MLS Update February 2010

New Listings

• Single Family Homes- Out of the four new listings three were previously on the market and  back on with much needed price reductions. The First time new listing is  555 Knotty Pine  and worth a look. As spring approaches we will see an increase in inventory and more price reductions on the homes still on the market who will need to stay competitive with the new inventory.

• Condos- One new listing at 1000 Lakeshore, larger floorplan priced under $700,000.  Looking for a short sale  this 2 bed 2 bath at 836 Southwood is a value at $238,000.
• Lots and Land
• PUD’s- no changes

Price Changes

• Single Family Home Price Reductions
• Condo Price Reductions

Under Contract (Escrow)

• Residential Listings Currently Under Contract
• Condo Listings Currenly Under Contract
• Planned Unit Developments (PUDs) Currently Under Contract

Lakeshore Realty PUD Under Contract

300 Glen Way – “The Reserve”

Sold

• Single Family Homes Sold in 2010
• Condos Sold in 2010
• Planned Unit Developments (PUDs) Sold in 2010

Snap Shot of Current Market Listings – Incline Village & Crystal Bay, NV

Incline Village & Crystal Bay, Nevada, Lake Tahoe

Real Estate Market Activity for January 29^th, 2010

New listings links:      Single Family Homes — Condos

Under Contract (Escrow) links: Residential Listings Under Contract — Condos Under Contract — PUDs Under Contract

Sold Links: Listings Sold in January 2010

Price Changes in the past week : Residential Price Changes —-  Condo Price Changes

Snap shot of current market- Incline Village & Crystal Bay, Nevada, Lake Tahoe

Mobil  Media and its impact on real Estate:

Lakeshore Realty takes full advantage of  Mobil Media to help buyer’s and seller’s.

Aa sign on a property is considered a small but effective step to advertise a property, brochures which give details, the most critical, price helps buyers determine if theywant to see the property.

What’s the next step? Having this property and all other’s in the neighborhood available to buyer’s through their phones.   Adding a simple application such as Zillow, Trulia and Smarter Agent to name a few, buyer’s can pull up other listings in the neighborhood and get all the data they need to make the decision to call for more information and a showing  or gathering more information about the area.  

Statistics:

The number of consumers using mobil technology is growing daily: 276.5 call phone subscribers   in the United States (80%) of the population.

20% of households do not have landlines phones

20% growth  is predicted for  mobile broadband predicted from 2008 by 2010

24/7 information available to consumers

Tracking leads and capturing inquiries is easy for consumers and for agents to react immediately

Consumers prefer mobil contact- texting is very popular and many clients utilize this media to communicate followed up by the  Internet.

Ritz Carlton on track to open in December 2009 at North Star

The following photo’s show the incredible progress underway to complete the new Ritz Carlton Resort Hotel/Time share/Condominium’s and Spa.

 The  December opening is long awaited by North Star residents and supporters of the North Star Ski Resort which offers year round activities.

The photo’s feature the exterior covered with the first snow of the season.
As opening get’s closer we’ll keep you updated.

For additional information click here

Has David defeated Goliath?

Using a slingshot fashioned by the Village League to Save Incline Assets, loaded with the weapon of truth, local property owners this month were awarded a $13 million refund for Washoe County’s wrongful assessment of Incline Village and Crystal Bay property for the 2005-2006 tax year.

This is just one of several legal challenges the Village League has won in the courts due to illegal property assessment methods in our community; but hopefully this Oct. 6 ruling serves as the death blow to the arrogant, unyielding giant of Washoe County tax policy.

District Court Judge Brent Adams ordered Washoe County Treasurer Bill Berrum to refund 8,700 north shore property owners in support of the State Board of Equalization’s decision on July 20, 2009 to roll back 2006-07 property values for those residential parcels to 2002-03 levels.

The refunds were estimated to be approximately $13 million plus interest by Finance Director John Sherman earlier this year. Approximately $5 million would be paid from Washoe County government itself; the remainder to be paid from other entities that received property tax revenues from the Incline Village/Crystal Bay property owners, such as the school district (estimated at $4.5 million), the fire department, the state of Nevada, and IVGID.

 “In compliance with the judge’s decision, this office is immediately gearing up to begin processing the refunds,” Treasurer Bill Berrum said. “Due to the volume and the complexity, though, this task can possibly take months to complete.”

While waiting for the checks to arrive, however, the Village League is telling property owners to continue to pay their 2009-2010 property taxes under protest until those bills reflect the proper amount due, since the State Board of Equalization decision has rolled each and every residential property back to the 2002-03 level.

Washoe County could still file yet another appeal on that decision, and county spokesperson Kathy Carter said the District Attorney’s office is reviewing its options. 

The battle began in December 2002 when the Village League to Save Incline Assets was formed after angry residents started taking note of arbitrary property appraisals. The methods identified included using “tear-downs” to appraise vacant land values, a time adjustment, view adjustments made from places other than the ground, condominium land values based on single-family residential values, and arbitrary comparisons such as the number of rocks on the beach. In June 2004, the Nevada Tax Commission adopted new rules of assessment which made the above methods illegal.

