Incline Village real estate: What Lake Tahoe buyers are seeking this year
Special to the Sun-Bonanza
Weekly real estate update
Statistics gathered from the Incline Village MLS on 3/19/17
Houses Condos PUDs
For Sale 89 39 16
Under $1 million 17 30 7
Median Price For Sale $1,998,000 $560,000 $1,099,000
YTD Sales 2017 23 36 5
YTD Sales 2016 27 27 6
New Listings 6
In Escrow 9
Closed Escrow 9
Range in Escrow $299,000 - $4,260,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of March 19, 2017
Demand remains strong for properties in Incline Village and Crystal Bay. The fairly low level of inventory has resulted in a shortage of particular types of properties in our market.
Most buyers would prefer to have a low to moderate elevation house or condo. And this is where we have a lack of inventory, especially in some particularly desirable locations.
For example, there are no 3 bedroom condos currently available for sale in McCloud or Third Creek. At Mountain Shadows there are only 2 places currently listed for sale. In these 3 complexes combined there are only 7 properties currently listed on the MLS.
But last year these 3 developments accounted for a total of 51 transactions. With condo sales in 2017 well ahead of last year’s pace, buyers are chomping at the bit for condos in good locations at low elevation.
Owners in McCloud and Third Creek who have been thinking about selling may wish to put them on the market in 2017. Prices are up significantly in the past 2 years and the shortage of inventory makes it a seller’s market in both complexes.
Most buyers prefer a property that has been updated or at the minimum well maintained. They are also willing to pay a premium for low elevation properties that have a modicum of privacy. Houses and condos that are near a creek, U.S. Forest Service land or have some other type of buffer from the neighbors sell quicker and for higher prices. Most buyers are coming here from urban areas and many of them would prefer to have some space between their place and the folks next door.
Whether a buyer prefers a single-family home or a condo is very much a personal decision. A significant percentage of buyers who are purchasing a vacation home, lean towards condos for a number of reasons.
Usually the Homeowner’s Association will take care of exterior maintenance, landscaping, snow removal, roof repairs, etc. This relieves the vacation home owner of the burden to maintain these aspects of the property. Buyers who want more space for family gatherings and don’t want any shared walls will tend to focus on freestanding condos and single-family houses.
News Flash: RE/MAX North Lake is proud to announce that Sabrina Belleci is now the majority owner and managing broker of the Incline Village office. Sabrina will be in charge of all day-to-day operations and oversee the management and strategic planning at RE/MAX North Lake.
Don Kanare will retain his broker license but is transitioning into a new role. Don will focus his efforts on being a mentor, negotiator and advisor to the business along with working closely with a select group of clients. Don will continue to work with Sabrina as co-author of this weekly column along with creating content for the InsideIncline.com web site.
The RE/MAX North Lake office recently underwent extensive remodeling under Sabrina’s watchful eye. The new contemporary style incorporates decorative elements focusing on Lake Tahoe and the beautiful surroundings. The new furnishings create a warm and inviting feel for agents and clients alike.
We invite you to stop by our office at 923 Tahoe Blvd. – #101 and congratulate Sabrina on her new role as managing broker and majority owner of RE/MAX North Lake.
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.