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Incline Village Neighborhood of the Week: Millcreek!

by Lakeshore Realty

This week our featured neighborhood in Incline Village is the Millcreek Subdivision! Incline Village and Crystal Bay real estate is broken down into 16 different "subdivisions" which are more commonly known as neighborhoods. You can see our subdivision map here to get an idea of where the Central subdivision is located.

The Millcreek Subdivision consists of 276 parcels averaging .35 acre in size, making it a popular neighborhood with families and full time residents.  At 6,225’ elevation, this is a low elevation area, with convenient year-round access and lots that are mostly level and easy to build on.

Thanks to redevelopment and new construction, this neighborhood has experienced substantial appreciation in the North Lake Tahoe real estate market.  Older homes have been torn down and replaced with spacious, new luxury homes.  It’s not unusual to see a new, $3 million estate next to an older, 1970’s ranch style bungalow; this will most likely be the next property to be replaced.

The relatively level parcels make building new homes easier, and in most cases tearing down and building new is a more economically advantageous decision than remodeling.

Millcreek boasts a prime location, walking distance to Incline and Ski Beaches.  These private beaches are for the exclusive use of Incline residents, and boast beach volleyball courts, sandy beaches, BBQ pits, picnic tables, playgrounds for children, and a boat ramp (at Ski Beach).  Incline Beach has restroom facilities and a snack bar open during the summer months.

Also close by are the Hyatt Regency Resort Spa and Casino, and its excellent restaurants including the Lone Eagle Grille, which serves great American cuisine on the shores of Lake Tahoe.  You can also walk to the Country Club Mall, which features a variety of specialty shops, restaurants and beauty salons; the Village Green playing field, Aspen Grove event facility, skateboard park, Sierra Nevada College and Incline Middle School.

This area consists of mostly single family homes, with a few condominiums located across from the Hyatt (999 Lakeshore, 1000 Lakeshore, Country Club Mall and Village at Incline) and a Planned Unit Development (Country Club Villas).

The price range of the active residential homes for sale in the Millcreek Subdivision in Incline Village, Nevada varies from $400K up to $5.5M.

Approximately 263 Single Family Homes in this North Lake Tahoe Real Estate Subdivision

Incline Village Millcreek Statistics:

So far this year, 26 properties have been sold in the Millcreek Subdivision making it one of the busier neighborhoods in the Incline Village and Crystal Bay market. The median days on the market for these homes is 71 days which is fairly low for our area. Homes in Millcreek are very popular which has driven the days on market down creating a competive buying space. If you want a home in Millcreek, you better act decisively!

The median sold price in this subdivision this year has been $949,000 which is slightly lower than the entire market median of $1,060,000. With a low sold price of $365,000 and a high of $3,350,000, the Millcreek Subdivision is fairly diverse but with a larger quantity of single family homes.

Weekly Update (12-28-16) Incline Village and Crystal Bay

by Lakeshore Realty

 

Contact us today and we will keep these weekly updates in your inbox!

All information is deemed accurate and reliable. User must verify before making and purchase or sale decisions

Data gathered from IVBOR MLS on December 18th, 2016

 

Neighborhood of the week: Lower Tyner!

by Lakeshore Realty

This week our featured neighborhood in Incline Village is the Lower Tyner Subdivision! Incline Village and Crystal Bay real estate is broken down into 16 different "subdivisions" which are more commonly known as neighborhoods.  Lower Tyner is just as its name says; the area below the street named "Tyner". You can see our subdivision map here to get an idea of where the Central subdivision is located.

The Lower Tyner Subdivision is a lower-to-mid elevation area, with some Lake Tahoe views and many homes with mountain and canyon views. There is a good concentration of year round residents.

The price for the active homes for sale in the Lower Tyner Subdivision in Incline Village Nevada varies from $650K up to $3.1M and when it comes to the Lake Tahoe Incline Village real estate, the Lower Tyner subdivision is one of the most desired area’s to live in.

Lower Tyner Statistics:

So far this year, 29 properties have been sold in the Lower Tyner Subdivision making it one of the busiest neighborhoods in the Incline Village and Crystal Bay market. The average days on market is fairly high at 275 but with mostly single family homes listed here, it often takes a bit longer to sell.

