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Just listed $4.9M- 336 5th Green Ct is a magnificent home built in 2006 boasting nearly 9,500 sq ft living space. At about $500 per sq ft, this is priced well below replacement cost and is in a premiere location on the 5th Green of the Championship Golf Course, a masterpiece designed by Robert Trent Jones Sr.

The home features grand spaces for entertaining in the great room, entertainment room with 19′ sports bar, separate circle bar, home theater with cozy fireplace and wine cellar. The living quarters are more intimately scaled, 5 bedrooms all en-suite with full baths, 2 additional powder rooms and the home features 11 fireplaces for snowy Tahoe winters! Relax in the outdoor spa and enjoy cooking al fresco with 2 outdoor cooking areas.

There is a 6 car tandem garage featuring copious storage, and a full butlers kitchen and separate pantry make entertaining a breeze. The owners attention to detail is apparent in the custom knotty alder cabinetry, wainscoting, beam wraps and elegant finish work. The combination of natural stone on the exterior, hearths, floor tile and gorgeous granite counters with the top of line stainless appliances complete the package.

The home is completely wired for A/V and Smart Home Technology. The lighting system is Lutron and triple pane Pella windows with interior blinds adorn the home. This state-of-the-art, functionally designed home is truly awe inspiring and is listed at a fraction of the price of other listings of this scale and size, in a wonderful golf course setting.

The home is priced at $4,900,000 and has been reduced a total of $4 Million since it was first listed in October of 2007. This is a potential short sale, and is a wonderful opportunity to own a classic Tahoe estate home.

Showings are accompanied, please call me and I would be happy to give you a tour of the home!

There were 21 price changes this past week including 10 homes, 4 townhomes, and 7 condos. In these past week, 1 home sold at 629 Village which was extensively remodeled, listed at $1,199,000 and sales price of $1050,000- this is $265 per sq ft for this nearly 4,000 sq ft home- Intero represented the buyers. There were 2 new escrows including 850 Northwood Estates #48 and 591 Rockrose- a bank owned home that quickly went under contract, priced at $839,900 and over 4,000 sq ft, list price is $207 per sq for this fixer upper with filtered lake views in a nice, wooded low elevation location. There are 16 listings in escrow, currently.

New Listings
123 Juanita Forest Pines #94 $499,950- low elevation condo
120 Country Club Mall #65 $340,000- mixed use opportunity
400 Fairview Bitterbrush #120 $450,000- at Diamond Peak
797 Rosewood Incline Creek Estates $1,200,000- privated gated community
809 Rosewood Incline Creek Estates $1,200,000- new construction on greenbelt
1372 Tirol $799,000- nearly 3,000 sq ft remodeled with mtn views
1063 Mill Creek $1,025,000- the best buy in Millcreek
573 Knotty Pine $595,000- good buy for fixer upper
541 Silvertip $2,595,000- panoramic lake views
869 Ophir Peak $2,495,000- rebuilt home near the Lake

This one just in! This makes listing #11 for the past week- a great value for newer construction, just under 3,000 sq ft, nice Tahoe appeal and 4 car garage in Crystal Bay- this is priced well. 395 Tuscarora $1,250,000

Fell out of Escrow
964 4th Green $1,795,000- on the Championship Golf Course
101 Red Cedar $1,325,000- low elevation lake views

I am watching carefully for new foreclosures, and know we will see some excellent values and we progress into 2009.

2008 Incline Home Sales below $600,000:

984 Galaxy Way- 3 bed, 2 baths, 1,408 sq ft $566,000 on 7/17/08 (bank owned, remodeled)

223 Robin Drive- 3 bed, 2.5 bath, 1,734 sq ft $525,000 on 12/10/08 (newer home)

172 Tramway Road- 4 bed, 2.5 bath, 1,900 sq ft $590,000 on 4/03/08 (close to Lakeshore, backs to Highway 28)

566 Ponderosa- 3 bed, 2 bath, 1,220 sq ft $550,000 on 9/30/08 (low elevation fixer upper)

521 Sugarpine Drive- 3 bed, 3 bath, 1,880 sq ft (not including studio on lower level) on 3/4 acre $530,000 on 12/19/08

928 Dorcey Drive- 3 bed, 2.5 bath, 1,680 sq ft $520,000 on 1/05/09

960 Garen Street- 3 bed, 2.5 bath, 2,282 sq ft $590,000 on 12/19/08 (modified A-frame style)

821 Carano Court- 2 bed, 2 bath, 1,899 sq ft $560,000 on 1/03/08 (A-frame)

View 2008 home sales under $600k

Current Incline Listings below $600,000:

788 Geraldine, 808 Randall and 818 McCourry all have over 1,800 sq ft

View current listings under $600k

The market may be moving more slowly, but patient buyers are finding the right deals and closing them. It is encouraging that we can still measure a bottom line on value. Homes with lake views, those with potential on nice lots, homes close to the Lake and quality new construction are still sought after at a fair price. We have not seen such a selection of new construction available at a steep discount. You may not have to wait for the “market bottom” in another 12 to 18 months, many sellers can’t wait, and you can negotiate a great selling price if you work with an agent that knows what they are doing. Make sure you ask the right questions, and know that your agent is dealing with the right party- it may be a loss mitigator in the case of a short sale, make sure your agent knows the loan amounts to determine whether is a short sale. Don’t assume the listing agent has done their homework.

