3 deals going into escrow, 2 price reductions and 1 new listing today.  Two of the 3 properties in Incline Village that went into escrow were great values that had been described previously in these daily updates; a condo at #83 McCloud and the freestanding condo at 832 Northwood Blvd.  Generally, when I say that something is a good value I'm on target and I would have liked if one of my buyer clients had purchased one these properties since I had shown them each several times in the past 2 months.  C'est la vie...

Moving on to the new listing, it's really a repeat but at a much lower price.  The raw land at 383 - 2nd Tee Dr. is now down to $747,000 after originally coming on the market at $975,000 all the way back in March.  Located on one of the nicest streets on the Eastern Slope, this undeveloped property in Incline Village is just over 2/3 of an acre and has a peek of the lake and mountain views.  Bring your architect and design your dream home!

Of all the price reductions today on the Incline Village MLS, the only one worthy of comment is the condo at #312 Burgundy Hill.  This 2 bedroom, 2 bath, 1224 sq. ft. condo features underground parking, nice mountain views and being an end unit it gets lots of natural light.  Reduced down to $550,000 from $593,000, we clearly have a case of a motivated seller for this Incline Village condo which is located just a half mile from the Diamond Peak Ski Area.
Incline Village MLS New Listings of Homes, Condos and other Incline Village Real Estate on September 27, 2006

September 26, 2006
One new listing and one price reduction along with 2 deals going into escrow highlight the Incline Village MLS today.  For those of you looking for an inexpensive way to get your foot in the door in the Incline Village real estate market I highly suggest you take a look at our price reduction today which is a duplex located at 927 Harold Drive.  This property came on the market last year at $769,000 and at the time I estimated that the price was about $200,000 to high.  It looks like my crystal ball was pretty accurate on this one since the asking price has now been dropped all the way down to $550,000.  This property won't win any architectural awards but it does have great upside potential, a nice level lot and at this price you could rent out one side while you work on the other.

The new listing today on the Incline Village real estate scene is at the opposite end of the spectrum.  968 - 4th Green is a beautiful piece of new construction located on the Championship Golf Course with just under 4000 square feet.  With an asking price of $2,695,000 this gorgeous home has five bedrooms, four full bathrooms, two half baths, a two car attached garage and is situated on just under one half acre.  You have a view of the golf course, mountains and trees and a relatively private location.  If you are looking for a home in Incline Village in this price range, this property is definitely worth your consideration.
Incline Village MLS New Listings of Homes, Condos and other Incline Village Real Estate on September 26, 2006

September 25, 2006
Taking a look at the Incline Village MLS today we have 2 new listings, one of which is a repeat, one price reduction for a condo in Pinebrook and 2 deals going into escrow.  The only true new listing on the Incline Village real estate scene today is for a freestanding condo in the Glenrock complex.  This three bedroom, 2.5 bath condo is located next to a year round creek and looks like it is reasonably priced at $495,000.  The property could use some updating but at just over 1400 square feet there is only so much money you could sink into a property of this size. I think this is a good value for anyone who is looking for this type of condo in Incline Village and one added benefit is that this particular complex has a swimming pool.  

The repeat listing is for a home in Incline Village located at 718 Tyner Way which came on the market earlier this year at the exorbitant price of $785,000.  After the listing expired earlier in September, it came back on the market today and the new listing agent has brought a little bit of sanity to the pricing of this property.  Now the asking price is down to $715,000 for this three bedroom, three bath fixer upper.  This house has no curb appeal but it does have a reasonably decent lot and someone with a little vision and good ideas for the place could possibly make this into a nice property.  I think realistically this property will sell for no more than the mid-600 thousands since I cannot see anyone paying close to $500 per square foot for a house that has a minimal view, a fair amount of street noise and is in need of some work.  

The only price reduction today for a property in Incline Village is a Pinebrook condo which was reduced to $259,000.  Although this may appear to be a bargain at first glance, this is one of the less desirable condo complexes in Incline Village due to its high density and the thin wall construction that guarantees you will not have much peace and quiet.
Incline Village MLS New Listings of Homes, Condos and other Incline Village Real Estate on September 25, 2006

September 24, 2006
The Incline Village MLS brings us no new listings, one price reduction and two deals going into escrow today.  Our price change today is for another one of those overpriced condos in the Creekside East development so although this property was reduced $16,000 I still consider it to be too expensive at $499,000.  My thoughts on these particular condos in Incline Village were addressed in great detail in yesterday's entry.

