Incline Village Now Blog

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!

One thing that is clear in today’s marketplace is the shifting landscape in how real estate purchases are financed. It’s no secret that lending policies have tightened during the past several years. The result is an influx of all cash transactions.

So far this year in Incline Village Real Estate: 64% of all condos and 28% of all homes, have been cash transactions. That means collectively over 51% of all sales in Incline Village have been paid for without the use of a lending institution.

The lending industry’s policies have an enormous impact on the growth and decline of real estate markets. We’ve witnessed this first hand during the past decade. Six years ago it seemed almost anyone could get a mortgage. Today it’s a different story. The lending policy pendulum has swung in the other direction. UNtil we see lending policy find a “normalized” balance, we believe price growth will be somewhat limited.

That’s not to say there aren’t some great deals in Incline Village. One need not look very far to find a great opportunity. Our suggestion is that until lending policy loosens up a bit, we won’t see the massive price leaps we saw during the 2000’s.

Have a wonderful week!

One of the biggest wealth transfers in modern history is about to take place. Who is in line to benefit? Two words: baby boomers.

According to a recent study conducted by the center for Retirement Research at Boston College, baby boomers are in line to inherit 8.4 trillion dollars. John W Schoen wrote a brief insightful piece about this projected wealth transfer. Schoen, points out that although th ” median transfer amount will be $64,000 per boomer, like everything else related to wealth in America, there will be a wide range between the biggest and smallest inheritances. Boomers from the richest families are in line for as much as $1.5 million each; those at the bottom of the inheritance ladder will get just $27,000.”

This wealth transfer won’t happen overnight. In fact it will happen gradually right before our very eyes. The same thing happens in real estate markerts. While the “doomers and gloomers” are declaring the worst, the intelligent recognize value and act on it. What camp are you a part of?

Have a wonderful week!

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Banked owned properties (REO’s) make up a subtantial part of Incline Village’s real estate market. One need not to look too far to come to the same conclusion. Just take a peal at a few of the listings below. Within the next few weeks we will publish Febuary’s official sales numbers. OUr preliminary figures show that 24.5% of all February closings in Incline Village were bank owned sales.

Last week we commented on how we believe we are at or near the bottom. This week we’d like to pose the million dollar question:what happens when the bank owned inventory in Incline Village begins to dry up? Incline Village’s real estate market will come roaring back. How far into the future will this be? Nobody knows for sure.

In the meantime there’s no denying there are some wonderful opportunities to get in while prices are still low. If history tells us anything, this window wont last forever.

Have a wonderful week!

Another very positive report on how tourism is leading the Incline Village economy out of recession.

Economists now predict that the rebounding visitor industry will begin spiling over into other economic sectors in 2011.

Incline Village is expected to be the beneficiary due to the fact that more people are looking for Nevada residenct both individually and for their businesses.

Nevertheless, given the allure and majic of Incline Village and the faboulous lifestyle; we expect Incline Village to lead the State in sales of resort Real Estate. .. especially in the high end as it did before from 200 to 2006.

Have a wonderful week!

INCLINE VILLAGE REAL ESTATE

Every so often we come along an amazing deal that we have to tell you more about.  This Incline Village Home is a  property located at a complex called Lodgepole.  It is situated in a low elevation close to Lakeshore Drive. This custom community is gated and properties do not come on the market often.  �
This is a 3 bedroom / 3 bath home.  It has a fabulous gourmet kitchen with granite counter tops, huge island, and large pantry.  There is a spacious master bedroom and a master bath with a large soaking tub and walk-in shower.  You also have a oversized 2-car garage.  This is a superb quality construction in a great neighborhood. 

The asking price is $869,000 which is below market considering the last sale in 2008 was for  $1,190,000.  There is only one other Lodgepole currently on the market and it is listed for $1,049,000.    Let us know if you want to see it or if you would like us to provide information on any other Incline Village properties..

Have a wonderful week !

INCLINE VILAGE REAL ESTATE  MARKET UPDATE

Beacon Economics analyzed home affordability and came away feeling optimistic.

Beacon Economics founding principal Christopher Thornberg, whose firm advises a variety of business clients, says the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction.

“While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us,” says Beacon Economics Research Manager Jordan G. Levine. “We expect prices to stabilize around current levels and likely be higher in the next 12 months.”

Have a wonderful week! 

The latest list for Incline/Crystal Bay is attached.  These are the newest changes.  Please let me know if you have any questions about any of the properties on this list.

