Incline Village and Crystal Bay has 147  Units for sale- the largest number of listings are available in the McCloud complex located off Village and Incline Way) with 13 units- 1,2,& 3  bedrooms. Followed by units (located across from Diamond Peak ski resort)

This link will take you to all the condominium lisitngs with complex names and price

As we approach the end of February the market does appear to be stepping up a little compared to last year.

Residential  Sales Jan.-Feb. 21, 2008 = 6 total

2008             List Price          Sold Price     %       Days on Market

High            1,998,000      1,900,000      99%      450

Low                675,000        560,000       83%       83

Average      1,134,748       1,051,448      92%      211

Median         960,744           894,344     92%       92

Residential Sales 2009  Jan.-Feb 21   = 8 Solds

List Price           Sold Price           %          Days on Market

High      $3,995,000          3,600,000       96%        772

Low         $ 595,000              520,000       75%        127

Average  $2,157,375          1,799,118      85%         343

Median   $2,297,500          1,952,500      87%         279

Good news… sales are up 33% from last years first quarter and we still have March ahead of us to improve on this number. There are 8 properties under contract, added to the 8 closed transactions, we are looking at a minimum of 16 closings compared to 12 for the entire first quarter  of 2008 (Jan-Mar) .

The numbers also indicate substantial reductions in the price differential (list price compared to selling price) with the highest differential found in the lowest priced homes (short sales or Reos).  The increase in days on the market ( from list date to closing date) has increased with an average of 327 days  compared to 209 days in 2008.

It appears buyer’s are starting to come off the sidelines a bit and taking advantage of the best buyer’s market this area has experienced.

Helping you understand what plays into pricing…One big factor is land.

To better understand what you can expect in each neighborhood at the low, average and high price ranges; Below you will find links to the total count of homes in each neighborhood and a second link to the lowest, average and highest priced homes.

Incline Village and Crystal Bay are virtually 95% built out. Approximately 8,000 properties, many of which were built when the village was first being developed in the early 70′s. Within subdivisions (15 total)   you will see new construction and original homes side by side. This is why the values can be so drastic between low and high prices. The land itself has retained its value based on supply and demand, although even here prices vary greatly from subdivision to subdivision, based on the qualities a lot possesses (i.e level usable land, lake views, golf course setting, privacy, proximity to amenities) to name a few.

Lets take the Lakeview subdivision as an example- Located between Village Blvd.- Hwy 28 and Lakeshore Blvd. this area is low elevation. For year round living and easy access this area is in demand. Land is level so you tend to find well sized parcels at an average size of .40 acres. You are close to two private beaches, shopping, Hyatt and walking paths. The neighborhood has experienced a surge in remodels and tear downs being replaced with new construction, so the entire area has experienced appreciation. Because the land is level the cost of building tends to be less expensive.

There are very few vacant lots so land appreciation, in some cases, have increased beyond the value of the home itself.  The last two tear down properties sold around $1,200,000 so if you use this as your base to build from with an average cost of new construction at $600 a sq. ft. a new home at 4000 square feet might be listed for $3,600,000.

Many older homes did not take full advantage of building the “biggest” house allowed for their lot size. This is evident when you see a  tear down ranch style home at 1800 sq. ft. being replaced with a 5,000+ sq.ft. home depending on the coverage available.

Coverage, you’ve probably heard the word, but what does it mean?

Each parcel in Incline Village has an individual parcel evaluation score (IPES) which Tahoe Regional Planning Agency (TRPA) assigned to it years ago. Part of the evaluation process determined how much square foot coverage each parcel could be built on based on the lot size, slope, stream environment zones, easements, encroachments) to name a few. An example would be a .40 acre level lot would be assigned a IPES score allowing it 40% coverage.  This coverage includes driveways, decks and the house.  If you have a stream zone running along the side of the property you will have set backs which will impact the amount of coverage available.

If a tear down is a consideration for purchase we recommend (as a contingency) a “As Built” survey be completed. This will indicate what is allowed coverage, what is over encumbered and what is available to cover (build).

Lots will vary in value based on location, views, the most expensive being Lake-view (panoramic, view, peak)   golf course and  neighborhood settings (ski resort views, green belts, stream, close to schools).

