Bryan Wallpe, RPM, Video of Fed. Purchase Program for Mortgage Backed Securities

(click to view the video)

Wednesday, Sept. 21- The Federal Reserve announced they will invest $400B in funds to purchase long term treasuries and mortgage back securities, and will sell short term treasuries. Mortgage Backed Securities traded up nearly 125 basis points near the close of the market on Wednesday, breaking out to a new all time high. Mortgage rates move in the opposite direction, so borrowing rates are nearing all time lows and likely trending lower. This was a surprise to investors with fears that more stimulous spending is yet another sign of the weak economy, but another opportunity for buyers to take advantage of the combination of historically low interest rates and a large inventory of homes and condos with motivated sellers! View Wall Street Journal’s update on the MBS market as of Thursday, Sept. 22

This is good news for buyers who have a wide selection of property, motivated sellers, and historically low interest rates. Currently, there are 227 active single family homes, 155 condos, and 61 PUD’s (townhomes) listed for sale in the Incline Village- Crystal Bay market. 162 properties have sold so far in 2011 which is an average of about 18 sales per month for the first 9 months of 2011. With 36 properties in escrow currently, this represents a jump in the number of anticipated sales in the next month or two. We have seen an increase in showings in Septemeber and this fall will be telling for the number of property sales, as many buyers look through the summer while the inventory is large, and make their decision to purchase before the snow flies.

Listings, Pending Sales, and Sales Averages Year to Date
click to view all listing and sales data

Incline Market changes past 30 days:
31 new listings

9 home sales

11 new escrows

Active Listings
46 listings < $700K, average price per sq ft $318
41 listings $700K- $1M, average price per sq ft $344
38 listings $1M- $1.5M, average price per sq ft $406
26 listings $1.5- $2M, average price per sq ft $411
32 listings $2M- $3M, average price per sq ft $582
20 listings $3M- $7M, average price per sq ft $646
25 Lakefront listings, average price per sq ft $2,073
Total of 228 Active Listings

Total of 25 Current Pending Sales
Average list price is $825,718 and price per sq ft is $309

Sales Year to Date, Sept. 6, 2011
37 sales up to $1M, average price per sq ft $283
13 sales $1M- $2M, average price per sq ft $378
12 sales $2M- $10M, average price per sq ft $528
Total of 62 Sales YTD 2011

Join Intero Real Estate today for our Poker Run Open House! A great selection of Incline Village homes on the market and a chance to win an Apple Ipad2. The tour runs from 3-6pm Saturday, August 20th. View the tour map and listings online.

Intero Poker Run Map
Poker Run Property List

CANCELLATION OF DEFAULT (Removed from list)
422 Gonowabie, Crystal Bay, APN 123-145-13, TS#11-0052485, Rec. 7/29/11

SOLD (Removed from list)
1357 Valais, APN 126-470-04, TS#NV-10-396534-CT, Rec. 7/29/11 – Sold for $240,000
929 Northwood – Third Creek #6, APN 132-061-23, TS#NV09573831, Rec. 8/1/11 – Sold to third party at Trustee’s Sale for $392,600

NEW REO:
966 Little Burro, APN 128-032-03, TS#1276247-15, Rec. 8/3/11, Pacific Loan Pool LLC, 222 W. Las Colinas Blvd., #1252 E, Irving, TX 75039

NEW NODs:
1079 Mill Creek Rd., APN 130-202-26, TS#141146NV, NOD Rec. 8/1/11
631 Village, APN 129-390-06, TS#11-03135-3 NOD Rec. 7/22/11
702 Golfers Pass, APN 128-241-18, TS#NV08000265-11-1, NOD Rec. 7/22/11
458 Winding Way, APN 124-043-61, TS#11-0058516, NOD Rec. 7/21/11
1098 Lucerne, APN 126-082-58, TS#11-31638-WA-NV, NOD Rec. 7/19/11
725 Fairview – Incline Pines #39, APN 126-301-01, TS#NV1100037084, NOD Rec. 7/19/11

