Buyers have been looking- the stats on my website jumped just before Christmas and again over the weekend, we will just have to see how long prices keep dropping. This past week, 12 new listings came onto the market in Incline Village and Crystal Bay, including 5 homes, 1 townhome and 6 condos. There were 18 price changes, 2 sales and 2 homes that fell out of escrow, 4 new properties in escrow with 21 properties in contract currently. View links to all new listings, escrows and sales at Incline Village Real Estate update.
Incline Village Real Estate December 21
We have seen a slight increase in activity for December. With mortgage rates hoovering at 4 year lows around 5% for a 30 year fixed mortgage, buyers who have good credit and can qualify for documented loans are seeing opportunity in the market.
One notable sale that I represented the buyers for at 521 Sugarpine closed last Friday for $530,000, it was listed for $599,000 and was a fantastic buy for a 3 story home, remodeled on 3/4 of an acre in desirable Ponderosa neighborhood. The home 2 doors down at 527 Sugarine is in contract with a list price of $3.495M, so this helps supports the value here.
19 new listings came onto the Incline Village and Crystal Bay market in the past two weeks, including 8 homes, 2 PUD’s, 8 condos and 1 commercial listing. There were 23 price changes, 3 new properties in escrow including 928 Dorcey listed at $595,000, 121 Rubicon listed at $1,495,000- an amazing buy, and 88 Shoreline Circle listed at $2,695,000- a quiet location across from the Lake. There are 17 properties in contract currently and 6 sales have closed in the past two weeks.
Check BuyTahoeHomes.com for weekly Incline Village Real Estate updates for home sales and new listings.
Watch an episode of “My House is Worth What?” featuring a master bedroom addition on a beautifully update Tahoe style home. Great scenes of Tahoe and learn how to add value to your home! Read about the Incline Village episode airing Nov. 30 at noon.
Steady activity on the Incline Village market this past week, with 12 new listings including 5 homes, 1 townhome and 6 condos, 18 price changes, 2 sales and 2 homes that fell out of escrow, 4 new properties in escrow with 21 properties in contract currently. For up to date information on new listings and Lake Tahoe Real Estate activity, visit BuyTahoeHomes.com/blog.
“My House is Worth What” featuring a master bedroom addition in Incline Village is set to air on Sept. 2 at 8 pm or 11 pm (check with your provider); then it will re-run regularly. A great episode on adding value in a tight real estate market- tune in! BuyTahoeHomes.com for more info.
After attending the INMAN connect technology conference in San Francisco last week,there is no doubt about it ,that video is the platform for marketing real estate now and the future.With the next generations of 20-30 somethings all engaged in social networking on MySpace,Facebook, and engrossed in Youtube and like media,this is the new way for screening and shopping for homes.So get your flip cameras ready and be ready to build this into your marketing plan.
I am a firm believer in that providing a quality digital package, combined with unlimited distribution on the www is a necessity in marketing real estate.I am wondering though, who out there has had true success with actual videos,not virtual tours….but video, either with or without sound, in truly more than attracting buyers, but closing sales?
“Last weekend I was with buyers who were shopping in the $2-4m range in Incline Village.They picked the properties that they wanted to see from viewing online.They also eliminated potential properties based on their online selections.These Buyer’s made a comment about one of Lexi Cerreti’s (Chase Incline) videos.They preferred the video,more so than the house.The interesting note was that they complimented Lexi, and were very comfortable with pointing out what looked better on video than live.So,would like to hear who is using affordable,quality video,and are your Buyer’s responding,more so than to the quality virtual tours?”
Kerry Donovan, Chase International, Incline Village
It really goes to show how video draws buyers to a particular listing. When I greeted Kerry’s buyers at 928 Lakeshore Blvd, they already recognized me from the video and were very open about saying what features they loved- the kitchen, the great room with open ceilings and were impressed in person. It was refreshing that they felt comfortable enough to give honest feedback about why the home didn’t work for them- needing more bedrooms and wanting more privacy in the backyard. So while they may not end up buying this property, they chose to see it over several other options they had on Lakeshore Boulevard (24 other listings, at last count). The video was an icebreaker, they gave them the feeling they were familiar enough with me to open up, and gave me the opportunity to offer suggestions about adding walls to create an extra bedroom, and planting trees to screen the neighbors home. Not everyone has access to professional grade video productions- I happen to be lucky in that my dad is a videographer and produces mine. But flipbooks are a great alternative that can give buyers a sense of the layout and better feel of the home, where photos leave much to the imagination.