New Listings

Homes:
966 Agate Court $1,299,000
645 14th Green Dr $1,975,000
807 Snead $1,295,000
803 Jennifer $599,000
194 Tramway Road $1,299,000
637 Woodridge $1,600,000
644 Tyner $621,000
609 Doeskin Ct $2,150,000

PUD’s:
Incline Creek Estates- 4 listings at $1,200,000
(Call me for a great Incline Creek Buy priced under $1 Million!)
722 College Incline Crest #96 $399,000
1442 Berne Ct $1,395,000
841 Tanager $759,000

Condos:
333 Ski Way Ridge #259 $319,000
400 Fairview Bitterbrush #115 $450,000
908 Harold Fairway Pines $489,000
400 Fairview Bitterbrush #99 $599,000
939 Incline Way McCloud #195 $525,000
825 Southwood Pines #115 $219,000
929 Southwood Tahoe Sierra Pines #10 $465,000
827 Robin #5 $289,000

Lot:
382 Willow $365,000

Investment:
398 Willow $699,000

Homes Sold
1005 Apollo listed $2,100,000 sold $1,900,000 2/02/09 290 days on market
687 Bridger listed $685,000 sold $660,000 1/23/09 191 days on market
758 Tyner listed $2,495,000 sold $2,005,000 1/29/09 127 days on market
600 Tyner listed $3,995,000 sold $3,600,000 1/30/09 269 days on market- nice work Phil!
88 Shoreline Circle $2,695,000 sold $2,050,000 1/27/09 138 days on market

Condos Sold
680 Wilson Way listed $459,000 sold $400,000 1/20/09 178 days on market

Incline Village has been affected by the economic slowdown, reflecting lower home sales prices and fewer sales, as seen across most markets. The median sales price of a single family home in Incline Village, dropped to $1,383,060 in 2008, down 6% from $1,24187,500 in 2007. This is better than you might expect considering the sales volume dropped 39%, as 84 homes sold in 2008 compared to 138 in 2007.  Sales-to-list prices have dipped too, sales are averaging 91% of list price in 2008, compared to 94% last year. Higher end home sales have dropped, as only 12 homes sold for more than $2 million in 2008, down from 33 last year- a 64% drop. The highest priced home sale so far this was $6.7M for a new home on Vivian Lane with shared beach and pier access, whereas last year’s high was $13,950,000 for a Champagne Estate. Note that two private lakefront sales occurred earlier this year, one close to $30M and the other close to $11M. The average number of days on market has apparently dropped to 178 from 183 last year, although I would argue this data can is skewed as listings have been withdrawn and re-listed or listed by another agent and the clock is reset. I know of many listings that have been pulled off the market in the winter and re-listed in the spring. Average square footage for home sales has also dropped from 3,204 last year to 2,953 this year and price per sq. ft. has dropped from $539 to $462- many of the larger homes in the upper end market are not moving, as evidenced by the lack of sales over $2M.

More homes sold in Millcreek, Lakeview and Lower Tyner Areas over any other area in Incline Village, totaling 30 of the 84 sales in 2008. Last year, most of the sales were also in Lakeview Sub. and Millcreek, totaling 37 of the 138 sales for 2007, as buyers continue to look for good values close to the Lake. The Eastern Slope, the Championship Golf Course and Upper Tyner were also popular areas for sales this year, many sales featuring great lake views or close proximity to our Robert Trent Jones 18 hole course.

When you look at the median home price for 2008, it is down from the high in 2007, but on par with the median price from 2005. What has really dropped off are the number of sales, down nearly 40% from last year and less than half the number of sales both in 2005 and 2006. This points to the fact that many sellers opt not to sell rather than reducing the price, and the majority of home owners in Incline Village have that staying power. Many homes are second or third homes owned free and clear, many owners reside out of state but some are used as primary residences to take advantage of Nevada tax benefits. The drop in median price of only 6% compared to the 20-30% drops in pricing in areas such as Las Vegas, Sacramento, Los Angeles and even Reno  along with the relative lack of REO and short-sales are reassuring for homeowners.

Condo sales show a stronger decline in median price, dropping 11% to $521,500 in 2008 from $585,000 in 2007 with sales volume down 34% with only 64 units sold in 2008 versus 97 sold in 2007. No units sold over $2M in 2008 while 5 units over $2M sold in 2007.

Median price actually increased for PUD’s (freestanding townhomes), mainly due to sales of new construction sales in Incline Creek Estates, a Scott Companies/Intero development at the old Sierra Nevada College campus. The median rice for PUD’s increased 12% to $1,070,000 in 2008 up from $955,000 in 2007. Number of units sold decreased by 46%, however, as 25 PUD’s sold in 2008 versus 46 in 2007, following the downward trend in sales volume seen in homes and condos, alike.

The factors that make Incline Village desirable such as tax incentives, limited number of lots (approx. 9,000 in Incline and Crystal Bay), proximity to the Bay Area, and year round vacation destination will continue to bring buyers into the market. The question is, how soon and at what price. Most sellers in Incline Village do not have to sell, most properties in Incline Village do not have mortgages on them. When demand rises, as it certainly will, prices will follow suit. The key is to get into this market before the rest of the buyers regain their footings and start to move back into the market, albeit this will likely not be until 2010. Smart buyers are sitting and waiting, and watching the trends and looking for individual opportunities such as we have seen recently at 121 Rubicon at $1.4M- one of the best buys for a large, well constructed home one block from Lakeshore and 527 Sugarpine at $2.6+M- a benchmark for new construction with a lake view. Check back weekly to review new listings, pending sales and closed sales.

2008 Sales Data for Incline Village, Nevada

All data from Incline Village MLS, deemed reliable but not guaranteed