What “Was” in Incline Village ,Nevada real estate in 2009

December 31, 2009

After today we are moving forward into a New Year,yeah.For all of us it’s time to refocus and recharge whether it’s business or pleasure.
Let’s look at the brass tacks in the Incline Village real estate market in 2009:

89 homes sold in 2009 vs 85 in 2008 (per our mls)There might be secret listings which sold and are not disclosed .
Of those 89::
5 above $4 million vs 2 in 2008
20 $2million-$4m vs 9 in 2008
21 $1m-$2m vs 34 in 2008
14 $999k-$700k vs.27 in 2008
15 $500-$699k vs.9 in 2008
10 under $500k and 0 in 2008

What about condo’s and townhomes?

69 condo’s sold in 2009 vs 64 in 2008
The most significant change in 2009,was 50 condo’s sold for under $500kand 11 condos for under or at $200k.Some severe pricing roll backs and opportunities!
24 townhomes(freestanding condos)vs.49 in 2008,20 below $1m,Some excellent locations and pricing for quality living with out the maintenance.

Make your own conclusions,but there was a definite shift in who spent money in 2009.Loans were tough to get and jumbo’s near impossible.Appraisals,good luck.There is no more of getting the number you need.The comps including bank owned properties and short sale are included in comps. 

Short sales were a reality along with bank owned properties at almost all price points.There are some great opportuniies here,even in the luxury segment,check out: www.996wedge.com New construction,fine finishes including 22′ ceilings in the great room,perfectly designed with a picturesque  views from every window.

The Seller and  bank are ready to move this property,call us for details.

 Our forecast for 2010 is that inventory will remain conisistant with 2009,and buyer’s that are tired of waiting for the bottom,will realize that life is short,and if you want the lifestyle,and pristine beauty of Lake Tahoe in your life’s plan,,why wait?
Interest rates are still low, combined with a healthy real estate inventory at all price points.
What are you waiting for? Review year-end  Lake Tahoe statistics below.

2009-end-year-stats_lt_fp

Happy New Year life is good,Incline Village,Nevada!

December 30, 2009

Take the time to enjoy every minute .Skiing at Diamond Peak Ski area,in Incline Village, Nevada,will boost your spirits and energize all who take the time to appreciate why we live here!

Why didn’t my house sell this year?

December 30, 2009

Year to date, 2009 had much more life across the Incline Village, Nevada,real estate market than 2008.There were and are many opportunities for buyer’s at all price points.It is more difficult for Seller’s who have not yet faced the truth, that what was for pricing a few years back ,is not coming back anytime soon.What you purchased your house for and the improvements that you invested in,may or may not make a difference to today’s buyer.Most of the seller’s that have accomplished selling their homes this year,have left their equity and improvements on the table for the buyer.

Many buyer’s have written many offers,and  are satisfied for the most part of writing again ,until they find a seller who will match their needs.Many buyer’s are writing several offers at a time,with a clause to have final acceptance based on their review of all offer’s that they have submitted.

Where are the buyer’s…they are out there.Have you heard about the multiple, multiple, offers on the Ophir Peak home in 2009?

Or the multiple,multple,multiple, offers on the Lower Tyner home earlier this year,that came on as a bankowned property as $399k……with some interesting disclosures…..many buyer’s all waiting to pounce .

The new build on Chico Ct that sold for $701k,previously on the market at over $1.2m?

What about the 9000′ home on the golf course that sold for 50% off it’s original list price!(which was ridiculous)

We are not sure if the Incline market has hit the bottom,and we probably won’t know until demand overrides supply.If you are not having any showings in a given week,the buyer’s are sending you a message,they are not buying into your pricing.The buyer’s really do  not care what you purchased your home for,but they all want to know,and can access very easily.

If you have refinanced and taken money out of your home,and spent it,that might be your only profit in today’s market you might have.Thinking that you are going to get  a profit out of your current home,is getting tougher to accomplish. Why is this? Because the supply of buyer’s willing to step up and purchase in this market is not consistant with the supply of inventory at any price point.

89 single family homes have sold in 2009 to date,and 11 homes are in escrow.85 homes sold in 2008.If you want the breakdown call us,or send an email.

The good news(!),interest rates are still low,between 4.75- 6%. Inventory in the local market is at a  low,hovering around 190 homes.Yes, there is snow on the ground,landscaping is covered,icy patches are every where and Winter has just begun.Inventory for homes in the Summer increases to around 260-298 homes,meaning alot more choices for the buyer and increased  competition for your home.

If your house did not sell this year,and you really need to sell,call us,you need to now your options before you HAVE to sell.We are not miracle workers but we have successfully matched many buyer’s with opportunities this year,and assisted many of our sellers with offers,and the choice to get out,or hold out,or explore the options,some of which are the reality of the times,short sales and such.

Are you aware that a home in Millcreek closed for $375k a few months back?

Or that there have been several short sales in the $2-4m price point?

Or that www.996wedge.com now a bank approved short sale at $1.9m,was listed in 2008 for$3.6m?

Or that their have been a few bank owned sales in the lakeview subdivision,35%-45%,off purchase prices 3 years ago?

Seller’s like it or not your home DOES compete with these distressed short sale and bank owned properties.Why? Because psychologically buyer’s in today’s market want “the deal’.If you would like the statisitics on your neighborhood,best buys  in Incline Village,or an updated list of the pre foreclosures,and bankowed properties,call us,we have it all.Our information is up todate and much easier to access by calling us ,than wasting your ski days trying to figure out what’s what.

Okay Seller’s you can hold out for what was,or now’s your chance to get the facts,and formulate a plan.Maybe you should wait 5-10 years,if you can…but the only guarentee we all have,is tha our precious Incline Village is built out.No more land to added,no tracks to be built…so our supply of housing in this most beautiful place IS finite.

So cheers to a new year and we look forward to working with you on you plan.