Incline Village Real Estate Update Feb 6, 2009

While the Senate hashes out a $780 billion economic stimulus package in Washington, buyers and sellers in Incline Village are forging deals of their own in our micro-market. In the past two weeks, 25 new listings came onto the Incline Village and Crystal Bay market, including 8 homes, 8 condos, 7 townhomes (PUD), 1 new investment property, a 5-plex was also listed and 1 lot- see below for links to these listings. There were 32 price changes including 14 homes, 13 condos and 5 townhomes. In these past two weeks, 5 homes and 1 condo sold and there were 5 new escrows including 209 Robin, 801 Northwood, 101 Red Cedar, 629 Village, and 620 Martis- an Intero short-sale listed at $3.75 Million (16 total in contract currently).

The market may be moving more slowly, but patient buyers are finding the right deals and closing them. It is encouraging that we can still measure a bottom line on value. Homes with lake views, those with potential on nice lots, homes close to the Lake and quality new construction are still sought after at a fair price. We have not seen such a selection of new construction available at a steep discount. You may not have to wait for the “market bottom” in another 12 to 18 months, many sellers can’t wait, and you can negotiate a great selling price if you work with an agent that knows what they are doing. Make sure you ask the right questions, and know that your agent is dealing with the right party- it may be a loss mitigator in the case of a short sale, make sure your agent knows the loan amounts to determine whether is a short sale. Don’t assume the listing agent has done their homework.

New Listings

Homes:
966 Agate Court $1,299,000
645 14th Green Dr $1,975,000
807 Snead $1,295,000
803 Jennifer $599,000
194 Tramway Road $1,299,000
637 Woodridge $1,600,000
644 Tyner $621,000
609 Doeskin Ct $2,150,000

PUD’s:
Incline Creek Estates- 4 listings at $1,200,000
(Call me for a great Incline Creek Buy priced under $1 Million!)
722 College Incline Crest #96 $399,000
1442 Berne Ct $1,395,000
841 Tanager $759,000

Condos:
333 Ski Way Ridge #259 $319,000
400 Fairview Bitterbrush #115 $450,000
908 Harold Fairway Pines $489,000
400 Fairview Bitterbrush #99 $599,000
939 Incline Way McCloud #195 $525,000
825 Southwood Pines #115 $219,000
929 Southwood Tahoe Sierra Pines #10 $465,000
827 Robin #5 $289,000

Lot:
382 Willow $365,000

Investment:
398 Willow $699,000

Homes Sold
1005 Apollo listed $2,100,000 sold $1,900,000 2/02/09 290 days on market
687 Bridger listed $685,000 sold $660,000 1/23/09 191 days on market
758 Tyner listed $2,495,000 sold $2,005,000 1/29/09 127 days on market
600 Tyner listed $3,995,000 sold $3,600,000 1/30/09 269 days on market- nice work Phil!
88 Shoreline Circle $2,695,000 sold $2,050,000 1/27/09 138 days on market

Condos Sold
680 Wilson Way listed $459,000 sold $400,000 1/20/09 178 days on market