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2012 Incline Village and Crystal Bay First Quarter Sales Report

Patti Plastiras — Wed, 11 Apr 2012 16:42:04 +0000

2012 Incline Village and Crystal Bay

First Quarter Sales Report

Below you’ll find “Sold” property data which includes Incline Village and Crystal Bay, both located on the North-shore of Lake Tahoe, Nevada. The charts show three categories of properties- Residential, Condominiums, Town homes (Planned Unit Developments).

Please note that the reports above were created using data extracted from the MLXChange System and reflects property sales starting 1/1/12 until 3/31/12

During the first three months of 2012 there was an increase in Residential home sales of over 25% compared to the previous two years, this was mainly caused by the large number of downward price adjustments within Incline Village and Crystal Bay. Short Sales and REO’s(Bank Owned properties) affected the residential sales the strongest. Out of 30 homes sold this year, 37% were Short Sales and REO’s, impacting the Median Price that dropped from $900,000 in 2011 to $650,000 in 2012. According to the Incline Village MLX System, currently there are 149 active home listings in Incline Village and Crystal Bay, of which 64 properties (representing over 40%) had a downward price adjustment in the past 6 months. The next quarter is going to be strong in sales since there are currently 27 homes in Escrow, 6 are Short Sales.

The Condominium report shows a significant price adjustment downwards (the Median Sold Price had a significant drop of 56%. Prices dropped from $440,000 in 2011 to $250,000 in 2012), and even if there were only 18 Condominiums sold so far this year (only 2 were short sales), there are 25 Condominiums in Escrow at this time (of which 8 are short sales). Suggesting a very strong next quarter. The Median price of Condominiums Escrow is $245,000.

On the Townhome report the amazing fact is that there was no price differential (% between asking price and selling price in 2012). Out of the 6 units all were sold at the asking price, only 1 was a bank owned sale. Currently 4 Townhomes are under Contract.

Price drops are occurring in all categories, and the increased number of Short Sales and REO’s make this a strong Buyer’s Market.

Sellers and Buyers need to be educated on the market which is where we come in.

Give us a call at 775-691-7000

Please note that the information above reflects data collected from the Incline Village MLX System starting 1/1/12 through 3/31/12.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Incline Village Property Attractive Price Adjustment

Patti Plastiras — Tue, 27 Mar 2012 18:20:15 +0000

Incline Village Property Attractive Price Adjustment

There has been a price adjustment on one of our Lakeshore realty listings, our listing on 335 Ski Way is available now at $459.000 all the way from $490.000. Bellow you’ll find the full details of this property.

335 Ski Way

Bed: 2

Bath: 2

Fireplace: 1

Year Built: 1988

Sq. Ft.: 1264

PRICE : 459.000

VIRTUAL TOUR

Wonderful Lakeview condo tastefully furnished Burgundy Hill Penthouse. Stainless steel appliances, hardwood floors, granite countertops, both bathrooms are redone and include faux travertine ceramic tile flooring and elegant vanities. and new paint throughout. Great year round access and close to Diamond Peak Ski Resort.

Covered parking and elevator access directly to your floor from the parking structure.

Information about the selling process for 732 James Lane property.

Patti Plastiras — Wed, 29 Feb 2012 19:38:47 +0000

With the market slowing down it takes more to sell a home today versus years back.

We recently listed and sold 732 James Lane located in the Lakeview subdivision.

Bed: 3

Bath: 2

2 Car Garage

Year: 1976

Sq. Ft.: 1767

Selling Price: $575.000

It was a ranch style property which the owner had never occupied but rented with intentions of one day rebuilding it into a larger home. While the market changes over the last 4 years the dream was quickly not going to come to fruition.

He stopped by the office and invited me to review the house and give him an idea of what he could sell for or would renting make more sense. We arrived at the home to find it in one large mess- carpet was beyond cleaning, a leak was evident in a bathroom, the heat did not work and the appliances were a mess. The roof was the original wood shake which called for attention.

One way or the other this property needed some serious work to put it into condition to rent or sell.

I explained the age of the house, built in 1971, may or may not have records on the property and the amount of coverage allowed.

There were no records ! In this case this was a PLUS because the lot was just under half an acre and had lots of coverage which would be grand fathered in for future usage. An AS Built Survey would be required by the buyer to determine what was available or the buyer could go up a level.

Taking care of repairs prior to selling relieves the owner of future liabilities and full disclosure of items repaired and those outstanding:

Repair items included:

- Removal of pine needles, inspection and repair of shakes. This gave the roof at least 3 to 4 years.

- Heating was inspected and minor repairs made- new thermostats installed none were working.

- Painting and carpet replacement

- Appliances repaired ,not replaced

- Leak in shower required replacement of shower head

- Front deck into house was missing boards and railing required tightening and paint

- Removal of broken washer/dryer

- Staging

Marketing was underway after the house was cleaned up.

The house went under contract within 30 days of listing and closed, this month.

Today you need a Broker who knows how to make sure the seller is covered for future liabilities.

