Incline Village Real Estate Blog

Incline Village Real Estate Update Nov. 15

Lexi — Sat, 15 Nov 2008 23:32:01 +0000

Incline Village Market Summary
11 new listings came onto the Incline Village and Crystal Bay market this past week, including 3 homes, 5 condos and 3 PUDs (townhomes) as well as 2 sales that closed this week- see details below. There were 12 price changes, 1 townhome that fell out of escrow, 4 new properties in escrow with 20 properties in contract currently.

New Listings
Homes:
561 Ponderosa newer construction, 3,500 sq ft in low elevation
593 Tyner great lake view with plans for new home
954 Garen 4 bedrooms, nicely remodeled, bank owned

Condos:
801 Northwood Incline Manor #33
830 Oriole Way White Pines #40
330 Ski Way Alpine Terrace #21
391 Willow Court unit A
335 Cottonwood unit 1

Townhomes/PUD’s:
1351 Zurich
1208 Styria
700 College #11

New Sales
400 Fairview #12 Bitterbrush- listed $1.245M, sold $1.1M
1347 Zurich listed $675k, sold $635k

Incline Village Best Buys

Lexi — Fri, 14 Nov 2008 01:31:23 +0000

650 Village $1,495,000

This new listing at 650 Village- it is a spacious, low elevation home near the golf course with wide open layout. It is newer 1993 construction with a huge deck, a master on the main level that opens to the deck and outdoor spa overlooking wooded open space! There is an upstairs master with 2 additional bedrooms and 3 car garage with room to expand over it. The lot is gorgeous and private backyard yet very close to Village Center. It is a great value for the quality construction and all the features.

121 Rubicon $1,495,000

One other opportunity that just fell out of escrow. I had represented the buyers in the deal, but they lost a partner who was going in with them. This home is an excellent value- huge price reduction down to $1,495,000, not Tahoe style- it is Tudor and that is why it hasn’t sold. It is very solid construction, ripe for exterior makeover to give it a Tahoe feel, the current owners spent $500,000 updating the home- redoing bathrooms, kitchen, stonework, decks, etc. If you have any interest, this would be the lowest price per sq ft sale in the entire area between the Lake and Tahoe Blvd for 2008 with 4,779 sq ft and 6 bedrooms with the exception of one much smaller tear-down that backs to Tahoe Blvd. sold for $500k (great vacation rental potential!) This home at 121 Rubicon Peak is only 1 block from Lakeshore and a walk to the beaches- gorgeous lot with two $3.5M+ homes being constructed across the street and behind it.

962 Mercury Ct $1,230,000

The owners of Mercury Ct want the home sold and are very willing to negotiate. They are in a financial position that they do not need to sell, nothing is owed on the home but they are very tired of the carrying costs. It is one of the only newer homes with the Tahoe look and high-end finishes in this price range, with 4 bedrooms plus a downstairs family room. It is a great location on a cul de sac with filtered lake views (we watched the fireworks last year from there over the Lake). They have only used it as a vacation home only, so it is in like-new condition. They would do seller financing with only $100k down at very reasonable terms. Let me know if this appeals to you- I wish there were more photos, this home is gorgeous in person!

967 Cinnabar $1,175,000

This is my listing, and I have had two recent price reductions, down from $1,445,000 last May. This has an ideal floor plan with a private master suite up a split-level above the great room, with 3 bedrooms, 2 bathrooms and laundry room below. It sits next to two year round streams with open space of a fern covered embankment on .63 acres. Constructed in 1995 and newly remodeled, the home features a great room with vaulted ceilings and fireplace flowing to a dining area with new hickory floors and spacious kitchen. The master suite has a spa tub, large shower, travertine tile and vanity with granite top. The home sits at the end of a cul de sac with underground power- no lines to block the views!

999 Lakeshore Blvd $974,000

A great opportunity to buy in a lakefront association with sandy beach and boat buoy. This is beautifully remodeled with 2 bedrooms and a sleeping loft. This is a very good buy at this price, and sellers are very motivated. They have an incentive to sell before the end of 2008 and I would love to work with buyers in making an offer on this property!

929 Northwood #182 $799,000

A great complex with outdoor pool, a short walk to the Championship Golf Course and close to the Village. This is a 3 bedroom, 2.5 bath unit in this gated complex. A great buy!

