What is going on inside the Incline Village MLS? Check here weekly for the inside scoop on Incline Village Real Estate. We will share with you what is new on the market, what’s going into escrow for the week and what properties have sold. This is also a great source for ‘Hot Buys’ in the market and the best deals.

This week inside the Incline Village MLS and Real Estate Market there were 11 new condo listings, 5 new PUD or Planned Unit Development properties, 13 single family homes and 1 new investment property (really the investment just changed companies).

Price Changes:  There were a total of 20 price changes just in time for the holiday weekend.  Sellers were preparing themselves for the crowds and dropping prices in hopes of catching those buyers.  Did it work?  Well of those 20 properties, 11 were condominiums, 3 PUDs and 6 Single Family Homes.

New Escrows:  Total of 6 for the week with 2 condos no PUDs and 4 Single Family Homes.  Of these both condos were distressed properties previously on the Hot Buy List.  Of the four single family homes one was a foreclosure with at least 4 offers in 4 days, one is a short sale, one just reduced recently (with success) and the other is listed at over $24Mil.  Wow!  Cannot wait to see what that one closes for.

Four sales for the week with 2 condos and 2 single family homes.  With the condos, one was a foreclosure and the other just a GREAT deal on a nice golf course setting unit.  One of the Single Family Home sales comes with a great story.  This was a spec home built in 2007 (Brand New Construction) listed at over $2.8 to start, dropped, dropped, dropped and yet again until selling finally for $1.486Mil.  What a DEAL!  Next door is still listed at $1.695Mil with less sqft and built in 2005.

On to Market Rejects and yes, they are still out there.  There were 3 condos, 5 PUDs and 5 Single Family Homes.  We have news for you sellers…it’s the PRICE!  There is a buyer out there for every property no matter how strange or delapidated, but it all comes down to price!  Good luck!

For the most up to date list of Hot Buy properties, click here.

It’s hard to believe that June has already come and gone. The statistics are in though and if this information does not help support that now is the time to BUY, you may want to check your pulse.  We still believe we will be bumping along the bottom for a bit, but once the market turns your opportunity to buy at the low will slowly come to an end.  Also, with interest rates sneaking up and threatening to move up some more, you will pay more in the long term waiting for prices to go down further.  Make the smart move and talk with your mortgage broker and Realtor TODAY!

Single Family Homes…In comparing May to June 2009, Active properties on the market is up by 8% over same time last year, escrows are up 31% and we are up on sold properties by 44%.  In comparing  June 2009 to June 2008, Active properties are up 26%, escrows are up 46% and sold are up 89%.  Is the market turning for Single Family Homes?  Units sold for the first 1/2 of the year are down by -25%.

Planned Unit Developments or PUD’s…In comparing June 2009 to May 2009, Active properties are up by 11%, escrows are down -40% and sold units are down -100%.  In comparing June 2009 to June of 2008, Active units are up 2%, escrows up 20% and sold units are up 50%.  This is good news for PUD’s as well.  Year to date units sold are down -63%.

Condominiums…In comparing June 2009 to May 2009, Active units are up by 15%, escrows are down -8% and units sold are up 71%.  In comparing June 2009 to June 2008 active units are down -24%, escrows are down -8% and sold units are down -43%.  Is this portion of the market suffering the most?  Are their more deals to be had here.  The numbers say YES!  Year to date units sold are down -32% overall.

For complete details on these figures, click here.  You can view information on different price bands in each of these categories and absorption rates for each as well.  Stay tuned for more information on the 1/2 year statistics coming soon.

Are we gearing up for the busiest season…the summer selling season in Lake Tahoe and Incline Village Real Estate?  Yes!  with 4th of July right around the corner more and more inventory is coming on the market and yes, things are selling, especially when priced correctly.

In the second week of June, 8th-14th the following new listings came onto the market:  7 new condos, no PUDs and 8 single family homes.  Of the 7 new condos a McCloud for $488K (Two bedrooms, not too bad) and a Woodstock unit for $288K that’s a good deal.  For single family homes…966 Agate is back on the market at $1.1Mil.  We had this on the best buy at $1.3Mil but no one liked it then, wonder if the price adjustment will make up for it now.  Remember this home has over 1 acre (not a lot of homes in Incline Village can say that!).  Also, 822 Ellen for $2.8Mil, what a view and a spectacluar home too.  If you are looking in the Lakeview Subdivision, 719 James just hit the market with 5 bedrooms, 3 baths, great entertaining space and walk to everything.  It will be on tour on Tuesday, June 23…go check it out for yourself!

