Wow what a great month April was when it comes down to home sales. Lake Tahoe, Incline Village & Crystal Bay real estate market home sales more than quadrupled in April 2013 compared to the previous two years, also the price differential is at 100% this year, telling us that the seller received the asking offer on their homes. Is the first time in a long time when this happened. The condominium report shows similar data.

• Residential Home Sales Report

Click for larger image

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

• Condominium Sales Report

Click for larger image

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

Below you’ll find “Sold” property data for Incline Village and Crystal Bay real estate market, 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 January 1 through March 31

Welcome to the Sellers Market! Looking at the events unfolding in the past 3-4 months we can certainly say that we switched from a Buyers Market in 2012 to a Sellers Market at least so far in 2013. With a diminished Lake Tahoe and Incline Village real estate inventory, sellers are getting a lot more offers on their properties, some of them even above the asking price. The average “Price Differential” index is getting closer and closer to 100% telling us that Sellers are accepting offers really close to their asking price. Also homes tend to stay a lot less time on the market, the “DOM” (days on market) index having a big drop compared to the previous couple of years.

• Residential Home Sales Report

Click for larger image

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

• Condominium Sales Report

Click for larger image

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

There is a big increase in the number of sold Residential Properties in the Incline Village & Crystal Bay real estate market, no less than 18 Single Family homes being sold in the past month compared to only 10 sales in the same period of 2012 and only 8 in 2011. Also the Median Sales price had a 151% increase compared to 2012. The number of sold Condominiums also increased compared to the previous couple of years, and the Median sales price for condominiums is also on the rise.

• Residential Home Sales Report

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

• Condominium Sales Report

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

That’s what lots of politicians and businesspeople in states with no income tax including Texas, Nevada, Florida and Washington are hoping now that California’s wealthiest are paying more than any other state in the nation in income taxes.

On Thursday, Texas Gov. Rick Perry announced a swing through Silicon Valley, San Francisco and Los Angeles from Sunday through Wednesday to lure companies to the Lone Star State, which he argues is better for business because it has no income tax and more lenient labor and environmental laws. It comes after Texas officials and companies launched a 30-second radio ad in California this week in which Perry tells Californians that Texas is “wide open for business.”

“Building a business is tough, but I hear building a business in California is next to impossible,” Perry said in the ad, which Gov. Jerry Brown quickly dismissed as “barely a fart,” since the state bought only $24,000 of air time.

Some anecdotal evidence, however, shows that some rich Californians are on the move.

In Nevada, Chris Plastiras, who owns Lakeshore Realty in the Lake Tahoe and Incline Village area, said wealthy clients are flocking over the border to save on taxes. He said 14 of his 27 closings in Nevada since the election have involved people moving from California.

“They’re buying fast and furious, absolutely. I’ve never seen anything quite like this,” Plastiras said, citing the passage of Proposition 30 in November, which increased state income taxes by a maximum of 3 percentage points for seven years. Then, in early January, Congress let the Bush tax cuts on the wealthy expire, pushing up the maximum rate 4.6 points, to avert the “fiscal cliff.”

The richest Californians will now pay a maximum 39.6 federal rate and a 13.3 percent state rate, though the total effective income-tax rate is closer to 47 percent because state taxes can be deducted off federal tax returns.

“Prop. 30 really got a lot of people upset, and they feel like they’re being singled out, and that was pretty much the straw that broke the camel’s back for them,” Plastiras said.

Greg Adler, who made a six-figure salary as a Santa Clara County prosecutor, moved with his wife to the Dallas area last year. He got “an automatic 9 percent boost” in savings from income taxes and now has a home the same size of the one they had in San Jose — at half the cost.

“Almost everyone I run into seems like they’re California transplants or moved here from somewhere else,” Adler said. “Every single one of them is glad they came and said they would never move back to California.”

Joe Vranich, a business relocation consultant in Irvine, said he received an unprecedented number of inquiries and five new CEO clients in the weeks following the election, with executives looking to move to states with no income tax.