400 Fairview Bitterbrush #63 $645,797

This is a best buy for a panoramic lake view condo with 3 bedrooms and 2.5 baths. This property is banked owned and a great buy at this price!

Incline Village Real Estate Activity Nov. 2-9

Lexi — Mon, 10 Nov 2008 22:37:59 +0000

Incline Village Market Summary
12 new listings came onto the Incline Village and Crystal Bay market this past week, including 5 homes, 1 PUD and 6 condos, see details below. There were 18 price changes, 2 sales and 2 homes that fell out of escrow, 4 new properties in escrow with 21 properties in contract currently.

New Listings
Homes:
290 North Lake Circle new broker, lakefront estate
777 Joyce relisted, lakeside neighborhood
567 Eagle panoramic lake views, Eastern Slope
907 Tyner relisted, lake views over 5,000 sq ft
593 North Dyer relisted, 6 bedrooms, low elevation

Condos:
685 Wilson Way, Wolden Woods #1
931 Incline Way, McCloud #250
120 Country Club, CC Mall #6
931 Incline Way, McCloud #226
845 Southwood, Creekside East #43
330 Ski Way, Alpine Terrace #10

Townhomes/PUD’s:
1329 Thurgau

New Sales
838 Ophir Peak list $3M, sold $2.55M, Intero represented both sides
830 Oriole list $529K, Sold $515K

New under Contract
872 Tanager, Pinebrook #57
820 Oriole, Royal Pines #90
807 Alder, Woodstock #40
335 Ski Way, Burgundy Hill #343

Fell out of Contract
121 Rubicon Peak
920 Tyner

Incline Village Home Sales- 2008 Third Quarter

Lexi — Wed, 05 Nov 2008 00:57:55 +0000

Incline Village has been affected by the economic slowdown, reflecting lower home sales prices and fewer sales, as seen across most markets. The median sales price of a single family home in Incline Village, dropped to $1,115,360 year to date through September 30, 2007, down 10% from $1,245,500 over the same period last year. Sales volume dropped 31%, as 74 homes sold through the first 9 months of 2008 compared to 108 during the same period in 2007. Sales volume is down over 50% from 2004 and 2005, where an average of 160 homes sold in the first nine months. List-to-sale prices have dipped too, sales are averaging 91% of list price year-to-date 2008, compared to 94% for the same period last year. Higher end home sales have dropped, as 11 homes sold for more than $2 million in the first nine months, down from 31 the same period last year. The highest priced home sale so far this year is $6.7M for a new home on Vivian Lane with shared beach and pier access, whereas last year’s high was $13,950,000 for a Champagne Estate. Note that two private lakefront sales occurred earlier this year, one close to $30M and the other close to $11M. The average number of days on market has apparently dropped to 160 from 186 last year, although this data can be skewed as homes are often withdrawn, re-listed or listed by another agent and the clock is reset. Average square footage for home sales has also dropped from 3,374 last year to 2,936 this year and price per sq. ft. has dropped to $474 from $550- many of the larger homes in the upper end market are not moving.

More homes sold in Millcreek Subdivision over any other area in Incline Village, totaling 10 of the 74 sales year-to-date. Last year, most of the sales were in Lakeview Subdivision, totaling 18 of the 108 sales for the first nine months of 2007. Lower Tyner and the Eastern Slope were also popular areas, many sales featuring great lake views.

When you look at all of the sales data including median/average prices and sales volume, the market is down from 2007 but is on par with 2005 to 2006 levels. The factors that make Incline Village desirable such as tax incentives, limited number of lots (approx. 9,000 in Incline and Crystal Bay), proximity to the Bay Area, and year round vacation destination will continue to bring buyers into the market. The question is, how soon and at what price. Most sellers in Incline Village do not have to sell, most properties in Incline Village do not have mortgages on them. When demand rises, as it certainly will, prices will follow suit. The key is to get into this market before the rest of the buyers regain their nerves and rush to get in as prices do rise. Smart buyers are sitting and waiting, and watching the trends and small nuances of change in the market. Check back weekly to see what new information is available!

