Incline Village real estate report
August 28, 2008 12:26 pm UncategorizedLocal news:
Last Saturday a fabulous event was hosted at The Tahoe Treasure property. Rita Collidge rocked the house as the entertainment after a day filled with activities ranging from massages, pilates, yoga, reflexology and an endless supply of excellent food and wine. The hosts Ruth Page and Greg Walsh their beautiful estate of 8.75 acres to 350 guests who gave their support to the new Carson Cancer center. The event was well organized. With a stage backing onto Lake Tahoe and a dance floor of green lawn everyone had the chance to shaking it up!
Market Review: Residential
The second home market is feeling the pinch of slowed sales activity. One indication of the down turn is the closure and mergers of offices in town. This week another office closed its doors while another closed its doors and merged with a larger company. Another indication of tightening times is the number of real estate publications going out of business due to agents tightening their advertising budgets. Today the calls off a magazine ad arefew and far between, the biggest response is from the Internet or newsletters.
Total number of listings including lots is just over 564 units.
Single family residences top out at 288 – 11 under contract of sale- 60 sold since January 2008
The largest inventory of homes for sale are found in the Lakeview subdivision with 33 homes, prices range from a low of $885,750 to a median of $2,343,625 to a high of $5,250,000 this link takes you to these three properties. The Lakeview and Millcreek neighborhoods are usually a draw for full time residents and second home owners who value the close proximity to the beaches. There have been 6 sales in Lakeview and 8 sales in MillCreek this year. The potential for appreciation is still solid in these areas. Several reasons include level lots with easier construction and many homes built in the 70′s to 80′s did not take advantage of maximizing a structures size so remodels and tear downs occur constantly in these areas.
The Eastern Slope and Championship Golf Course have 29 listings for sale. The Eastern slope is prized for lake views, and the Championship course captures views across the beautiful course. One Championship remodeled home worth a second look at $1,650,000 is: 361 Country Club Drive
Homes priced between $1,400,000 -1,800,000 offer the largest inventory with 41 homes on the market, followed by 32 priced between $800,000 -$1,100,000. Located throughout the village.
The most popular price range for sales this year fell between $600,000 – $800,000 with 14 sales.
Followed by 10 sales between $800,000-$1,000,000 and 10 sales between $1,000,000-$1,200,000.
Condominiums
Listed for sale 189 units which gives buyer’s a healthy inventory to choose from. Competiton is running high in complexes with multiply listings. Sales are down with only 38 closings year to date.
Planned unit developments
Another great value can be found in PUD’s which work well for second homeowners not wanting to deal with exterior and ground maintenance issues. There are 71 listings which run from a cute chalet off College Blvd below Hwy 31 to The Glen a Zayler built development with an excellent location ( walking distance to the recreation center, village green, tennis facility and ski beach). If you are looking for more privacy, new construction and ski resort setting 1349 Valais is another consideration.