The median sold price in this subdivision this year has been $1,010,00 which is very close to the entire market median of $1,060,000. With a low sold price of $148,000 and a high of $3,950,000, the Lower Tyner Subdivision is fairly diverse but with a larger quantity of single family homes.

For a quick video on the overall market in Incline Village, click here!

 

Lakeshore Realty Weekly Market Update

by Lakeshore Realty

Incline Village - Crystal Bay Market Update

- December 21st -

 

 

Single Family homes here in Incline Village and Crystal Bay have seen steady but stable price growth over the last year. Currently, the median sold price of single family homes is $1,060,000 which is 11.5% higher than last year’s median of $950,000. With a “normal” market growth rate of 5-7%, this rate is slightly higher than a typical market, but is to be expected with our unique supply of homes. The growth rate is encouraging, but there are several factors which may slowdown the market. The most prevalent being the widening price gap between buyers and sellers. The median sold price of homes is just over 1 million, however the median “list” price of homes currently on the market is $1,981,000.  This shows that sellers feel that their homes are worth more than what buyers are willing to pay for them which will likely result in homes staying on the market for longer than expected and price reductions are sure to follow. As long as the economy remains stable, the market will continue to grow. However the growth may be slower than we have seen in recent years.

Condominium sales remain strong with over 191 properties sold so far this year, making this segment the highest volume category this year. This isn’t surprising as we have a large second home and vacation property market that has remained the backbone of real estate sales in our area. The median sold price is $425,000 which is only 4% higher than last year. This is a good thing for the market because buyers are still able to afford these units without having to spend more to keep up with an inflated market. The median list price is $535,000 which yet again shows a growing gap between seller perceptions and buyer affordability. Just like single family homes, this will likely lead to price corrections in the coming months.

PUDs (townhouses) are the one category that buyers and sellers seem to agree on. The median list price of townhouses currently on the market is $1,192,500 which is close to the median sold price of $957,500. This is mostly due to the 11 sales in the new Incline Creek Estates complex. These units are selling for very close to their asking price which is setting a stable price point for new construction. There were 55 sales in this category this year with only 22 remaining on the market. Since sellers of these types of properties often have to compete with both single family homes and condominiums, it is a good sign that prices remain strong and supply is low.

Contact us today and we will keep these weekly updates in your inbox!

All information is deemed accurate and reliable. User must verify before making and purchase or sale decisions

Data gathered from IVBOR MLS on December 18th, 2016

 

Lakeshore Realty Weekly Market Update

by Lakeshore Realty

Incline Village - Crystal Bay Market Update

- December 7th -

 

Update:

Single Family home prices continue to rise and have a median list price of $1,550,000. Despite what is normally a slower winter selling season, sellers seem confident in their home's value. As of the most recent update (12/7/16), 208 properties have been sold this year with an average of 207 days on the market. Although prices are fairly spread out, nearly 50% of sales fall for under $1,000,000. This bodes well for the market in general as most expected a steeper fall of prices this winter.

Condominium sales have remained strong and are the more affordable option for those who want a piece of Tahoe. Currently, most are priced between $300K and $600K. The median sold price as of the last update is $433,500 with 186 properties being sold so far this year. The McCloud complex continues to dominate sales with 28 so far this year. That doubles the next busiest complex, Mountain Shadows. It seems that location is still key as McCloud is one of the closest complexes to Lake Tahoe and our beaches while still remaining affordable.

PUDs represent a fast growing segment in our market. The most recent update shows a strong increase in sales prices over last year. Mostly this is due to new construction of updated and brand new units. The median sales price this year is $950K which is a marked uptick from last year's median of $764K! Many buyers are interested in townhomes for several reasons. Generally they are more affordable  than a single family home while still still maintaining the privacy of not sharing any walls with your neighbors. They also offer the benefit of an HOA that typially takes care of snow removal and other ammenties.

Contact us today and we will keep these weekly updates in your inbox!

All information is deemed accurate and reliable. User must verify before making and purchase or sale decisions

Data gathered from IVBOR MLS on December 7th, 2016

 

 

Fannie and Freddie Lowering Underwriting Barriers

by Lakeshore Realty

Fannie Mae and Freddie Mac each announced what appear to be essentially identical changes in their loan underwriting programs - Fannie calls its new offering "Day 1 Certainty" while Freddie was less poetic, referring simply to new capabilities added to its Loan Advisor Suite.

