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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

 


Number

Average List $

Median List $

Lowest List $

Highest List $

7

$1,554,143

$1,388,000

$499,000

$4,700,000

SOLD

$1,307,571

$1,075,000

$410,000

$3,750,000

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

 

Under Contract= 20 

 


Number

Average List $

Median List $

Lowest List $

Highest List $

20

$1,328,450

$814,450

$510,000

$4,500,000

 


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


New listings: Single Family Homes --- Condos

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. 



Property-tax conflict enters Nevada governor's race

by Lakeshore Realty

Read this interesting excerpt from the Tahoe Bonanza

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

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.

Incline Village Real Estate Market Update

by Lakeshore Realty

Incline Village & Crystal Bay, Nevada, Lake Tahoe

Real Estate Market Activity for January 19th, 2010

New listings:      Single Family Homes            Condos               

Price Changes:      Single Family Homes & Condos            

Under Contract (Escrow):     Listings Under Contract

Sold:   Listings Sold Between 01/01/2010 and 01/19/2010

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

 

Homes

Condo’s

PUD’s (townhomes)

Listings

161

133

44

Highest price

$34,000,000

$2,100,000

$1,995,000

Median price

$1,600,000

$450,000

$964,500

Lowest price

$389,000

$81,000

$335,000

 

Homes

Condo’s

PUD’s (townhomes)

Sold

4

2

1

Highest price

$3,750,000

$1,850,000

$290,000

Median price

$951,000

$1,037,500

$290,000

Lowest price

$615,000

$225,000

$290,000

2009 Statistics

by Lakeshore Realty

Visit the Market Trends section of our website to view Residential, Condominium, Lots and Land, and PUD charts for 2009.

Lakeshore Realty provides weekly updates as well as this annual posting, Happy New Year!!

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Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

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