As we expected, it was a relatively quiet week for the Incline Village real estate market. We generally don’t get it a lot of visitors to Lake Tahoe for the Thanksgiving holiday. Since there is not a lot of snow yet on the ski slopes, many people took advantage of the beautiful weather in Northern California to head down to the Bay Area to celebrate the holiday.
Taking a quick look at the activity on the Incline Village real estate scene last week, there were 3 new listings, 6 price reductions, 4 properties going into escrow and one place closing escrow. Mortgage rates have been fluctuating wildly during the past 2 weeks. There appears to be a great deal of uncertainty as to the long-term direction of interest rates when it comes to the mortgage market. Regardless, mortgage interest rates don’t have a big impact on Incline Village real estate sales. This is because in any given year we will see between one half and two thirds of all the transactions involving cash purchases.
There is one particular property this week that we want to delve into a little bit deeper on the Incline Village MLS. 853 McCourry is a freestanding townhome that originally came on the market back in August with an asking price of $1,675,000. After going through a series of price reductions before expiring and getting relisted, the property is now offered at a much more reasonable $1,439,000.
This 3 bedroom, 2.5 bath, 1951 ft.² freestanding condo features a nice open floor plan and a spacious master suite. The attached two-car garage is a nice bonus! The well-designed kitchen features granite countertops and stainless steel appliances. Soaring ceilings in the great room create a nice airy feeling. This place even has air conditioning which is a rare find among Incline Village properties. And the location near the center of town makes it quick and easy to get everywhere you want to go in our community.
Outside of real estate, we are all doing our snow dance this week hoping it will bring in some more storms to add to the much needed snowpack!! There have only been 5 years in the last 20 where we have seen average or above average snowfall in the Lake Tahoe basin. Throughout the Sierras the flora and fauna have been under great stress due to the lack of precipitation. Let’s hope we will have a big snow season which will help to replenish the lake and support all of the natural resources that the plants and animals in the Sierras depend on.