Incline Village Now Blog

MARKET UPDATE…

Lately, we are seeing more and more short sales in our real estate market here in Incline Village. What constitutes a short sale, and what are the pros and cons of purchasing one?
The first condition of a short sale is when the net amount from the sale of a property is not enough to cover all of the underlying liens (recorded mortgages, judgments, etc.) and other closing costs (commissions, escrow, title insurance, conveyance tax, etc.), and where the owner does not have sufficient assets to cover that deficiency. In order to sell the property, the owner must convey clear title, and this can only be done when all of those liens and closing costs have been covered.

If the owner is unable to make up the difference and can prove a hardship, the Creditors may step in to help by either forgiving some of the debt, or taking back a note for the difference not secured by the property which can be paid back after closing. The Creditors which are normally banks holding mortgages against the property may decline to accept the short sale because they feel the price is too far below market, or the Sellers have other assets they can go after or their income is sufficient to continue making payments.

The purchase of a property under these circumstances is almost always quite challenging. The sellers have already lost all of their equity in the property, so often they will accept an offer below market value to get the property sold quickly and avoid a foreclosure; however, on the other end, the bank is trying to protect its equity and will in all likelihood reject any offers that are substantially below market value based on an appraisal they will order.

Unless the bank is willing to approve the offer, the sale cannot be consummated. This approval process often takes 4 weeks or more during which time the bank may entertain competing offers.

We certainly do not want to discourage anyone from making offers on short sale properties; however, we want to be sure you understand the complexity and challenges involved in such purchases.

We have successfully closed short sales  and we expect to be doing quite a few more. If you have the patience and fortitude to purchase a short sale, the rewards may be great.

Please let us know and we would be happy to send you a list of all of the currently listed short sale properties. We can also provide you with a list of bank owned properties, i.e. ones that have already gone through the foreclosure process.

Have a wonderful week.

MARKET UPDATE…

In regards to the market, conditions are still quite unfavorable for most Sellers as Inventories continue rising and sales are quite slow. Tourism numbers are way down, and the crunch is being felt quite severely throughout the industry with numerous layoffs being reported. Despite this fact, there are always going to be very motivated Sellers whose prices have been discounted to levels that make them very attractive bargains.

In this Newsletter, we have selected a few of the best buys we found this week. If you are ready to buy now, but can’t seem to find what you are looking for, please allow us to help you. Sometimes we know of properties that are not yet listed that might be a perfect match for you. If there is nothing that seems to fit at this time, we can set you up with Auto-Notification to be alerted whenever a property matches your criteria.

Have a wonderful week.

MARKET UPDATE…

About a year or so ago, the National Association of Realtors® developed a new index for forecasting market trends. It is called the Pending Home Sales Index. Since it measures the number of homes that are going in to Escrow, it is a leading indicator.
The good news is that the Pending Homes Sales Indicator rose 5.3% in June to 89.0. This is still below the level of a year ago, but it is higher than May, so at least we are moving in the right direction. Lawrence Yun, Chief Economist for NAR, writes “Pending Home Sales Rise, Wider Gains Anticipated”.

There are so many great deals right now; however, we would like to call your attention to one in particular that is listed below under our Hot Buys. The owners of 448 2ND tEE just reduced their asking price to $849K. This is an absolutely screaming deal for a  home  right in the heart of  the Eastern Slope.   Have a great week.

MARKET UPDATE…

There is no doubt that it has been and still is a very tough market for Sellers. Buyers have been sitting on the sidelines and biting mostly on distressed sales such as REO’s and Short Sales.
You probably won’t read about it in the major news media outlets (bad news sells better); however, there appears to be a shift taking place in some of the hardest hit areas such as Southern California, Arizona, and Florida. Sales are up as bargain hunters are taking advantage of super deals. Eventually, the good news will be too hard to ignore. For the time being, you have to go to alternative sites such “Happy Real Estate News” to find out the latest positive trends.

Here is another article hot off the press titled, “Has the Market Bottomed Out?”, by Walt Baczkowski, President of the Metropolitan Consolidated Association of REALTORS®.

Many times we are asked about why we live in Incline Village.  For those that already live here, the reasons may be obvious, but those of you are thinking of either relocating here full time or buying a second or vacation home, you are in for a wonderful adventure.

Have a wonderful week.

MARKET UPDATE…

There is no shortage of bad news about the real estate market. Here are some recent stories that indicate we might be at or close to a turning point in this current real estate cycle.

The Media are Missing the Bottom

Home Sales Prices Rise: Is Anyone Catching It?

