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

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.

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.

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

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.

• 2011 North Lake Tahoe Home Sales Report

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

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.

• 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.

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.

• 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.

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.

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.

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.

• What is Escrow?

An escrow is created when money and/or documents are deposited by two or more persons with a third party which are to be delivered upon the happening of certain conditions. The third party is known as the escrow agent or escrow holder.

• 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.

1052 Lucerne

Bed: 3
Bath: 2.5
Year: 1983
Sq. Ft.: 1920

Price: $635,000

Top of the line remodel with bamboo and slate flooring, granite countertops, exceptional tile finishes in bathrooms. Inviting great room offers the much sought after Tahoe ambience. Upscale Incline Complex W/Pool/Tennis. Ample Storage.

777 Freels Peak Dr.

Bed: 4
Bath: 2.5
Year: 1992
Sq. Ft.: 2786

Price: $855,000

Desireable location 2 blocks from lake & walk to shopping.Very charming w/large great room, stone fireplace, vaulted ceilings. Huge kitchen w/granite counters,wood floor. Master w/fireplace and deck. Beautiful landscaped grounds.4th BR can be fam rm.

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.