Incline Village Real Estate Blog

MLS Links for March 7th -March 14th

See the links below for more information on listings from the MLS.  This week shows more properties going under contract and our sales numbers are up significantly from last year at this time. Short sales seem to be on the rise and the graphs at the bottom of this post indicate the percentage of short sales for residential, condo, and PUD listings.  Stay tuned for a 2010 first quarter update regarding sales and prices at the end of this month!

New Listings

• Single Family Homes
• Condos
• PUDS

Price Changes

• Single Family Homes
• Condos
• PUDs

Under Contract

• Single Family Homes
• Condos
• PUDs

Sold in 2010

• Single Family Homes
• Condos
• PUDs

The graph above shows that there are 39 total sales under contract and 12 indicate “pending bank approval.”  Looking just at residential sales, there are a total of 19 escrows and 8 are short sales.  For condos, there are 24 escrows total and 11 short sales, and lastly there are 9 PUDs in escrow with 2 short sales.

***Information herein is deemed reliable, but is not guaranteed***

MLS Links Feb. 28 – Mar. 7

Market activity is picking up as 2010 progresses. Property showings have increased, offers are being made, and prices continue to drop.  As the end of the first quarter of 2010 nears, its clear that sales are up significantly from last year. Looking at the number of listings currently under contract shows what is selling and for how much, see the charts at the end of this post for details on this trend.

New Listings

• Single Family Homes

Current Single Family Homes Pricing

• Condos

Current Condo Pricing

• PUDs – no new listings

Current PUD Pricing

Price Changes

• Single Family Homes
• Condos
• PUDs

Under Contract

• Single Family Homes
• Condos

McCloud #81 is one of Lakeshore’s listings currently under contract. This is just one of 22 condos under contract!!

• PUDs

Sold in 2010

• Single Family Homes
• Condos
• PUDs

MLS Information Feb. 19 - Feb. 28

New Listings

• Single Family Homes
• Condos
• PUDs - no new listings

Price Changes

• Single Family Homes
• Condos
• PUDs - no price changes

Under Contract

The following status' apply for listings "Under Contract" :

P = Pending Bank Approval (REO, Short Sale, Foreclosure)

C = Contingent - Contingent on Contract Terms

U = Under Contract - Contingencies Released

• Single Family Homes
• Condos
• PUDs

The only lakefront activity for 2010 is the sale pending on "The Tahoe Treasure"  listed at $12,000,000. This sale represents 573 Lakeshore Blvd, two of four parcels are under contract. The sale includes a buildable parcel and resident which encompasses a buildable lot and a residence both on over 4 acres.

• Single Family Homes
  • Short Sales
• Condos
• PUDs

Residential - 2010 Activity

Condos – 2010 Activity

PUDs – 2010 Activity

Market Trends : A look at Condo sales from 2009

Jan-09 vs. Jan-10: The number of under contract properties is up 233% 

MLS Information Feb. 13th- Feb. 21st

As 2010 moves on, real estate business is steadily increasing. See the links below for MLS information on the Incline Village and Crystal Bay, NV area in the past week.  There are a significant number of new listings and some price reductions worth noting.

New Listings

• Single Family Homes

• Condos
• PUDs - No new listings

Price Changes

• Single Family Homes

1069 Mill Creek was reduced to $699,000, a great value for this property!

• Condos
• PUDs - No price changes

Under Contract

• Single Family Homes
• Condos
• PUDs

Sold in 2010

• Single Family Homes
• Condos
• PUDs

Snap shot of current market- Incline Village & Crystal Bay, Nevada, Lake Tahoe

	Homes	Condo’s	PUD’s (townhomes)
Listings	162	141	38
Highest price	$34,000,000	$2,100,000	$1,995,000
Median price	$1,395,000	$449,000	$964,000
Lowest price	$239,950	$169,950	$335,000
	Homes	Condo’s	PUD’s (townhomes)
Sold	14	9	6
Highest price	$3,750,000	$1,850,000	$960,000
Median price	$1,162,500	$319,900	$497,500
Lowest price	$410,000	$215,250	$290,000