SOLD (Removed from list)

290 Deer Ct., APN 127-570-07, Rec. 8/9/10, Bank of America, 475 Crosspoint Pkwy, Getzville, NY 14068 – Sold for $769,000

730 Country Club Dr., APN 128-051-04, Rec. 9/20/10, JPMorgan/Chase Bank, 7255 Baymeadows Way, Jacksonville, FL 32256 – Sold for $530,000

818 McCourry, APN 124-062-14, Rec. 10/26/10, Bank of America, 7255 Baymeadows Way, Jacksonville, FL 32256 – Sold for $305,000

NEW REOs :

1308 St. Gallen Ct. , APN 126-522-04, TS#38716, Rec. 11/3/10 – Back to beneficiary, no recorded docs yet

120 Village – McCloud #134, APN 127-075-04, TS#10-41753-WFR-NV, Rec. 11/8/10 – Back to beneficiary, no recorded docs yet

NEW NODs:

425 Pahute, Crystal Bay,  APN 123-143-11, TS#10-43890-WFR-NV, NOD Rec. 11/9/10

1057 Mill Creek Rd., APN 130-202-20, TS#143382NV, NOD Rec. 11/9/10

595 N. Dyer, APN 124-082-20, TS#10-31350-FF-NV, NOD Rec. 5/10/10 & 11/8/10

811 Snead Ct., APN 128-361-19, TS#10-32972-WA-NV, NOD Rec. 11/8/10

886 Rosewood, APN 129-291-02, TS#139877NV, NOD Rec. 11/4/10

NEW NOTICES OF SALE :

806 Oriole – Village Court #18, APN 132-290-10, TS#10-0072161, NOD Rec. 7/6/10  – TRUSTEES SALE POSTPONED UNTIL WED. 12/22/10 AT 11AM

887 S. Dyer, APN 124-083-33, TS#10-42172-WFR-NV, NOD Rec. 5/24/10 – TRUSTEES SALE POSTPONED UNTIL FRI. 12/10/10 AT 11AM

949 Dana Ct. #10, APN 128-120-10, TS#10-31235-FF-NV, NOD Rec. 4/26/10 – TRUSTEES SALE POSTPONED UNTIL FRI. 12/3/10 AT 11AM (Correction to previous list)

837 Southwood – Creekside West #5, APN 127-120-05, TS#1276801-11, NOD Rec. 4/15/10 – TRUSTEES SALE POSTPONED UNTIL TUES. 11/30/10 AT 11AM

725 Golfers Pass, APN 128-243-14, TS#10-0040721, NOD Rec. 3/22/10 – TRUSTEES SALE POSTPONED UNTIL MON. 12/27/10 AT 11AM

CAROLE MADRID

#1 Producer

Lakeshore Realty

954 Lakeshore Drive

Incline Village, NV 89450

Tele:  775.848.6242  direct #

www.inclinevillagenow.com

In September and October 2010, several lenders suspended foreclosures in two dozen states due to questions about whether foreclosures were being processed consistent with applicable state law requirements. Concerns are being raised by the state and federal elected officials, as well as consumer and fair housing groups, about the validity of ownership of mortgages that have been securitized and resold. At this center of the controversy is Mortgage Electronic Registration Systems (MERS). This firm is responsible for electronicaly tracking the transfer of assignment of mortgages. Class-action suits are being brought against MERS alleging that the use of the system circumvents state laws.

On October 1, 2010, Fannie Mae and Freddie Mac released statements regarding servicer compliance with the foreclosure processing of Fannie and Freddie loans. In the releases, both organizations reiterated that servicers must comply with applicable state laws governing foreclosures. Although nearly all of the foreclosures in question are expected to be fixed eventually, the current situation is creating difficulties and a new hurdle to recovery of the housing and mortgage markets. NAR members are reporting that upcoming sales have been delayed indefinitely or cancelled, to the detriment of all involved. Additionally, homes on the market without clear title will make sales much more difficult. While banking executives focus their attention on this problem, it is possible that servicers may be somewhat more receptive to approving loan modifications and short sales, since they avoid the foreclosure procedural problems altogether.

NAR has also developed the following talking points that can be used when responding to queries:

• There’s no way of knowing what percentage of foreclosures that were improperly processed were, in fact, inappropriate or wrongly taken. The assumption is that for most of them, this may be only a technicality and that the property ultimately would have been repossessed.
• For owners who believe their home was wrongly foreclosed, they may wish to contact a real estates attorney to investigate the possibility of a property claim. However, that could prove costly and time consuming- regulations vary state by state.
• For banks, it may make more sense to modify loans or agree to short sales to expedite disposal of inventory.
• For buyers, the assumption is that listed foreclosures come with clear property title but they should discuss any necessary contract contingency with their attorney. Foreclosures in limbo are likely to be withdrawn from the market.
• It’s too early to tell if there’s an impact on the market but we will be monitoring the situation.

Have a wonderful week!