Posts Tagged ‘incline village home sales’

Incline Village and Crystal Bay, Nevada Luxury Market Update

Friday, March 18th, 2016

In all, the luxury market over $2 Million in Incline Village has remained steady for the past year. There have been three stand-out sales, one mountainside sale last May at $12 Million, and two lakefront sales this winter at $10.7 and $25.25 Million.  Of note, sales for the upper end of our Incline Village and Crystal Bay market occurred fairly evenly throughout this past year, with one or two sales in every month since the end of 2014. One reason for this may be new Nevada residents benefiting from tax status for purchasing around the beginning of the year. Inventory tends to rise in the spring and summer, dropping in the winter, so there are fewer homes available on the market in the winter month for buyers actively looking to purchase.

Luxury Home Sneak Preview

Incline Village Lake View Home- Sneak Preview

Mountainside Area $2 Million- $4 Million

The Mountainside Area of Incline Village includes all homes above Tahoe Blvd. in Incline Village, Nevada. Activity has been steady with 2 sales and 1 pending sale with 15 days left in the first quarter of 2016, compared to 2 total sales in the first quarter on 2016.

There have been just two sales in the Mountainside area over $2 Million year to date. 405 Tracy sold at asking price of $2,995,000 on February 12 after 7 months on the market. 733 Champagne Rd. also sold in February for $2,3000,000 with a list price of $2,395,000 after 8 months on market. There is one listing at 819 Ellen Ct. that is in escrow, list price $2,395,000. There are another 19 active listings currently on the market in this price range, and 16 homes in this price range that have sold since December 2014.

Average list price for these homes is $583 per sq. foot and sales price is $499 per sq. foot for an average 4,800 sq. foot home with 5 bedrooms, 4.5 baths and 3 car garage. The sales price per sq. foot ranges greatly from $358 per sq. foot up to $857 per sq. foot. Location, condition of the home, and lake views are important factors impacting pricing.

Custom Lakeshore Blvd. Home

606 Lakeshore Boulevard, Incline Village, NV

Lakeshore Area $2 Million- $4 Million

The Lakeside Area includes non-lakefront homes in Lakeview Subdivision, Millcreek, and Lakeshore Blvd. below Tahoe Blvd. in Incline Village. Activity has been steady with 1 sale and 1 pending sale with 15 days left in the first quarter of 2016, compared to 3 total sales in the first quarter on 2016.

There has been just one sale in the Lakeshore area over $2 Million year to date, excluding the lakefront Sierra Star estate that sold for $25.25 Million in January. 877 Ophir Peak sold for $2,250,000 in just over 7 months on the market, it was listed at $2,300,000. 1132 Lakeshore Blvd. is a new listing on Feb. 8 that is currently in escrow, list price $3,495,000.There are just 4 other active listings on the Lakeshore area market (non-lakefront), and 13 homes in this price range that have sold since December 2014.

Average list price for these homes is $726 per sq. foot and sales price is $694 per sq. foot for an average 4,333 sq. foot home with 4 bedrooms, 4.5 baths and 3 car garage. The sales price per sq. foot ranges greatly, from $477 per sq. foot up to $897 per sq. foot. Location, condition of the home, and views are important factors impacting pricing.

Incline Village Lakefront HOA home

1565 Vivian Lane, Incline Village, Nevada

Lakefront and Estate Sales over $4 Million

There have been 5 sales in Incline Village from $4 Million to $25 Million since December 2014, 2 of these were direct lakefront homes, including 73 Shoreline Circle which sold for $10.7 Million and 1131 Lakeshore “Sierra Star” estate comprised of 3 homes plus a 60 car garage with guest apartment on nearly 3 acres which sold for $25.25 Million in January. There were also 2 shared lakefront HOA properties at 1535 Debra that sold for $5 Million and 1680 Pine Cone Circle that sold for $5.79 Million. There was one, non-lakefront sale at 703 Champagne, a 16,000 sq. foot home on 5 acres that sold for $12 Million.

790 Fairview Blvd.

790 Fairview Blvd., Incline Village, Nevada

There are currently only 3 direct lakefront homes listed for sale currently in Incline Village, with pricing ranging from $10.45 Million to $23.9 Million. There is one shared lakefront HOA listing at 1580 Vivian Lane priced at $7.7 Million, and two other Mountainside homes at 790 Fairview Blvd. and 600 Tyner Way priced between $5 Million and $6 Million.