This information is something agents need to explain to buyers so they can appreciate land values and how this plays into the price of a home.

Below is a review of active listings in each subdivision with a link to the low, average and high property.

Residential               Samples of the

Total listings Homes in subdivisions

Lakefronts Low Average High

Lakeview Low Average High

Millcreek Low Average High

Eastern Slope Low Average High

Golf  Mountain Low Average High

Golf  Championship Low Average High

Apollo Low Average High

Woods Low Average High

Ponderosa Low Average High

Tyner Lower Low Average High

Tyner Upper Low Average High

Jennifer Low Average High

Crystal Bay Low Average High

There are many reasons why an offer is declined.  The reasons for denial can be trivial, there are some that can be expected, and in some rare cases – illegal.

An offer declined for trivial reasons tend to show lack of motivation. There are many people (and poor agents) that will put a property on the market to “test the waters”.  As 30 year professionals of Incline Village, we highly recommend avoiding this wait-and-see attitude.  It is a sure way to: 1. dramatically increase the number of days until your home is sold; 2. reduce your profitability (more so if you are highly leveraged and need to sell); and 3. guarantee yourself to not receive the highest price in the shortest amount of time! (That is what our mission is!)

Discrimination in any form has no place in today’s society, however, its ugly presence is still alive.  Incline Village tends to be a more sophisticated environment with residents that come from all over the world, thus a generally caring and loving attitude for everyone.

You wrote a great offer and it was still rejected, and why?
We can identify three main reasons that “make sense” and can possibly be avoided.

1. The offer is not written correctly and does not meet the sellers needs.
Sellers have motivations for putting their home on the market.  As licensed agents, we have legal and moral responsibility to protect our clients by not disclosing issues that can harm a negotiation – (think nasty divorce).

On the flip side of that is knowing the hot buttons of the seller.  If the seller is concerned about moving in the winter, write the offer to reflect a longer escrow.  If the seller is concerned about a higher deposit to show the buyer is serious, up the deposit and include a pre-approval letter from the lender, if needed.

The point is to have an experienced agent that knows how to speak to the selling agent and to ascertain the information necessary to writing a relevant offer.

2. Your offer price is to low.
Everyone is looking to get the best price when buying and selling a home.  There are many different approaches to determining the price you are going to offer for a property.  If you were in Irvine, CA bidding on an apartment in a complex where there are 20 other, exactly the same, units, start tightening up the offer price, big time!

When you start buying real estate in market such as Incline Village, get your druthers about you and get serious.  Sellers here tend to be second home owners and/or individuals not forced to take whatever they can get.  These individuals can wait, and will.

Do not let the above think that we discourage you from negotiating the best price possible, at the best terms possible.  That is the reason you want an experienced and knowledgeable Realtor on your side.  The best part of the equation is that the seller pays the commission for the buying agent.

The point here is do your homework on home values and write a competitive offer.

3. The agent you selected is a not to your liking.
Sometimes you start to work with someone and half way through the process you don’t feel like they understand what you are looking for or haven’t been active listeners. When this happens it is your prerogative to find another agent. There are cases where buyers have actually tried to work with 4 different agents in town and they too  get a bad reputation. Agents talk and it is pretty easy to find out who is a serious buyer and who is writing offers that never get accepted and blame the agent. There are times when agents do let go of clients because they are unrealistic in writing offers. 

Take your time and interview a couple of agents before getting in to deep with the buying process.

So much to report on this week.

First: The snow is fabulous so get those snow boards, ski’s and snow shoes out of the closet and get ready to enjoy incredible conditions!  Here is a link to local area ski resorts: SKI RESORTS

Second: New Listing!!! Located in the Lakeview Subdivision which continues to be a sought after area reflected in the active sales  activity. This neighborhood is a favorite for locals and second home owners with kids. It offers easy year round access, a block off Lakeshore Blvd. ( 3 mile stretch which parallels the lake). Burnt Cedar beach (link)  one of two private beaches is a short walk or drive, here you will enjoy sandy beaches, green lawns, barbecue areas, outdoor swimming pool, volleyball and play center for the kids.

869 Ophir Peak- New construction just completed- 4 bedrooms, 3.5 baths, 4000 sq ft. 3 car garage, large south facing deck with hot tub and a level fenced yard. $2,495,000.