What to Expect in 2010 - Prices and Sales

As we approach the end of the first quarter of 2010 it looks like market trends for this year are heading in a positive direction for both buyers and sellers. Noting quarterly sales numbers from years past indicates that while prices continue to drop, the number of sales are increasing.  The chart below shows the median sales price for residential homes over the last four years. From 2006-2007 prices increased 5% and from 2007 on they have significantly gone down, dropping 6% in 2008 and 10.5% in 2009. The graph illustrates that in 2007 prices peaked and have since been decreasing.

This chart shows the fourth quarter sales for 2008 and 2009.  Though PUD sales are even, both residential and condo sales have increased dramatically.

Looking at first quarter sales from 2009 shows that residential sales were at 15 and condo sales at 11.  So far in 2010 we are at 14 residential sales and 9condo sales....considering we are only half way through the first quarter of this year, numbers are looking great!! If this steady flow of business continues, 2010 should follow on the trend of high sales activity and low prices.

MLS Information for the Week of Feb. 5th - Feb. 12th

As Feb. moves forward, sales are headed in a positive direction and offering buyers who are looking for an excellent entry level price range good values.

• New Listings
  • Single Family Homes
  • Condos
  • PUDs
• Price Changes
  • Single Family Homes
  • Condos
  • PUDs - no price changes
• Under Contract
  • Single Family Homes
    • Under Contract total single family homes is 18, the popular price range for home sales in 2010 falls below $1,000,000
      • 12 units under $1,000,000
      • 3 units $1,000,000-$2,000,000
      • 2 units $2,000,000- $3,000,00
      • 1 unit   $4,000,000-$5,000,000
  • Condos
    • There are 11 units of the 15 under contract priced below $300,000.
  • PUDs

• Sold in 2010
  • Single Family Homes
    • A shout out goes to one of our agents- Nevada Methard  who closed 936 Lakeshore Blvd this week at $2,750,000 representing both buyer and seller.

   

  • Condos
    • Out of the 9 sales 7 closed under $400,000.
  • PUDs

Snap shot of current market- Incline Village & Crystal Bay, Nevada, Lake Tahoe

Residential Sales

Price breakdown for Single Family Homes:

$300-$600,000= 14 $1,800,000-2,000,000=9

$600,000-$800,000=13 $2,000,000-$2,500,000=11

$800,000-$1,000,000=20 $2,500,000-$3,000,000=13

$1,000,000-1,400,000=27 $3,000,000-$5,000,000= 20

$1,400,000-1,800,000=13 $5,000,000-34,000,000=16

Condominium Sales 

The largest number of listings (53) are priced below $400,000, followed by second largest group of 30 units priced between $400,000 to $600,000.

The complex with the largest number of listings is McCloud with 16 units ranging in price from $375,000 (Low) to $520,000(Median).  Bitterbrush follows McCloud with 10 units listed priced -$369,000 (Low) $475,000 (Median).

The lowest priced unit, listed for $169,950, is at Toepa. A median list of $449,000 is found at Fairway Pines while the highest price unit at $2,100,000 is located at Stillwater Cove.

MLS Update February 2010  

New Listings  

• Single Family Homes- Out of the four new listings three were previously on the market and  back on with much needed price reductions. The First time new listing is  555 Knotty Pine  and worth a look. As spring approaches we will see an increase in inventory and more price reductions on the homes still on the market who will need to stay competitive with the new inventory.