“At the heart of all the legal measures that have been heard since 2002 over this issue is the fact that the courts have ruled the Washoe County Assessor did not have the authority to impose the valuation methods used during years in question as it was not expressly given by the State Tax Commission,” a county statement said.

For a complete history, click here (http://www.nevadapropertytaxrevolt.org/pages/History.html)

Trying the right the wrong has been a test in patience, expense and endurance for the Village League, as it has had to meticulously work through the county Board of Equalization, the state Board of Equalization, the Nevada Tax Commission, the District Court, and the state Supreme Court. Multiple lawsuits have been filed, of which several are still pending decisions on appeals. Court cases have been won by small groups of Incline taxpayers, and refunds have been granted to the tune of $7 million to nearly 900 residents so far, but this latest order affects all the properties in IV/CB.

Equal justice for all is the ringing claim of the Village League to Save Incline Assets and, after a seven-year legal battle the grassroots organization is claiming victory for all of Incline Village and Crystal Bay’s taxpayers.

Goliath is dead…we hope.

To receive timely email updates, thank your hard-working Village League advocates, read a complete history of Incline’s tax revolt, contribute to the legal fund, or learn how this impacts your specific property’s land taxable value for the tax years 2002-03 through 2009-10, visit the Village League’s web site, www.nevadapropertytaxrevolt.org.

Year to date there are  72 homes which have closed  and 21 homes under contract  to close.

Based on closed sales it indicates larger homes are popular or are they just a better buy?  Here is a break out of homes sales by year and sq. ft. over 5,000

Year      over 5000 sq. f.t

2007       17

2008       4

2009     17

The breakdown of pricing and square footage based on the current inventory of homes For Sale:

Homes              Size                           $(L)                    $ (M)             $(H)

38                    1,000-2,000          $297,000      $559,000      $18,000,000

52                    2,001-3,000         $599,000        $ 1,145,000   $3,500,000

40                   3,001-4,000         $ 879,900      $1,600,000     $9,900,000

41                   4,001-5,000         $895,000       $2,200,000   $5,995,000

18                   5,001-6,000         $1,995,000   $2,995,000   $4,488,000

8                    6,001-7,000         $2,600,000  $3,895,000    $34,000,000

14                  7,001+                  $1,580,000    $6,550,000  $34,000,000

It is a process to educate buyer’s on our  building codes and regulations. Each parcel within Incline Village was assigned an individual  Parcel evaluation Score (IPES). This score was determined by the Tahoe regional Planning agency (TRPA). Each parcel prior to being built was reviewed and assigned a number which determined the size of  home which could be built.  Things taken in to consideration for scores included steepness of slopes and stream zone environments.

When Incline Village was originally developed the size of which were  predominately second homes were approximately  2,000 sq. ft.  Many of the owners were not interested in maximizing the square footage allowed. Instead  they enjoyed the open space between homes. Over the years the  formula of buying tearing down and rebuilding was magic.

Until the last few years when developers were not watching the signs of declining sales our market has a glut of overbuilt homes.

Over the last two years tear down homes were selling for $800,000- $1 million. With a lot value at these price points  this dictated a builder must build the biggest house possible to make a profit. This was all true and a winning formula until the last couple of years. The inventory has pushed down the price per sq. ft. from $600 a sq ft in 2007 to $250 – $475 today. 

Whatever size home you are looking for we’ll find the right fit at the right price!

Real estate brokers work harder today to negotiate a sale.  As contingencies are released and the closing date gets closer, the last item and one of utmost importance is the Appraisal.

Whether the buyer is paying cash or getting a loan, the appraisal we assume are  based on comparable sales data.

As broker’s we walk our clients through the maze of contingencies as each transaction unfolds ranging from pest inspections, radon, home owner association status and more.

All this work can be for not if an appraisal comes in below the  agreed to selling price.

This recently happened when an out of the area appraiser was contracted by a lender to appraise. The appraiser came in below the selling price and the sale was going sideways.

After reviewing the appraisal it was apparent the appraiser was not familiar with our resort community.

His property comparables and analysis were all inaccurate. One example of his lack of knowledge was giving a $50K  higher value to a property located in a higher less desirable location and commenting the increase was due to the access this property enjoyed to the  golf courses and private beaches. Little did the appraiser know all properties within Incline Village has access to two golf courses , two private beaches, tennis facilities and much more!

A second comparable was truley based on apples to oranges when he compared the sale of a condominium built in 1971, smaller sq footage and not garage to the appraised town home with an attached 2 car garage and built in 1995 and approximately 3 blocks from the condo referenced. 

Appraisers not familiar with an area should not be allowed to submit their opinion of value unless they have valid knowledge of the community and how property is values.

