Untangling the Truth
March 12, 2009
Read about the Chase International Forum held in Incline Village on March 7, 2009. An incredible collaboration of real estate agents and industry experts.
http://laketahoereview.com/live-here/494
What’s selling in Incline?
March 11, 2009
Not to brag, but yesterday we closed the most expensive property of the year so far,620 Martis Peak at Lakeshore, in Incline Village, down by Burnt Cedar Beach.This is important to our market because this was a short sale successfully closed .What is a short sale? Simply the Seller owes more than the market will bear.The banks involved will not easily let the Seller off from their debt.We had the Buyer on this one, and patience is a virtue.Going into a short sale can be very rewarding,if you understand the rules,which are changing everyday.When this new property first came on the market over two years ago,it was listed around$5.5m…and brand new,and 7100′,with exquisite finishes.
There are many good buys which are not necessarily listed in our local Incline MLS.We know that there is a lot of information out there and that’s what we are here to assist you with.If you would like a copy of the Notice of Default list for Incline Village,please call us.If you would like to know more about why a short sale is a good way to stop the eroding market call us.There are Seller’s at every price level that may or may not be willing to negotiate,and that’s where we can help.We are out in the market everyday listening, and gathering information for our Buyer’s and Sellers.
In February, 460 Tuscarora a 6000′ built in 2004,with panoramic lakeviews,closed for full price,$2,950,000….in 30 days!There were 4 other sales for homes in February,1005 Apollo for $1,900,000.This was a distressed sale,but not a bank owned or bank negotiated short sale.615 Country Club was a bank owned property 4000′,closed at $1,060,000.This property sold just a few years back for closed to $1.5m,beautiful location and setting.House was nice,but had been stripped to the foreclosure mode,sad.
629 Village also sold in February,what a surprise,$1,050,000.Nice home,remodeled,natural setting….just a regular house,go fiqure.
The interesting fact is that these sales were in all different areas of Incline,both high elevation,low elevation and thes last two with no lake views.
We’ll note on condos later.Not much activity…but our www.999lakeshore33.com was the highest priced condo to close ,at $850k.It was beautifully furnished and about 50 feet from the private HOA beach,no lakeview.We sold #39 with great lakeviews back in September for $1,325,000.It was a complete remodel with 3 bedrooms,and some of the best lakeviews in the complex,off the lake.
Big news…Dickson Realty at the Lake has sold their offices at the Lake to Coldwell Banker,and will be focusing on Reno and Truckee.Stay tuned.
Three Words That Can Stall Foreclosure~”Produce the Note”
February 25, 2009
“Produce the Note” Courtesy of ABC Good Morning America 02/25/2009…Sounds Like a very good delay tactic for those homeowners running out of time.
What’s new this week?
February 24, 2009
Broker tour in Incline today had some new listings worth mention.869 Ophir Peak,is a complete remodel on 1/2 acre in the Lakeview subdivision,3 blocks above Lakeshore. Rich ,dark woods and finishwork complimented with granites and natural tones. Price $2,495,000.Seems like a good price especially when the two new builds in the same area are priced at $3.7m.The house is not huge, 3500sq ft,has a great room floor plan and well appointed spaces.Yes,you might find less expensive new construction,but this location is prime.
1372 Tirol has been on the market for several years,starting at $1,495,000….new price ,after several price reductions,$799,000.Why the huge difference? Market conditions and chasing the market gets old for a seller.This home has great views of Diamond Peak,2 car garage and is completely remodeled with granite counter tops,hardwood flooring,new appliances and more.Would be perfect for a full time residence or a vacation home and does have a rental history.
Incline is not immune to the devastation in the financial markets and overall job loss. Our notice of default list has grown to over 30 homes, including a lakefront at 514 Gonowabie which is now pre foreclosure,last priced at $3,995,000. Old home,but has pier,small beach.
www.346windingway is still one of the best buys in Incline.Low elevation,walk to Preston Field, and 5 minutes from Central Incline. A new build across the street and down a few to the west sold for $2m just over a year ago.The bank has given a price of $1.2m.This house had several retail offers in 2008 well over $1.4-6m.The home is a full time residence and well maintained.If you can pay cash and are ready to buy, don’t wait.
Market update as of Feb 23,2009
February 23, 2009
Not a whole lot of escrow activity this past week,The skiing conditions were amazing for several days and the ski areas were packed.
There are 8 homes in escrow,the only new addition is a property on Fairview with a substantial lakeview.After several years on the market,reducing the price to $1.79 caught some attention.Three of the propertties in escrow are between $1.79 and $3.7m.All three of these properties have some sort of Lakeview.
On the other end of the spectrum ,3 of these 8 properties are ‘Bankowned”,and in escrow.
There are some very positives to note, jumbo money has become more available if you are qualified,interest rates are still the lowest in 30 years,and the $8000.credit for the first time homebuyer is an incentive.Yes,there are a few first time home buyer’s in Incline Village!
615 Country Club, has a beautiful setting , set back off the busy Country Club Drive.This property went on the market at $1.2m and was snapped up quickly.The 2 other bank owned properties are 954 Garen, no garage,but 4 bedrooms and quite livable.580 Sugar pine is a cute little gambrel cabin in a nice setting in a mid elevation location,and at $439,000. I still would not think this is a great buy, but someone did !
