Incline Village Now Blog

INCLINE VILLAGE REAL ESTATE Market Update

According to Bloomberg News, housing starts in the U.S. hovered in February near a three-year high and building permits rose, adding to signs that the industry at the heart of the last financial crisis is stabilizing.  The number of building permits climbed to the highest level since Oct. 2008 with an annual pace of 717,000.  This increase will help strengthen the housing market.

Demand for previously owned homes advanced in February to the highest level since May 2010.  Also, new home sales increased to it’s highest level since December 2010, according to Bloomberg News.

The mortgage rates for a 30 year fixed also reached an all-time low of 3.87 % in February, according to data from Freddie Mac.  According to Bankrate.com, we are currently at an interest rate of 4.05 % for a 30 year fixed loan.

The housing market continues to recover with an increase in building permits, increase in sales of new and previously owned homes, and record low interest rates.

FOREST PINES #1-72 – PRIVATE FINANCING MAY BE AVAILABLE!

This Stunning unit is only minutes to the beaches. Located at a low elevation near Lakeshore Blvd. A 2 bedroom and 2 bathroom with a gorgeous remodel with top of the line finishes. Best location in complex next to HOA pool. A must see!

Asking $459,000

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CRYSTAL BAY LAKEVIEWS – CRYSTAL BAY LOT

 Beautiful lake views from this quiet Crystal Bay lot. Plans and permits paid for 2,141 sq. ft. home including 3 bedrooms and 3 bathrooms, elevator and 2 car garage.  Close to Crystal Bay lookout and hiking trails. This property includes full IVGID privileges.  

Asking $389,000

WANNA GET AWAY- PRICE REDUCTION – ALPINE TERRACE # 18

Wonderful Sunny unit. Close to Diamond Peak Ski Resort and convenient to restaurants, beaches and town. This 2 bedroom and 2 bathroom is in original condition and seller will credit buyer $3,000 @ COE for carpet and paint. This is a great Mountain get-away!

Reduced to $219,000

PRICE REDUCTION - 715 Martis Peak. Incline Village - Lakeview Subdivision

Beautiful custom remodel in Lakeview sub division. 3 bedroom + Family room, extensive use of slate floors and open beamed ceilings. gourmet kitchen and custom thru-Out. This home is absolutely gorgeous!

Reduced To $1,780,000

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Market Update

Buying a property is a big decision and we always recommend that you hire a professional home inspector to make sure that your home is in good working order.  The home inspection period here in Incline Vilage is typically the first 14 days upon the acceptance date of the contract.  A basic home inspection report will cover the foundation, walls, ceilings, floors, windows, doors, heating and air systems, electrical systems, appliances, and the roof.  Depending upon the size of your unit, it will cost you between $200 and $600.  It is well worth it to find out what repairs are needed prior to taking ownership of your property.  If you are unsatisfied with the findings of the home inspection, then you can cancel the contract.

The home inspectors that our team recommends are “ASHI” certified.  “ASHI” stands for American Standard of Home Inspections.  This organization was founded in 1976 and it is the oldest and most respected professional society of home inspectors in North America.  They adhere to a high standard of practice and strict codes of conduct.  Basically, to be an “ASHI” certified home inspector, you have to pass a National Home Inspection Examination among other tests.  Therefore, you can be confident that your home inspector has the education and knowledge to conduct the inspection.  You can visit www.ashi.org to find a home inspector in your area.  Feel free to email us to obtain a list of our preferred home inspectors here in Incline VIllage.�

Market Update- Incline Village Homes & Condos

Realtor Magazine recently had a feature article, “23 Federal Laws that Apply to Real Estate Sales”.  There were some interesting laws relating to loans which included the Mortgage Reform and Anti-Predatory Lending Act.  This act governs lender compensation to curb abusive loans by restricting the way mortgage professionals are paid. 

There is also the Fair Credit Reporting Act that permits consumers to receive one free copy of their credit report a year by contacting a credit reporting agency.  It is a good idea to take a look at your credit report to see if there are any items that are incorrect that could affect your credit score. 

With regards to income tax, there is the capital gains exclusion on the sale of your principle residence.  Basically, if you sell your primary home you can exclude up to $250,000 ($500,000 for married couples filling jointly) of the capital gains. 

You must have lived in your home for 2 of the 5 years before the date of sale.  I remember when I sold my first primary home that I purchased for $330,000 and sold for $510,000.  I lived in it for 2 years prior to selling it and did not have to pay for any capital gains taxes. 

There is also the mortgage interest deduction that allows homeowners to reduce their federally taxable income by the amount of interest paid on their home loan.  There is a limit on the loan amounts up to $1 million or $100,000 in equity for home equity loans.�

From dealing with bank owned properties, I have heard of a number of sad stories from homeowners losing their homes. It is difficult to see someone work so hard to acquire the 

American dream of home ownership only to see it being taken away. 

There is the one story that I remember from a previous mortgagor that lost his home that dealt 

with force-placed lender insurance. Basically, every mortgage lender requires its borrowers to maintain hazard insurance. For example, if there was a fire in your home, your lender would want to make sure that your insurance would pay off your existing home. If you do not continue to 

carry your own hazard insurance, insurance would pay off your existing home. If you do not continue to carry your own Hazard insurance, your lender will obtain it for you at your expense, hence the word “force-placed’ lender insurance. The cost of this coverage will be considerably

 more expensive than if you purchased it on the open market. 

This is what happened to this gentleman that lost his home. He had a force-placed lender 

insurance of $12,000 that was added to his existing mortgage, which increased his monthly mortgage payment by $400 and that was one of the reasons why he lost his home. If he had obtained the same insurance coverage on his own, it would have probably cost him only $1,500 to $2,000 for the year. 

The important message is to make absolutely sure that you do not let your home (hazard) 

insurance lapse.If you do not know when your insurance coverage will expire, please contact your lender directly. 

Ranking   Office Name     # of Real Estate Agents   # of sold Properties    Total Dollar Amount sold

1.             Coldwell Banker               79                            163                              $134,866,715

2.     Lakeshore Realty             23                       86                       $118,634,899

3.              Intero Real Estate            28                             96                               $ 84,913,566

4.              Chase International        30                              83                               $78,988,800

5. other Incline/ Crystal Bay offices   Approx. 71              96                               $55,754,790      �

One important shift is taking place in the Incline Village real estate market is how buyers are playing for their purchases. Since the beginning of the year, there have been 27 home sales. Of those sales a large percentage were paid for with cash or approximately 37%. This represents an important shift taking place Incline Village’s real estate market. Will this trend continue? Without a doubt.

The market was at a similar crossroads in 1997. Incline Village home prices had just experienced year over year lows. While some people were running for the door, others were just arriving to the party with a satchel full of money.

In 2011 is the party just beginning or ending? stay tuned to find out!

Have a wonderful week!