Residential sales – MillCreek vs. Lakeview Subdivision

Review of sales by subdivisions

Total Incline Village Residential home sales totaled 84- 20 closings occurred in- MillCreek (10)
& Lakeview Sub (10)

·   This indicates the highest numbers of buyers were attracted to the lower elevation subdivisions of MillCreek and Lakeview which run along Lakeshore Blvd.  As we locals say on the “dry side” of Lakeshore Drive.

·    The median lot size was .40 acre.  Most of the properties are useable level lots versus other elevations where outside living is restricted to decks.  There are several stream zones running through both areas which can require restrictions with set backs.  Many owners enjoy the ambiance of a stream and don’t see this as a problem.

·         The median size home sold was 2600 sq. ft. the largest home was 4779 sq. ft.

These areas are both excellent for an entry level home buyers since most improvements to the older homes will be worth it when it comes time to sell or for your own enjoyment.  These two areas have many remodels and tear downs underway so look for new homes being completed next year with $3,000,000+ price tags.  It all helps increase values for current homeowners.  The land is valued high due to a limited supply and properties which offer buyers or developers the opportunity to tear down an existing structure and rebuild a much larger home.  Each lot has a score from the Tahoe Regional Planning Agency (TRPA) which dictates how much land can be covered (coverage)
with 30% being the maximum allowed.  Level lots tend to bring in the highest IPES (Individual Property Evaluation Score) and therefore allowing for larger, new homes versus early 60’s-80’s construction.  This explains why land
values in these two areas have increased instead of the homes.

You can’t beat the close proximity to beaches and the friendly neighborhood atmosphere of safety for kids to ride bikes or walk to many amenities including the recreation center.