There is also one shared lakefront HOA listing at 1520 Vivian Lane for $3,645,000 currently, and there were 3 lakefront sales under $4 Million in 2015.

There is a larger inventory of lakefront homes for sale in Crystal Bay, Nevada, with pricing between $6 Million and $40 Million. Average pricing varies greatly, with the highest sales price at $2,000 per sq. ft. for a 5,300 sq. foot lakefront home built in 1994 with log detail and a pier. The two off-lake, HOA shared lakefront sales were in the $1,200 per sq. foot range for between 4,000- 4,800 sq. feet of living space.

Lake Tahoe 2015 Real Estate Home Sales

Friday, January 15th, 2016

Spanning 72 miles of Lake Tahoe shoreline, two state lines and a handful of California and Nevada counties and four multiple listing services, the Tahoe, Truckee and surrounding area real estate market is about as diverse as the area’s recreational offerings. Market trends can vary dramatically from neighborhood to neighborhood.

Incline Village, Nevada

Non-Lakefront Properties

The incline Village Crystal Bay market is leveling out since our first post recession, come-back year in 2013. Although median pricing has generally declined in 2015, pricing per square foot has steadily increased for the past 3 years providing a solid market basis for sales.

For single-family homes off the Lake, median sales price increased by 12% in 2014 to $995,000 and dropped 8% in 2015 to $917,500. However, a notable estate sold on the Eastern Slope for $12 Million last year, nudging up the average sales pricing 6% for 2015. The number of sales dropped 25% from 191 in 2013 to 143 in 2014, and fell another 5% to 136 in 2015. However, price per square foot has increased steadily for the past three years from $359 in 2013, to $392 in 2014, and to $405 in 2015.

Non-Lakefront condominium median price increased 6% to $429,000 in 2014 but dropped 2% to $420,000 in 2015. The number of sales decreased 19% from 225 in 2013, to 182 in 2014, but rose 20% last year with 219 sales in 2015. Price per square foot has risen steadily from $284 in 2013, to $3011 in 2014, to $306 in 2016.

Lakefront Properties

Lakefront properties comprise a small portion of our market, yet are a strong indicator for luxury home sales. We still see strength in pricing on relatively low inventory. Of note, there are currently only 3 direct lakefront homes listed for sale currently in Incline Village, all priced above $10 Million.

Lakefront home sales have dropped in quantity with 14 sales in 2013, 8 sales in 2014, and 6 sales in 2015, however the notable lakefront estate “Sierra Star” sold in the first week of 2016 for $25.25 Million which is the highest sales price in 3 years. There are currently 13 lakefront homes listed on the MLS ranging in price from $2.7 to $39.8M, and a $6 Million listing currently in escrow. Note that the data includes both direct lakefront homes and shared HOA lake frontage, so median pricing varies widely based on location, lake frontage and quality construction. The lowest price direct lakefront in Crystal Bay is currently priced at $8.3 Million, and the lowest priced of only 3 direct lakefronts available in Incline Village is priced at $10.5M. Average price per square foot has varied widely, ranging from $1,349 to $1,632 per square foot in the past 3 years.

Lakefront condo sales dropped from 14 in 2013, to 13 in 2014, down to just 7 in 2015. Sales pricing ranged from $530,000 to $2.2 Million in 2015. There are currently 6 lakefront condos n the MLS ranging in price from $975,000 to $4.1 Million. This relatively small data set to compare median pricing, as the size and location impact pricing greatly. Average price per square foot, however, has ranged from $816 to $897 in the past 3 years with the highest sales price at $6.7 Million in 2014.

A relatively strong supply of inventory in our Incline Village and Crystal Bay real estate market has impacted pricing and length of time on market. In the past 3 years, days on market has dropped from over 300 down to just over 130, on average signaling a more balanced buyer and seller market . The demand for properties in incline Village Crystal Bay can shift for various reasons, growth or stagnation in Northern California and surrounding areas, weather patterns or winter drought. Currently, the Bay Area economy is thriving and Northern Nevada is growing and drawing much attention for new business entering the area. A return to normal winter snowfall has also been a boon to local ski areas and our economy, driving strong vacation rentals. These positive factors should continue to contribute to steady real estate sales growth for the foreseeable future.

