Incline Village Real Estate: Market Report November 8, 2022
Updated: Nov 14, 2022
After enjoying some beautiful autumn weather recently, it looks like every piece of Incline Village real estate will be covered in snow by the end of this week. Even though the calendar says the winter solstice is still 6 weeks away, Mother Nature decides when winter arrives in the Sierras. If the forecasts are correct, we will be measuring the snow in feet not inches at the higher elevations. We recommend that you clear pine needles off your driveway and sidewalks so they don’t clog your snowblower.
It was a modest week for the Incline Village real estate market as we start the month of November. There were just 2 new listings, 11 price changes, 2 properties going into escrow and 4 places closing escrow during the past 7 days. The ratio of price reductions to new listings is a sign that there are some motivated sellers looking to get into escrow before the winter doldrums.
One of the properties going into escrow is the condo at 929 Northwood Blvd. – #129 3rd Creek that we wrote about in this blog last week. It seems the recent price reduction was enough to attract a buyer for the property. This time of year, monitoring the price changes is every bit as important as keeping an eye on new listings. You never know when a seller will be willing to budge and sometimes it’s significantly.
For example, the freestanding condo at 846 Southwood Blvd. closed escrow recently at a final sale price of $1,350,000. This property was listed for sale in the MLS on July 13 at $1,695,000. The asking price had been reduced down to $1,450,000 before the sellers got an acceptable offer. This transaction is a reminder that asking prices are nothing more than an invitation to negotiate. Each seller has their own perspective on what they think their property is worth and how their personal financial situation will impact their decision-making process. Buyers should never assume what number a seller will accept. Just write an offer to begin the negotiating process because you never know where it will end up…
Buyers looking for a condo that has good vacation rental potential will want to check out 321 Ski Way – #214 Mountain Shadows. This 3 bedroom, 2.5 bath, 1360 ft.² two-story townhouse style condo is offered turnkey furnished at the new lower asking price of $720,000. The spacious great room floor plan is very popular with owners and renters alike.
The open beam cathedral ceiling in the great room gives you a nice mountain feel. The complex is located about ½ mile from the Diamond Peak Ski area and about 1 mile from the beach. The original asking price was $800,000, so this latest price reduction puts this condo on our radar screen.