A Broker who knows to check the right agencies to see what is on record or not.

Know who to suggest to the buyer to get work with who are reliable and show up!

We over saw all the work on behalf of the seller since he was traveling.

When you are ready to work with the right

Brokers- Call Chris & Patti Plastiras – Lakeshore Realty 775 691-7000

Lakeshore Realty Featured Property on the Incline Village real estate market

Patti Plastiras — Wed, 18 Jan 2012 20:01:38 +0000

525 Lakeshore Blvd. #51, Incline Village, Nevada

“Lakefront Condo”

2 Bedrooms
2 Bathrooms
1 Fireplace
1708 Square Feet
Year Built: 1964

VIRTUAL TOUR

Lakefront condo! Unobstructed views of Lake Tahoe! End unit, remodeled. Complex has common beach, boat dock/Pier. Complex rarely on the market and one of the few with a beautiful sandy beach! Must See! Easy to show.

PRICE: $1,525,000

Lake Tahoe Incline Village real estate news. FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales.

Patti Plastiras — Wed, 11 Jan 2012 19:48:39 +0000

FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales.

According to FHA, the waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers.

Among these conditions, all transactions must be arms-length, with no link between the buying and selling parties.

In addition, in cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in value.

FHA’s property-flipping waiver is limited to forward mortgages, and does not apply to the agency’s Home Equity Conversion Mortgage (HECM) for purchase program.

Since the original waiver went into effect on February 1, 2010,FHA has insured nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.

The agency says its own research has found that in today’s market, acquiring, rehabilitating, and reselling foreclosed properties to prospective homeowners often takes less than 90 days.

As a result, FHA says prohibiting the use of its mortgage insurance for a subsequent resale within 90 days would adversely impact the willingness of sellers to consider offers from potential FHA buyers, namely because they would be required to cover holding costs and the risk of vandalism that comes with allowing a property to sit vacant over a 90-day period of time.

2011 North Lake Tahoe Home Sales Report for Incline Village & Crystal Bay Nevada

Patti Plastiras — Tue, 10 Jan 2012 18:43:01 +0000

2011 North Lake Tahoe Home Sales Report

Bellow are the broken down reports for Residential Properties, Condominium and Townhomes in 2011.

Tips for selling your Lake Tahoe home in the winter.

Patti Plastiras — Tue, 27 Dec 2011 18:57:21 +0000

If you are trying to sell your home this winter, it’s important to master certain seasonal issues that are not significant or non-existent in other seasons of the year. On this blog post we will try to give you a few tips on how to improve the looks of your home if you are trying to sell it.

Let the lights shine. For a showing every single light in the house must be on. It’s also a great idea to keep the light on in the front of the house even if there is no showing scheduled because a lot of people may walk or drive by and it gives the home a happy and welcoming feeling.

Provide convenient parking. It’s vital for buyers to have a convenient place to park; it’s not too much fun for them to walk long distances in the cold weather and snow banks, especially if they are not from Tahoe or a place where it snows. Because parking is more restricted around condominiums, sellers should make sure that their agents can pass along parking details to buyers.

Don’t ignore the outdoors. Make a good first impression on buyers with a neatly maintained yard. Walks and steps should be kept clear, especially of snow and ice.

Make it easy to enter. Winter showings can get off to an awkward start if potential buyers arrive with snow or salt on their shoes. You can use a festive rug (maybe you can use a local theme rug) at the front door for a first great impression and so visitors can wipe off their feet. Have slippers or disposable shoes available along with a bench chair available where they can exchange their shoes.

Keep odors under control. Any home tends to get stuffy in the winter since windows are opened rarely. That can allow odors to build up, which can be a turn-off for buyers; pet odors can be worrisome in the winter so it’s highly recommended to use an air purifier and clean more often. If pets are in the house consider setting the thermostat control so that the furnace fan runs constantly during the day to keep air moving through the house and dissipate odors. Also avoid strong cooking odors on showing day.

Create a festive look. Appropriate Christmas decorations and even St. Valentine’s Day can help give a home a cheerful look in winter months. But don’t overdo it with decorations, remember that the buyers are here to see the house you are trying to sell and not your decorating skills.

Encourage daytime showings. A home shows bets it’s advantages during the daylight hours, which are relatively scarce in winter. Encourage your agent to schedule showings before 3PM.

New Lakeshore Realty Homes for Sale in Lake Tahoe, Incline Village Nevada

Patti Plastiras — Mon, 19 Dec 2011 19:31:51 +0000

New Lakeshore Realty Homes for Sale in Lake Tahoe, Incline Village Nevada

These are some of the newest listings at Lakeshore Realty on the North Lake Tahoe Real Estate Market.

916 Lakeshore Blvd.

Bed: 6
Bath: 6
Year: 1991
Sq. Ft.: 5031

Price: $2,695,000

Prestigious Lakeshore Dr & lake views too! Designed for a lg family.6 bdrms & 6 baths.Lg game rm; MBR on main lvl; lg eat in kit; pvt office; formal dining; 2+ gar incls RV gar. Water feature, fenced yard,3 fp, lakeview sun deck, elevator & AC too!