View all Incline Village Condos, PUDs, Lots and Single Family Home Sales Graphs for Q3 2008

New Incline Village Listings through November 1st

Lexi — Sat, 01 Nov 2008 21:40:42 +0000

This past week, 2 new single family homes came onto the market along with 7 condos- 3 of which are rare lakefront opportunities! Four sales have closed escrow including 3 homes sold and 1 condo, and 21 properties are in contract, including 6 homes, 9 PUD’s, 5 condos, and 1 investment property. View the “Best Buys” list with links to the most desirable properties in Incline Village. View Tahoe Lakefront Property listed in the MLS.

650 Villagewas listed this week for $1,495,000. This is a beautiful newer construction home with a great floor plan- a master on the lower level with access to the deck and hot tub, and a second master and 2 bedrooms upstairs. Located up past the College Road split, this is at the quieter end of Village, yet still close to Raley’s shopping center and off of Fourteenth Green. This home sold for $1,435,000 in October of 2007- this is a virtual tour from the old listing. Newer construction, open floor plan with a private, level back yard in low elevation sets this listing apart from the majority of homes in this price range. I would certainly consider this home if you are looking to buy in this price range.

564 Ponderosa was also listed this week at $1,495,000. With 7 bedrooms and 5 baths in over 4,400 sq ft, I see great vacation rental opportunity with this home (just add a hot tub!). With great outdoor entertaining space and enough parking space for an RV, this home has great potential.

Crystal Shores West lakefront condos unit #49 and unit #45just came onto the market. The owners want to sell one unit and keep the other, I can’t say I blame them. These front row units are ideal for boaters with a marina featuring boat slips and moorings. Priced at $2.2M and $2.3M for 3 bedrooms and 2 baths on 2 levels, these are the lowest priced lakefronts with these accommodations and panoramic lake views.

Another great lakefront opportunity at Stillwater Cove #32 just came onto the market, priced at $1,949,000. This unit is closest to the private marina, the complex also features an outdoor waterfront pool, tennis courts and restaurant. This is a two bedroom unit with panoramic lake views, nicely remodeled in a great location.

Four other condos came onto the market, raning in price from $260,000 for a Woodstock short-sale to $859,000 for a 3 bedroom McCloud unit.

807 Alder Woodstock #40

321 Ski Way Mountain Shadows #68

170 Village McCloud #25

931 Incline Way McCloud #250

Home Finance on the Eve of the Election

Lexi — Fri, 31 Oct 2008 23:04:22 +0000

I send this to you, as you may have guessed, before we have any idea of where the election is going. It is not mentioned, therefore. (I have no idea what I would have said about it, in any case. This is your letter, not mine.)

I can say, though, that our federal agencies are moving in the direction of providing greater help where it is needed–particularly thanks to Sheila Bair, the Chairman of the FDIC, who is determined to create meaningful help for people whose mortgages need a work-out. IndyMac, which the FDIC took over not that long ago, has been a laboratory for ways in which distressed loans can be approached in larger numbers and more effectively. The new program that has come out of the experiments is mentioned in this week’s update.

The other good news is that sales of existing homes continue to improve, affordability indexes are rising, and inventory is declining a bit. We may be seeing the start of a season in which real estate continues gradually to improve while the overall economy falls ever-deeper into a recession. Not a time to go on vacation, if you’re selling houses or writing loans.

Steven C Peterson, Senior Loan Officer
Office: 888-232-7687 Cell: 775-219-7151Chase Home Loans
930 Tahoe Blvd., Ste. #802-195
Incline Village, NV 89451

Weekly Commentary

Thumbnail Sketch: In a word, the economy is slowing. But not plummeting.Commodities are regaining a small amount of their losses. The dollar is readjusting to foreign currencies slightly. Other than short-term maturities, interest rates are edging up, mortgage rates among them. At the same time, though, the number of applications for mortgages in the week ending October 24 improved, especially for refinancing loans—though an 8.5% increase in applications for purchase money loans is rather healthy as well.

The Fed took down the fed funds rate by a full percent (to 1%) last month in two increments, leaving us with hints that it’s ready to take the rate still lower. However, the rate doesn’t have much lower to go, and the community of analysts and economists are skeptical that cuts in the fed funds rate will have much of a positive effect at this point. What is awaited now—besides the obvious, the change to a new administration—is a way of reducing the number of people endangered by possible but unnecessary foreclosures. The FDIC, together with the Treasury, is trotting out a program that would provide a certain amount of federal backing for reworked loans…meaning that the federal government would help pay for any losses, making it both safer and potentially more profitable for lenders to agree to altered terms on distressed mortgages.