Lake Tahoe 2015 Real Estate Sales Data

North & West Shore
East Shore
Incline Village
Reno
Truckee
South Lake

Incline Village Luxury Market Update

Friday, October 9th, 2015

536 Fairview OfficeListings and Sales over $2.5 Million through Third Quarter 2015- Non-lakefront

Incline Village Luxury Market Report
click link to view listings and sales report

 

The Incline Village luxury market over $2.5 Million has held steady this year, with an average of 5 sales per quarter in 2015. The majority of sales occurred in September, with 4 sales closing escrow in the month, and another 2 sales slated to close in October. Fall is typically the strongest season for closings, and this year may prove to follow suit, with quality construction and lake views being at the top of the list.

 

 

Incline Village Luxury Market Report

Year to Date Summary:

15 total sales

2 pending sales

23 active listings

There were 10 sales in the first half of this year, and another 5 sales in the 3rd quarter of 2015. Five of these sales were priced over $3 Million, with one additional sale at $12 Million for a 5 acre estate at 703 Champagne on the Eastern Slope. There are 2 sales pending currently in the $3M to $4M range.

Of the 23 active listings, nearly half of these are priced over $3 Million, where as only one third of the sales this year are priced in this range. The highest priced active listing in this category, non-lakefront, is $5.9 Million. This larger inventory in the above $3 Million market gives buyers an opportunity to select from a wide range of homes and locations. Nine of these listings are located down in lakeside neighborhoods, 14 of them are higher elevation homes.

The average listing price for this range is $698 per sq ft, and sales price for the 15 homes closed is $660 per sq ft. The average size of listings and sales in this range is 5,238 sq. ft. with 5 bedrooms, 5.5 baths and 3 car garage on .63 acres. All but 12 of the 38 listings and sales have lake views, and average age of the homes is 22 years mainly remodeled or newer construction.

Sotheby’s boasts 30% of all listings and sales at this price point, with an internationally renowned marketing program and global media partners. The average time on market for listings and sales at this price point is 328 days, so it is common for homes to be active for close to a year before they sell.

In summary, buyers in this $2.5 Million and above price range will find larger, remodeled or new construction homes over 5,000 sq ft with an average of 5 bedrooms and baths, 3 car garages larger lots over 1.2 acre, mainly lake views with some limited to mountains and trees, and a few with golf course views. 80% of these homes have either been remodeled or are less than 15 years old, and the homes in older condition are almost all priced below $3 Million.

At the current pace of sales with 5 per quarter, we project 20 sales of the current 38 listings, just over half of the inventory, will sell this year. Buyers should note that quality construction and lake views are sought after commodities in our tax-friendly Incline Village, Nevada market. As we move into the fall season, buyers and sellers tend to make decisions motivated by year-end financial planning. Many sellers are motivated to move ahead of winter, and this can translate to great value for the savvy buyer.

 

Tahoe Homes Sales Increase up to 50% on Lower Prices, Third Quarter 2012

Tuesday, October 16th, 2012

 

View all Tahoe sales data in the Third Quarter Tahoe Market Reports

“Although median and average pricing are effectively lower, values are not necessarily declining. Buyers are favoring lower priced condos and homes, thus impacting the average pricing. In Incline Village, the number of condo sales under $500,000 increased by 50% in 2012, and home sales under %700,000 increased by 85% through the third quarter in 2012. This shift shows bargain hunters looking for best buys in the market, while there is a large inventory of higher priced properties. We are also seeing bargain hunters in the luxury market find relative values between $1-$2M. See Incline Village Price Banding Graph for details” Lexi Cerretti

Incline Village & Crystal Bay, Nevada- Home Sales Increase 50%, Buyers Favor Lower Priced Homes
Single Family Homes- Non-Lakefront

View Incline Village & Crystal Bay Summary

Single family home prices continue to edge down, dipping 6% in median price and 8% in average price year-to-date in 2012, from the first nine months in 2011. However, sales volume has picked up dramatically, with 106 home sales so far in 2012 compared to only 71 for this period in 2011, an increase of nearly 50% in sales volume. Price range has also increased, with the highest priced non-lakefront sale at $5,875,000 on Ponderosa Ave. in 2012 compared to a $4,400,000 sale on Eagle Dr. in 2011. Average days on market was down 4% and sales price averaged 92% of list price, an increase of 3%.

