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

The Open House tour today had a small number of properties which was allowed me time to take in the inauguration. I also sent up a prayer for better days ahead as a nation!

Tour line up- Links are supplied to each property

Two McCloud condominiums –

One bedroom- ground floor unit with 800 sq. ft. of living space- 1 bed – 1 bath- The outside hot tub and sauna are just steps away from this unit- a plus for all one bedrooms within the McCloud complex. There are nine clusters within this complex and each has a three story building with three one bedroom units and a one car garage below. Unit # 221 is a clean unit offered furnished at $419,000.

Two bedrooms- Unit # 13 is on the second floor with a nice forest orientation and sunny deck located off of Village Blvd. It was listed at $579,000 but reduced to$559,000 after tour today. The upper units have vaulted ceilings in the open living/dining room and a small master suite, one guest bedroom and full bath. Each unit has a one car garage. They run 1,111 sq ft with fireplace in living room. This complex is appealing with rolling lawns and the close proximity to recreation center, beaches and Hyatt hotel. This is probably the best 2 bedroom listing within the complex.

938 Jennifer Street- Older home with not much street appeal- 1,576 sq ft. on a nicely wooded lot. I guess some buyers/sellers classify this as a cabin but the words fixer upper seem closer to a description. Two years ago this price would have been for the lot alone, now you get a house too. It has been a rental program for years so TLC is not that evident. Parking is limited to one covered parking slot under the deck and a somewhat steep driveway. At $515,000 this makes more sense versus the original starting price of $625,000.

867 Jennifer Street- Remodeled home which truly deserves a before and after photo to appreciate what the face lift these owners accomplished. This is going to be a tough location for most buyers to get around located on a corner lot overlooking Hwy 431…traffic noise will be an issue.

The staging lends itself to a warm and beautiful layout and felt larger than 2,394 sq. ft. The vaulted ceilings in the great room layout give the main level a grand spacious feel. The master bedroom suite is on the upper level and two well sized bedrooms and family room occupy the lower level. The finishes throughout were well done and staged very nicely (offered furnished at $999,900), it seems to be priced on the high end for this location.

860 Jeffrey- A walk in the past is the only way to describe this cabin with a creek side setting. Priced at $599,000 you will need to use your imagination to see the potential of this home. The tree branch extending the length of the living room hanging from the ceiling made you stop and ask…why? Come to find out it is used as an exercise training branch for working out…in twenty years I haven’t seen such a fixture before. The price may need some trimming down of its own to entice a buyer.

986 Dorcey Drive- Lakeview home with architectural appeal – this one wins for best property on tour- The private setting surrounded by forest service parcels and views of the mountains and beautiful. The 4,158 sq. ft. are spread out over two levels. The main floor has large picture windows and tons of natural light. It sparked the interest of agents since there were three showings scheduled immediately after tour. Worth a look for the client after a private location and excellent construction priced at $1,425,000.

198 Country Club Villas- #28- Offering 2,108 sq. ft. This complex of freestanding town homes or as Incline defines them (Planned Unit Developments-PUDs) gives owners a great location within the village for year round enjoyment. Walking distance to beaches, Hyatt, Recreation Center and Lakeshore Blvd. The units all have great room floor plans with vaulted ceilings, fireplaces, and the master bedroom suite on one level; two bedrooms one bath and a two car garage complete the lower level. Priced at $1,070,000.

929 Northwood Blvd- Third Creek- Unit 107 priced at $859,000- furnished. Complex has outdoor pool, clubhouse and close proximity to Chateau and Championship golf course. There are a variety of floor plans within this complex and worth checking out the various settings the complex has to offer and construction finishes from old Tahoe to contemporary finishes.