The two properties in Incline Village that went into escrow today are both good values including a cabin over in the Incline Crest development with an asking price of $389,900 and a fixer upper house in the Woods subdivision.  For the first time in many months we have seen the deals going into escrow to new listings ratio swing around to where it is almost 2:1 for the past seven days.  This will be addressed in greater detail in the Incline Village real estate weekly update.

If you are a buyer who has been looking at Incline Village real estate, I cannot stress enough that there are a significant number of good values on the market at the present time and this is a great opportunity for you to write an offer on the property of your choice.  Sellers are extremely motivated this time of year to sell their property in Incline Village since they know that by the end of October the vast majority of buyers will disappear until next June. 
Incline Village MLS New Listings of Homes, Condos and other Incline Village Real Estate on September 23, 2006

September 23, 2006
The Incline Village MLS brings us just one new listing today and unfortunately it's just another overpriced condo in the Creekside East complex with a price tag of $499,000.  Between Creekside East and Creekside West there are a total of 6 properties on the market and in my opinion all of them have asking prices that are significantly above what the final selling prices will be.  When you consider that only 2 condos in this complex have ever sold for over $455,000 and both of those were high end remodels, it makes me wonder what the basis is for these high asking prices where the only attribute is some new cedar siding. 

If you're listing your property in Incline Village this late in the selling season it should bear an asking price that will be very close to the ultimate selling price to entice a prospective buyer or you'll likely be sitting on the property for many months to come.  In my opinion, I think a buyer would be better off purchasing a 2 bedroom condo in McCloud and earning some vacation rental income to offset the higher purchase price.  When you realize that about $600 per month will drive $100,000 of mortgage money on your typical 30 year fixed rate loan, just a portion of the vacation rental income (which is usually $12,000 to $16,000 per year) will easily pay the price difference for a McCloud in the $575K to $600K price range.  Plus you get a garage, hot tub, spa, beautiful landscaping, superior maintenance and snow removal along with a shorter walk to the beach.  So, unless you can pick up one of these remodeled units in Creekside for under $450K, I recommend a closer look at the McCloud condos. 

There were no price changes today and the condo at #9 Northwood Estates fell out of escrow.  I think that property is worth a look if you're interested in a condo in Incline Village that's been remodeled and is close to the beach. 
Incline Village MLS New Listings of Homes, Condos and other Incline Village Real Estate on September 23, 2006

September 22, 2006
Even though there were no new listings for the second day in a row on the Incline Village MLS, today there were seven price reductions that merit some further review.  It was nice to see the one bedroom, two bath condo at #302 Burgundy Hill get reduced $30,000 down to $425,000.  As much as some agents in this town would like to believe that they control the price points, the reality is you cannot price a condo $50,000 higher than the most recent sale and expect to get the asking price.  The most recent sale in Burgundy Hill for a similar property closed at $405,000 and frankly that's where I expect to see this unit sell.

We also had another substantial price reduction for the condo at #17 L'Ermitage.  At the new asking price of $619,000 this is a very fair deal and I anticipate this property will go into escrow in the near future.  The house at 950 Jennifer St. dropped from $865,000 all the way down to $799,000.  And another big mover today is the house at 816 Jeffrey St which saw the price decline from $855,000 down to $799,000.  I think this particular property is an exceptional value at this price, especially since it has a very private lot next to Forest Service land, relatively easy access all year round and it also has a Lake view.  Although this property could use some updating, it is livable in its current condition and has fabulous upside potential for anyone with a a little vision.

What all of this shows is that if sellers would simply price their properties in Incline Village closer to fair market value when they are first listed on the Incline Village MLS, they would not have to incur such substantial price reductions at a later date.  It seems that a significant percentage of sellers have forgotten two of the most basic lessons of economics; supply and demand; and the time value of money.  I don't care how wealthy you are or you think you are, the concept of the time value of money is eternal and trying to sit on an unrealistic asking price will not be to your economic benefit in the long term.  That is why I encourage buyers to write offers at whatever price they feel is a fair price for the property and if the seller does not wish to negotiate in good faith then let them sit on their property and experience negative cash flow for their ongoing expenses until they finally realize their mistake.  

No one gets any sympathy from me when they price their property in Incline Village too high and it doesn't sell.  If I am doing a listing presentation and the seller is being unrealistic in their asking price and they won't take my advice, I simply refuse to take the listing rather than risk my credibility.

Read The Prior Entries in Don's Incline Village Real Estate MLS Blog