Absorption rate, or time it will take for current market inventory to sell, has been dropping as home sales increase. We are down to just over 12 months of inventory, with 144 active listings remaining for single family homes.

Condos & PUD’s- Non-lakefront

Condo sale prices also continued to decline, down nearly 16% in median price and 11% in average price year-to-date 2012, from the first nine months in 2011. Similar to single family sales, the number of units sold jumped 34% to 125 sales in 2012 compared to only 93 for the same period in 2011. The highest priced unit sold was $879,900 in Tyrolian Village in 2012, as compared to a $1,121,001 sale in Incline Creek Estates in 2011. Average number of days on market dropped nearly 7%, while sales price remained at 95% of list price.

Absorption rate was down to just over 9 months of inventory, with 130 listings remaining on the market, a positive sign reflecting the increasing number of sales as buyers return to the market.

Lakefront Homes & Condos- $29.5 Million Lakefront Estate in Escrow

Lakefront sales were limited to just 2 homes in Crystal Bay and 2 condos in Incline Village for the first 9 months of 2012, compared to 7 sales at this time last year. With so few sales, the data is not statistically significant. Median price jumped 71% while average price moved up 37%, reflecting far fewer low priced lakefront condo sales that we saw in 2011 (only one). It is notable that the average days on market for lakefront properties is 649, nearly 2 years, which is up over 16% from 2011.

The highest priced home sale so far in 2012 was on Northlake Circle at $8,550,000 while another lakefront short sale on Northlake Circle sold for $3,490,000. These sales are comparable to 2011, with the highest price Lakefront sale at $9,050,000 on Lakeshore Blvd. and a $3,200,000 sale on Pine Cone Circle. The lakefront market for single family homes has remained steady, with only 2 sales through the third quarter for both 2011 and 2012.

Lakefront condo sales for 2012 dipped, with only 2 sales to date in 2012 as compared to 5 sales for the period in 2011. To date in 2012, a Crystal Shores West unit sold for $1,310,000 and a Crystal Shores Villas unit sold for $750,000 (I represented the Seller). For the same period in 2011, we saw 5 condo sales ranging in price from $670,000 to a $2,250,000 sale at Crystal Bay Cove (I also represented the Seller in this sale).

The absorption rate for lakefront homes and condos lies at 84 months of inventory remaining, at the current rate of sale. There are 37 active lakefront listings on the market.

A notable estate at 593 Lakeshore is in escrow with a list price of $29,500,000. This is an 8 acre lakefront estate with 3 homes, 670′ of lake frontage, sandy beach, pier and boat buoys on a prime location in Incline Village, Nevada. This will be the highest priced sale for Incline Village in the past decade, and will show support for real estate market pricing around Lake Tahoe.

Summary

The sharp increase in single family home, condo and PUD sales in Incline Village and Crystal Bay is a positive sign for this real estate market. As of September 30, there were 64 pending sales, including 20 short sales and 12 properties listed at over $1,000,000 in the Incline Village MLS. With interest rates at all-time lows and home prices as low as we’ve seen in nearly a decade, home buyers are picking up great deals in this market. As inventories decline and the market continues to stabilize, pricing will rebound in this area which is nearly built-out. New construction is almost entirely limited to existing home sites, so it will not play a factor in diluting the inventory as it might in areas where construction is rebounding.

Lake Tahoe East Shore, Nevada- Home Sales Increase 40%, Prices Decline

View Tahoe East Shore Summary

Single Family Homes- Non-Lakefront

Single family home prices declined 23% in median price and 24% in average price year-to-date in 2012, from the first nine months in 2011. However, sales volume has jumped by 40%, with 74 home sales so far in 2012 compared to only 53 for this period in 2011. Price range decreased, with the highest priced non-lakefront sale at $2,171,000 in 2012 compared to a $6,237,000 sale in 2011. Average days on market was down 24% and sales price averaged 92% of list price, an increase of 1%.

