It was a fairly normal week in the summer time for the Incline Village real estate market. There were 8 new listings, 11 price changes, 5 properties getting accepted offers and 2 places closing escrow. Most noteworthy among the properties changing hands to new owners is the condo at #59 The Racquet Club. The sale price of $888,000 may seem stratospheric to some. But this property has been a fabulous vacation rental which grossed approximately $50,000 last year.
We did get some smoke from the Oak Fire but as long as we have favorable winds it should remain nice in the Lake Tahoe basin. Temperatures have been pleasantly warm mostly in the 80s during the day while cooling off nicely at night. There is a chance of thunderstorms during the coming week but that’s just part of life in the Sierras during the summer months.
There is one eye-catching new listing this week on the Incline Village real estate scene. 900 Donna Drive is a rare one level, 3 bedroom, 2 bath home in the Woods subdivision. Nicely remodeled, we recommend taking a look at the virtual tour link below so you can appreciate the interior quality. You will find vaulted open beam ceilings, granite counters and stainless steel appliances in the kitchen plus beautifully updated bathrooms.
The low elevation location for this piece of Incline Village real estate puts you close to everything in the center of town. It’s just a hop and skip to the high school and a short trip downhill brings you to the Raley’s shopping center. Continue down Village Boulevard and in just a few minutes you’ll be at Incline Beach. The asking price of $1,695,000 makes this 1720 ft.² home on a .42 acre lot worth a look.
With the Federal Reserve raising interest rates last week by 75 basis points, they are sending a strong message that fighting inflation is the top priority. Unfortunately, it was bad Fed policy and even worse fiscal policy that got us into this inflation mess in the 1st place. There was absolutely no legitimate reason for keeping interest rates so low for so long.
Also, the Fed had no business purchasing mortgage-backed securities or backstopping the bond and equity markets during the Covid pandemic. The job of the Fed is to provide liquidity not solvency. This is just another example of socialized capitalism ultimately having negative effects on the country as a whole. And profligate spending by Congress for the past 22 years only helped to exacerbate the situation.