Real Estate Market Expected to Improve with the Next President.

We hope you feel better after reading those stories. In our opinion, the future is very bright. Those with patience and fortitude should do very well investing in real estate over the long run. Check out some of the wonderful opportunities shown below.
Have a wonderful week.

INCLINATIONS…

It looks like this coming week is to be a very musical one in and around Incline, especially Sunday! At 3pm, at St Francis of Assisi Church at Hwy 431 and Kelly Drive, there is a free violin and piano concert by Stern & Nagano, brought to us by The Tahoe Chamber Music Society. Then at 5:30pm, masterpieces from the Baroque Era will be presented in a concert being held at St. Patrick’s Church in Incline Village. The program includes works by Handel and Bach and features trumpet soloist Mark Lord in the Fasch Trumpet Concerto in D Major. The TOCCATA chorus and soloists will be featured in the Gloria from Bach’s B minor mass. Jazz lovers can enjoy live jazz music starting at 6pm at the Tahoe Biltmore Casino. On Thursday, July 31, from 7- 9pm, Kings Beach Music on the Beach has its opening concert featuring Momentum. Their music is described as a modern twist on vintage rock with influences ranging from blues roots and traditional rock to serious funk and jazz sounds. The concert is free, at Kings Beach State Recreation Area. www.ntbamainstreet.org .
If you want to stay outside, our Tahoe shiny blue days have returned with the California fires coming under control. You know the drill. Hike, swim, boat, water ski, jet ski, kayak, parasail, golf, read a good book on the beach, etc., etc., but another type of outdoor activity for children happens on Wednesday, July 30. The Incline Library has the Catch the Reading Bug Field Day outdoors at Preston Park. There will be a grasshoppin’ scavenger hunt, fANTastic crafts, an insect piñata, and hot dogs. Contact Amy Levy at Incline Village Library (775) 832-4130. Also, keep in mind that on Sundays from 4-8pm, there is the Golf & Supper Club at the Championship Course in Incline. Nine holes of golf, and dinner at the Grille, not to mention good people and fun! Enjoy!

MARKET UPDATE…

Despite all the gloomy news in the media, there are many indications that Real Estate may be turning around soon. Remember, the Real Estate Market led us into the economic downturn, and it will lead us back out.
Here are some factors to take in to consideration.
1. Sales of existing homes are showing signs of increasing.
2. Inventory levels fell in May to a nationwide 10.8 month supply.
3. Inventory levels are down 21% from their peak in 2006.
4. Home Sales are currently running at about 5 million per year, the same as they were 10 years ago. Yet, the population in the U.S. has grown by 25 million and 10 million new jobs have been added.
5. Home Prices actually rose in April in 8 of the 20 markets covered by the S&P/Case Shiller Index.
6. The drop in expensive home prices in areas like San Francisco was substantially less than the drop in affordable home prices in the same market. (10.7% versus 40.9%).
7. In the past 35 years, every time new home starts went from over two million to less than one million, housing market activity has rebounded and caught experts by surprise. New housing starts in April fell to 975,000, from their peak of 2.27 million starts in January, 2006.
8. Sales price compared to per capita income has improved affordability, and is almost back in line with typical price to income ratios.
9. Investors are snatching up distressed and foreclosed properties.
10. Pressure from foreclosures and new delinquencies is decreasing.
It is possible that prices may drop a bit further, but it is always hard to time the markets perfectly. Right now interest rates are still in the low to mid 6% range for 30 year fixed rate loans. It is widely predicted that interest rates will be at 7% by the end of the year and in the mid 7% range by the middle of 2009. A 10% rise in interest rates equates to an approximate 10% loss in buying power.

