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)

Most people think of Incline Village as being one local real estate market when it is really made up of 4 different price sectors within each type of housing category. Since our market is divided among Condos, Single Family Residences and Free-Standing Condos (PUDs), we really have 12 different micro-markets here. By learning the nuances of each one you can structure your investments to provide you with the best rate of return while getting the most enjoyment from your property.

I have analyzed the data for the period from 4/15/05 to 4/15/06 and the results are eye-popping. The chart below shows the total sales for each property category by price range and it's readily apparent that the greatest strength is in the lower and moderate price categories. While sales levels in the high end and super high end have rebounded from the doldrums in 2002 and 2003, 90% of condo sales, and 73% of PUD sales are for properties priced under $1 million. Of the 207 total homes sold, the stats show 81% were under $2 million.

The most startling area of interest is the lower end condos where 106 units sold for under $500,000 and almost everyone sold within 2% of the asking price. This is the strongest part of our local market and buyers in this price range will need to jump on a new listing that meets their needs and not try to bargain hard on price or they will risk losing out on a good opportunity.

A good sign for our overall market is that the moving average for median prices in all 3 categories is up when compared with the median prices for all of 2005. Through April 15, 2006 the median prices have trended up for houses from $1,120,000 to $1,175,000, for condos from $485,000 to $499,000 and for PUDs a nice jump from $750,000 to $795,000.

40 out of the 55 PUDs that sold in this one year time period went for under $1 million (73%). This shows that most buyers in our market will stretch beyond the $1 million price point for a single family home, but far fewer will do so for a free standing condo.

Sale Price     Houses     Condos     PUDs

Under 500K     N/A         106         11

500K - 1 Mil.    86           81          29

1 Mil. - 2 Mil.   82           15          13

2 Mil. +          29*           3            2

5 Mil. +          10          N/A         N/A

*For houses only, # of sales closed from $2 mil. to $5 mil.

The properties that tend to appreciate the greatest and also sell in the shortest amount of time in our market are the ones in the lower and moderate price ranges in all 3 categories. It can be wonderful owning a super-luxury property, as long as you temper your expectations for the long term when it comes to appreciation and the extra time that will be needed when you decide to resell it. Historically, in our market, supply outstrips demand in the two highest price ranges for all types of properties.

Click here to see the weekly real estate sales statistics.

There has been a recent upsurge in the popularity of web sites such as HouseValues or Zillow that allow you to enter an address and in a few moments receive a computer generated price evaluation of your property. Is this a serious way of determining what your house or condo is worth or an amusing modern day parlor game?

I had to see for myself, so I plugged in the addresses of some recent property sales right here in Incline Village. The graphics were nice and the information interesting, but the price evaluations were not even close to reality. For example, a house that closed escrow on 1/19/06 at $855,000 came back with a current market value of $1,058,657. Now that is a heck of a lot of appreciation in only 4 months, if you believe the Internet estimate.

I tried this for many other properties, including my own and was astounded that every single one was overvalued by hundreds of thousands of dollars. Maybe this service works in areas with tract homes, but in a place like our village with virtually all custom homes it's not reliable.

It would be tragic for a seller to over-price their property by a large factor and not have it sell during our busy summer season simply because they relied on this type of information and ignored the advice of the listing agents who suggest their property has a value less than the unrealistic number stated on the Internet. The only way to truly get a good estimate of the fair market value of your property is to have a thorough comparative market analysis performed that takes into account not only the most recent comparable sales, but other factors such as view, upgrades, ease of access, BMP compliance and other things specific to Incline and the Tahoe area.

With all of the new properties coming on the market in the Spring and Summer, how can you differentiate your property and get it the attention it deserves from agents and buyers? Everyone puts pictures on the MLS and prints flyers, but how many agents go the extra step of shooting a Virtual Tour and building a dedicated web site based on your address? For a good example of this, please visit my new listing at www.909Harold.com.

By having a dedicated web site that uses the physical address of the property, it helps to reinforce in the mind of the buyer the location of the property. With all the properties that buyers look at on the Internet, this simple method can help to separate your property from all the other listings. People easily remember addresses, they don't remember the cryptic number of the virtual tour.

I also shoot several nice photos and build pages on my web site for every listing so that buyers can see a lot more information than what is provided on the MLS.

30 Incline Manor - $399,900 - 3BR, 1.5 Bath, 2 Car Carport + Storage Room - Walk to shops and restaurants!

40 McCloud - $879,000 - 3BR, 3 Bath, 1 Car Garage, Walk to the Beach Just 2 Blocks Away!

909 Harold Drive - $850,000 - Triplex - Great Investment Property!
Units 1 and 2 are 3BR, 1.5 Bath; Unit 3 is 2BR, 1 Bath 

741 Tyner Way - $1,998,000 - 5BR, 4.5 Bath, Gorgeous Home with a Panoramic Lake View! 

Upcoming Listing Not Yet on the MLS - 102 Incline Crest - $475,000 - 3BR, 2 Bath Free-Standing Condo

This cute cabin is currently undergoing a beautiful remodel that will be completed in mid-May 2006. Tucked away in the far rear corner of the complex set next to beautiful Rosewood Creek which runs almost all year 'round. Located close to the Mt. Rose Highway and Village Blvd. for easy access anytime of the year. A short, nearly level driveway brings you directly to the front entrance. Slate tile entry, hardwood floors in kitchen, LR and Dining Area, new carpet, granite and ceramic tile in baths, completely new kitchen, mountain views and even a peek of the lake from the master bedroom.  This is far and away the best value of any Free-Standing Condo in Incline Village and will likely sell quickly once it is listed on the MLS.

Click here to see pictures of this property prior to the remodeling.

Your referrals are an important part of my business and are greatly appreciated.

• New Listings Updated and Posted on my Web Site Every Day

• Weekly Updates on Current Trends, Open Escrows, Closed sales, New Listings

• Weekly Commentary on the Local Market

• Featured Properties

• Ski, Beach, Golf and Weather Conditions updated every week so you can know what to expect whenever you come to visit Incline Village and Lake Tahoe!