March 26, 2009

This month has passed so quickly. Hard to believe we are approaching the end of our first quarter .

A quick overview of the Incline Village and Crystal Bay Market:

Residential:

Lowest listing Price=$408,000 Median List Price=$1,699,000 Highest List Price=$39 Million

Lowest sold Price= $470,000 Median sold Price=$2,050,000 Highest Sold Price= $3,675,000

Planned Unit Developments:

Lowest list Price=$329,000 Median List Price= $999,000 Highest List Price=$2,450,000

Lowest sold Price=$312,500 Highest Sold Price=$520,000

Condominiums:

Lowest List Price=$174,500 Median List Price= $479,000 Highest List Price= $3,950,000

Lowest Sold Price= $109,000 Median Sold Price= $482,000 Highest Sold Price= $850,000

Out of 15 neighborhoods the highest concentration of homes for sale are found in the lower elevations of Lakeview subdivision and Millcreek, both desirable areas for year round enjoyment.

Lakeview Subdivision has 27 homes ranging in price from a Low=$617,000 ( this is a foreclosure that has 7 offers on it! ) Median=$2,599,000 and High=$3.7 Million.

Millcreek subdivision has 28 homes ranging in price from a Low=$599,000 Median=$1,395,000 and High=$5.5 Million.

Statistics for all neighborhoods

Planned unit developments

Condominiums

What an incredible time to invest in a primary or second home! We have a great inventory to review right now and with Spring upon us, the inventory of properties will increase! As inventory increases buyer’s are forced to evaluate their pricing to stay competitive. All pluses for buyer’s !

Our biggest tourist season of Summer is fast approaching so make plans now to visit and start your search for the perfect property now with our property alerts.

We are  proud to announce that Chris and Patti Plastiras have been awarded the title of “Zillow Local Expert” for their high levels of activity and the number of listings they currently have at Zillow.com.  You can view their listings and profile by clicking here.

The resorts will be packed this weekend, which one will you pick?

Incline Village is ideally located on the North Shore of Lake Tahoe and in the tax haven of Nevada.  We enjoy a close proximity to all the ski resorts ranging from 5 minutes (Diamond Peak) to 40 minutes ( Heavenly) on South Shore.  Depending on the weather you can pick the location with the most challenging slopes or  easier slopes.

Resort Links- You can find information on all local resorts at our ski page link.

I reviewed the current inventory of homes and found out of 226 homes for sale, 60%  of the inventory has made a price reduction off the original list price. This will probably increase as more inventory and competition for buyers increases as Spring approaches.

The highest inventory of homes is found in the $1Million to $1.4 Million price range with 39 properties.

Between $400,000 to $600,000 there are 22 homes ranging in size from the largest at 2208 sq. ft. and a median size of 1282 sq. ft.

The 10 closed residential sales to date reflect a substantial increase in the price differential ( % change between list and sold price) at 76% on average. The average sold price is $1,840,795. An increase in Days On the Market(DOM) is no surprise with an average of 290 days.

The most motivated sellers appear to be in the $1.1 to 1.2 million price range with 17 listings of which 15 have reduced their asking price.

In this post I wanted to address the issue of Year Built posted with every listing. Unfortunately there are many homes which have gone through a complete remodel or rebuild but due to the Washoe County recording records, the original date the home was built is required unless the house was completely torn down and a new foundation laid.  The category in the listing found on Realtor.com or our MLS system under ”condition” will you find out if the property has undergone changes. The condition can be- never occupied, previously occupied, refurbished, remodeled or a combination. Never occupied is a good indication it is new construction.

Example link of two homes in Millcreek both homes built in 60′s one original the other remodeled.

Back to the year built (yrblt) category- I took one subdivision, Millcreek a very popular low elevation neighborhood with large level lots (.50 acre average) walking distance to beaches, great family area with ideal streets to walk or ride bikes on. Families embrace this area with block parties during the summer and  a big  Halloween is always celebrated with kids filling the streets. Millcreek was one of the first areas to be developed in the early 1960′s when Incline Villages’ master planned community was underway.

When many of these ranch style homes were built there was no Tahoe Regional Planning Agency (TRPA) governing the development of the parcel with restrictions. As time progressed and the TRPA came into existence as a governing agency, formed to offer protection to the lake’s quality through building restrictions. Each parcel was evaluated and given a score which dictated how big of a home could be built which included driveways and decks. Some of the homes which were built did not utilize the maximum amount of allowable coverage and therefore if the house was torn down and the rebuilt home was substantially bigger. A level lot with no stream zone is a home run for building and is cost effective for labor and engineering. The Millcreek area started seeing a transformation with older homes being torn down.

