Lake Tahoe/Incline Village Foreclosure/Short Sale List As of October 14th
October 16, 2011
Incline Village Short Sale Bank Owned Listings (3)
Please find attached the Incline Village short sale and REO listings update for October 14th.
Was a busy two weeks with 15 price reductions on the short sale list, 5 new escrows, 1 back on market, 2 new listings and one closed escrow. The home at 1079 Mill Creek Rd. listed at $859,000 sold for $775, 750 on 10.12.2011
On the REO list, we have two new escrows to report along with 3 price reductions, 1 back on market and two closed escrows. The condo at 321 Ski Way #71 listed at $168,000 sold for $163,000 09.30.2011 and the home at 719 James Lane listed at $719,900 sold for $650,000 10.11.2011.
Incline Village Home Sale Third Quarter Update
October 13, 2011
INCLINE VILLAGE, Nev. — The number of sales has dropped 12 percent year to date in 2011, with 169 total sales this year compared to 191 for the same period last year. Median pricing is mixed, with single family home sales prices down 6 percent and median condo sales prices actually up 7 percent. PUDs, or townhomes, saw the steepest decline of over 20 percent in both average and median sales prices, and in number of units sold.
Of note, more than twice as many condos sold in the $500K to $1 million range in 2011, than last year, with an 8 percent increase in square footage. Conversely, there were about 30 percent fewer homes sales in the more than $1 million range for single family homes, and practically no sales in PUDs more than $1 million in 2011.
It’s early to tell how many sales we’ll see through the fall, as it is typically a busy time for escrows. The new lows in interest rates and motivated sellers who’ve dropped prices bodes very well for buyers looking for opportunity.
Here are the numbers for 2011 compared to 2010 year to date, for the same period.
Single Family Homes
Days on market for listings has increased 28 percent to 357, so the “average” listing has been on the market for nearly one year. The number of short sales in the Incline Village MLS has tapered off to 31 percent from last year to just 11, and cash sales have increased by 9 percent to 35 year to date.
The highest price paid for a home year to date in 2011 was $9,050,000 for a beachfront estate at 935 Lakeshore. There has been ine sale at $4.4M and four other sales in the $3M range, all non-lakefront homes with panoramic lake views. Median price was $775,000.
In 2010, there were 4 lakefront sales — $7.7M, $8.9M, $11.3M and $11.8M — three of which were the old Walsh, or Trepp, estate which was sold as 4 separate parcels. There were 5 other sales above $3M, all non-lakefront with lake views. The relatively high number of multi-million dollar sales in 2010 skewed the average sales price for homes nearly twice that of the median price, which was $827,000.
At the other end of the spectrum, there were 12 sales below $500,000 in 2011, the lowest price being $359,000, compared to 15 in 2010 with the low price at $330,000.
Condos
A total of 76 condos have sold year to date, down 8 percent from the same period in 2010. Average sales price actually increased by 4 percent, and median sales price increased by 7 percent to $348,000. We saw an increase in square footage for units sold, and price per square foot remained relatively unchanged at $230.
Days on market for listings has increased 20 percent to 323 days, still under the benchmark set by homes. The number of short sales dropped dramatically, down 56 percent from 16 last year to just 7 this year. Cash sales dropped 25 percent from 44 to 33, a possible indication buyers are taking advantage of attractive mortgage rates (and qualifying for the loans).
The highest price paid for a condo in 2011 was $2.25M, a three level lakefront unit at Crystal Bay Cove with a common pier, buoy and unobstructed views (I represented the seller in this transaction). There was one other unit in this complex that sold for $1.4M, the only other condo sale in 2011 more than $825,000.
In 2010, there were 3 luxury condo sales above $1M, including a lakefront unit at Crystal Shore Towers at $2.4M, a lakefront at Crystal Shores West for $1.85M, and a non-lakefront at The Pointe luxury lakeview units for $1,080,000. The remaining sales were all below $879,000 for 2010.
The lowest priced condo sale, and only sale under $100,000 in 2011, was a unit in Pine Brook for $70K. In 2010, there were 3 sales in the upper $90Ks that sold, all in Pine Brook, which is primarily a medium income capped complex. We saw more than twice as many sales in the $500K- $1M price range for condos in 2011, accounting for the bounce in average and median prices.
PUDs (Townhomes)
A total of 20 PUDs have sold year to date in 2011 versus 26 for the same period last year, a decline of 23 percent. Average price has dropped 21 percent and median sales price also declined 26 percent to $557,500. Square footage also dropped for the units, with a relatively steady $235 per sq. ft. price paid in 2011.
Days on marketing for listings remained stable at 235, short sales remained unchanged at just 4, and cash sales dropped from 8 in 2010 to just 3 in 2011, possibly due to attractive financing offered.
There was just one sale above $1M in 2011, an Incline Creek Estates unit priced at $1,121,001, where as in 2010, there were 7 sales priced from $1M to $1.75M. This would account for the declines in both average and median sales prices for PUD’s.
On the low end, there were 5 PUD sales under $300K in 2011, compared to just 2 last year, with the lowest price being $240K for a unit in Tyrolian Village.
We know that travelers are visiting Tahoe more, with record numbers of ticket sales for 2010/2011 at Tahoe Ski Resorts, and year over year increases in vacation rentals of 18 percent in 2010, and 4 percent to date in 2011 (Goldfish Properties).
Recent news of the merger between Squaw Valley and Alpine Meadows gives Lake Tahoe the second largest ski resort in North America, and puts them on solid footing for a 2022 Winter Olympic Games bid.
Northern Nevada is poised for economic growth, offering a favorable business climate with Nevada Tax Incentives and an unparalleled array of activities and entertainment. All this, within 3 hours of Silicon Valley and the Bay Area, major innovators and job producers who are lucky enough to call “Tahoe” their second home.
Lexi Carretti: North Lake TahoeBonanza
Lake Tahoe/Incline Village Foreclosure/Short Sale List As Of September 9th
October 5, 2011
Incline Village Short Sale Bank Owned Listings (4)
Please find attached the new Incline Village short sale and REO listings update.
Experienced a fairly active week again.
On the short sale list there were 7 price reductions, 1 new escrow, 2 back on markets, 1 new listing and I closed escrow. The condo at 845 Southwood #30 listed for $300,000 sold for 227,000 on 09/30/2011.
On the REO list we have 1 back on market, 1 new escrow and 1 sold to report. The condo at 989 Tahoe Blvd. #101 listed for $179,550 sold for $200,000 on 09/27/2011.
Lake Tahoe/Incline Village Foreclosure/Short Sale List As Of September 24th
September 24, 2011
Incline Village Short Sale Bank Owned Listings
Again lots of activity the past week. The list is growing and I keep having to make adjustments to keep the list on two pages.
On the short sale list 6 price reductions, 3 new listings, 1 new pending and 2 closed escrows. The home at 604 Tumbleweed listed at $345,000 sold 09/22/2011 for $359,000.. The home at 601 Cynthia listed at $489,000 sold 09/19/2011 for $460,000.
On the REO list we have 2 new listings, 2 new pending sales and no closed escrows.
Businessweek says Reno is 44th best city in America
September 24, 2011
Despite a high foreclosure and unemployment rate, Reno took the 44th spot on a Bloomberg/Businessweek list of “America’s 50 Best Cities.” FULL ARTICLE »