Fannie Mae President and Chief Executive Officer, Tim Mayopoulos, described Day 1 Certainty today as a way to give lenders "freedom from representations and warranties and greater speed and simplicity when delivering loans to Fannie Mae."  He said this will help transform the way lenders do business by moving a paper-based process to an automated one through the company's underwriting software.

We assume there are technical differences in the changes to Fannie Mae's Desktop Underwriter and Collateral Underwriter and Freddie Mac's Loan Advisor, but two of the principal changes outlined their respective press releases cover the following.

  • New optional validation service for income. Lenders will be able, with borrower consent, to access borrower income data and validate the income amount entered into the underwriting systems. They will thus have immediate certainty that their calculation and documentation of income is acceptable. This validation service will give lenders new process efficiencies, and representations and warranties relief related to the validated income.
  • A no-cost automated appraisal alternative. This will waive the appraisal for eligible refinance transactions, up to 90% LTV on limited cash-out refinances, and lower LTVs on cash-out refinances. This will offer rep and warrant relief on property value, condition, and marketability.

There were some differences in the announcements from the GSEs, possibly because some of the changes had already been made to underwriting by one firm but not the other.  Freddie Mac said it will also be offering automatic borrower asset verification and automated assessment of borrowers without credit scores.  Fannie Mae announced it is removing the project review requirements for site condos -- a particular type of detached condo project; updating some Fannie Majors and MBS pooling parameters requirements; changing its policy on garnishments; and no longer requiring lenders to document or evaluate co-borrower's self-employment or tax returns if that income is not used for qualifying purposes.

"These powerful enhancements are indicative of the dramatic changes happening in financial services globally," said David Lowman, executive vice president of Freddie Mac's Single-Family Business. "As the cost of originating a mortgage has more than doubled since before the financial crisis, we're collaborating with lenders to create innovative tools that reduce the costs of producing and selling high-quality loans to us."

Fannie Mae said its income validation update became effective on Monday and the additional changes to Desktop Underwriter will be made the weekend of December 10.  Freddie Mac plans to bring its changes online in early 2017.

Source: www.mortgagenewsdaily.com

The most educated city in Nevada

by Lakeshore Realty

Nevada

> Most educated city: Reno
> Pct. with bachelor’s degree: 29.6%
> Number of postsecondary institutions: 13
> Median household income: $56,611

Nevada is one of only seven states where adults of the most educated metro are less likely to have a college degree than adults nationwide. Compared with most areas, Reno’s economy is dominated by the service sector, in which workers typically do not require a college degree. Like Nevada as a whole, the entertainment industry employs an above average proportion of the workforce in Reno. Of area workers, 17.1% work in accommodation and food services, and 3.0% work in arts, entertainment and recreation -- each well above the corresponding national percentages.

5 Surefire Ways to Go Paperless with Your Real Estate Business

by Marius Poltan

Every year, more companies are moving toward a paperless office policy. Today, an estimated 17 percent of companies are already paperless, according to the Association for Information and Image Management. Between 2014 and 2015, the number of companies seeking to replace all paperless procedures grew from 9 to 15 percent.

But for real estate agents, whose work revolves around getting documents signed, going paperless can seem daunting. Here are some tips, techniques and tools to help your real estate business start making the move toward a paperless operation.

Start with the Right Equipment

In order to effectively manage a paperless real estate business, you'll need a reliable mobile device. A device that fits the bill should have a quality camera allowing you to capture images of physical documents. It should also have a large enough screen for you and your clients to comfortably view documents, as well as a long battery life; that way, you don't run out of juice in the middle of an important deal.

Another essential item is enterprise-grade security, which will ensure your clients’ vital documents remain confidential. A smartphone that fits these specifications is the LG G5, which features a 16 mega-pixel camera, along with a 5.3-inch quad HD screen. The LG smartphone also includes a battery guaranteed to stay charged throughout the day and security features that meet international standards for corporate environments.

Lead Generation

Collecting and exchanging contact information is essential for Realtors, so if you’re going paperless, you'll need a way to do it digitally. Open Home Pro is designed to help you achieve this by providing a digital platform for promoting your open house events and business on social media. The technology can also store customer and lead contact information. Plus, you can receive lists of hot leads looking to sell their home but don't have an agent.