NEW NOTICES OF SALE:
968 Granite Ct., APN 128-060-08, TS#11-40523-WF-NV, NOD Rec. 3/10/11– TRUSTEES SALE POSTPONED UNTIL WED. 9/7/11 AT 11AM
900 Golfers Pass #2, APN 129-330-02, TS#146091NV, NOD Rec. 3/15/11– TRUSTEES SALE SCHEDULED ON MON. 8/15/11 AT 11AM
1513 Tirol Dr., APN 126-580-13, TS#11-0012899, NOD Rec. 2/23/11 – TRUSTEES SALE POSTPONED UNTIL WED 8/17/11 AT 11AM
820 Oriole – Royal Pines #56, APN 132-252-33, TS#11-0002887, NOD Rec. 1/20/11– TRUSTEES SALE POSTPONED UNTIL THURS. 9/1/11 AT 11AM
309 Cottonwood Ct., APN 124-921-123, TS#144222NV, NOD Rec. 12/15/10 – TRUSTEES SALE SCHEDULED ON WED 8/10/11 AT 11AM (New to list)
781 Mays, APN 127-090-02, TS#10-0157120, NOD Rec. 12/6/10 – TRUSTEES SALE POSTPONED UNTIL FRI. 9/2/11 AT 11AM
707 Golfers Pass, APN 128-243-05, TS#143777NV, NOD Rec. 11/23/10 – TRUSTEES SALE ON. 8/15/11 CANCELLED
780 Geraldine, APN 125-244-36, TS#143550NV, NOD Rec. 11/15 – TRUSTEES SALE ON 8/16/11 CANCELLED
520 Lucille, APN 124-063-15, TS#10-0122594, NOD Rec. 9/23/10 – TRUSTEES SALE ON 8/22/11 CANCELLED
751 Tahoe – Toepa #19, APN 132-191-01, TS#141587NV, NOD Rec. 8/12/10 – TRUSTEES SALE POSTPONED UNTIL WED. 8/24/11 AT 11AM
830 Oriole – White Pines Condo #16, APN 132-251-16, TS#8/9/5554, TS#10-06-7158-NV, NOD Rec. 11/6/08, 4/8/10, & 7/8/10 – Bank & HOA – TRUSTEE’S SALE POSTPONED UNTIL WED. 10/5/11 AT 11AM
720 Lynda Ct., APN 124-043-39, TS#1286250-11, NOD Rec. 6/22/10 – TRUSTEES SALE SCHEDULED ON WED. 8/10/11 AT 11AM
751 Tahoe Blvd. – Toepa #25, APN 132-192-01, TS#10-30888-FF-NV, NOD Rec. 3/22/10 – TRUSTEES SALE POSTPONED UNTIL MON. 9/12/11 AT 11AM
801 Tahoe Blvd. #3, APN 132-270-03, TS#10-40612-WFR-NV, NOD Rec. 2/10/10 – TRUSTEES SALE SCHEDULED ON THURS. 8/18/11 AT 11AM
978 Glenrock Dr. #59, APN 131-021-25, TS#132807NV, NOD Rec. 3/24/09 – TRUSTEES SALE POSTPONED UNTIL WED.9/7/11 AT 11AM

Incline Home Sales In Line with 2010, Condo’s and PUD’s Mixed

The 2011 year-to-date number of sales and median price for Incline Village single family homes has been roughly in line with the same period for 2010. Condo sales have dropped slightly, but both median and average prices are up for 2011, 7% and 14%, respectively. The number of PUD (townhome) sales has dropped to nearly half, with pricing down 44%. It is a mixed market, but I anticipate an increase in sales as there are currently 50 properties in escrow.

 Single Family Homes Sales

 39 homes sold year to date in 2011 with a median sales price of $900,000. The average sales price of $1,499,151 is skewed towards the high end with one lakefront sale at 935 Lakeshore losing at $9,050,000. Median price per square foot is $315 for 3,340 sq. ft. There are currently 21 homes in escrow with 205 active listings on the market.

 44 homes sold for the same period in 2010 with a median sales price of $892,500. The average sales price of $1,706,875 was skewed to the high end with two lakefront sales at $11.3MM and $11.8MM. The median price per sq. ft. was $322 for 3,059 sq. ft.

Condo Sales

45 condos have sold YTD 2011 with a median sales price of $357,000. The average sales price of $417,662 was weighted towards the higher end with one lakefront condo sale at $2,250,000. Median price per sq ft was $247 for 1,468 sq ft. There are currently 20 condos in escrow with 154 active listings on the market.

51 condos sold for the same period in 2010 with a median sales price of $332,500. The average sales price of $360,017 was skewed towards one higher end lakefront sale at $1,850,000. Median price per sq ft was $249 for $1,332 sq ft.

 Freestanding PUD sales

12 PUD’s (or freestanding townhomes) have sold YTD 2011 with a median price of $540,000. The average sales price of $599,792 is weighted towards one higher end unit at Incline Creek Estates that close at $1,121,001. Median price per sq ft was $278 for 2,119 sq ft. There are currently 9 units in escrow with 55 active listings on the market.

21 PUD’s sold for the same period in 2010 with a median sales price of $815,000. The average sales price of $791,415 was weighted towards 9 lower end sales under $800,000. Median price per sq ft is $300 for 2,566 sq ft.