“I’m hearing more angst from these people and a desire to get out faster than I’m normally accustomed to hearing,” Vranich said. “I’ve heard things like ‘How dare they increase my taxes retroactively.’ ”

While a mass exodus is unlikely, even a few rich people and businesses moving across state lines would have an impact on California’s income-tax revenue — by far the top source of money for the state’s newly balanced budget.

A survey this month by the California Business Roundtable found 69 percent of companies thought it was harder to do business in California than other states. At 9.8 percent, California’s unemployment rate is also one of the highest in the nation.

Still, net worth, the number of Fortune 500 companies and wages here dwarf most states — not to mention the weather and culture that still draws transplants in search of the California dream.

“We’re expensive. That’s reality. But I see a lot of fancy cars on the road, and I know that people could choose to drive cheaper ones, but they want the more expensive model,” said Jim Wunderman, CEO of the Bay Area Council, a business advocacy group. “In many ways we’re the envy of the global economy.”

Experts say existing businesses are unlikely to move — but those starting up fresh, or creating new divisions, could consider it. Perry’s office noted that Facebook, eBay (EBAY) and Visa, all headquartered in the Bay Area, recently opened new expansion campuses in Texas, while San Ramon-based Chevron just announced it was moving up to 800 jobs to Houston.

“Corporations are always more mobile than individuals are,” said Stewart Karlinsky, a San Jose State professor emeritus of business. He noted that it’s a lot harder for people to uproot their lives and move their kids out of school, abandon their friends and family and acclimate to a new culture. “These other factors — quality of life — are much more important than a couple percentage points” of taxes.

San Jose accountant Dan Morris said that wealthy people in California are always thinking about whether their tax burden is too high. But he added the passage of Proposition 30 and the higher federal tax rates have served as an extra “catalyst burning under people.”

“There will be wealth that leaves California,” said Morris, an adjunct professor at Foothill College in Los Altos Hills. “Not everyone will move, but those who can, will.”

An analysis by this newspaper before the November election showed that high-tax states such as California actually have the most millionaires per capita, while low-tax states such as Texas, Florida and Nevada generally have below-average numbers of rich people. Then a Stanford University study on California’s 2005 millionaire’s tax concluded the extra 1 percent of income tax on the rich had no effect on the number of wealthy people moving in and out of the state.

Stanford sociology professor Cristobal Young, one of the study’s co-authors, concluded that Perry’s campaign would have limited impact and that politicians usually make statements in foreign countries and other states to boost their own standing.

“That would be my guess with Gov. Perry — trying to kick up the dust,” Young said. “He’s really talking to Texans, not Californians.”

Source: Mike Rosenberg, MercuryNews.com

Lakeshore Realty sold 117 properties this year for a total of $92,239,875, and continues to be one of the leading real estate companies in the North Lake Tahoe area.

Below you’ll find “Sold” property data for Incline Village and Crystal Bay real estate market, both located on the North Shore of Lake Tahoe, Nevada. The charts show three categories of properties: Residential, Condominiums, Town Homes (Planned Unit Developments).

To see this image in a large format click here.

To see this image in a large format click here.

To see this image in a large format click here.

The “Median Sales Price” in 2012 was one of the lowest in the past decade in this real estate market, and was the leading factor for reducing the real estate inventory. The monthly charts show us that the past summer was the turning point; in July of 2012 the “Median Sales Price” for residential homes was at $585,000 and for condominiums was at an amazing $167,500. In these conditions, homes tend to stay less time on the market and sellers will get offers very close to the asking price.

In 2013 we will have to see if the home prices are going to increase, as they did in the past 3 months, and see in what way the country’s fiscal situation will affect home 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.

December 2012 was one of the strongest months we have seen in the past few years when it comes to real estate sales, dwarfing home sales in 2011 and 2010. This month reflects perfectly what happened in our real estate market in the second half of this year, except that a low sales price wasn’t the key factor this time. As you can see, there was an increase in the sales price compared to the previous months. The year’s end was the main factor that led to the increased number of homes sold, as most of the sales made in December were closed in the second half of the month. December 2012 confirms the trend that took place in the past 3 months, with an increased number of home sales and a median sales price that is slowly increasing as well.