Absorption rate includes nearly 14 months of inventory, with 113 listings remaining on the market.

Condos- Non-lakefront

Condo sale prices also continued to decline, down nearly 12% in median price and 18% in average price year-to-date 2012, from the first nine months in 2011. Unlike single family sales, the number of units sold dropped slightly to 32 sales in 2012 compared to 36 for the same period in 2011. The highest priced unit sold was $887,000 in 2012, as compared to a $1,275,000 sale in 2011. Average number of days on market was nearly unchanged at 274, and sales price averaged 94% of list price, an increase of 3%.

Absorption rate was nearly 20 months of inventory, with 70 listings remaining on the market, reflecting a still relatively high number of listings on the market.

Lakefront Homes & Condos

Both the median and average price for lakefront homes and condos dropped by just over 30% with only 3 lakefront sales so far in 2012, as compared to 8 for this period in 2011. With so few sales, the data for lakefronts isn’t statistically significant. The highest priced sale for 2012 was $5,275,00 compared to a $9,950,000 sale in 2011. The lowest priced sale was $2,175,000 in 2012, nearly unchanged from the previous lowest priced lakefront sold at $2,150,000 in 2011.

There are currently 24 active lakefront listings for sale in this area, with an absorption rate of nearly 73 months, about 11 months less than the supply of Incline Village and Crystal Bay lakefronts on the market.

Summary

The East Shore communities of Lake Tahoe saw a big increase in the number of single family home sales for the first 9 months of 2012, jumping 39% over 2011. Following the trend for other Tahoe communities, sales prices continued to decline for homes and condos. Lakefront sales declined in 2012, with only one sale over $5 Million compared to 4 sales priced over $5 Million in 2011. In this luxury market, buyers have an opportunity to purchase into an area where new construction is extremely limited. Most of the East Shore of Lake Tahoe is forever wild, and there is a finite inventory of homes. As demand increases and supply dwindles, pricing will be driven up for areas like Glenbrook, Nevada, which has held the title of most expensive zip code in the U.S.

Lake Tahoe West Shore, California- Number of Sales Increase, Prices Drop

View Tahoe West Shore Summary

Single Family Homes- All

Single family home prices declined 17% on average price year-to-date in 2012, from the first nine months in 2011. The average sales price of $760,804 includes both lakefront and non-lakefront homes for the north and west shores of Lake Tahoe, CA. However, sales volume has jumped by 33%, with 109 home sales so far in 2012 compared to only 73 for this period in 2011.

Condos- All

Condo sale prices also continued to decline, down 49% in average price year-to-date 2012, from the first nine months in 2011. The average condo price is down to $290,611 in 2012 from $434,200 in 2011 on low volume. The number of units sold increased by 26% in 2012 to 27 sales compared to 20 for the same period in 2011.

Truckee, Squaw, Alpine & Northstar Ski Areas, California- Home Sales and Pricing Steady, Condo Prices Rise

View Truckee, CA Summary

Single Family Homes

Single family home prices were flat year-to-date in 2012, from the first nine months in 2011. The average sales price of a single family home for 2012 was $568,522. Sales volume dropped a mere 2% with 181 home sales so far in 2012 compared to only 184 for this period in 2011.

Condos

Condo sale prices increased, up 30% in average price year-to-date 2012, from the first nine months in 2011. The average condo price is up to $480,623 in 2012 from $337,078 in 2011. The number of units sold increased by 25% in 2012 to 53 sales compared to 40 for the same period in 2011.

Lakefront Homes and Condos

The average price for lakefront properties on Tahoe’s West Shore increased from $3,148,386 in 2011 to $4,073,353 in 2012, an increase of nearly 30%. Sales volume has remained steady with 14 lakefronts sold both in 2011 and 2012 for the third quarter.

Lexi Cerretti is a licensed NV Realtor at Sierra Sotheby’s International Real Estate in Incline Village, Nevada. All data compiled from the NNRMLS, Tahoe Sierra MLS published data and Incline Village MLS, deemed reliable but not guaranteed.

Incline Village 2011 Home Sales Report

Thursday, February 2nd, 2012

Single Family Homes

Higher-end sales continue to fall, $500,000 and under price range stabilizing. Median home price stable at $306 per sq. ft.