Condominiums

1) Coeur Du Lac #49 -3 bedroom , 2 bath , 1200 sq. ft. condominium listed at $510,000- clean unit- Master bedroom on entry level and two bedrooms plus full bath upper level. Vaulted ceiling living room with gas fireplace. This unit has gas for heat versus older units which are still electric.  This is the lowest priced 3 bedroom unit out of 3 listed for sale. There are three 1-bedroom units for sale priced $359,000-$375,000 offering 753 Sq. ft.  This complex had major assessments last year which most owners have paid. The assessment included new roofs, siding and for some units, windows. The close proximity to Lakeshore Blvd and walking distance to Ski Beach are big pluses for this smaller complex of approximately 50 units. There is a small swimming pool on site. CON Flyer View (MLX) Sample of 1 & 3 bedroom listings.

2) 1000 Lakeshore Blvd- This one hits the best buy list for size and location.  3 bedrooms, 2.5 baths, 1 car garage, 1936 sq ft. priced at $649,000. Located across the street from the Hyatt Hotel & Casino and 1.5 blocks to the beach, this is an attractive buy. There are only 2 units on the market in this complex. From the street, the gray buildings don’t offer much appeal, but once inside large picture windows looking onto landscaped grounds capture a real Tahoe feel. It is priced as a furnished unit and has a rental history. This is worth a look if 3 bedrooms is on your list.

3.) The Pointe #14- 933 Northwood Blvd.- 2871 sq. ft. $1,695,000 CON Detail Client View (MLX) There are three listings for sale in this high-rise (three levels) building; this is the highest priced 3 bedroom unit. The complex offers underground parking, contemporary finishes inside, on one level with elevator access directly to your door.

4) Third creek-# 174- 3 bedroom, 2.5 bath, 1 car garage, 1846 sq. ft. priced $859,000. This complex has tennis courts, swimming pool, clubhouse and walking distance to Championship golf course. There are six units all 3-bedroom units listed for sale ranging in price from $799,000-$859,000. This particular location backs to a year round stream and offers privacy. It is not offered furnished and is in original condition, built in 1993.CON Detail Client View (MLX)

Planned unit developments

5)  Country Club Villas- # 31 Price: $1,140,000 3 bed, 2.5 bath, 2 car garage, 2130 sq. ft. There are 5 units on the market ranging in price from $1,070,000 to $1,245,000. Prices differ based on location in the complex and the quality of the finish work. The layouts are basically the same with the master bedroom on main living level and two bedrooms and one bath on the lower level. Country Club Villas are walking distance to Hyatt Hotel & Casino and beaches. Free standing units with a higher density feel, some decks are a little close to the neighbors so location is key.  PUD – Multi-Column View

(LINK TO TWO UNITS)

6) Wood Creek #3 -873 Northwood Blvd.-A new complex with 5 units and one duplex. This development is under construction with one sale pending. This small complex resides across from the Vertical fitness gym on Northwood blvd. and the local hospital on Alder Avenue. These units are spacious with 2435 sq. ft., 3 beds, 2.5 baths, and 2 car garages backing onto a year round stream. The finish work is impressive and worth a look if a freestanding townhome is a consideration. Priced at $1,195,000, this little complex will give Lake Country Estates (located on College Blvd) a run for their money. Lake Country Estates has 57 units of which 25 have sold over the years. Wood Creek owners are motivated to sell one of six locations listed at $1,200,000 for $999,999) Motivation is in the air!

Residential

7) 240 Pine Cone Circle The only residential home on tour today. This location within Millcreek subdivision has a large level lot and perfect for a family with kids. I found the layout a bit chopped up which can happen when a remodel versus tear down occurs. It is priced well based on per sq. ft. value at $569 a foot. It sold in 2004 according to public records for $1,387,000, remodeled in 2002.

RES-2per V.T. PPSF LKFT ACTIVE

Tuesday, January 14th’s Broker open house tour for Incline Village is summarized by Patti Plastiras, a Broker and Owner of Lakeshore Realty.  She can be contacted at 775-831-7000 with any questions on the properties above and/or any other properties in Incline Village.