File Management

File management is another crucial piece of a paperless real estate business. A complete paperless file management system will require several tools. You'll need a program for scanning documents, such as MDScan for Android or Scanner Pro for iOS. You will also need a PDF program for editing documents, such as Adobe Acrobat or PDF Expert.

To store documents, download a cloud storage service, like Dropbox. Additionally, to make sure your documents never get lost, you should use a cloud backup service. PCMag reviews some of today’s leading backup services, which include IDrive, CrashPlan and SOS Online Backup.

Document Signing

To close deals, you'll need a document signing program like DocuSign, the exclusive provider of electronic signature services for the National Association of Realtors. DocuSign lets you capture signatures from anyone, no matter where you are using your device.

Integrated Solutions

In addition to these components of a paperless real estate office, there are integrated packages that combine multiple features into a single paperless suite. These include Paperless Pipeline, Real Estate Paperless Solutions, SkySlope and DotLoop. These subscription-based services are priced based on how many transactions you conduct each month or how many agents you have working on your team.

Incline Village Real Estate Market Quarterly Sales Report

by Marius Poltan

In the first three quarters of 2016 the Incline Village real estate market was very active, the number of sold properties is over the same time frame of the previous couple of years. Bellow you have the sales reports for Residential Properties and Condominiums for the first three quarters of the past 5 years. Please note that these reports were created using the data entered in the Incline Village Matrix System between January 1 through October 1 of every year.

 

Reno and Tahoe real estate continues steady climb

by Lakeshore Realty

Home sales in Reno-Sparks continued to climb through the third quarter with a nine percent increase in volume sold. Units sold was up two percent, while the median price of a home increased nine percent to $302,995.

The numbers are part of a report released by Chase International Real Estate, comparing all MLS sales from January 1, 2016 through September 30 to the same timeframe of 2015. Homes selling for less than $1 million was down four percent while homes selling for less than a million was up two percent.

“Every quarter we see small but definite increases in sales and prices,” said Susan Lowe, senior vice president of Chase International. “Consistent gains indicate a healthy Reno Sparks real estate market.”

The median price of a home in Reno was slightly higher than Sparks, with a seven percent jump to $315,000. Sparks, however saw bigger gains in volume sold, with a 14 increase. Reno experienced a seven percent rise in volume sold.

Carson Valley saw a seven and eight percent jump in volume and units sold, with a three percent increase in median home price to $324,500.

A strong summer helped to put Tahoe real estate back on track.

Lake Tahoe real estate sales and home prices were up across the board in the third quarter of 2016. It marks the first time in more than three years that there’s been steady increases in all areas around the lake. Sales volume around the lake was up 20 percent and the median price of a home increased 12 percent to $540,000.

The numbers are part of a report released by Chase International Real Estate, comparing all MLS sales from January 1, 2016 through September 30 to the same timeframe of 2015. Units sold was up ten percent lake-wide and homes selling for more than $1 million was up 41 percent.

“The numbers are very encouraging,” said Susan Lowe, senior vice president of Chase International. “There’s generally always some fluctuation or decline somewhere on the lake, but sales have remained consistently strong over the summer.”

In recent years, Tahoe City and the East Shore have been more susceptible to variances, however both saw increases in volume (six and 28 percent, respectively) with significant jumps in homes selling for more than a million (20 and 33 percent). The median price of a home in Tahoe City rose five percent to $580,000 while on the East Shore it rose six percent to $1.18 million.

Homes selling for more than $1 million had the largest impact on sales, with every region on the lake seeing substantial increases, the largest being on the South Shore (62 percent) and Incline Village (55 percent). The only two stats to see any declines were homes selling less for less than a million in Tahoe City (down four percent) and Incline Village (down one percent).

South Lake Tahoe saw the largest increase in median and average home prices, up 13 and 14 percent to $405,000 and $496,984 respectively. The area is still the least expensive place to buy a home. The highest median home price remains in Incline Village, where the price jumped 11 percent to $1.039 million.

The median price of a home in Truckee rose 13 percent to $624,750. Homes selling for more than $1 million was up 111 percent while homes selling for less than a million was up 11 percent. Overall volume sold in Truckee was up 61 percent.

SOURCE: www.nnbw.com

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