The number of single family home sales in Incline Village took a tumble in 2011, down 17% from 2010. The hardest hit sector was the $1M to $2M price range, units sold was off 32% from 2010. The low end of the market fared much better, with homes sold between $250,000 and $500,000 nearly on par with 2010.

The median sales price of single family homes dropped 8% to $771,500 while the average sales price dropped significantly, off 14% to $1,238,514, reflecting the lack of high-end sales. There were only 3 lakefront sales in Incline Village and Crystal Bay in 2011, compared to 7 in 2010. However home sales with panoramic lake views jumped 75%, showing a preference among buyers for this feature, above all others.

Perhaps a better metric to look at is the median price per square foot, as the type and size of homes sold can sharply impact the sales prices. The median single family home price per square foot was only off 2% to $306 in 2011. This shows with the exception of the high end of the market, the mid-range is selling nearly on par in sq. ft. pricing as 2010. This is indicative of a flat market, where the high end has come down significantly in pricing, but pricing has stabilized in the low end of the market.

On a positive note, the number of short sales dropped 11% in 2011, and cumulative days on market (factoring homes that were relisted) dropped 40% to 233 days, although this listing period is still quite high compared to other regions.

The most popular neighborhoods for home sales in 2011 were Lake View Subdivision within walking distance of Lakeshore Blvd. and Burnt Cedar Beach, followed by Upper Tyner and Ponderosa with several lake view homes. This was a reversal from 2010, where the most homes were sold in Jennifer, the Championship Golf Course area, and Lower Tyner. Fifteen homes sold over $2M in 2011, the highest sales price was $9,050,000 for 935 Lakeshore Blvd., a prime beachfront estate with 11,551 sq. ft. living area.

PUDs (freestanding townhomes)

Under $1M sales dominated in 2011 fetching a lower sales prices, number of units sold stable while median price per square foot drops to $259.

The number of PUDs sold is on par with 2010, dropping only 3% (only 1 less unit sold). 2011 sales numbers were actually up in the under $1M range, but higher end sales over $1M far fewer than 2010. Relative to the drop in high end sales, median sales price dropped 42% in 2011, but median price per square foot was only off by 14% to $259. There were several in “The Glen” in 2010 in the $1- $2M price range that elevated sales #’s for 2010. Cumulative days on market dropped 10% to 328 in 2011 (still high), and shorts sales were up- 1 additional unit in 2011.

The most popular complexes in 2011 were Tyrolian Village/Tyrolia, followed by Incline Creek Estates and Country Club Villas. Only one sale closed for over $1 Million in 2011, a newer construction, four bedroom Incline Creek Estates unit by the creek sold for $1,121,001 in June.

Condos

$500,000- $1M condo sales jump with pricing up slightly, median price per square foot at $238.

The number of condos sold in 2011 in the $500,000 to $1M price range jumped 73% in 2011, where the number of sales both above and below this price range dropped. Average price was actually up 2% in 2011 with average price per square foot stabile at $272. There were 10 lakefront condo sales in 2011, up from 6 in 2010. The number of short sales dropped in half in 2011, and cumulative days on market was up 13% to 318 days.

The most popular complexes in 2011 were McCloud, followed by Bitterbrush, Third Creek and Forest Pines. Only four condos sold over $1M in 2011, the highest priced sale was $2,250,000 for a beautiful, three-story Crystal Bay Cove unit on the Lake that I represented the Seller for last January.

January, 2012 Market Update

305 active listings- 152 homes, 40 PUDs, 113 condos. 57 priced over $2 Million, 66 priced $1- $2 Million, and 182 priced under $1 Million.

39 listings in escrow currently- 21 homes, 4 PUDs, 14 condos. This includes 6 properties over $1M, one of which is a lakefront in Crystal Bay priced at $3.5M (nearly half of its original list price in 2007 of $6.25M)

19 sales for January, 2012- 9 homes, 2 PUDs, 8 condos. 3 priced over $1 Million, 9 priced $500K – $1 Million, 7 priced < $500,000.

Data from Incline Village, NV MLS, deemed reliable but not guaranteed.

follow on Facebookfollow on Google +follow on LinkedInfollow on Twitterfollow on Pintrestfollow on YouTube