Buyers must move fast on Incline Village condos because there aren’t a whole lot on the market | SierraSun.com

Buyers must move fast on Incline Village condos because there aren’t a whole lot on the market

Sabrina Belleci and Don Kanare
Real Estate Feature

Don Kanare and Sabrina Belleci, ReMax Realty

All real estate is local, and that rings true more than ever during the summer of 2017 on the Nevada side of North Lake Tahoe.

Due to the random nature of discretionary purchases of vacation homes, there is no guarantee that there will always be a steady supply of any particular style or floor plan for sale at any given time. However, Incline Village is a community of custom homes and new properties coming on the market that offer a variety of floor plans, locations, views, and amenities that will appeal to one buyer or another.

Nowhere has this been more evident than in the ever-popular McCloud condominium complex, which is just a hop, skip, and a jump away from the beach. While there are almost always at least a few two-bedroom condos for sale somewhere in this development, sales of three-bedroom properties in McCloud have been few and far between since 2014. At the present time there is only one, one-bedroom condo and three, two-bedroom condos for sale in the complex. The only three-bedroom McCloud to come on the market this year is in escrow.

There have been just four sales of three-bedroom floor plans between 2014 and 2017. But there has only been one, three-bedroom condo in McCloud for sale in 2017, and it went under contract about two weeks after hitting the Incline Village MLS. Asking prices have crossed the $700,000 threshold and any three-bedroom McCloud condos getting listed for sale later this year will probably be priced at or above $700,000.

Due to the random nature of discretionary purchases of vacation homes, there is no guarantee that there will always be a steady supply of any particular style or floor plan for sale at any given time.

A similar situation exists in Third Creek. As of this writing, there are only two properties for sale in the entire complex. There have been 10 transactions in Third Creek in 2017, seven closed escrows and three condos currently in escrow. With the current inventory of only two condos in the complex, this means there is a severe shortage of properties for sale in Third Creek. Buyers need to move swiftly if a property in this development comes on the market this year.

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A good example of the demand for places in Third Creek can be demonstrated by the sale of No. 132. This is a three-bedroom, three-bath end unit in a great location backing up to the creek. The property was listed for sale at $810,000 on June 27, and went into escrow on July 15.

The lack of properties available in Third Creek means that we will likely see continued upward price pressure in the foreseeable future. It is possible that there will be multiple offers for properties in good locations, especially if they have a master suite on the same level as the living, kitchen, and dining areas.

Buyers of single-family homes have purchased properties ranging from $455,000 all the way up to $31 million in 2017. Action has been strong in each of the four different price categories; low-end, moderate, high-end and super high-end. Thirty-six of the 79 closed escrows have sold for less than $1 million. Of the 31 houses currently in escrow, 15 have asking prices under $1 million, and 13 are priced between $1 million and $2 million.

The median square footage for houses that have sold in 2017 is around 2,600 square feet. This is right at the historical norm for our community. During the real estate boom prior to the recession, the median size had crept up to nearly 3,000 square feet.

However, we have seen a trend the last few years where many buyers purchasing properties under $2 million prefer to have a better view or location as opposed to extra square footage. There will always be some demand for larger houses and over the long term, the variety of properties for sale in our community will fulfill the desires of the buyers in our market.

Sabrina Belleci and Don Kanare are the owners of RE/MAX North Lake. Read their blog and find weekly stats on their website at http://www.InsideIncline.com.

Weekly Real Estate Update

Statistics gathered from the Incline Village MLS on 08/06/17

Houses Condos PUDs

For Sale 123 75 30

Under $1 million 29 57 11

Median Price For Sale $1,660,000 $529,500 $1,200,000

YTD Sales 2017 85 105 30

YTD Sales 2016 90 119 24

New Listings 14

In Escrow 12

Closed Escrow 20

Range in Escrow $298,000 – $3,499,000

These statistics are based on information from the Incline Village Board of REALTORS or its Multiple Listing Service as of Aug. 6.

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