Upward Pricing Trend, Incline Village Real Estate
Incline Village real estate is comprised primarily of custom homes along with a number of condo and freestanding condo developments. When analyzing price trends we can’t just look at sales of single-family homes. There are so many variables when it comes to location, floor plan, view, interior quality, lot size, slope, sun exposure, etc. But there are a couple of metrics we can use as a basis for determining whether incline Village real estate prices are trending up, down or sideways.
Our last blog post talked about the dramatic upswing in prices for the McCloud condo development. This particular complex has been a historical bellwether and is generally a pretty accurate barometer of price trends. But these are condos and most people put a premium on owning a detached residence.
So, there is another place we can look to in an effort to examine price trends of Incline Village real estate. The freestanding condos at 198 Country Club Dr. make up a development known as Country Club Villas. The 40+ properties in this location are situated in close proximity to Lakeshore Drive and the Hyatt Hotel Casino. This prime location has resulted in buyers willing to pay a significant premium over the past 3 decades.
We had some unusual activity last week where 2 properties closed escrow in this development. During our careers selling Incline Village real estate there have been entire years when only 1 or 2 properties changed hands here. Most buyers in Country Club Villas tend to hold these places for a very long time. They boast excellent floor plans, spacious great rooms, well thought out kitchens, private master suites, nice decks and many have been beautifully remodeled over the years.
The 2 most recent sales in the complex sold for $2,428,000 and $2,245,000. Unit #10 sold for the higher price and part of the reason is due to what is arguably the finest location in the complex. It’s 1 of the few properties that has open space to one side giving it an extra modicum of privacy.
At this time in 2018 properties in the Country Club Villas were selling for a little bit over $1.2 million. By June 2021 prices had jumped to $1.8 million. But in the last 9 months the selling price has soared dramatically to what is over $1000 per square foot. Considering that you only own the land that is the footprint under the structure that’s a pretty hefty price per square foot. Also, the complex has no amenities which puts it on a par with most single-family homes.
With prices of both the Country Club Villas and the McCloud condos continuing in a solid uptrend it bodes well for the rest of the Incline Village real estate market in 2022.