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Incline Village Market & Interest Rate Update: April 10th, 2017

by Lakeshore Realty

30 year fixed rate mortgages  averaged 4.1% last week which is down from 4.14% the week before. Last year at this time the rate was 3.59%.

Although rates are rising, the increases seem to be mild and sustainable.  The perception to borrowers though, could be a different matter. Those that are on the cusp of buying a home may be pushed over the edge with the fear of rising rates in the future.

Read the Original Article Here: Daily market update: April 10, 2017

Incline Village and Crystal Bay Real Estate Market Update: Q1 2017

by Lakeshore Realty

Incline Village & Crystal Bay Real Estate

The first quarter of 2017 has seen a few surprises in our real estate market that most were not expecting. The biggest surprise came in the form of the lowest inventory of homes for sale in over 20 years! The winter months typically see a decrease in active listings and new listings are expected as the weather warms. However, with the increase in interest rates and the lack of homes for sale, buyers may have a tough time this summer.

The lack of inventory can likely be explained by high home prices and the rise in interest rates. Sellers are reluctant to list their homes because they may not be able to "trade up" and are opting to gain more equity in their home in order to afford their next purchase. This gap between buyer and seller expectations may lead to less single family homes being sold this year compared to 2016. Further proof of this is the fact that the median home price actually dropped by 13% this year in Incline Village and Crystal Bay, bucking the national trend. 

With a median list price of over $1.5 million for single family homes, many buyers are forced to re-assess their options. This is likely responsible for the increase in sales for condominiums in our area. Condo's represent a more affordable option for home ownership in Incline Village and Crystal Bay and they are seemingly flying off the shelves. Inventory remains low, but with a median price of $395,000 condos are still accessible to a large portion of buyers. We expect to see steady sales for condo's through the summer filling the gap of sales left by the more expensive single family homes.

The next few months will tell us much about the direction of the market in general. An increase in inventory will provide more competition which would in turn stabilize prices. But if the listing count remains low, we will stay in a "sellers market", making buying a home a difficult challenge this summer. 

Take a look at the charts below for more information on the Real Estate market for Incline Village and Crystal Bay. In this kind of market, it pays to work with a true professional to navigate the home buying and selling process. Don't hesitate to reach out and speak with one of our experienced agents today!


Incline Village and Crystal Bay Neighborhood of the Week: Lakefront!

by Lakeshore Realty

lakefrontLakefront:

This week our featured neighborhood in Incline Village is the Lakefront 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 Lakefront subdivision is located.

This is possibly the most recognizable and sought after neighborhood in Incline Village Nevada, where celebrities and tycoons come to enjoy the beauty of Lake Tahoe.  Shorelines range from expansive, sandy beaches, private coves with piers, to steep, rocky terrain.  Many will accept whatever they can find to be “on the water” at Lake Tahoe.  At 6,225, this is the lowest elevation at the Lake. This is the subdivision with most Incline Village luxury home listings.

The architecture in this area is diverse and awe inspiring; from magical castles, to French chateau’s, to majestic mountain lodges, these homes capture what Incline Village embodies:  individual style and a love for the outdoors.  Where else can you spot a bear on a tree outside your home, coyotes, raccoons, deer and squirrels sharing the neighborhood?

From your home you can sail or boat the great Lake Tahoe, take a walk or bike the trail along Lakeshore Blvd., enjoy a leisurely dinner outside and end the evening trying your luck at the casino.  Once you’ve had a taste of the good life on the Lake’s shores, it’s in your blood; you will never take it for granted!

World travelers know that there is no place that compares to Lake Tahoe and living on the water’s edge is a privilege many people only dream about.

When it comes to North Lake Tahoe real estate the Incline Village Lakefront subdivision is the Cream of the Crop, this is by far the most known neighborhood in Lake Tahoe and prices can range from $1.15M up to $34M.

Approximately 161 Single Family Homes in this Subdivision

Condominiums:

There are several condominium developments on the Lake.  Across from the Hyatt Regency is 999 Lakeshore, the perfect spot for fireworks watching on 4th of July.  On the western end or Lakeshore Boulevard you will find Crystal Shores East, Crystal Shores West, Lakeshore Terrace, Crystal Bay Cove and Crystal Tower.  These condos offer the beauty of lakefront living at a more affordable price.

