Tuesday, January 27, 2009
by Lakeshore Realty
Not more than 2 years ago it was impossible to find a property in Incline Village for less than $200,000, and it seemed like that price range was extinct. Starter one-bedroom condos with 600 square feet started in the low $200k's, some even breaking the $300,000 threshold. The objective term "affordable" actually referred to anything under half a million. We were a bit jaded as to what the term "affordable" really meant.
It's an entirely different world, and real estate market, today. This morning on the Incline Village MLS hot sheet appeared a 3 bedroom, bank owned condo reduced from $224,900 to $199,900. It doesn't seem too long ago that comparable condos in that same complex were selling in the $300,000-$350,000 price range. The last sale at that particular complex was a 2 bedroom unit that closed in August of last year for $328,000.
So is Incline Village becoming more affordable? It appears so. If there is one silver lining in the current state of the real estate market is that buyers that just months ago were not able to afford to purchase in Incline Village may now have a chance to finally own a piece of our paradise. Overall prices in Incline have not dropped as dramatically as they have in other areas of Nevada, but there are a few hot deals to be found here.
And those 600 square foot condos? There is one REO at $109,900, and 2 more at $174,500 and $176,000.
If you would like more information, call us at 800-954-9554 or 775-831-7000.