Slight Uptick In Inventory, A Busy Week for Incline Village Real Estate
It was a busy week for the Incline Village real estate market. There were 12 new listings along with 7 properties going into escrow on the Incline Village MLS. It’s nice to see the inventory tick up slightly. This is the time of year when we generally see a plethora of new listings each week. We anticipate a lot of new listings this spring as long-time sellers take advantage of historically high prices.
The weakness in the stock market has not yet affected demand for Incline Village real estate. Most buyers in our market are affluent enough to ride out any downturn in equities. There has also been a tremendous amount of wealth created since the pandemic lows of March 2020. So, for the time being the decline in stock prices is not yet manifesting itself with a concomitant decline in buyer demand.
Checking out the activity on last week’s Incline Village real estate scene, of the 7 properties going into escrow four of them were condos in 3rd Creek and McCloud. Both of these low elevation condo complexes remain in high demand. The combination of good location, desirable floor plans and HOA amenities generally put these complexes at the top of the list for many buyers.
Our favorite new listing worth checking out is 875 Southwood Blvd., #8 in L’Ermitage. This low elevation, gated community is situated just a couple of blocks from the Village Shopping Center. It is also very close to all of the shops and restaurants in the center of town. Priced at $1,395,000, we say take a look at this place before it disappears. Here is an excerpt from the MLS description written by the listing agent.
“Nestled in the pines, this 3 bedroom, 2.5 bath Tahoe condo has been remodeled and is offered fully furnished. Kitchen features neutral tone slab quartz counters. Large breakfast bar seats 4 and the large round dining table seats an additional 6 for large gatherings. The Great room has gas a log fireplace, vaulted ceilings and several windows. Spacious deck conveniently located off dining area for outdoor grilling. Light and bright, the upper living level has an excellent layout for entertaining family & friends. All 3 bedrooms on entry/lower level. Extra storage closet at entry ideal for skis, etc.”
From a long-term investment perspective, low elevation pieces of Incline Village real estate have generally outperformed the rest of the market. The majority of buyers historically prefer to be closer to the beach and center of town. This makes resale of low elevation properties much easier than places further up the mountain with the exception of Lakeview properties.