INCLINATIONS…

Would you like to enjoy being on the Lake, rather than get in it? Action Water Sports in Incline Village will rent speed boats of all sizes, and will even arrange for you and your group to go water skiing! Call 775/831-4386 for details. For those of you that prefer to kayak or canoe, you can plan your paddling around the 72 mile shoreline of Lake Tahoe, along the Lake Tahoe Water Trail, with the help of the Lake Tahoe Water Trail Guide/Map. The guide/map lists access points, resting places, campgrounds, lodging, points of interest and related support facilities. The Trail Map is available from www.adventuremaps.net.
Other miscellaneous activities include the Lake Tahoe Music Festival, running July 17 through August 9. Visit www.Tahoemusic.org for tickets. On Sunday, July 20, from 5:30- 10:00 PM you can help support the Thunderbird Lodge by enjoying the Thunderbird Lodge Winemaker Dinner. This fundraiser dinner is dedicated to save the historic Thunderbird Harbor Beacon. Chefs from PlumpJack Cafe Squaw Valley will headline the exclusive winemaker dinner series and pair their wonderful cuisine with PlumpJack and Cade wines. Contact Meredith Fischer at 775.832-8754 or meredith@thunderbirdloge.org . Also on Sunday, July 20, from 6-10pm, there is live jazz by Bobby Reynon from the Roxy in Reno at the Tahoe Biltmore Casino.
For the more serious among us, on Tuesday, July 22, from 6-8 pm at the Prim Library on the Sierra Nevada College campus in Incline Village is the next event in the Breaking Boundaries series. The featured speaker is John Perkins, best-selling author of Confessions of an Economic Hit Man. He will speak about the secret history of the American empire, what’s next and how to change it. Tickets are available in advance and at the door; call 775-832-5032 to reserve tickets. In addition, at 4pm, there will be a private book signing and cocktail party before the SNC presentation at a local lakeside residence. Tickets are $125 per person and include entrance to the SNC presentation. Then, on Thursday July 24, from 1-2:30pm, holocaust survivor Ela Stein Weissberger speaks about her experience at the Terezin Concentration Camp in the Czech Republic. For more information contact Amy Levy at the Incline Village Library, (775) 832-4130.
There is always this, and plenty more, to do around Tahoe next week…outdoors, indoors…when will you open your own door to our fabulous lifestyle?

MARKET UPDATE…

There has been plenty written this week about the credit markets and how the government might have to arrange for a bailout of Fannie Mae and Freddie Mac, so we will not further bore you with more details. Suffice it to say, that although we are generally against rescuing financial institutions, these two companies, who back about half of all home mortgage loans in the U.S., are just too large for us to allow to go under.
We are often asked if it is a good time to buy. Could prices drop lower? Of course, there is no guaranty that we have hit bottom; nevertheless, some Sellers are either so desperate or so realistic that it really doesn’t matter if the market should drop, because they have already discounted their prices below market value. In some cases we have featured listings where we know the Sellers are motivated and would most likely consider offers well below their asking price.
Here are some properties that deserve your consideration. 1075 Flume was reduced to $7890K, making it by far the lowest priced listing in this popular Millcreek area. #25 Woodminister had a price reduction of $90K, making it well below any other Woodminister condo.
Have a wonderful week

MARKET UPDATE…

We live in a truly Global Economy where events from far off places can have huge impacts on our national and local economies. Boosted by strength in construction and tourism, Incline Village has enjoyed an unprecedented period of growth.
The combination of the the rising price of  fuel and the fact that the national economy is either in or will most likely soon be in recession has not helped matters.

Of course, we are not alone in feeling the pain of commodity prices going through the roof. The credit crisis in the U.S. is now spreading to other countries around the world. In an article written by Lou Barnes titled, “Economies Are Tanking Everywhere”, he does give one hopeful estimate of future events.

As Europe and then Asia begin to feel our pain, they will experience a serious credit crisis as we have had, commodity prices will break due to lessened demand, and dollars will eventually flow back to the U.S.

In the long run, we remain optimistic and expect that the cyclical trend resulting in declining real estate prices will reverse itself as credit becomes more readily available, inflation comes under control, stability in the job market returns, and buyer psychology once again becomes positive.

In the meantime, we will continue to recommend properties that we feel represent excellent values in today’s market.

Have a wonderful week.

INCLINATIONS…

Miscellaneous diversions abound here in North Lake Tahoe. Locals bemoan the fact that there are so many appealing choices all the time that we have to pick and choose, and NOT do many of things we’d love to! Here is just a sampling of activities that are so close you won’t even burn a gallon of gas getting to them! If you’re a beer lover, Beerfest is at Northstar on Saturday, July 12, from 12-8 pm. Are the arts more to your taste? The Tahoe Arts Festival brings street painting, called I Madonnari, to the Tahoe Biltmore Lodge & Casino in Crystal Bay, NV, on July 12 & 13. Visit www.laketahoeartsfestival.com for more information. BUT, WAIT! THERE’S MORE! Also on Sunday, July 13, at 3:00 p.m., the Tahoe Chamber Music Society presents A Trio of Lenz (Violin-Cello-Piano) in Incline Village at the newly remodeled and gorgeous St. Francis of Assisi Church. OR…how about joining in on nine holes of golf at the Champ Course in Incline Village followed by dinner at The Grille? Space is limited; reservations required! Call (775) 832-1146 and tell them that you’d like to be part of the Golf & Supper Club. OR…attend Tuttiflutti at 7:30pm in St. Patrick’s Episcopal Church in Incline Village. The program will include Mozart Concerto for Flute and Harp, Vivaldi Concerto for Flute, Violin, Strings & Continuo, and Handel Concerto for Organ Opus 4, #3. OR…well, you get the idea.

