Chalk up another month of summer! We have just come to the end of our first month into the third quarter.

Sales are picking up slightly and prices are coming down daily.  I had a chat with an agent in my office who has been looking for a lake front property with a pier for over a year for her client. The client recently flew in to review the slim inventory and was very frustrated!  He has 15 million cash and can not find anything which does not require extensive repairs or has no pier. It is an unusual situation indeed!

My bloging has been remiss, we recently attended a family reunion at the Russian river taking us out of town for 4 days. Chris’s relatives joined us for wine tasting tours,  a concert at the famed Bohemian grove and a tour of the redwood forest. It is a beautiful area and a step back to the 70′s where tied died shirts are still in fashion. Food was the main event since it was a reunion on Chris’s side of the family and Greeks love to eat!

Now onto what has been happening with real estate. Nine sales occurred in July Residential Closings

this brought the total number of sales for the year to 57 

highest sale=3,900,000 Median=1,075,000     Lowest=560,000.

Five condo’s were listed for sale this week the most interesting is a Village Highlands located on Village Blvd. close to the beach and Hyatt hotel. Spacious units- older complex listed at $1,125,000 .

Back for its fourth listing appearance is Couer du lac unit number 33- listed for $545,000 well under the over ambitious price it started at a year ago of $675,000.  

View both of these listings

Market overview

268 homes               193 Condominiums             66 Planned unit develepments

6 sales pending        8 sales pending                     4 sales pending

57 closed                  34 closed                               14 closed

Hiking -

I took a day last week and went from Spooner Lake to Marlette Lake  and down Tunnel Creek, putting in about 14 miles. It is a beautiful time of year to hike. I recommend setting  out early in the morning 7 to 8 am and you’ll find yourself inbearable heat. The wildflowers are in full color and the Marlette lake was a great swimming spot for my dogs. You can’t beat the lake views as you crest tunnel creek and really appreciate the deep blue Sand Harbor offers.

Plan a trip up to the lake- Shakespheare at Sand Harbor is in full swing.    

This is a custom built home by Paul Zahler, considered one of the best builders in Incline Village. Because this home it listed as a Planned Unit Development, it is often overlooked when agents are searching of a single family residence. In my opinion, this is the best value to be found in a custom home. You can walk to the Incline Tennis Courts, the Lake Tahoe School, Incline Middle School, the Rec Center as well as the soccer fields and beach. Just click on the link to learn more.

CP PUD CUSTOMER DETAIL

CP RES CUS DETAIL

We have enclosed a link for your review.  In a nut shell here is the reason these are great buys.

1075 Flume Road reduced to $789,000.  Great location by the Hyatt.  Just about lot value with a free home.

952 Fairway Park Drive.  On the golf course built in 2006 for $1,195,000 located on the 10th fairway of the Championship Golf Course.  New construction.

1005 Apollo Way  Remodeled, 5,000 square feet with five bedrooms and an great lakeview.  All this for $2,000,000.

Condominium sales totaled 29 for the first 2 quarters of 2008. The breakdown below shows the hottest selling price was $400,000-$500,000 with 9 units followed by 7 units sold between $500,000-$600,000 .

Mountain Shadows & Bitterbrush tied with 5 sales in each complex. Mountain Shadows median price was $395,000 – These are spacious units with 3 bedrooms some with a garage. The complex was built in the early 70′s, there are several small pools on site-many units have been upgraded with new kitchens and baths. There was a recent assessment levied for replacement or repair to all wood burning fireplaces. Many owners opted to put in gas burning fireplaces.

Bitterbrush is located on Fairview Blvd directly across from Diamond Peak Ski Resort . The median selling price was $495,000. This complex was started in the 70′s and different developers built it out through 2004. Many of these units have lake views, all have two or more stories the newer construction has elevators.

With 189 condo’s to review in the price ranges listed below you are certain to find an entry level unit to a lake front.

