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Foreclosures Increase Again in June

by Lakeshore Realty

There were 55,000 completed foreclosures in the U.S. in June CoreLogic reported this morning.  This is a 2.5 increase from May when there were a reported 53,000 bank repossessions but the June figure represented a 20 percent drop from 68,000 foreclosures in June 2012.  

CoreLogic is the second company to report an uptick in foreclosure activity for June although the area of increased activity differs.  Lender Processing Services said its June Mortgage Monitor, due out next week, will show a near 10 percent spike in the national delinquency rate from May to June.

CoreLogic says that as of June there were approximately 1 million homes in the foreclosure inventory, i.e. properties for which the formal process of foreclosure had begun.  This is a decrease of 400,000 since June 2012, a year-over-year decrease of 28 percent and a foreclosure inventory that is 2.9 percent smaller than in May.  The current foreclosure inventory represents 2.5 percent of all homes in the U.S. with a mortgage compared to 3.4 percent in June 2012.   

"So far this year, distressed inventories have fallen dramatically, down 14.4 percent, and serious delinquencies are down 15.9 percent," said Dr. Mark Fleming, chief economist for CoreLogic. "In the first six months of 2013, the stock of seriously delinquent mortgages has dropped by 412,000."

"Completed foreclosures continued to drop for the 19th straight month. The improvement is broad-based, with 49 states posting a year-over-year decline in foreclosure rates in June," said Anand Nallathambi, president and CEO of CoreLogic. "The housing market is clearly on the mend, but we expect the ultimate conclusion of the present housing down cycle to be another several years away."

Since the foreclosure crisis began in 2008 there have been approximately 4.5 million properties lost to foreclosure in the U.S., an average of 900,000 per year.  CoreLogic says that prior to 2007 foreclosures averaged about 250,000 per year.

The five states with the highest number of completed foreclosures in the 12 months ending in June were Florida (107,000), California (72,000), Michigan (63,000), Texas (48,000) and Georgia (44,000). These five states account for almost half of all completed foreclosures nationally.

The largest foreclosure inventories as a percentage of mortgages homes in June were Florida (8.6 percent), New Jersey (6.0 percent), New York (4.8 percent), Connecticut (4.2 percent) and Maine (4.1 percent).

SOURCE: www.mortgagenewsdaily.com

  • New Lakeshore Realty Homes for Sale in Lake Tahoe, Incline Village Nevada

These are some of the newest listings at Lakeshore Realty on the North Lake Tahoe's Incline Village Real Estate Market.

966 Chipmunk Ct.

Bed: 4
Bath: 3.5
Year: 1974
Sq. Ft.: 2208

Price: $699,000

 

Listing Agent:
Pam Fernandez

Great opportunity for remodel! Nice small lake views & very private setting with Forest Service on 2 sides. Original condition. Tons of existing coverage. Room to park several cars or 'toys'.  4th bed. room over 2 car garage. Huge living room, large master w/2 closets.

 

467 Driver Way

Bed: 5
Bath: 4.5
Year: 1980
Sq. Ft.: 5115

Price: $2,500,000

VIRTUAL TOUR

Listing Agent:
Chris & Patti Plastiras

This home has it all! Beautifully remodeled with open kitchen, dining and living room. Lots of windows and skylights. Easy access by elevator to each level. Large family + game room perfect for large gatherings. Filtered lake, mountain and tree views.

 

910 Southwood Blvd.

Bed: 3
Bath: 2.5
Year: 2004
Sq. Ft.: 2160

Price: $895,000

VIRTUAL TOUR

Listing Agent:
Kristi & Jamie

Beautiful freestanding condo overlooking forest service lot.  South facing deck with views of trees and mountains.  Great room floor plan with granite counter tops and vaulted ceilings.  Walking distance to the beach.

 

899 Southwood Blvd.

Bed: 3
Bath: 2.5
Year: 1996
Sq. Ft.: 2323

Price: $925,000

 

                                               Listing Agent:
Chris & Patti Plastiras

 

Beautiful freestanding unit located in a private gated complex, close to beaches and shopping centers. Sunny living room with fireplace and open floor plan perfect for entertaining. Spacious master Suite with walk-in closet. A Must See!