Price reductions get hot as serious sellers start to understand what we have been talking about for months.  14 condo price reductions, 1 PUD price reduction and 6 single family home price reductions with 2 price increases.  WHAT?  Price increase?  Did they actually do something to the home to increase the price by $400K?  hmmmmmm  Yes, 992 Trap Court went back up to $3.2 after being at $2.8Mil. and 458 Gonowabie went up over $400K in one day.  Must have been some major remodeling going on there!  Of the 14 condo price reductions one unit in L’Ermitage #4 is now listed at $459K, not a bad deal for a condo, but no garage.  The sad thing is we brought them an offer over 6 months ago at this price and they did not want to play ball.  330 Ski Way (a short sale in immaculate condition) drops to $318.  This is a great deal for a condo, only problem is the proximity to Ski Way and the road noise.  The interior is beautiful and skylights bring in lots of natural lighting.  You should at least go see it.  Mountain Shadows number 135 dropped to $293K now too.  It’s a bluelight special people and #92 is right at their heels priced at $299K.  These are some of the best prices we have seen in YEARS!  The one PUD price reduction was over $200K on a Red Cedar Unit.  I need to go and refresh myself as I think the price is better, but still not GREAT!

The new escrow list was short with only 1 new home and one PUD actually fell out.  Poor 275 Deer Court.  The price has reduced a thousand times and it finally went in, only to fall out a few days later.  Wonder what happened?

New sales for the week include 4 condos, no PUDs and 2 new home sales.  Of the 4 condo sales a Creekside West listed at $255 closed for $160 (SCREAMIN’ deal),  another for $205.  What is going on?  And…333 Ski Way ridge closed for $290K.  BUYERS…are you listening?  Sellers are taking pennies on the dollar for their homes and you are missing out!  Get in the game and at least start to play ball.  You’d be amazed at the home runs you can hit right now!  In the single family home sales a small, cute home in Mill Creek just closed for $565 and change.  It was small, but it was darling inside and liveable too.  Sniff out the deals and work with someone who can help you accomplish this.

Market rejects continue to hit the market (even mid month) and to you we continue to SHOUT!!!  IT IS ALL ABOUT THE PRICE!!!!  It’s true, there is a buyer out there for every home no matter what the circumstance or the quirks of the house, but what it boils down to is price.  This week there was 1 condo, 1 PUD expired from the market and 2 single family homes.

For a complete list of Hot Buys in the Incline Village Real Estate Market, click here.  If you are interested in Foreclosures and Short Sales or any type of distressed sale property, click here.

One in every 286 homes in Incline Village is in foreclosure.  Incline Village is also number 2988 in zip codes for foreclosure rate ranking.  Still think we are immune up here?  Just because Incline Village has been associated with lots of money and a huge 2nd home market does not mean that we are immune to foreclosures.  In fact during the boom of the real estate market in Incline Village everyone and their mother were trying to figure out how to get a piece of the action and therefore…bam!  We saw an influx of buyers who were scraping the bottom of the barrel, getting themselves into loans they should not have and now…here we are…

Foreclosure activity is based upon the total number of properties that receive foreclosure filings (default notices, foreclosure auction notices or bank repo notices each month).

Here is a geographical comparison for Incline Village or Zip Code 89451 (Source: Realty Trac)

 

 

 

 

 

 

Foreclosure Activity By Month for Incline Village or Zip Code 89451 (Source: Realty Trac)

 

 

 

 

 

 

A Reno news channel this morning reported that one in every 108 homes in Washoe County is in foreclosure.  They also reported that foreclosures are up 18% over last year for the same time period.  This problem is not going away despite the efforts of government to slow or heal the process.

For a complete list of foreclosures, pre-foreclosures, bank owned properties, properties going to auction and distressed properties, click here.

If you need help and are in a distressed property situation you should contact a Certified Distressed Property Expert in your area to see how they can help you or click here.  If you are looking to purchase distressed property in hopes of scoring a great deal click here.