In our case a letter was submitted and the bank hired a local appraiser who arrived at the selling price.

To many sales are being squashed by this practice. It is critical for brokers to protect their clients and lenders to utilize local appraiser.

My advise, work with experienced brokers/agents who will work with you and understand what needs to happen to  close the sale….Deal or No Deal!

The long arm of the TRPA is now reaching out to buoys – all 4,000 of them in Lake Tahoe. The bi-state environmental regulatory agency has begun a drive to register all buoys on Lake Tahoe, with the ultimate goal of taking out any buoy illegally dropped in Lake Tahoe.

Buoy owners MUST register this year – because the TRPA will start pulling buoys in 2010.

Aside from charging $175 per year for each mooring, the new rules passed in December 2008 require the buoy owner to submit a maintenance inspection every two years, and complete the BMPs on his or her property. The fees will fund the TRPA’s Watercraft Enforcement Program. The BMPs are just attached as a way for the TRPA to blackmail homeowners into getting their best management practices in place.  If you haven’t done BMPs, you are way past TRPA’s initial deadlines to put erosion control on every lot.

Many of us don’t even know if our buoys are legal or illegal, they are just a great asset for summer boating fun. But take notice, only buoys that can be verified as put in place before 1972 will be grandfathered.  Hopefully, you’ll be able to find proof that the buoy was there. Otherwise, you need a permit. The TRPA web site says that in most cases, for the TRPA to issue a mooring buoy permit, there needs to be either a valid, approved lease from the appropriate state land agency or a valid, current permit from the Army Corps of Engineers.

If you don’t have a valid lease, or a grandfathered buoy, you’ll need to start navigating the layers of bureaucracy to apply for a new permit. Begin with the TRPA’s helpful Q&A on buoys.

The TRPA will not allow more than 4,454 buoys in Lake Tahoe, and it won’t approve new mooring applications until the Blue Boating Program is in place – another  blackmail. This program requires a boating certification sticker which shows that the boat owner is aware of cleaner boating habits: aquatic invasive species prevention, proper engine tuning, noise reduction, clean bilge practices and proper sewage disposal. Engines that pollute are also targeted.

Does this have Tahoe property owners up in arms? Yes, but before you go crazy, take a deep breath – once again.

Why do we love Lake Tahoe? Isn’t the lake’s incredible clarity a huge factor?

Try to imagine Lake Tahoe green and dirty, where you go swimming and can’t see the bottom.  Try to imagine your children playing on the beach and cutting their feet on the sharp, ragged shells of the quagga mussels. Try to imagine Lake Tahoe as just like any other large lake –nothing special about it.

That’s not what we want Lake Tahoe to become – we love our lake! So, grumbling and complaining, all we can do is dive into the bureaucracy and get the buoy permitted, go ahead and install those costly BMPs, pay another fee to register our boats, and go along with our love-hate relationship with the TRPA.

We do it, not because we agree with the TRPA’s tactics, but because we want to keep Lake Tahoe as beautiful as it is today.

You wouldn’t just open the Yellow Pages to pick out a spouse, or Google “potential wives in your community” to choose a mate.

Entering into a contract with a real estate agent is like starting a marriage, where respect and trust are crucial. So, don’t just draw a name out of the proverbial hat; find a Realtor who will represent your best interests with integrity and compassion.

There are some qualities that great real estate agents share, and which you should consider when selecting someone to help you with one of the largest financial transactions you’ll ever make.

Here are key qualities you want in a great real estate agent:

• · Someone who hears what you have to say and, even more, is able to discern what type of home you would want by listening to your needs, wants, desires, values and dreams.
• · Who will go the extra mile to make the experience less stressful.
• · Who has an extensive knowledge of the community or neighborhood you are considering, and is willing to tell the truth about the pros and cons of a home.
• · Someone with great resources behind him or her, such as Lakeshore Realty’s membership in the Leading Real Estate Companies of the World® network.
• · A Realtor who stays in touch, by whatever way you desire, be it letter, phone, e-mail, or blog.

And, when the purchase is complete, you’ll know you have a great real estate agent when the relationship becomes a life-long friendship.

Summer brings an incredible season of beautiful warm weather and a season locals all look forward to! Hiking, biking, boating and dining at a lakefront restaurant.

Summer sales…

What I am referring to are the homes which come onto the market over the summer months. This is the only time you can appreciate many of these homes without snow. Buyer’s can become enamored with a home which shows beautifully, lawns are manicured and the fence yard perfect for  kids and dogs. But, your agent needs to explain what the higher elevation properties will look like in the winter months too. Six feet of snow creates a very different picture. When snow arrives so do  many responsibilities with regard to maintenance. What is the roofing material, shake, metal, composition? Does the roof line shed snow over a walk way or off to the side? Will heat tape be a good addition? Will you need a snow removal company to clear the driveway or is a snow blower going to be enough? Where is the bus stop located and can the kids get there in the winter?