Lexi Cerretti, Chase International, Incline Village
The numbers are in and sales for single family homes are down for the 1st half of 2008 compared to the same period in 2007. It seems there are lots of buyers on the sidelines looking for good deals, and weakening sales prices offer more opportunities, especially if you know which sellers are motivated.
The median price for an Incline Village home sank to $1,042,500, down 13% from the median price in the first half of 2007 at $1,200,000. The average price was down 17% to $1,419,464 from $1,708,492 in 2007. (Based on data I compiled from the Incline Village MLS, EXCLUDING PUD’s).
The median price for a condo in Incline Village dropped to $489,000 from $587,500 in the first half of 2008 from that period last year, a decrease of 17%. The average price for a condo was down 20%.
The lowest priced home to sell in 1st half 2008 was $560,000 compared to a $600,000 home sold in 2007. The highest priced home to date in 2008 is $6,700,000 down from the $8,500,000 home sold 1st half 2007.
Average list to sale price in 2008 is 90% compared to 94% in 2007 for the same period, showing some strength in buyer positioning in this down market. The average days on market is 154 in 2008 compared to 187 in 2007- are sellers more motivated to sell?
Through June 30, 44 homes sold in 2008 compared to 73 homes sold last year- this is a 40% decline in # of units sold. In 2008, 22 homes sold over $1M and 22 sold under $1M, compared to 2007, 48 sold over $1M and 25 sold under $1M. Last year at this point, there were 20 home sales over $2M, whereas midyear 2008 we have only seen 6 sales over $2M. The high-end market is contracting, with a lot of supply and much less demand.
View all of the homes sales for both the first half of 2007 and 2008
View the 2008 Midyear Home Sales Report for Lake Tahoe, note that the report includes PUD’s (freestanding townhomes) in the single family home category in Incline Village, whereas the stats reported above exclude PUD’s.
This just in… view the video for the $100 million Tranquility Estate on Forbes.com
View a virtual tour of Incline Village $47 million Estate at 585 Lakeshore
View a current list of Tahoe Lakefront Homes, Nevada side
While the housing market in general continues it’s downward trend, there are locations faring much better than others. In areas like Tampa, Phoenix and Las Vegas where speculative buying was rampant, now high vacancy rates have driven down prices. In markets where home building far exceeded occupancy demands such as in Reno and Sacramento, home builders are reducing pricing to fill the surplus in supply.
What does this mean for home buyers and sellers? In Incline Village, the deficit of buyers coupled with stable list prices means longer time on the market and a decrease in sales under $1 million. We have seen buyers refusing to make offers on homes they feel are overpriced, rather than submitting a low bid. The state of the market can be used as a good bargaining point for buyers, and many sellers are very eager for offers at any reasonable price.
I have compiled a collection of news sources reporting on market conditions around the US:
Spotting Market Bottoms in 2008, Strategies for Home Sellers
Real Estate Journal- January 1, 2008
Steve McLinden of Bankrate.com agrees that home values will “stabilize again,” but it will be a rocky ride until they do — especially for home sellers, he says. For buyers, he recommends not waiting to pounce on good deals, as the housing market may be “at or near bottom,” and using the glut of homes on the market and sellers’ anxiousness to sell to bargain more effectively…
What $1 Million Will Buy You in Homes
A flat in London, and apartment in Manhatten, a Victorian home in San Francisco or a two story loft in Sydney, Austrailia with harbor views…
Homes of Billionaires
From Washington to Texas, Palm Beach to the Hamptons, see where Billionaires make their roosts…
Housing Bubble: Top 30 Cities to Watch
Markets That Will Keep Growing
El Paso Texas
Seattle WA, Portland OR
Salt Lake City
Cities That Will Top Out
Fort Meyers, Cape Coral FL
Cities Where Prices Will Deflate
Top 25 Real Estate Market Forecast
Salt Lake City UT
America’s Most Stable Housing Markets
Seattle has experienced strong price appreciation over the last six quarters, and that’s expected to continue in the new year, though at a slower pace. Also primed for a stable year are Pittsburgh, Columbus, Ohio, and Dallas. They follow Seattle in our ranking of the country’s 10 most stable markets. All are projected to have median home sale price increases next year, thanks to a combination of factors including lower-than-average inventory levels, little price volatility and high job growth.