McCloud- 19 units on the market one bedroom $495,000 two bedroom $575,000 Three bed-$795,000

Bitterbrush- 12 units Low=$485,000 Median=$670,000 High=$1,295,000

Third Creek- 9 units for sale low= $675,000 median=868,000 high=1,545,000

Burgundy Hill is one of only a few high rise complex off Skiway Blvd( on your way to Diamond Peak)

7 units for sale all one bedroom units with 1067 sq. ft. building has elevator, underground parking, one level units

This is a quick sample of condo’s with higher inventory to choose from there are many more. Please visit our site www.inclineBrokers.com for up to date market data – from the top menu under Buyer’s you will see market trends this will keep you posted on individual sales data.

Two listings came on over the weekend 865 Lakeshore Blvd. & 108 Steam Circle

The Lake front at 865 Lakeshore is a returning listing, it sold in 2006 for $8,000,000 and considered a good value for lake frontage.

Three properties went under contract this weekend  (1) 918 Tyner this is one of four homes along Tyner Way. I know them well since I represented buyer’s on two units. Only one remains (assuming this one closes- it was on and off the market over the last couple of weeks). These are beautiful top quality construction all with varying lake views.  The last two I sold went for  $1,950,000 (2) 240 NorthLake Circle, Crystal bay- listed in 5/06 this panoramic lake view finally found a buyer after 3+ yrs. It will be interesting to see what it finally closes at. Lake views are always in high demand for the right price. (3) 898 Tyner Way This one came as a  surprise because the curb appeal or lack of has turned off buyers . But, with that said a pano lake view with an asking price of only $411 a sq ft. starts to make sense! 

 615 Alpine View closed escrow at 88.5% off asking price (list $1,595,000 sold $1,375,000) a small house at 1776 sq ft was only on the market 59 days! Price it right and they will come!

Twelve price reductions – 10 residentials and 2 condo’s- they ranged from $2,000 to $600,000 in homes.

No activity to report in Planned unit developments, Incline Creek Estates has several new units they added to their inventory ranging in price from $1,285,000 to $1,465,000 . Several  dropping in price by $100,000 a little more motivation on the developer’s side.  One resale unit fully furnished is 882 Rosewood Circle  and worth a look if this complex is of interest.

Air quality report:

The sky is still smokey but not as bad as we have experienced over the last few weeks. I can see across the lake so boaters are able to get out and enjoy. Do plan on an early outing since winds are kicking up around 2:00.

 I hiked yesterday up to Diamond Peak Ski resort  ( 8 miles round trip from Lakeshore Blvd )  We actually climbed above the hazy air and found ourselves (Chris our two dogs and myself) above the smoke line.

Until tomorrow- get out and enjoy the  beautiful place we call home!  

Championship Golf course Best Buy Alert!! 361 Country Club Drive for $1,650,000-  This private location is with a lot size of just over half an acre is set back from Country Club Drive. The large deck and level lawn both front the Championship Course. The setting ideal setting for entertaining. This is available to view immediately and will be in the multiple listing service by Sunday.

Least expensive Three bedroom- Third Creek condo  #167 in beautiful condition- great room floor plan with all three bedrooms upstairs. They just built a trail within the complex which leads you to the pool, club house and tennis courts. Excellent opportunity- virtual tour available on Wednesday.

Price reduction on 595 Knotty Pine – $100,000 putting this house on the Best Buy list and offers owner financing. This is an unusually large parcel offering .73 acres.  This house is ready to move into and has great expansion potential! 

There are several homes coming on the market in our office. If you want to be on  my “Insider “ list  receiving information before a property hits the market, send me an e-mail and I’ll set you up (TahoePattip@aol.com).

 Many people are cutting vacations short or cancelling due to the smoke drifting in from the California fires.  I can not see across the lake from my office which sits directly across from Incline Beach. The boating activity which is usually thriving is non existent today. The  Angora fire which occurred on South shore last year did not create this type of hazard. It reminds me of going to Hawaii and having it rain everyday!

One good rainfall (which may be heading our way this weekend ) would clear out this haze and put us back on track. We are all missing our outside play time, hitting the trails, swimming, boating and beaching it!

Every Tuesday morning I hit the Broker’s Open House Tour where new and repeat listings are viewed by agents.

Properties that have not sold after 6 months on the market can be placed back on tour. If a property was listed with one brokerage and is now with another it is allowed on tour. There were a few repeats today and several new properties.

Here are my thoughts on several homes new to the market.

