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Incline Village, Lake Tahoe Real Estate Update, March 28, 2010

by Lakeshore Realty

Spring skiing is calling and the conditions are perfect so take advantage of the great resorts around Lake Tahoe. My favorite this year is North Star with wide groomed trails and a snowboarding park complete with jumps, rails and pipes. I even took advantage of the reduced rates to purchase a pass for next year at $399, the only exclusion is Saturday..they have lots of different programs and the one I highly suggest is the Vertical Pass which jumps you ahead of all the lines! Here is a link to the various resorts to check out conditions and get early pass information:

Real Estate Update
It’s time to get serious about listing over the next couple of months. We haven’t seen a real increase in new homes coming on but rather listings which were on the market under different agencies or listings which have been on over six months. Agents are only allowed to put a property back on the broker’s open house tour through our Multiple listings service once every six months.

We will be mailing out a newsletter to owners with data on the market and predictions for the year.

Market update for this week
Condominiums listed for sale= 149
17 Closed Sales25 Under Contract

Residential listings for sale= 178
19 Closed Sales
, 18 Under Contract

Planned Unit Developments= 38
11 Closed Sales8 Under Contract

Buyers beware of short sales and what you are really buying, especially when listings are with out of area agents. Do yourself a favor and utilize the services of a Lakeshore Realty agent who has the expertise needed based on honest, educated  experience about the market,  building codes, regulatory agency’s and property values… to name a few items of importance when buying. Plan on a very long escrow period (3 months+) .  There are a few bank owned properties which are basically priced at lot value and happen to have a house. To bring some of the properties into livable condition can incur some large expenses. Older homes need to be brought up to current codes which  can push a budget beyond expectations.

There are a few condominium complexes which have litigation outstanding with the HOA’s and in many cases lender’s will not loan on these complexes. Something a buyer needs to be aware of along witht any outstanding assessments which may be pending.

Condominiums have taken the hardest hit with price drops- to pick up a two bedroom McCloud for under $400,000 is a real deal considering they were selling in the $600,000 range 2 years ago.

For information on any property including foreslosures and bank owned- give us a call or email and we’ll be there to answer any quesitons and be of service. Lakeshroe Realty is the leader in Closed transactions for 2010 and the next quarter looks even better!

Lakeshore Realty leads in Closed Transactions with $16,000,000+ year to date. Our agent productivity exceeds our competitors:

Lakeshore Realty agents= $717,045 agent productivity

Competitor A with 79 agents= $197,101 agent productivity

Competitor B  with 30 agents= $498,600 agent productivity

Competitor C with 28 agents = $501,473 agent productivity

Lakeshore has 23 properties under contract  which is a strong indication the next quarter will exceed the first quarter in sales.

As we reach to the end of our  first quarter the number of sales are up compared to 2009 and prices are down. 

Residential:

Closed  transactions = 19     

5 of the 19 were short sales  or bank owned- these ranged in price from $500,000 to $1,861,000. 

The remaining sales of 14 ranged in price from: High: $3,750,000  Median: $775,000 Low: $395,000

The current price differential (list price versus sold price) is 88.71% and average Days on the Market =256.

2009  figures (same time period) totaled 13 sales with a Median  sales price of $1,900,000 and average days on the market= 279.

Condominiums: Closed sales 14

Four of the 14 were short or bank owned sales ranging in price from $215,000 to $319,900

The remaining 10 sales = Median selling price of $318,450 with a price differential (list to sold price difference) 95.74% and an average days on the market of 97 days.

 2009 sales totaled 7-Median Selling price=$400,000, Days on the market 161

Planned Unit Developments: Total sales = 11 

Two of the 11 were short sales or REO’s with pricing between $400,000 to $657,000

The remaining 9 sales = Median price of $657,000 and an average days on the market of 377

2009 sales = 1  with a median price of $312,500, and an average days on the market of  108 

So what does it all mean? Sales are increasing and prices are dropping. Bank owned and short sales are having an impact on pricing.   

As April begins our inventory will increase  as the snow melts. Honest advise to Seller’s… be  “serious” and “realistic” in pricing.

Seller’s who price their property based on what they  "NEED" to get out of the sale will not sell especially if the price is not in line with the competition. Buyer’s are coming to the table but they are well educated and not concerned with the seller’s reasons for selling.

Call one of our experienced agents to guide you through today’s market scenario and get the results Lakeshore Realty is known for. All our agents are seasoned professionals with the experience and expertise you need to get results in this market! 

MLS Information – March 13th to March 20th

New Listings

Price Changes

Under Contract

Sold in 2010

Incline Village NV Real Estate Update, March 14th, 2010

by Lakeshore Realty

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

Price Changes

Under Contract

Sold in 2010

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

Current Single Family Homes Pricing

Listings 159
Highest Price $34,000,000
Median Price $1,550,000
Lowest Price

$399,000

Current Condo Pricing

Listings 136
Highest Price $2,100,000
Median Price $439,500
Lowest Price $98,000
  • PUDs – no new listings

Current PUD Pricing

Listings 37
Highest Price $1,995,000
Median Price $949,000
Lowest Price $335,000

Price Changes

Under Contract

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

Sold in 2010

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Contact Information

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

LAKESHORE REALTY

Lake Tahoe's Incline Village Real Estate Market Experts & Home Sales Professionals

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