A must see to appreciate! This property was taken down to the studs and rebuilt in 2008. This was built not as a speculative venture but instead a custom home. The attention to detail is evident throughout!

The spacious kitchen accommodates the chef’s and lots of company. Adjoining the kitchen is an expansive living and dining area with a wall of windows and doors (14 to be exact) . This home successfully combines an elegant and inviting atmosphere of warmth. An evening in front of the fire is easy to imagine after a friendly dinner and wine tasting.

Third: Brokers Open House Tour  Feb,. 10, 2009

It was a short tour this week with several repeat properties. Properties are allowed to be placed on the open house tour once every 6 months this is the case with 4 of the properties.

New listings

1535 Debra Lane: Desirable area with a private beach / pier and only 10 homeowners to share it with.   The home was built in 2001,the size and layout  works well for a family. The price is a little aggressive at $999 a sq.ft.  The living room is massive so be prepared to buy lots of furniture to fill this space.

841 Tanager- Town home- Low elevation- excellent condition – priced well- 3 bed, 2.5 bath, 2 car garage $759,000.

Repeats:

28 and 30 Somers Loop are side by side homes with similar floor plans but finishes which are different as night and day!  They both back onto an open area and offer limited peaks of the lake, both have elevators to access the 3 levels of living areas. That’s were it ends. If you want the Tahoe style construction it’s 28 Somers and if you want a contemporary San Francisco loft style finish 30 Somers Loop is for you.

Two condominiums were repeats with price reductions of $50K and $75K - Both are located off Village Blvd. and the only units in their complex listed for sale.  Lake Country Estates- Village Highlands.

Market review: Feb. 1 – 11, 2009

Active listings: condominiums=141         homes= 221        town homes= 61

February has brought 24 price reductions – 11 condominiums and 13 homes. Home reductions ran between $100K to $500K.  Residential expired or withdrawn from the market  totaled 11.

Homes:Under contract – Solds

Town homes: Under Contract No solds

Condominiums: Under Contract- No Solds

Washoe County approved an additional tax reduction! On top of the already approved tax refund/reduction of taxes for 10% the county commission approved an additional 15%  for a total reduction for 2009/10 tax year of 25%.  This 25% reduction applies to Taxable LAND Value only.

After reviewing the real estate market and the serious decline in sales over the third and fourth quarter of 2008, a reduction of assessed land value was warranted.

Washoe County Assessors link  has additional information. To find answer to many property tax questions I suggest going straight to this link- Tax questions often asked.

Your tax bill may not appear to have drastically change because land tax values may have gone down yet your building (improvements)  may have increased due to remodeling, so it can be a wash or in some cases an increase.

Our Broker’s Open House Tour had a several values worth passing on :

Two Condominiums located in the McCloud complex on 931 Incline Way in different clusters are excellent values. This complex is walking distance to the beach, recreation center and Lakeshore Blvd. with a walking trail which takes you from Incline Beach to Burnt Cedar Beach.

Links to McCloud lowest priced one bedroom- two bedrooms- three bedrooms

Golf course complex  Fairway Pines- 908 Harold Drive just off Village Blvd, lowest price unit and another real value after many price reductions. Two bedrooms+ loft with many upgrades including wood floors, 2 car garage and views of the Championship Golf Course.

New Listing- Home- 803 Jennifer is a true “log cabin” which many look for in a Tahoe get-away- worth a visit  at this price 599,000.

807 Snead Court is located off Golfers Pass Road and backs to the Mountain Golf Course. This is a very private setting with a light and open floor plan. Well priced for this location.

Tax refund checks went out to 803 home owners who were eligible to receive refund checks for the county for the 2005-2006 tax year. If you sold your property after this time frame and owned the property in 2005-2006 you are entitled to the refund check.  In some cases, the treasurer may not have the correct mailing address and homeowners are responsible for getting this information to this department.

Call Tammi Davis, Deputy Treasurer at 775-832-2546 or write her at P.O. Box 30039  Reno, NV 89520.

To check the status of your tax bill on-line here is the link to the Washoe county assessors office. The webpage can be searched by entering your parcel APN number or property address. The new value is identifiaed as the Taxalbe Land Value or Taxable Value History page, identified as 2009 BC15.