Incline Village Real Estate
News Letter – August 2017
Don Kanare – Broker – 775-745-5820
Sabrina Belleci – Managing Broker – 775-354-9745
Cole Mizak – Agent / Salesperson – 775-225-2549
Your Incline Village Real Estate Agents
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This Month’s Articles:
Good Buying Opportunities Are Out There
The Benefits of Owning in Nevada
Incline Village Real Estate Sales Statistics
Are you or anyone you know looking for property anywhere in the U.S? Let us help you find the best agent in the market where you are seeking to purchase real estate. We have spent many years building relationships with the most knowledgeable and productive real estate agents all across the country so you can be assured of getting the best possible representation.
Featured Property in August
600 Rockrose Ct – 3BR, 2.5BA, 2020 Sq. Ft – $835,000
Newly remodeled kitchen with slab granite counters, stainless steel appliances and reconfigured cabinets. You’ll enjoy beautiful mountain views and/or peaks of the lake from every room along with spectacular sunsets!
Spacious rooms and a great floor plan that has the master suite on the same level as living, kitchen and dining areas. Short level driveway for easy access all year-round.
New exterior paint and freshly stained large wraparound deck that’s over 800 ft.². Sunny location with year ’round Creek across the street. U.S. Forest Service land buffering you from the neighbors to the North and East.
Click Here to See the Virtual Tour
Good Buying Opportunities Are Out There
The warm summer weather, long sunny days and the occasional traffic jam shows we are in the busy season at Lake Tahoe. With the wildflowers blooming, hiking and mountain biking trails free of snow and the lake starting to warm up, every type of recreation beckons visitors and residents alike. But a favorite activity of many vacationers at Lake Tahoe is to explore the real estate market and contemplate making their dream come true of owning a house or condo in the mountains.
While real estate prices have skyrocketed in many Bay Area cities they have been in just a slight uptrend on the Nevada side of North Lake Tahoe in 2017. It is normal for our market to take a breather and consolidate after prices rose significantly from 2012 through 2016. But even with the post-recession increase in property valuations almost all properties with the exception of lakefronts are still selling well below the peak achieved during the real estate boom.
The bellwether two bedroom, two bath McCloud condo and the three bedroom, three bath Third Creek condo are good indicators of relative valuations for condominiums in Incline Village and Crystal Bay. While prices for these properties have risen significantly since hitting their recession lows they are still about 15% to 20% below the previous peak.
Single-family homes in the Lakeview and Mill Creek Subdivisions have seen nice price gains over the past few years and continue to exhibit the most strength for this sector of our residential market. The low elevation location, large nearly level lots and proximity to everything creates a lot of demand in these neighborhoods. However, as of this writing there are 124 houses for sale on the Incline Village MLS. This means we have approximately a 9 month inventory of houses for sale. While this inventory will surely be eroded during the summer time, prices can’t rise substantially until the inventory drops into the 6 to 8 month range.
There are some exceptions to this situation mainly quality homes in good locations with great floor plans. Even though the inventory of single-family homes leads us to believe that we are in a relatively neutral market with a bias to the upside, the fact of the matter is that the most desirable properties are being shown frequently and occasionally attracting multiple offers.
While interest rates remain low and inventory levels are moderate buyers have an excellent opportunity to purchase quality properties at prices well below the peak of the real estate boom last decade. From a long-term perspective this means that upside potential is excellent and you also get the benefit of enjoying your own place at Lake Tahoe.
There is something special about having your own house or condo with all of your seasonal clothing and recreational gear just waiting for your arrival. Interest rates and prices won’t remain at this level forever making 2017 a prime opportunity to look at investing in a vacation home in Incline Village, Crystal Bay or one of the many other communities around Lake Tahoe.
Real Estate Update
Statistics gathered from the Incline Village MLS on 8/13/17
Houses Condos PUDs
For Sale 124 75 33
Under $1 million 29 59 13
Median Price For Sale $1,744,000 $525,000 $1,195,000
YTD Sales 2017 92 108 30
YTD Sales 2016 93 122 25
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of August 13, 2017
The Benefits of Owning in Nevada
During the past few years a significant percentage of the people purchasing property on the Nevada side of Lake Tahoe are relocating from California and other states with high income tax rates. But it’s not just the favorable business climate and lower levels of personal income and business taxes that are attracting new residents to our community. It’s also the quality of life and all the amenities that are available for property owners to enjoy on a year-round basis that are enticing individuals and families to move to Incline Village.
Property owners in Incline Village are entitled to partake in a broad array of recreational facilities far superior to anything found elsewhere at Lake Tahoe. There are three private beaches, two magnificent golf courses, a modern ski area with a new base area lodge, a 34,000 square foot recreation center, tennis complex, disc golf course, and numerous parks (including one for skateboarding). You will also discover lots of open space for people and their pets to roam and fantastic hiking and mountain biking trails with some of the best views found anywhere in the world.
High income residents of California are subjected to a state income tax rate of over 13% after the passage of Proposition 30 in November 2012. What this means for the Incline Village real estate market is that many business people are contemplating whether or not they should remain in California or consider relocating to another state that could provide greater economic benefits.
Housing is much more affordable in northern Nevada than in most parts of the Bay Area and when coupled with the Tahoe lifestyle it is a very attractive option. One of the most important things for a business owner to consider is the health and well-being of their employees. If a move to the Nevada side of Lake Tahoe make sense both economically and psychologically for a particular employer it makes relocating a lot easier for everyone involved.
The uptrend of price increases for Incline Village and Crystal Bay real estate is being fueled by a combination of purchases by vacation homeowners and high income California residents looking to relocate to our community for both the economic benefits and quality-of-life advantages. As more people realize that moving to the Nevada side of North Lake Tahoe has significant benefits, the demand for homes and condos will continue to increase and put further upward pressure on prices.
Nevada is at the top of the list for anyone considering moving from a state with a high tax burden and a complex regulatory environment. The Reno/Tahoe area is in close proximity to the major urban centers in California and the Reno airport is one of the most accessible in the nation. It is only natural that businesses ranging from a salesperson working at home to Google and Tesla are moving some or all of their operations to northern Nevada.
Other factors that make Incline Village attractive to individuals and businesses relocating from California are the relatively inexpensive cost of electricity, total labor costs and the great variety of housing. It’s just a short trip up Interstate 80 to the friendly environs of northern Nevada and the unique quality of life that only property owners in Incline Village enjoy.
Zillow and The Lake Tahoe Real Estate Market
The Incline Village real estate business is highly competitive and dependent on our online content and agent reviews. We hope that you are willing to share your experience working with us on Zillow so that others can also have a pleasant experience when buying and selling properties here at the Lake.
Zillow has become the number one place where buyers and sellers are searching for agents on the Internet and a great tool to build our reputation. Even if you just like reading our blog and newsletters and have never used our services to buy or sell real estate, writing a review will be helpful to us.
Thank you for your support and vote of confidence. Don’t forget to follow our facebook pages for Incline Village Real Estate updates and our lifestyle page for local news and community happenings in Incline and North Lake Tahoe!
On A Personal Note:
Don will be backpacking in Yosemite in mid to late August. In his absence Sabrina and Cole will be available to assist you.
Copyright 2008 – 2017 – Don Kanare and Sabrina Belleci – All rights reserved.
Inside Incline is entirely written and published each month by Don Kanare and Sabrina Belleci of RE/MAX North Lake for property owners and others who have an interest in Incline Village and Crystal Bay.