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.
The pace of activity has picked up slightly on the Incline Village market lately. Two great opportunities for lakefront condos have become available at Stillwater Cover and Crystal Shore West- both front row, panoramic lake view units (2 at CSW but seller will only part with one or the other). Both of these complexes have marina facilities and Stillwater has tennis courts, an outdoor pool and waterfront restaurant for owners.
Some very good buys went into escrow, including 121 Rubicon- a $1.495M 4,779 sq ft home which would be the lowest priced sale in all of Lakeview Subd. for 2008 (I am reresenting the buyer), and 527 Sugarpine-of the finest quality new construction listings, reduced to nearly half of its original asking price with panoramic lake views, great level lot and low elevation- this was a good buy! View all recent Incline real estate activity on the original Tahoe Homes 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.
August 14-25 New Market Activity
16 new single family homes were listed in Incline Village since August 14, along with 7 condos and 5 townhomes. There are 22 pending sales including 11 homes, 4 town homes and 7 condos. 9 sales closed (1 home, 2 town homes, 4 condos, 1 lot and 1 investment property) and there were 39 price changes!
803 McCourry is one of the lowest priced homes in Incline, and on a .413 acre lot. 929 Dorcey is nicely remodeled with southern exposure and 921 Michael is newer construction on a great cul-de-sac. 864 Ophir Peak is just 2 blocks from Lakeshore, nice location. 678 14th Green was just re-listed, newer construction near the golf course. 568 Putter has great development potential with 6814 sq ft coverage and 300+ ft on the Championship Golf Course! 449 Fairview is a good buy for lake views on the Eastern Slope, in nice condition- similar sales in this price range and location support it.
821 Golfers Pass is newer construction close to the Mtn. Course, while 573 Tyner has lovely lake and mtn views. 585 Ponderosa is new construction, close to the lake and low elevation, while 721 Cristina has a nice yard adjacent to forest service. 460 Tuscarora is a great buy for new construction, panoramic lake views and 6,040 sq ft! Radiant heat, smart home mngt, two lawn terraces on a cul-de-sac. Inquire about getting IVGID privileges by purchasing a non-buildable Incline lot.
For more bargains, view my Incline Village Best Buys.
Incline Village Homes for Sale
803 McCoury $499,000 low price!
929 Dorcey $797,000
433 Winding Way $799,000
327 Winding Way $950,000
921 Michael $998,000
864 Ophir Peak $1,150,000
678 14th Green $1,210,000
568 Putter $1,295,000 golf course building opportunity!
547 Lantern $1,300,000
449 Fairview $1,395,000
821 Golfers Pass $1,395,000
573 Tyner Way $1,795,000
585 Ponderosa $2,350,000
721 Cristina $2,950,000
460 Tuscarora $2,950,000
439 Driver $3,499,000
Incline Village Condos for Sale
872 Tanager, Pinebrook #49 $229,500
807 Alder, All Seasons #5 $319,000
333 Ski Way, Ski Way Ridge #259 $329,000
215 Lark Ct #3 $579,000
120 Juanita Dr, Northshore Estates #3 $849,000
929 Northwood Blvd, Third Creek #118 $1,045,000
400 Fairview, Bitterbrush #69 $1,045,000
Note that none of the listings above are my own, unless specifically stated. I know the market well and represent buyers in property sales. All information is provided by Incline Village MLS, data is deemed reliable but not guaranteed.
August 2-13 New Market Activity
10 new single family homes were listed in Incline Village since August 2, along with 6 condos. There are 23 pending sales including 9 homes, 5 town homes, 7 condos, 1 lot and 1 investment property. 4 sales closed (2 homes, 1 town home and 1 condo) and there were 32 price changes!
Two fantastic new listings in Lakeview Subdivision, both priced just under $1.5M are new to the market. Both located on Ophir Peak just 2 blocks from Lakeshore Blvd. and walking distance to both beaches, these homes are newer construction both with great features. 842 Ophir Peak is located on a creek with a great layout and 3 car garage. 834 Ophir Peak features 4,331 sq ft on nearly 1/2 acre and an open feel- this would be a great remodel!
Other great buys include a new listing at Third Creek priced way below market at $664,900, and see Bitterbrush #58 for spectacular lake views under $500k! 275 Deer Court is a notable town home with gorgeous landscaped grounds in a desirable association. View all new listings and market activity for Incline Village at, view my Incline Village New Listings.
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.