732 James Lane

Bed: 3
Bath: 2
Year: 1976
Sq. Ft.: 1767

Price: $629,000

One level living, great location in family neighborhood – lrg master suite, open great-room layout, no trpa records, ready to move in- new carpet and paint.

338 2ND Creek

Bed: 3
Bath: 3
Year: 1982
Sq. Ft.: 4000

Price: $749,000

SHORT SALE ! BEAUTIFUL setting surrounded by pine trees and year-round creek in back. This home has mountain charm -perfect mountain get away. Guest quarters on lower level open to enclosed deck. On Lock Box – Call for LB code.

North Lake Tahoe Real Estate Sales November 2011 Comparison

Patti Plastiras — Tue, 13 Dec 2011 18:59:52 +0000

North Lake Tahoe Real Estate Sales November 2011 Comparison

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Property sales.

What you need to have in order to get a mortgage approval.

Patti Plastiras — Wed, 07 Dec 2011 18:04:49 +0000

Interest rates fell to new lows in September. Low interest rates increase affordability and should make it easier for buyers to qualify. Yet stories of buyers waiting months to gain loan approval and home purchase transactions not closing on time due to lender’s strict underwriting are all too common. Generally, it’s more difficult to qualify now than it was a year ago- but don’t be discouraged! Most conventional lenders require a 20-25 percent down payment. For the lowest interest rates, your credit scores need to be in the 700 range. You need to have verifiable income and cash reserves in addition to your down payment and closing costs.

Sometimes even more illogical reasons are used to turn down possible buyers. For instance, if you have investments — even if they’re performing well — an underwriter might deny the mortgage because your portfolio doesn’t fall into the underwriter’s risk assessment model.

One couple was turned down because the husband had worked at his current job for less than a year — even though he was making more money at the new job than he was before.

Generally, it’s more difficult to qualify now than it was a year ago. Most conventional lenders require a 20-25 percent down payment. For the lowest interest rates, your credit scores need to be in the 700 range. You need to have verifiable income and cash reserves in addition to your down payment and closing costs.

You could run into underwriting problems if you’re self-employed, as W-2 income is much easier to verify. Other hurdles are lapses in employment and owning a lot of property. Some lenders won’t lend to buyers who have more than three or four residential properties.

Lenders will review all consumer debt. To receive a fast approval, all loans in the borrower’s name must be up to date and paid on time for a period of at least two years. The total amount of debt will be factored against a consumer’s income to calculate a debt-to-in come ratio. If your debt exceeds 40 percent your monthly gross income, your chances for a loan approval will decrease.

If you’re buying a new home before selling your current home, you’ll need to have 30 percent equity in your current home. This needs to be verified by the lender’s appraiser. Also, the lender will want to see a copy of the cashed check from the tenant for the first month’s rent to verify rental income if needed to qualify.

HOUSE HUNTING TIP: As soon as you’re serious about buying a home, find the best mortgage broker or loan agent you can to assist you. Don’t make your selection based on interest rates alone. A good track record counts for a lot.

Closing the deal should be your primary goal. If you have to pay 0.25 percent more to assure your transaction closes on time and that you’re not turned down at the last minute, it’s worth it.

Be candid with your loan professional about anything in your financial picture that might impact loan qualification. A good loan agent or broker will be able to assess your financial situation and anticipate what you’ll need to do to satisfy the underwriter.

Be aware that appraisal issues can impact your loan approval. For example, if a previous owner added square footage without a building permit, the additional square footage probably won’t be included as livable square feet.

APPRAISAL: Lenders want to make sure that a home is worth what they are lending to a consumer so that they are not making a loan that is “upside down.” Most lenders will require an independent appraisal as part of the mortgage approval process. If the appraisal doesn’t equal at least the loan amount, the consumer will either have to pay the difference in cash, have the seller agree to sell the home for the appraised value or walk away from the transaction.

As of Oct. 1, the conforming jumbo mortgage limit for expensive housing markets like New York City and San Francisco dropped from $729,750 to $625,500. In some cases, conforming jumbo lenders have moved into the market to pick up some slack. You can expect to pay about 0.25 percent more for a 30-year fixed-rate conventional jumbo loan, in some cases. However, today’s lower interest rates will help boost affordability.

There are more jumbo financing options available now. Adjustable-rate mortgages that are fixed for 10 years and then revert to an adjustable have a starting rate about 0.25 percent less than a 30-year fixed jumbo. A five-year fixed starts about 0.5 percent to 0.75 percent lower, but is riskier.

When applying for a home loan, it is important that you inform your loan officer of any changes to your situation, as it can affect a home loan approval. Not communicating things to your loan officer can mean a cancellation of your loan up to the day and time of closing.

THE CLOSING: Because of the risk factor, the lender may want you to have a large cash reserve. Your retirement account counts toward this.