• Condos- One new listing at 1000 Lakeshore, larger floorplan priced under $700,000.  Looking for a short sale  this 2 bed 2 bath at 836 Southwood is a value at $238,000.
• Lots and Land
• PUD's- no changes

Price Changes  

• Single Family Home Price Reductions
• Condo Price Reductions

Under Contract (Escrow)  

• Residential Listings Currently Under Contract
• Condo Listings Currenly Under Contract
• Planned Unit Developments (PUDs) Currently Under Contract

Lakeshore Realty PUD Under Contract

300 Glen Way - "The Reserve"

Sold  

• Single Family Homes Sold in 2010
• Condos Sold in 2010
• Planned Unit Developments (PUDs) Sold in 2010

Lakeshore Realty is proud to announce the latest and greatest agents who joined our office:

Pam Fernandez 

“I’m here to assist you before, during and after every transaction."

I know how difficult long distance ownership can be.

 I want to insure your experience is a good one. 

       I have been a North Lake Tahoe resident since 1974 and began my professional real estate career in 1986. I first served as an assistant for a busy RE Broker for two years before obtaining my salesman's license in 1988 and my Brokers license in 1997. I have consistently achieved top producing agent status since I began listing and selling homes in 1988. Over the past 22 years, I have mastered the art of matching buyers with their perfect primary or vacation home. My home finding skills require not only extensive market knowledge but also focuses on a process of discovery, learning both the needs and desires of my clients. ABOVE ALL, finding the perfect home requires a keen listening ability and quite often a lot of patience! I love the marketing and advertising aspect of selling homes. I design my own ads from property brochure handouts, to magazine and newspaper ads. I strategically place my advertising where it reaches the best audience. While I concentrate on the Incline Village & Crystal Bay areas, as a Nevada licensee I occasionally stretch my limits to the Reno, Carson City, Minden, & Gardnerville areas. However, I know my knowledge limitations and if I feel unqualified to represent you fully, I will find you the best agent in your desired area. As a mother and pet owner, I am very child and pet friendly and sensitive to the needs of parents and pet owners. After several years in the business, I have several good working relationships with variety of vendors and suppliers you may need as a new property owner. I can also provide you with 1031 Tax Deferred Exchange information and refer you to an Accommodator who can answer more detailed questions and assist you with your exchange.

Experience
Broker-salesman License, "G.R.I." Designation - Graduate of the Realtors Institute

Pam Fernandez
Broker-salesman, GRI
Lakeshore Realty
(775) 742-3096 cell
(800) 832-4955 toll free

Tim Lampe

            Tim brings with him a successful history of real estate marketing, development, trained real estate sales negotiator, over 2,400 closed escrows and satisfied clients over the past 28 years.  Tim adds a special element to Lake Tahoe Real Estate with his sales success and development background not often found in today’s real estate culture.

           Tim has been involved in some of the most successful luxury resort real estate developments in the USA including Southern California, Nevada, Lake Tahoe, Montana, and St. Thomas USVI.  However, his true love is Incline Village Nevada, his own backyard with beautiful Lake Tahoe as the backdrop and playground.  Come let Tim show you our exciting 4 season lifestyle in Incline Village.

           Tim is a "Hands On" Realtor.  This lends itself to only working with a few key clients at a time, therefore affording only the highest level of service to each client and more successful results for you.  Incline Village market knowledge, integrity, experience all add up to a Realtor that can exceed your expectations.

           Tim is married to Shahin and a father of 4, the Lampe’s are living the American Dream in Tahoe.  Family sports in Tahoe is the back office of what Tim believes is the reason so many families have chosen Lake Tahoe as there home.  One day with the Lampe’s is like “Camp Tahoe”.
Please do not hesitate to contact Tim with any additional questions about Lake Tahoe Real Estate in Nevada or California.  Or visit his website at:  www.lamperealestate.com for more information.

Tim Lampe
Lakeshore Realty
Cell (775) 745-9730 

Michelle Ward     

• Not Pictured Here

Lakeshore Realty
Cell (775) 830-6036 
Fax (775) 473-7511

Email: mwardinclinerealty@yahoo.com

Each is a seasoned professionals with a wealth of experience in our real estate and excel at individualized customer service.