Lakefront Statistics:

Homes in the area tend to define their own category due to their scarcity and high price point. To further that point, only 2 homes and 4 condominiums sold last year. With so few sales, statistics such as median price have little meaning when trying to describe this area. When looking into homes in this area, it is highly advisable to contact a skilled and experienced agent as most listing require accompanied showings and buyer vetting.

Incline Village & Crystal Bay Neighborhood of the Week: Ski Way!

by Lakeshore Realty

Ski Way:

This week our featured neighborhood in Incline Village is the Ski Way 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 Ski Way subdivision is located.

Located just off Country Club Drive and winding its way up to Diamond Peak is the Ski Way Subdivision, this area is comprised of mostly condominiums and PUD’s, with a few single family homes. This North Lake Tahoe real estate area is popular for vacation owners and rentals, for its proximity to Diamond Peak, the beach, and its affordability.

Here you will find Lower Tyrolia and Tyrolean Village, charming Bavarian style neighborhoods with mostly free-standing chalets and a few attached condos. There are also several higher density condo developments in this subdivision such as Mountain Shadows and Alpine Terrace and high rises such as Burgundy Hill and Ski Way Ridge.

The Big Water Grille restaurant in Incline Village, located  just below Diamond Peak, offers great lunch and fine dining with spectacular Lake Views.

Homes are for sale in the Ski Way subdivision in Incline Village, Nevada starting at $300K up to $1.25M.

Ski Way Statistics:

The median sold price in this subdivision last year was $375,000 which is much lower with the entire market median of $1,060,000. This is due to the high number of smaller condos being sold which makes this one of the most affordable areas in Incline Village and Crystal Bay.

Last year, 46 properties  sold in the Ski Way Subdivision  making it one of the more popular areas in our market. The median days on the market for these homes was 136 days which is fairly common for our market, especially in an area with a high number of condominium listings. Many of the homes here were built before the 90's making this area a prime target for remodels and vacation rentals hoping to cash in on the proximity to Diamond Peak!

 

 

Weekly Market Update for Incline Village and Crystal Bay!

by Lakeshore Realty

Weekly Update: Jan 27th, 2017

 

Neighborhood of the week: Ponderosa!

by Lakeshore Realty

ponderosaThis week our featured neighborhood in Incline Village is the Ponderosa 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 Ponderosa subdivision is located.

A mid to lower elevation neighborhood, the Ponderosa Subdivision has 270 parcels ranging from .40 to .70 acre. Parcels tend to have some slope to them. If you are looking to buy a home in North Lake Tahoe this is a great area for families, with low traffic and school buses picking up kids on most corners.

The Ponderosa Subdivision is located in North Lake Tahoe above Highway 28, across from the Lakeview Subdivision, and west of Highway 431. Many homes have full or partial lake views, and most enjoy serene, wooded forest settings. Some higher elevation streets have beautiful canyon and Crystal Bay views, and easy access to hiking trails.

There are several seasonal creeks running through this area, and many protected U.S. Forest Service lots, which add value and privacy to homes.

Homes are for sale in the Ponderosa subdivision in Incline Village, Nevada starting at $700K up to $5.25M.

Approximately 247 Single Family Homes in this North Lake Tahoe Real Estate Subdivision

 Ponderosa Statistics:

The median sold price in this subdivision last year was $1,100,000 which is right in line with the entire market median of $1,060,000. With a low sold price of $548,000 and a high of $3,950,000, the Ponderosa Subdivision has several access points in regards to price.

Last year, 17 properties  sold in the Ponderosa Subdivision with a range in sale prices from $599K - $3.95M making it a diverse single family area. The median days on the market for these homes was 122 days which is fairly common for our market. Many of the homes in Ponderosa were built in the 60's, 70's, and 80's and are ready for remodeling to increase their value. With high sale prices, there is room for equity and profit with the right opportunity!

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

 

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