• Residential Home Sales Report

Click for larger image

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

• Condominium Sales Report

Click for larger image

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

]]> http://inclinebrokers.com/blog/2013/01/north-lake-tahoe-real-estate-sales-december-2012-comparison/feed/ 0 http://inclinebrokers.com/blog/2012/12/happy-new-year-3/ http://inclinebrokers.com/blog/2012/12/happy-new-year-3/#comments Thu, 27 Dec 2012 17:31:09 +0000 Patti Plastiras http://inclinebrokers.com/blog/?p=1166

May your new year be blessed with peace, love and joy.
Sending you our heartfelt wishes
With joy that never ends.
Wishing you a very
Happy New Year!

In 19 of the 20 cities the annual increase in October was higher than that in September and only two cities, Chicago and New York, had negative annual returns.  The recovery seems well established in some markets; for example Phoenix home prices increased for the 13th consecutive month and San Diego for the ninth.

David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said, “The October monthly numbers were weaker than September as 12 cities saw prices drop compared to seven the month before.  The five which turned down in October but not in September, were Atlanta, Dallas, Miami, Minneapolis and Seattle. Among all 20 cities, Chicago was the weakest with prices dropping 1.5%, followed by Boston where prices fell 1.4%. Las Vegas saw the strongest one-month gain with prices up 2.8%.

“Annual rates of change in home prices are a better indicator of the performance of the housing market than the month-over-month changes,” Blitzer said, “because home prices tend to be lower in fall and winter than in spring and summer.  Both the 10- and 20-City Composites and 19 of 20 cities recorded higher annual returns in October 2012 than in September. The impact of the seasons can also be seen in the seasonally adjusted data where only three cities declined month-to-month. The 10-City Composite annual rate of +3.4% in October was lower than the 20-City Composite annual figure of +4.3% because the two weaker cities – Chicago and New York – have higher weights in the 10-City Composite.”

Blitzer said it is clear that thehousing recovery is gathering strength.  Continued annual price gains and the strong performances in both the southwest and in California, both of which were strongly affected by the housing bust, “confirm that housing is now contributing to the economy. Last week’s final revision to third quarter GDP growth showed that housing represented 10% of the growth while accounting for less than 3% of GDP.”

Even cities at the bottom are showing gains.  Detroit had a 24.2 percent annual increase even though prices there are still about 20 percent lower than they were 12 years ago.  Blitzer also cited 22.5 percent and 22.1 percent increases in San Francisco and Phoenix from their recent lows and prices “comfortably higher” than 12 years ago.

As of October average home prices nationwide were back to autumn 2003 levels.  Measured from their June/July 2006 peaks, the decline for both Composites is approximately 30% through October 2012 and approximately 35% from the June/July 2006 peak values to their recent lows in early 2012. The October 2012 levels for both Composites are about 8.4 to 9% above their early 2012 lows.

In October 2012, 12 MSAs and both Composites posted negative month-over-month returns. Detroit, Las Vegas, Los Angeles, Phoenix, Portland, San Diego and San Francisco were the only cities that recorded positive monthly returns. Denver remained flat.

The State of Nevada offers one of the most tax and business friendly environments of any state. CPA’s, tax advisers, and asset protection specialists have recognized for years the benefits of calling Nevada home!

Sixteen Reasons to become a Nevada Resident

• No personal income tax

• No corporate income tax

• No gross receipts tax

• No franchise tax

• No inventory tax

• No tax on issuance of corporate shares

• No requirements of shareholders & directors to live in Nevada

• No tax on sale or transfer of shares

• No succession or inheritance with IRS

• No sharing of information with IRS

• Simple annual requirements

• Protection for Directors and Officers

• No initial or minimum capital requirements

• Anonymity of owners-Total Privacy

• Low property taxes

• Business friendly environment

Incline Village is an unincorporated community of Washoe County. Our local government is primarily conducted in Reno. IVGID (Incline Village General Improvement District) is an agency that supplies and regulates our utilities (water and sewer) and manages the community’s facilities, beaches, Diamond Peak Ski Resort, tennis complex, recreation center, and golf courses. There is a $736.00 Recreation Fee for Incline Village residents for use of the private beaches and other community facilities. This fee is included in your property tax.

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.

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