 

687 Palmer Ct.

Bed: 3
Bath: 3.5
Year: 2005
Sq. Ft.: 2392

Price: $900,000

 

Listing Agent:
Pat Evans   

Lovely freestanding home w/views of Mountain Course area & Lake thru the trees. Pride of ownership-shows beautifully. Main level great room living, lowest floor w/guest bedrooms, baths and Den/Family Room. Master suite w/Views. Furnishings negotiable. No HOA

 

123 Juanita Dr.

Bed: 3
Bath: 2
Year: 1971
Sq. Ft.: 1168

 

Price: $525,000

Listing Agent:
Carole Madrid

 

Beautiful remodel. 3 bedrooms 2 Bathroom unit. Granite counters, stainless steel appliances, hardwood floors, new paint and new carpet. A South facing unit and close proximity to the club house. Furnished turn key. Great rental history.

 

685 Palmer Ct.

Bed: 3
Bath: 2.5
Year: 1980
Sq. Ft.: 1560

Price: $419,000

 

                                              Listing Agent:
Peg Augustus 

 

Perfect for golfers! Just one block to the Mountain Golf Course. Rustic getaway with stone fireplace, beamed ceilings. Private master w/peek of lake. Maple floors on lower level. Don't miss this warm & inviting condo in quiet neighborhood.

 

637 Lariat Cir.

Bed: 4
Bath: 3
Year: 1992
Sq. Ft.: 2467

Price: $824,000

Listing Agent:
Peg Augustus 

 

Unique townhome with filtered lake view & small backyard. Feel of a single-family home without any maintenance. Large open great room, vaulted ceiling, & lake view deck. Big kitchen w/newer stainless appliances. Private master with steam shower & big spa tub.

 

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Western States Pull National Home Prices Higher

by Lakeshore Realty

Home prices rose on a month-over-month basis for the 16th consecutive month in May the Federal Housing Finance Agency (FHFA) said today Prices reflected in the agency's Home Price Index (HPI) were estimated to have increased 0.7 percent from mid-April to mid-May. The April HPI was revised downward from the 0.7 percent originally reported to 0.5 percent.

National home prices rose 7.3 percent on an annual basis in May with an index of 201.8 compared to 188.1 in May 2012. Annual increases in six of the nine census regions were below the national average and five were at least 2.5 percentage points below that average. The Pacific region (Hawaii, Alaska, Washington, Oregon, California) had a 15.8 percent increase and the Mountain region (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico) was up 12.7 percent, thus heavily skewing the national average.

The Mountain region however, faltered in May, losing .01 percent on the HPI after a 1.9 percent increase in April. The only other region with a negative change in May was the East South Central Region (Kentucky, Tennessee, Mississippi, Alabama), down 1.5 percent after an 0.8 percent gain the previous month That region also had the smallest annual gain, 2.7 percent. The strongest month-over-month showings were in the West South Central (Oklahoma, Arkansas, Texas, Louisiana) and Middle Atlantic (New York, New Jersey, Pennsylvania) regions each of which increased 0.9 percent.

FHFA's HPI is a weighted, repeat-sales index using information obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975. The HPI is updated each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter and for each quarter since the first quarter of 1975.

SOURCE: www.mortgagenewsdaily.com

Fannie Mae Expects Rates to Continue Higher

by Lakeshore Realty

Fannie Mae said today in its July Economic and Strategic Report that the view expressed in these reports since the first of this year has not changed; growth will pick up in the second half of 2013. 

The economy will face challenges from rising long-term interest rates because of expectations for future Federal Reserve monetary actions, but the economists still expect the improving fundamentals, ongoing housing recovery, and receding fiscal drags should help boost growth and inflation adjusted GDP should average about 2.5 percent for the rest of the year and 2.0 percent for the entire year.

The 30-year fixed mortgage rate increased more than 110 basis points from the first week of May to the end of June before easing somewhat in early July.  While rates are still historically low the report calls the recent spike over such a short period of time "significant" and thus it could potentially hurt housing activity.  Incoming data, however, show continued improvement with May existing home sales jumping to the highest level in six years (except for an anomaly the month the homebuyer tax credit was originally scheduled to expire.  New Home sales were up for the third straight month in May to the highest level since July 2008.



While purchase mortgage applications have declined by about 9.0 percent since early May, pending home sales jumped during the same period to the highest level in more than six years, suggesting that existing homes sales were probably strong in the second quarter.  Since cash sales play such a large role in the market - near one-third of existing home sales over the last year - sales may be less sensitive to rate changes than in the past.