Market Update, January 2010

The market is improving over last year when we review the number of closed transactions in January 2010  with 7 closed transactions. The impressive number comes from the residential properties currently under contract totaling 20! If these all close and considering we are only in our first month of the first quarter- 27+ closings is way ahead of 15 closings for 2009 first quarter sales...we still have Feb. & March to add to this number.

Closed Sales=7

• Price differential (difference between list and sold) 77.45%   
• Average Days on the Market 239

Under Contract= 20 

See the links below for detailed information on the properties in each category

Under Contract (Escrow): Residential Listings Under Contract --- Condos Under Contract --- PUDs Under Contract

Sold: Listings Sold in January 2010

Price Changes in the past week: Residential Price Changes ----  Condo Price Changes

Short Sales in the higher price ranges are drawing buyers- 361 Country Club is a prime example with three offers when the price was recently reduced to $1,000,000.

There is one accepted offer and two back-ups. 

361 Country Club Drive

Condo activity is doing well for those priced under $300,000  with 3 under contract and 4 closings in the last week.

Planned unit developments (town homes)

The activity in town homes has jumped this week with three Incline Creek Estates under contract with list prices ranging from $845,000 to $995,000

The lower prices are still dominating sales with 3 closings in January all under $595,000

The best buys in the $300-$400,000 price range will be the Mount Rose Chalets- little cabins with a real Tahoe Feel and large decks- 3 bed- 2 bath units.

The bottom line prices are falling into line ....time to take a serious look at investing. 

Read this interesting excerpt from the Tahoe Bonanza

      "Montandon calls for system overhaul amid record number of appeals"

By John Dougherty

Special to the Bonanza

LAS VEGAS — Republican gubernatorial candidate Mike Montandon on Wednesday called for broad-based reform of Nevada's property-tax system by returning to market-based assessments and scrapping property-tax caps enacted in 2005.

The three-term former mayor of North Las Vegas made the comments in the wake of a record number of property-tax appeals filed in Clark County that could impact more than 130,000 parcels and indications of a widening property-tax revolt in Washoe County.

From the Nevada Policy Research Institute News Bulletin, the surging number of property-tax appeals, up 33 percent in Clark County over last year's record number, is a clear signal that Nevada's taxable-value system is failing to keep pace with rapidly changing economic conditions, Montandon said.

Trained as a commercial real estate appraiser, Montandon said the state should abandon the taxable-value system that has been the basis for determining property taxes in Nevada since 1981.

"There's not a chance that it is constitutional," Montandon said during an interview at his campaign headquarters. "Let's go to a market-based system."

Nevada is the only state in the country that uses the taxable-value methodology to determine assessed values. Indiana was the last state to use a similar system and abandoned it more than 10 years ago after its Supreme Court ruled it was unworkable.

The basic problem with the taxable-value system is that it is not based on market values, critics say. Taxable value is the sum of the full cash value of land plus the replacement cost of improvements less 1.5 percent depreciation based on the age of the structure. Replacement cost is determined by using a private construction costing service — Marshal & Swift.

The system has become increasingly cumbersome in markets where undeveloped land sales are becoming increasingly scarce, such as many parts of Clark County. The lack of data requires assessors to use complicated appraisal methodologies to estimate the value of land.

The methods used by assessors vary across the state, leading to the likelihood that similar properties are not assessed equally, which would violate Article 10 of the state constitution.

Unlike the taxable-value system that values land and improvements separately, a market-based system would allow assessors to use readily available data on the sales of residential property to set assessed values for property taxes, Montandon said.

Montandon said property-tax reforms should be an issue for the 2011 Legislative Session and are too complicated and far-reaching to be broached during an upcoming special session.

For the full article click here or visit www.TahoeBonanza.com.

About the author

John Dougherty is the principal of InvestigativeMedia.com and has long been one of America's leading investigative reporters. He has been retained by the Nevada Policy Research Institute to report on critical issues of Nevada governance.