INCLINATIONS…

Amusement Musings-this, that, and the other!

·         Regional artists are providing a free self-guided tour of 35 studios from 105 daily July 11-13      and July 18-20. Get an ARTour map at www.northtahoearts.com .

·         Monday through Friday, the Championship Golf Course in Incline offers a Bucket O’ Balls and lunch special. Visit www.golfincline.com for details.

·         Every Monday night at 7pm during the summer, Incline’s ghost of Mark Twain, McAvoy Lane, will host a night of Mark Twain. Reserve your spot by calling 775/831-3301.

·         Every Tuesday from 6-8pm it’s Retro Skate Night in the Village at Northstar. Cash prize for best retro dressed skater!

MARKET UPDATE…

Existing home sales reversed their downward trend in May with sales increasing  over April.

It is too early to confirm that a market rebound is in progress; however, it is encouraging to see buyers getting off the fence to take advantage of lower prices. In fact, many distressed properties are receiving multiple bids.

Below we have featured some outstanding properties with asking prices at or below market value. In particular, we would like to call your attention to the listing at  1005 Apollo Way.   This beautiful custom home with outstanding views had a price reduction of over 20% today making it our top home buy of the week. If you are more interested in finding a vacation condo, please don’t overlook #25 McCloud, priced @ $549,000.  Please call or e-mail for our “Condo Best Buy List”.  E-mail Carole @ carole@inclinevillagenow.com or her cell # is 775.848.6242.

Have a wonderful week.

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INCLINATIONS…
Are you in town this Saturday, June 28? Go to the Star Party at Sand Harbor State Park! Space Science for Schools and UC Davis Astronomers are sponsoring a free public event and viewing, starting at 7:30pm.
Tickets are still available for the July 4th “An Evening on the Green—Reno Philharmonic/Fireworks Display”. The orchestra will play a 40-minute concert before the fireworks, and food and beverages precede the concert. Tickets can be obtained through www.laketahoe-shakespeare.com or www.redwhiteandtahoeblue.com .
Incline Village knows how to celebrate Independence Day! Free brochures detailing the many events planned can be found all over town. You surely won’t go hungry. Breakfast at the Firehouse is on July 2, and great food will be sold all day on the Village Green (veterans, you eat for free!), plus there is an ice cream social and hot dog party at the Village Center. On July 3 food can be purchased all day at Incline Beach, as well as the Village Green later in the day before the Sol Jibe concert that night. There is also a Wine and Cheese Tasting event from 4-6pm at Aspen Grove. On Independence Day, our local Lion’s Club is doing a pancake breakfast from 8am-12 noon at Aspen Grove. There’s also a boat parade, and a community picnic with a carnival atmosphere, and of course, our Red, White, and Tahoe Blue fireworks to cap off our 4th of July celebration. Believe it or not, there are even more events planned in Incline Village. Remember to pick up a brochure, and…see you there…or somewhere…celebrating around town.

MARKET UPDATE…
There is no question that the market has changed in the last couple of years. One only has to look at the number of listings who are now offering incentives to buyers as well as bonuses to agents to help move their homes.
Below are some new listings that you may wish to consider, as the Sellers appear to be quite motivated. Please remember that it doesn’t cost you any more to have someone representing you. So call us if you have an interest in any of these projects.

As you can see, there are plenty of choices available to buy . In our hot buy list below, we have featured one of the  condos at mcCloud, which the seller is quite anxious to sell. They have now reduced the price to below prices of a few years ago and they may be willing to negotiate even further.
If you’d like to buy but don’t think you will qualify for a new loan because your credit score is too low or you have little or no down payment, well, think again.
So long as you have sufficient documented income and you will be an owner occupant, then an FHA loan may be the answer for you. Only 3% down payment is required and that money can be gifted to you or come from the Seller via a special program that FHA is trying to close down. Credit is not a factor in qualifying for FHA loans.
This might be the perfect program for you, so act now and take advantage. FHA is only for homes and approved condos. Call or e-mail to find out which condos are eligible and to be referred to a lender who will pre-approve you for a loan.
Have a great week.