While some homebuyers may be knocked out of the market by rising rates, other may jump in as they see rates and prices rising.  The sharp rise in pending sales, if followed by a pullback in subsequent months will confirm if sales are merely being pulled forward.





Inventories seem to have bottomed out which will relieve some of the pressure on prices and promote more sales compared to the first half of the year when limited inventories and strong investor demand led to multiple offers in many areas.

Home building activity continues to increase with housing starts up in May for both multifamily and single family houses and single family permits increasing for the eighth time in nine months.  Multifamily construction has performed well throughout the recovery while single family building has been more modest and the recovery among the worst in recent history.

Fannie Mae says it expects mortgage rates to continue to rise gradually, averaging 4.7 percent in the fourth quarter, about 40 basis points higher than was projected a month ago.  The forecast of home sales remains about the same - about an 8.0 percent increase in 2013.  The company revised its forecast of housing prices to a median of $276,000 for new homes and $189,000 for existing homes in the fourth quarter of 2013.  In June the forecast had called for median prices of $266,000 and $189,000 respectively by the end of the year.

Fannie Mae is projecting a modest increase in purchase mortgage originations compared with earlier forecasts and have lowered projected refinance figures for the second consecutive month due to the surge in mortgage rates.  For the year the forecast is for total mortgage originations to decline to $165 trillion from $2.03 trillion in 2012 with the refinance share dropping from 73.0 in 2012 to 62.0 percent in 2013.

SOURCE: www.mortgagenewsdaily.com

  • Sold Properties by Lakeshore Realty Agents and Sold Lakeshore Realty Listings in June 2013

Below we have a list of properties that were sold in June 2013 by Lakeshore Realty Real Estate Agents and properties that were listed by Lakeshore Realty agents and were sold on the North Lake Tahoe, Incline Village and Crystal Bay real estate market.

357 1St Green Dr.

Bed: 4
Bath: 4.5
Year Built: 1989
Sq. Ft.: 5200

Days on Market: 391
Sold Date: 06/27/2013
Sold Price: $3,450,000

Selling Agent:
Peg Augustus 

 

387 2ND Tee

Bed: 6
Bath: 5.5
Year Built: 1989
Sq. Ft.: 5388

Days on Market: 328
Sold Date: 06/06/2013
Sold Price: $1,063,750

Listing & Selling Agent:
Tim Lampe   

 

979 Wedge Ct.

Bed: 4
Bath: 3.5
Year Built: 1981
Sq. Ft.: 3084

Days on Market: 152
Sold Date: 06/10/2013
Sold Price: $950,000

Selling Agent:
Peg Augustus 

 

710 Birdie Way

Bed: 5
Bath: 3.5
Year Built: 1994
Sq. Ft.: 3828

Days on Market: 160
Sold Date: 06/05/2013
Sold Price: $1,175,000

Selling Agent:
Carole Madrid 

 

605 Tyner Way

Bed: 2
Bath: 3.5
Year Built: 1973
Sq. Ft.: 3278

Days on Market: 70
Sold Date: 06/17/2013
Sold Price: $2,250,000

   Listing Agent:                  Selling Agent:
Chris & Patti Plastiras      Carole Madrid

 

653 Tyner Way

Bed: 4
Bath: 4
Year Built: 1982
Sq. Ft.: 3137

Days on Market: 10
Sold Date: 06/06/2013
Sold Price: $620,000

Selling Agent:
Carole Madrid 

 

700 College Dr.

Bed: 3
Bath: 2
Year Built: 1978
Sq. Ft.: 1120

Days on Market: 32
Sold Date: 06/26/2013
Sold Price: $335,000

Listing Agent:
Chris & Patti Plastiras

 

845 Southwood Blvd.

Bed: 3
Bath: 2
Year Built: 1969
Sq. Ft.: 1332

Days on Market: 7
Sold Date: 06/28/2013
Sold Price: $250,000

Selling Agent:
Shahri Masters  

 

694 Golfers Pass

Bed: 2
Bath: 2.5
Year Built: 1980
Sq. Ft.: 1664

Days on Market: 73
Sold Date: 06/03/2013
Sold Price: $470,000

Selling Agent:
Diane Brown 

 

400 Fairview Blvd.

Bed: 2
Bath: 2.5
Year Built: 1996
Sq. Ft.: 1412

Days on Market: 289
Sold Date: 06/12/2013
Sold Price: $395,000

Selling Agent:
Peg Augustus

 

 

