2008  ended with 176 closed sales – 64 condominiums, 3 lots, 23 Planned Unit Developments, 86 homes.This market has found us in a situation where opportunities abound, inventories are good and yet, buyers feel no urgency to buy.

It wasn’t that long ago buyer’s were buying in, ironically enough, a sellers market.  Now the tables have turned and buyers are pausing, vacillating and hesitating based on the fear of paying too much.  Some are waiting to see if the financial crisis and bailout packages will turn around the economy and if so, how quickly.

While buyers and sellers can never predict when the bottom has hit or the peak reached for selling, it is safe to bet that smart investors are buying.  People purchasing in a buyers market have watched prices adjust and are looking for sound investments with predictable results.  Home values will most certainly continue their long standing trend of appreciation over time.  At the very least appreciation will see to that.  Buyers who purchased homes in 2008 and continue to in 2009 will be pleased when the tables once again turn and the American dream of home ownership delivers.

Incline Village is a second home market which does not have a dependency on any one industry and does not face a new construction inventory lying dormant in high numbers.

When reviewing the sales there are always exceptions to be taken into consideration with sales. They may or may not be considered an “arms length transaction” meaning willing seller and willing buyer .  Exceptions to be taken into consideration include, REO’s, Short sale, distressed sale or developers purchasing for speculative building.

We predict the number of short sales or REO’s will increase over 2009 by a small margin and mainly in the lower price ranges under $800,000.

There are currently 21 homes defined as -New construction/never occupied/under construction.

The one quality these properties share is the large square footage with 12 over 5000 square feet. The equation for building out a spec house took into consideration the ability to maximize the number of square feet a lot is allowed.  Many factors play into this equation including stream zones, steepness of the grade, set backs, easements, levelness of the lot all dictated by Tahoe Regional Planning agency.  A few years ago the bigger the better for buyers. Not the case today. Sales indicate buyers are more interested in smaller homes between 2500-4000 square feet.

Total 84 residential home sales

A sample of what buyer’s paid for in 08 include:

Lowest price sale:  $566,000- 984 Galaxy Way- 3 bed/ 2 bath/1408 sq. ft.

Median price: $1,120,000- 118 Rubicon Peak- 3 bed/2 bath/ 1220 sq. ft.

High price: $6,700,000- 1565 Vivian Lane- 5 bed/ 5 bath/8040 sq. ft.

Average price differential  96%  Average list price $1,466,280    Average Sold price $1,352,736

Average Days on Market    177   Median  list price $1,250,000  Median Sold price $1,110,720

Total closed sales 64

The complexes with the highest number of sales –

Mountain Shadows with 7 sales ($315,000-$520,000)

McCloud with 6 sales all two bedroom units ($523,000-$577,000)

Bitterbrush with 6 sales ( $462,000- $1,100,000)

There are currently 147 condominiums on the market:

For buyers here is what you can expect to find within each size and price range.

One bedroom units:

Under $200,000(Low) -Pinebrook complex located off Incline Way, small units offer 600 sq. ft. of living space in a three story building. Apartment style living with exterior stairwells and close quarters. Great for an entry Incline, you aren’t buying for the ambience.

For $375,000 (Median)Forest Pines with 753 sq. ft., the complex offers a swimming pool/ clubhouse and walking distance to ski beach. New siding and roofing assessments will need to be negotiated.

At $495,000(High)McCloud – 797 sq ft. with one car garage, walking distance to Ski Beach. Nice grounds and well managed association.

Two bedroom units:

Low end prices start at $229,900 for a Southwood Court complex offering 1040 sq. ft. central location on a busy street, Southwood. Higher rental area.

Median price $499,000 Fairway Pines, located off the Championship Golf Course off Village Blvd., 1452 Sq ft. with two car garage. Layout is compact, three levels with stairs to access main living area.

High price $1,949,000 will place you in a Stillwater Cove unit with 1586 Sq. Ft. located in Crystal Bay. Complex has all the amenities you expect, outdoor pool (open in summer) tennis, golf carts take you to your unit. Full time guards and gated facility, pier and lake views.

Three bedroom units:

Low $224,900 will place you in an Incline Manor located on Northwood Blvd. Apartments converted to condominiums, 1088 sq. ft.

Median$510,000 Couer Du Lac, low elevation complex with outdoor pool and small clubhouse, walk to Ski beach, 1200 sq. ft. living area. Newer siding and roofs just completed.

High $4,395,000 Stillwater Cove larger unit with 3,624 sq. ft. panoramic lake views.

Four Bedroom units:

Low $395,000 Sierra Pines off Southwood Blvd. with 1468 sq ft – 4 bedrooms open onto a main living area, no handicap access to upper levels.

Median $509,000 Forest Pines, 1388 sq. ft. low elevation with pool on site and walking distance to Ski beach. Open layouts and easily updated.

High $3,495,000 Crystal Shore Tower- Penthouse unit with 2840 sq. ft. Panoramic Lakeviews. Beautifully remodeled unit on one level with direct access from elevator.

Where are the best buys?

The higher the number of listings the higher motivation on the part of sellers. Mountain Shadows located off of Skiway has 11 unit on the market ranging in size from 1360-1782 sq ft. priced between $374,500-$499,999.

Bitterbrush located off Fairview Blvd. has 8 units listed ranging in price from $425,000-$795,000, two and three bedroom units, many with lakeviews.