Week of June 10th, 2009 more and more foreclosures hit the Incline Village Real Estate Market.  You must be quick on the ball for these as they move fast.  In this week’s update…

Defaults Cancelled – removed from list

769 Mays – Cedars #10 and 740 Mays Blvd.  -Good news for these people.  A gentle reminder too that sometime people have to hit the default list and stop making payments in order to get the banks to listen to their needs and help them. 

NEW Notice Of Defaults:

699 Hogan

508 Jensen Circle

280 Glen Way

New Notices of Sale

852 Donna Drive

For a complete list of distressed properties in  Incline Village, click here…

YES, Incline Village Real Estate is moving and YES there are some GREAT deals in the market!  You won’t want to miss these opportunities to buy real estate at a GREAT value…

Most recently added to the MLS is 947 Dorcey Drive at $729K for over 2128 sqft of living space, 3 bedrooms 2.5 baths and a wonderful open floor plan.  This home is priced to get some attention and an offer right away.  If you are looking for a single family home that is in MINT condition with hickory floors, remodeled kitchen with stainless steel appliances, granite counters, trash compactor, instant hot water and open floor plan to living, dining and family room, you must see this.  The comments on tour about this place were phenomenal.  the buzz around the house was ‘Oh, I must add this to my Best Buy List’ and ‘Wow, this house is great I am going to send it to several of my clients!’  The house has sweeping views of Diamond Peak Ski Area, and backs to IVGID Open Space, so you have more yard, but do not have to pay taxes on it.  What a deal.  This ‘Hot Buy’ also offers a bonus space and office and three large bedrooms, two car garage and lots of storage.

Not Yet Hot Buys, but Properties to Keep in Mind once the Pricing Adjusts

557 McDonald although not a hot buy on price alone, does have an amazing setting on a year-round creek.  Watch this one because when the price does come down, this would be a nice home to enjoy.  552 N.Dyer has similar issues with the price, but watch this one cause if it does drop in price it will hit the ‘Hot Buy List’.  The home is kind of quirky inside and a bit choppy, but with some remodeling it could be very nice and might even come up to the standards of the kitchen which were nicely re-done.  The backyard offers some interesting entertaining spaces and is quite large if you can get over the neighbors all around.

For a complete list of ‘Hot Buy’ Properties, click here.

Calling ALL SERIOUS Buyers…Your Time is NOW for buying Incline Village Real Estate. Inventory is HIGH, Prices are LOW and Interest Rates are still at historic LOWs. Once the interest rates go up, it won’t matter that the prices dropped a tiny bit more because will have lost that extra buying power and will pay more via interest rates than you would have if the price had gone a little lower. Need further explanation on this one…call us or call your favorite Mortgage Lender today and get the scoop.

This week there were 22, YES…TWENTY TWO new listings on the market. 9 new condos, 3 puds or Planned Unit Developments (Freestanding condos) and 10 new single family homes.

Sellers are getting more serious as we gear up for one of the biggest weekends of the entire year…4th of JULY! There were 7 price reductions for condos and 10 price reductions for single family homes.

Only 1 new escrow to report in condos and a whopping 4 new escrows for single family homes.  Depending upon what price the buyer got 830 Oriole for will depend on whether they got a good deal or not.  Of the 4 new escrows on single family homes…605 Village was definitely a GREAT deal and has been on the Hot Buy List even before the last reduction to $599K!  665 Martis, I am guessing will close somewhere in the mid $900’s, we have the one up on 850 S. Dyer as we are representing the buyers so we’ll be sharing more information on that soon and 826 Ellen has been on the Hot Buy list ever since it came back on the market as a Bank Owned Home (Foreclosure).  This home started out at almost double.  It’s a half price sale.  The house itself is okay, but for the price, it is a GREAT deal!

Only 1 sale for the week and that was a single family home, 552 Lantern, which has been listed for 2 years, starting at $995K, dropping to low $900’s, $800’s and then finally resting at $799K. I think they had several offers and when in doubt…hold out, or don’s cause their take home in the end was only $670K. Ouch. That puts a damper in price per sqft too as it was more than 3000 sqft of living space. WOW! Once this property hit the $799K it was on the Hot Buy List. Smart buyers get good deals. Wanna find out where they are? See below for details.