830 Oriole Way

Bed: 3
Bath: 2.5
Year Built: 1980
Sq. Ft.: 1440

Days on Market: 30
Sold Date: 06/14/2013
Sold Price: $337,000

Listing Agent:            Selling Agent:
Pam Fernandez            Tim Lampe  

 

757 Randall




Acres: 0.158

Days on Market: 2
Sold Date: 06/07/2013
Sold Price: $100,000

Selling Agent:
Peg Augustus 

 

721 Tyner Way




Acres.: 0.351

Days on Market: 252
Sold Date: 06/28/2013
Sold Price: $525,000

Selling Agent:
Pam Fernandez

 

 

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Lake Tahoe, Incline Village & Crystal Bay Real Estate News

by Lakeshore Realty

LAKE TAHOE REAL ESTATE NEWS 
    Real Estate is the story of the past few months here in the Lake Tahoe area. Since it bottomed last year in July the Lake Tahoe real estate market had a healthy and speedy recovery. Month after month the number of homes sold increased, helped by the historically low interest rates real estate inventories diminished to the point where overbidding occurred on multiple homes on the market.

In the first half of 2013 there was an astonishing increase of 81.96% in Residential home sales compared to the same period of 2012 and 146.66% increase compared to the first half of 2011. Homes tend to stay a lot less on the market now than the previous years, and the Median Sales Price is back at pre-recession periods.

In the past month interest rates started to climb back up, increasing the number of potential buyers who are trying to seize the opportunity and take advantage of the still historically low interest rates. We will keep you updated with the latest Incline Village and Crystal Bay real estate market trends in our upcoming newsletters.


INCLINE VILLAGE SALES REPORT

Below you'll find "Sold" property data for Incline Village and Crystal Bay real estate market, both located on the North Shore of Lake Tahoe, Nevada. The charts show three categories of properties: Residential, Condominiums, Town homes (Planned Unit Developments).

 

 

 

 

 

Please note that the reports above were created using data extracted from the MLXChange System and reflects property sales starting January 1 through June 30

Keep your flowers blooming!

by Lakeshore Realty
 

Having a blooming garden is a wonderful way to add value and pleasure to your home. Every healthy garden needs a thorough cleaning now and then. Deadheading is simply the process of removing spent blossoms to allow for new ones to take their place.

Of course you want your garden to look good, so appearance is the first reason; deadheading keeps your plants looking their best. Second, you want your garden to bloom as long as possible.

Deadheading will trick your flowers into believing the life cycle is not over, encouraging them to continue blooming. When you see your flowers losing color, this is your first indication that it's time to deadhead. In order not to be overwhelmed as you ensure that your flowers keep blossoming, you will want to deadhead on a regular basis.

First, take a walk around your garden. Take note of which flowers have already seen their best days or are just past their peak. If the petals are falling off, this is a sure-fire sign that it's time to deadhead.

Remove those seed pods

Always remember to remove the developing seed pod when deadheading. The seed pod is usually in the center of the flower or just below it. You can snap off the blossom by using either your forefinger and thumb or a scissors. Stopping the seed production of the plant before it starts to produce mature seeds is important, because once the seeds mature, the plant's energy is directed away from flowers. This causes the plant to flower more infrequently.

Where you cut the plant to deadhead it depends on the type of plant it is. Some plants, such as Sweet Williams, can be cut to half their height once the blossoms have died, which will produce a second set of flowers.

Other plants, such as cosmos, zinnias and marigolds, need only to be cut down to the next bud or set of leaves. Some plants will even deadhead themselves, as the blossoms fall naturally from the plant. Also, keep in mind that not all flowers produce a second bloom.

Below is a list of common  flowers that produce a second  bloom:

  • Lilies: Cut only the tip of the flower stalk and let the rest of the stem die naturally. Lilies produce seed pods as soon as they begin to lose color, so deadhead them as soon as possible.
  • Lavender: Trim all around as soon as it begins to fade. This will help the sides to grow and flourish.
  • Lupin: Deadhead just before the last few flowers die off as the seed pods grow at the base of the long flower spikes. In this case, the stalks can be pruned out just above the leaves.
  • Balloon flowers: Cut off the individual blooms. Watch out for their sticky sap though, which can get messy.
  • Daylily: Snap off dead flowers. This will encourage larger flowers later. Then cut finished stems to the ground. Some cultivars will rebloom, but others will not.
  • Foxglove: Pinch individual flowers along the stem and when the stem is done, cut it to the ground.
  • Geranium: Pinch spent flowers below the foliage and they can continue to bloom through the fall.
  • Jacob's Ladder: Cut the whole plant all the way to the ground to promote new growth and new blossoms.
  • Monkshood: Cut to side branches and to the ground for a second bloom. Remember to wear gloves to protect yourself from the poisonous sap.
  • Petunia: Pinch back to the first set of leaves. This will encourage more bushiness as a result.
  • Purple Coneflower: Cut the blooms early to the side shoots instead of deadheading to produce larger blossoms later.

