Incline Village real estate blog, Lake Tahoe real estate blog.

Blog

Displaying blog entries 1-10 of 487

Incline Village Lakefront Estate Sells for $31.1 Million!

by Lakeshore Realty

Incline Village Lakefront Sale: "Old Forge Estate"

Locals say there is something in the water and we tend to agree. Lake Tahoe is well known as one of the most beautiful and unique places in the world and our homes are no different. Lakeshore Realty is celebrating the sale of The Old Forge Estate, an Incline Village Lakefront and one of Tahoe’s treasured lakefront properties. Boasting 210 feet of prestige beach, nearly 5 acres and over 12,000 Sq.Ft. in the main house, Old Forge leaves nothing to be desired. Not surprisingly, this estate is the most valuable to be sold in the area for over 15 years. Lakeshore Realty is proud to have Brokered this transaction and congratulates Patricia Lantz and Peter Lockhart as the Realtors that represented the property.

See our article in the North Lake Tahoe Bonanza Real Estate Section (Page 5)

Lake Tahoe Teardown? Here are four things to consider

by Lakeshore Realty

Lake Tahoe Teardown:

 Lake Tahoe TeardownWhen communities age and inventory becomes tight, a new real estate trend tends to emerge: raze and rebuild.

The Lake Tahoe teardown and rebuild trend is increasingly happening around the north shore of Lake Tahoe on the Nevada side, where Californians desire an escape from high taxes. When a strong economy typically results in a scarcity of nice homes, people struggle to find what they're looking for in the market, said Chris Plastiras, owner and broker at Lakeshore Realty in Incline Village.
"But tearing down and starting all over — it's a huge job," he said.
Ideally, prospective home buyers want a home that's live-in ready. The second choice is usually a fixer-upper that just needs some interior renovations. The last choice tends to be a rebuild.
The best way to ensure costs remain stable is to stick to a cosmetic renovation, but with a rebuild, cost overruns are practically the norm, he said.
For those willing to take on the challenge and the expense, Plastiras offers the following advice.

1. Assess any building issues
The first thing you'll want to determine is whether there are environmental issues such as asbestos, which has to be removed by a licensed abatement company, Plastiras said. In other words, identify the expenses you might not have previously budgeted.
Thorough surveys and site assessments will help buyers determine how much land coverage — the Tahoe Regional Planning Agency's (TRPA) term for all man-made structures on a property — will be allowed.
The soil type, tested through either a TRPA site assessment or an Individual Parcel Evaluation System score, determines Land coverage allowances, as do factors such as topography, stream zones and open space easements.
Teardowns that have larger coverage allowances than what would be permitted today are grandfathered in, making this option attractive for buyers who wish to build bigger homes.

2. Hire a good Realtor and planner
Given the environmental requirements that go along with building in the Lake Tahoe Region, Plastiras recommends hiring a realtor and a planner, both who understand the various regulations and restrictions when it comes to demolishing a home.
Plastiras said realtors should be able to walk buyers through all of the regulations that each agency involved in the process will require. Agencies involved in the building process include the TRPA, Washoe County Building Department and the Incline Village General Improvement District.

3. Do your diligence
It's important to have realistic expectations for the process as well as the budget for a Lake Tahoe teardown.
"Start thinking about what it'll cost to get permits, an architect, fees, engineering — then line up a good contractor," Plastiras said. "You don't want any big surprises if you can avoid them."

4. Be patient
Pouring foundations around Lake Tahoe typically can only occur from May 15 to Oct. 15 due to freezing weather. By the time you buy the property, design what you want to put on it, tear down the existing house and build a new one, Plastiras said you could be looking at anywhere from 18 to 24 months from start to finish a Lake Tahoe teardown and rebuild.

 

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!


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

  • North Lake Tahoe, Incline Village September 2016 Real Estate Sales Comparison

The charts bellow reflect Incline Village real estate sales for the month of September in the past 5 years. These reports we're created individually for Residential Home (Including PUD's) sales and Condominium sales. The data was collected from the Incline Village Real Estate Martix system.

  • Residential Home Sales Report


Click here for larger image

- Please note that the report above was created using data extracted from the Incline Village MATRIX System and reflects Residential Home sales including PUD's. Information is deemed reliable but not guaranteed.

  • Condominium Sales Report

Click here for larger image

- Please note that the report above was created using data extracted from the Incline Village MATRIX System and reflects Condominium sales.    Information is deemed reliable but not guaranteed.

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.

Displaying blog entries 1-10 of 487

Syndication

Categories

Archives

Share This Page

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

Real Estate Digital Marketing & SEO Web Content by EMEREALD | Digital Real Estate