There is no silver bullet for the foreclosure mess. There are too many loans with too many radically different terms out there. You can’t cover them all with one transformative change or program. But it is good news, indeed, that such a program is emerging. If the bewildered borrowers who took out loans they could not repay represent the source of the credit crunch, then surely we should be solving the problem where it begins. The real estate market, once again, is the likeliest candidate for leading the economy out of recession. It therefore makes sense to offer support to the real estate sector post haste. It’s time and money well spent; everyone will benefit. Meantime, the words of Leslie Appleton-Young, chief economist at the California Association of Realtors^®,, continue to reverberate. “There are so many wild cards out there right now that I think it’s almost a full deck.

November 5, 2008 KEY INDICATORS

Gold $762.10/ounce [up]Crude Oil (Brent) $64.56/brl [up]U.S. Dollar to… Euro .7696 [down] Japanese Yen 100.38 [up]6-mo Treasury Bill Yield 1.07%10-yr Treasury Note Yield 3.90%[6-mo down 21 bps, 10-yr up 13 bps]11^th Dist Cost of Funds: 2.769%30-yr Fixed-rate Mortgage 7.13%15-yr Fixed-rate Mortgage 6.70%1-yr ARM 6.18%[HSH averages rates: 30-yr up 20 bps, 15-yr up 13 bps; 1-yr ARM down 12 bps] Mortgage Bankers Association Mortgage Applications Index week ending 10/24 Overall 476.7 (up 16.8%; down 16.6% the week prior) Purchase Money Loans 303.1 (up 8.5%; down 10.9% the week prior) Refinancing Loans 1489.4 (up 28.5%; down 23.5% the week prior)

Weekly Jobless Claims 10/25479,000 first computation – 479,000 prior week (with 1,000 upward revision) Personal Income SeptUp 0.2% - spending down 0.3% - savings rate up 1.3% Construction Spending SeptDown 0.3% (down 6.6% annually)

“Best Buy” by the Lake

Lexi — Fri, 31 Oct 2008 22:29:48 +0000

121 Rubicon Peak has been all the “buzz” recently, as it was just reduced to $1,495,000 before going into escrow. The home was originally listed at $2,895,000 in August of 2007 and has now been discounted almost 50%. This is absolutely the best buy I have seen in Lakeview Subdivision in terms of quality construction, location so close to the beaches yet off of busy Lakeshore Blvd. so close to Lake Tahoe, and with a beautifully landscaped lot in this desirable neighborhood. At $313 per sq ft, this would be the lowest price per sq ft home to sell in 2008 in Lakeview or Millcreek Subdvisions, aside from a $500k tear down on Tramway that backs to Tahoe Blvd.

The 4,779 sq ft home features 6 bedrooms, 2 additional 2 bonus rooms, a family room and a loft, 4.5 bathrooms and a 3 car garage. It is on a gorgeous, fully fenced landscaped lot just one block from Lakeshore. The current owners have put about $500,000 in upgrades into the home, and it is in top condition with updated kitchen and bathrooms. Two homes in the immediate area recently sold as “tear downs” across the street at 118 Rubicon and around the corner at 880 Freels. Both lots are being built on currently, with asking prices of $3.5 and $3.7 million for similar square footage!” Here is the MLS link.

If you are interested in being a partner as a vacation home with potential to generate significant rental income (conservatively $55k the first year before fees), please let me know. Here is the link to more info. Please contact me by Sunday if you are interested 833-1646 or mail@buytahoehomes.com.

Incline Village Lakefront Condos

Lexi — Thu, 30 Oct 2008 22:23:36 +0000

Two rarely available Incline Village lakefront condos at Crystal Shores West just became available. One unit is listed at $2.2M and one at $2.3M, although the owners only want to sell one unit and will withdraw the other once the first has sold. These are gorgeous, front row units with panoramic Lake Tahoe views. This is a great complex with beach and marina with boat slips- one of a kind in Incline Village.

Both have 3 bedrooms, 2 baths and are two story (no one above or below) with 1,708/1,861 sq ft sq ft living space, and one unit is completely remodeled. There are only 7 garage spaces available for this whole complex, and they are including a one car garage in this sale.

Here are links to the listings, these are the lowest priced 3 bedroom lakefronts with rare lake views!

Unit #49 Crystal Shores West

Unit #45 Crystal Shores West