Best and Worst US Housing Markets
Best: Seattle, San Jose, Raleigh and Charlotte NC, San Francisco, San Antonio, New York
Worst: Detroit, Cleveland, Sacramento, Tampa, Las Vegas, Phoenix, Minneapolis
Most Expensive Zip Codes
Alpine NJ, Miami Beach FL, Ranch Santa Fe CA, Glenbrook NV, Amagansett NY (Long Island), Water Mill NY (Hamptons), Santa Barbara CA, Purchase NY (Westchester County), Ross CA (Marin), Chilmark MA (Martha’s Vineyard)
rundown of housing markets across the US
We’ve seen a wide variety in listings this week, and I am intrigued by the pricing along with some hard to find features. Just listed- a newer creekside home in Lakeview Sub., and two golf course area listings with quality newer construction and creekside settings. These are the types of home I get excited about sharing with my buyers!
Overview- 12 new single family homes were listed in Incline Village this past week, along with 3 townhomes, 6 condos, and 1 lot. There were 6 new escrows last week including one Shari Chase lakefront listing on the East Shore, 4 sales closed (3 homes, 1 condo) and there were 34 price changes, lots of price reductions!
View this week’s open house schedule for Incline Village, too!
New Single Family Homes:
Some great buys this week. The 4 bedroom home on Garen is nicely updated for the low price of $479k, and the new listing at 910 Harold is on the Championship Golf Course- a great buy for $599! 842 Ophir Peak really catches my eye- this newer construction home has a great layout and is on a year round creek in Lakeview Subdivision, just off of Lakeshore. I would compare it to Country Club Villas in the $1M-$1.2M range or the townhome listed at 779 Freels at $1.295, except you are getting a single family even closer to the beach!
If you want lake views, 809 Jeffrey has them, and 645 14th Green and 615 Country Club are two large, newer construction homes near the golf course and on creekside settings. 831 Lakeshore is a good buy for lakefront, with just under 4,000 sq ft living area, and 650 Lakeshore is a grand, custom home very close to Burnt Cedar Beach with beautiful custom detail!
(Note- click on a link to a listing, and virtual tour links are shown below the description, where available)
954 Garen $479,000 Wow- Low Price! 4 beds, 2 baths, 1,656 sq ft
910 Harold $599,000 Golf Course, 3 beds, 1.5 baths, 1,576 sq ft
561 North Dyer $849,000 Central Location, 3 beds, 3 baths, 2,916 sq ft
130 Mayhew $975,000 Millcreek, 3 beds, 2 baths, 1,508 sq ft
842 Ophir Peak $1,490,000 Lakeview Sub on Creek, Newer Home! 3 beds, 3.5 baths, 2,606 sq ft
809 Jeffrey $1,795,000 Panoramic Lake Views, 5 beds, 4.5 baths, 4,524 sq ft
615 Country Club $1,799,000 Newer on Golf Course, 5 beds, 3 baths, 2 lavs, 4,056 sq ft
645 14th Green $1,875,000 Gorgeous Setting, 5 beds, 3 baths, 2 lavs, 4,564 sq ft
88 Shoreline Circle $2,695,000 Off of Lakeshore, 4 beds, 3.5 baths, 4,496 sq ft
580 Ponderosa $3,750,000 New Home, 5 beds, 4.5 baths, 4,570 sq ft
831 Lakeshore $4,299,999 Lakefront, 5 beds, 5 baths, 3,951 sq ft
650 Lakeshore $4,850,000 New Custom Home, 4 beds, 3.5 baths, 4,620 sq ft
1 New Lake View Lot-
584 Amagosa, Crystal Bay $495,000
Note that all listings posted are couresty of Incline Village MLS, and no listings are my own unless specifically stated.