Incline Village real estate: Lakeview subdivision spots worth the premium
Special to the Sun-Bonanza
Weekly real estate update
Statistics gathered from the Incline Village MLS on 7/17/16
Houses Condos PUDs
For Sale 152 93 27
Under $1 million 38 78 15
Median Price For Sale $1,689,000 $520,000 $939,000
YTD Sales 2016 77 102 22
YTD Sales 2015 66 95 17
New Listings 17
In Escrow 7
Closed Escrow 13
Range in Escrow $499,000 - $3,500,000
With only a finite number of homes in the low elevation sector of our community, demand generally outstrips supply for those properties that exhibit a great location, outstanding architecture, superior remodeling or a combination of all three.
The ability to walk to Lakeshore Drive and the beaches plus the proximity to local shops, restaurants and businesses, makes the Lakeview subdivision of Incline Village an extremely desirable place in which to live.
The name of this subdivision could be considered somewhat of a misnomer since most of the properties have little to no view of Lake Tahoe. The relatively gentle slope of the land combined with the density of the trees, size and positioning of the homes, results in filtered views and peeks of the Lake, with the occasional nice view looking south across Tahoe.
We have been experiencing a shortage of inventory in the Lakeview subdivision during the past couple of years. There are only 7 properties for sale based on data gathered from the Incline Village MLS as of this writing. The asking prices range from $1,375,000 for a fixer-upper/teardown on Joyce Lane to $3,098,000 for beautifully remodeled 3,900-plus-square-foot property on Lakeshore Drive.
Prices based on dollars per square foot span the gamut from $527 up to $788. So anyone looking for a bargain property under $400 per square foot needs to know that train left the station a while ago.
The median sale price in the Lakeview subdivision for the 12 month period from July 17, 2015 through July 17, 2016 is $1,550,000. But that was skewed to the low side with several fixer uppers / tear downs changing hands to new owners.
Prices ranged all the way up to $754 per square foot depending on the overall quality, location, lot size, floor plan, view and other particular attributes of any specific property. The intrinsic value of land in the Lakeview subdivision is such that buyers and developers are willing to pay a premium for the privilege of owning one of these rare parcels.
One of the primary benefits of owning a low elevation home in our community is the ease of access especially during the snowy winter months. A storm that drops 12 inches of snow in the center of town and several feet at the higher elevations might only produce 3 to 6 inches of snow at lake level.
And the relatively level to gently sloping driveways make getting in and out of your property much easier especially when compared with the steep upslope and down slope driveways that characterize many moderate to higher elevation properties.
When you get right down to it the old adage about real estate and location, location, location is clearly evidenced by the properties situated in the Lakeview subdivision.
Almost every parcel in this subdivision has been developed and from time to time we are seeing the older homes being torn down and replaced with stunning new architecture featuring super high quality interior finishes.
With a limited supply, properties in the Lakeview subdivision are among the best bets in Incline Village and Crystal Bay for retaining and increasing their value over the long term.
Don Kanare and Sabrina Belleci are the owners of RE/MAX North Lake. Read their blog and find weekly stats on their website at http://www.InsideIncline.com.