Why can’t a remodeled home update its year built date to match the remodeled date? When the lot evaluation system was put into place TRPA could not order people to tear down homes or take out driveways which did not comply with their new rating system, so they allowed these homes to remain in place and granted them permission to “bank” their coverage and it fell into a  ”Grand fathered”  in status. Some land owners who did not build on their parcels actually found themselves owning a non-buildable parcel after the individual parcel evaluation score (IPES) was in acted. One parcel deemed non buildable had a stream zone running through it so the coverage allotted was so small nothing could be built. In many cases these parcels were purchased by the Forest service and retired. Throughout the village you will see a vacant lot with a Forest Service sign posted on a tree. This indicates the lot has been purchased and retired from development. These parcels add value to homeowners who border them by offering open space.

For anyone considering the purchase of an older home we advise having an “as built” survey done. This will determine how much coverage the parcel is allowed, what has been used or not used, stream zones, encroachments and easements. All valuable information for a buyer who is considering a tear down or remodel with expansion.

When a home is being expanded or remodeled- unless the existing foundation is replaced the date the foundation was laid is the year built date.  To honor grand fathered coverage a part of the original foundation must remain in place.

Several homes in this desirable subdivision are valued at close to lot value because the home is older and will require an investment to remodel.

Winter house hunting can be a challenge. Plan on needing more time to get around, wear warm clothes and have boots with lots of tread. Many times driveways and walk ways can become iced up if they are not cleared properly.

It is a good idea to look at homes at different times of the year to acquire a true perspective of the seasonal changes that the elements will bring. Realtors often explain to potential buyers that the upper elevation homes get more snow. However, until someone really experiences a large winter storm here, the difference in the amount of snowfall at the different elevations may not be fully appreciated.

If you are not planning on using the home in the winter, there are some considerations you will need to make when it comes to maintaining your property.

Using a service or having a neighbor check your home in your absence is a prudent idea. Even the best insulated properties can encounter a frozen pipe. Always keep the heat on at least 65 degrees. Looking at homes in the winter will let you know if you will need a snow removal service or if a snow blower will work.

Here are a few things to consider:

1. Driveway design. Is the driveway flat or inclined. A steep, icy driveway can become quite dangerous. Is the driveway heated? Heated driveways are a wonderful convenience, but most Incline homes are not equipped for heating.
2. Driveway drainage. Does the water drain properly from the driveway? If the driveway slopes towards the home and there is not a drain properly installed, you might be in for trouble. A driveway built with “pavers” or other permeable materials will increase the melting and drain time greatly.
3. What type of sun exposure does the driveway get? If it is south facing, the snow will tend to melt faster. If your driveway(or part of it) is in the shade all day, that will present you with a different challenge.
4. Roof design. Does the snow shed onto the driveway, on walkways or other sensitive areas? (Remember that built up snow and ice, such like what you find on a roof, is extremely heavy and can do significant damage when it falls.) Is there a snow melting system in place that helps prevent build up and assist melting?
5. Roofing material. What type of material is the roof made of? Wood shake roofs are the least reliable and will probably need to be replaced versus repaired in an alpine setting such as ours. A metal roof, if not designed correctly can shed snow in big chunks and will more likely damage gutters. Composition roofs are the most popular and have the longest warranty (presidential 40 years). Slate roofs are not recommended for snow. Sun exposure becomes an issue for roofs as well. If the roof is not exposed to sun, thus slowing melt times, it may be necessary to periodically have the roof shoveled to reduce weight.
6. Gutters. Are there gutters and do they work? Gutters need to be cleaned yearly because they get blocked with pine needles and other debris. Walkways with dripping water on them become dangerous ice patches very quickly. Is there any evidence of ice dams? This website gives an excellent example of the importance of proper drainage. http://www.bylinusa.com/roof_ice_melt/RIM.html
7. Water damage. Look for interior evidence of past or current leaking especially if an ice dam is present outside. Leaks can be slow and only apparent in the attic or near a window. It is always prudent to have a house inspection to reveal past evidence of leaks. Look for water spots on a ceiling especially near roof peaks, near beams, and/or sliding glass doors.

Incline’s higher elevations subdivisions include: Apollo, Upper Tyner, Jennifer (upper)

Mid elevation subdivisions include: Jennifer, Lower Tyner, Ponderosa,

Lower elevation subdivisions are: Millcreek, Lakeview subdivision, Central, Ski Way, Woods.