If you get in the habit of deadheading on a regular basis, this will help you to maintain a gardening schedule and prevent your flowers from losing their production power.

Thinking of your garden as an extension of your home helps you remember to deadhead regularly to keep up its appearance and value so you can enjoy it all season long.

 

Source: realtor.com® 

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

 

All About Property Deeds

by Lakeshore Realty
 

Buying and selling a home is a complex process. The buyer must find a real estate agent, search for a home to buy, negotiate a price, secure a loan and arrange a home inspection. A seller must prepare their home for showing to potential buyers, evaluate offers, choose a buyer and make requested repairs. While all this is happening, so is an important legal process: Attorneys are working to ensure a smooth transfer of the house from the seller (the grantor) to the buyer (the grantee) through transfer of the property deed.

What Is a Property Deed?
A property deed, or property title, is a legal instrument that assigns property ownership. Whoever owns the deed owns the property. Therefore, when an owner sells a house, they must transfer the property deed from their name to that of the buyer.

A property deed is an important tool, because many ownership disputes are settled by simply checking the name on the deed. Every deed is recorded for posterity in the property’s county courthouse, and anyone can access the records to check the history of a property’s transfers.

What Is a Grant Deed?
A grant deed (also known as a special warranty deed) is a property deed that makes two guarantees:

1.     The property has not been sold to anyone else.

2.     The house is not under any liens or restrictions that have not already been disclosed to the buyer.

This means that there are no legal claims to the house by third parties and no taxes are owed on the property that would restrict its sale.

Elements of a Grant Deed 
While the components of a grant deed vary by state, a number of basic elements must be included for the deed to be valid. The deed must:

§  Be written.

§  Include a granting clause that actually transfers the title.

§  List the names of the buyer and the seller.

§  Describe the property changing hands. The description should include the address and boundaries of the property or its lot number.

§  Be signed by the seller, given to the buyer while the seller is still alive and accepted by the buyer. This last process is called execution, delivery and acceptance.

While not required, it is accepted practice that a notary public witness the transfer of the deed.

Other Types of Property Deed
Warranty deeds are similar to grant deeds but include an additional guarantee that the seller is willing to defend the title against any third-party claim, even by a prior owner.

Quitclaim deeds reject ownership that any would-be seller might have in the property. This type of deed is most often used in divorces or when one spouse comes into a marriage already owning a property. The nonowner spouse would be asked to sign a quitclaim deed to ensure that he or she will not lay claim to the property in the future.

Tax deeds are used when a property has been seized due to nonpayment of taxes. When that property is sold, the government will use a tax deed to transfer ownership to the buyer.

Gift deeds transfer property without any monetary transaction, usually between relatives.

The deed in lieu of foreclosure may be used when an owner is in danger of losing their home to foreclosure. The owner may elect to transfer the deed to the lender, thus avoiding the lender foreclosing on the property.

 

Source: realtor.com® 

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

 

Rental investors are back in action.

by Lakeshore Realty

Higher home prices, and potential higher interest rates have re-ignited investor interest in the rental market. CNBC's Diana Olick, offers insight.

To see the full vide please click on the link below:

Rentals Are Back

SOURCE: www.mortgagenewsdaily.com

North Lake Tahoe June 2013 Real Estate Sales Comparison

by Lakeshore Realty

  

  • North Lake Tahoe June 2013 Real Estate Sales Comparison

In June 2013 the Median Sold Price Index is at the highest compared to the previous two years, also the Price Differential is at 100% for Condo's and 95.74% for residential homes showing us that sellers are getting offers matching their asking price. The volume of sold homes is also increased compared the previous years and even if the interest rates are going up so far there are no signs of a slowdown in home sales.

  • Residential Home Sales Report

Click for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Home sales.

  • Condominium Sales Report

Click for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Condominium sales.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

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

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