599 Eagle listed at $3,850,000- Nice property but I was looking for bigger lake views for this price. With so much competiton for new construction it better have the “wow” factor to be in the running for buyers.   The original home sold for lot value at $725,000 in 2004. Great room layout on main level with south facing decks, a steep slope so no real yard area.

601 Caddie Court situated on the Championship Course off of Driver this corner lot has some course frontage not much privacy from golfer’s passing by. Well kept and functional. 

630 Woodridge Circle Back on the market with a $200K price reduction at $1,895,000 this home is  attractive  for buyer’s looking into a 5 bedroom + home. It may feel a little more formal with white carpet and marble fireplace but the layout functions well. The creekside setting is a great play area for kids and can be enjoyed from the deck.

109 Slott Peak Ct. This court offers a great low elevation setting, walking distance to Burnt Cedar on a quiet court. The house has been upgraded with new kitchen counters and bath rooms. The price is more reflective of new construction versus a a simple remodel, the seller’s are obviously pricing the lot and location for a premium. 

405 Tracy Court- Listed for $5,700,000 this was Doug Clifford’s previous residence ( Creedance Clearwater  bandl) which sold in 2004 for $1,700,000.  The house has dramatic lines and a true lodge feel throughout. Tracy Court off of Upper Tyner is like so much of Incline an eclectic  court of small older homes and this mansion. I predict a long market time at this price.  

Town homes:

Lake Country Estates:  This complex gives Incline Creek Estates a run for their money with beautiful floor plans and mature landscaping all within a smaller complex located off Village Blvd. Several of these units back onto the Championship course while others overlook a vacant lot and stream setting. The interiors have two layouts each with 3 bedrooms, office and great room flow with  master suites on the entry level. Many town homes such as Lake country Estates, Deer Creek and The Glen are so often overlooked by agents when clients are looking for homes. Several freestanding town homes may be just what some  buyers may be looking for at the right price.

These are just the highlights from the tour worth noting.

We have a Three Bedroom Third Creek unit coming on the market tomorrow at $865,000-nice location . To take a look at this or find out about other properties coming on the market but not listed give us a call 775-832-3334 or email Tahoepattip@aol.com

This week we have two properties with price reductions both located on the Championship golf course one for 50K and the second for 100K. The one reduction for 100k is for a property which started out at $1,595,000 in ‘ 06 and is now listed at $1,195,000 (952 Fairway Blvd) it does front the course. It is starting to come closer to what is a realistic fair market price. The second reduction of $50K was a home that also started at $1,195,000 last year and is now at $1,099,000 (615 14th Green) this does not have golf course frontage. Reductions should start to happen more and more as the summer moves forward. Both properties have been on the market for over a year.

One closing today at 118 Rubicon Peak, listed for $1,250,000 sold for $1,120,000. The partnership which bought the house included the listing agent who will be tearing it down.

Lakeview subdivision will be seeing a new home going up at at 880 Freels Peak- listed at $1,349,000 sold for $1,150,000. This tear down is underway and the new spec home will be completed within the next 8 months and back on the market close to the $3 million price range. The builder has a solid reputation and I have had the pleasure of working with him in the past, Brent Robinson. He is a man of his word and knows how to build a beautiful home. If you walk the neighborhood you may also notice a remodel underway at 869 Ohir Peak, this house had a distince Bavarian chalet style which is being tranformed into a more fitting Tahoe lodge style home. This is not a spec project, the builder again is Brent. Chris and I did represent the buyer and seller on this property.

As agents listing properties which may possess questionable remodels done without permits we do our homework. We have the right resousrces to investigate a property’s history so we can protect the seller and buyer. These may include but are not limited to , complete inspection of the property history via files at TRPA and Washoe County Building departments. This can uncover potential problems and necessary disclosure issues which may impact both buyer and seller and effect negotiations. Each property we list is measured by an appraiser at our expense to protect our sellers from any misrepresentation. If a property has evidence of pest infestations we have it checked out before the property goes on the market.

It makes more sense to work in a “proactive” mindset and not “reactive ” when it comes to trouble shooting.

On another note don’t forget to get your Shakespeare at Sand Harbor Tickets. Shows are throughout July and August. It is always a wonder evening under the stars with top entertainment.

www.laketahoeshakespeare.com