Market rejects continue with 7 condos rejected by the market last week and a total of 11 single family homes rejected. Again to you sellers who expire or withdraw from the market…IT IS ALL ABOUT PRICING! Amenities and benefits of the house are great, but if you are not priced correctly the market is going to tell you in the form of a rejection.  One of these homes was 648 Martis Peak which was sold just over 1 year ago for $1,870,000, relisted recently for too much, dropped to $1,685,000 (still too much) and then dropped to $1,250,000.  You have never seen so many agents at one place.  It was like bees on honey for about a week.  Between the two of us we showed it 1/2 a dozen times and each time there was someone there before us, then someone on our heels.  We even had a buyer, but the sellers would not respond and then just a few days later…it’s withdrawn from the market.  hmmmmmmmm

For more details on ‘Hot Buys’ in the market, click here. If you are interested in Foreclosures, Short Sales and Distressed Properties in the Market, click here.

Until next week…

“IT’S A RECESSION WHEN YOUR NEIGHBOR LOSES HIS JOB; IT’S A DEPRESSION WHEN YOU LOSE YOURS.” Harry S. Truman. The big headlines of the week had everything to do with job losses…and some surprising twists within the monthly Jobs Report that arrived on Friday, and caused home loan rates to worsen yet once again. Despite their efforts to improve early in the week, Bonds and rates ended the week .375% to .5% worse than where they began.

Friday’s Jobs Report showed that 345,000 jobs were lost in May, far better than expectations for 520,000 jobs lost. And adding to the positive tone were revisions to the two prior months, showing 82,000 fewer jobs lost than previously reported. So all in all, about 260,000 fewer jobs lost than had been forecast. But let’s take a closer look.   <Read More>…

More activity in the Incline Village Real Estate Market for Foreclosures and Short Sales. Seems as if all the buyers want not only a deal, but they want to steal it too.

This week:
SOLD (Removed from list)

996 Tyner Way-Sold for $460K
359 Cottonwood Ct-Not in Incline MLS nor reported on Tax Records Yet

NEW Notice Of Defaults:

929 Southwood – Pinewood #10
866 Northwood – Northwood Estates #14

861 Southwood – High Sierra #10
801 Northwood – Incline Manor #4

860 Jeffrey
820 Oriole – Royal Pines #57

NEW Notices of Sale:
872 Tanager – Pinebrook #17- NOTICE OF SALE on 6/24/09
949 Apollo – NEW NOTICE OF SALE on 6/24/09

For a complete list of Distressed Properties in the Incline Village and Crystal Bay Areas, click here.

April Showers bring May Flowers…right?  We were hoping the flowers would be in the form of closed transactions, but that does not seem to be the case so much.  Although May 2009 is up in most categories comparing April 2009 to May 2009, we are still significantly down over last year in all categories.

Active Condominiums are up 13% over last month and down -2% over last year for May.  PUDs or Freestanding condominiums are down -5% over last month and up 3% over last year.  Single Family Homes are up 4% over last month and up 10% over last year.  So, this increase in inventory over most categories gives buyers more power and more choices in their search for the perfect deal home.

Escrows are up for most categories.  That is the good news.  Condominiums escrows are up 38% over last month and a whopping 77% over last year.  PUDs are up 57% from last month and up 29% over last year, May.  Single Family Homes are up 33% over last month and down -56% over last year in May.  Ouch!  Why the downturn in Single Family, could it be all the deals in the lower price-points of the market?  Funny thing is that most Single Family Homes Sales this year are either over $2Mil or under $701K.  The rich still have money and know when to spend it and the rest are scoping out those bank owned homes…the steals.

Speaking of sales…Condo sales are up 50% over last month and down -200% over last year.  PUDs sales are down -100% over last month and down -100% over last year in May.  Single family home sales are up 20% over last month and down -100% over last year.  Still showing signs of a shaky market, but people…the writing is on the wall, with interest rates so low and home prices at an all time low, it is the time to buy.  When interest rates start to rise, it will be more devastating to buy then, than waiting for prices to drop further.  Also, you first time home buyers…the $8000 tax CREDIT the government is offering is a GREAT deal!  It’s FREE Money!  Take advantage while you can.

For a complete list of the hottest buys in the market, click here.  To view all the details for the Month of May, click here.

P.S.  You’ll notice there is not much about investment property in this report and that is due to the lack of investment potential in the marketplace currently.  Inventory for Investment property is at an all time low with only two properties on the market and neither is really a great deal unless you have alot of cash to bring to the table and sustainability for holding the investment for several years.

To view all the details for the Month of May, click here.