1. Market Statistics: Incline Village Since May, 2008 there have been between 600 and 700 properties available for sale including homes, townhomes, and condominiums. That is significantly more choices than in the 2000 to 2004 time frame. See the article in this newsletter labeled July 2009 Market Statistics for Incline Village for further information.
2. Bargains Bank Owned foreclosures, “short sales,” some very motivated sellers (over the decades this perfect storm of low interest rates, large supply of properties for sale, and bank foreclosures to drive down prices has never happened). Our past tendency was for a market driven by a limited supply of property for sale and an ever increasing demand from Californians seeking to escape California state income tax, either immediately or eventually in retirement.
3. Favorable interest rates to the qualified borrowers with provable income and good credit. Up to $417,000 conforming loans, generally available, attractive interest rates below 6%. Jumbo loans up to $2,000,000 are again available, but more expensive interest rates. Currently hovering 6.5% fixed rate.
4. Today’s buyers recognize that the prevailing consumer’s attitude is “wait and see”. This is the time for opportunistic buyers to take action. Ben Bernanke and President Obama and many others are saying, “There are green shoots (in the garden of recovery) appearing in the economy.” I heard of a 1031 exchanger buyer in the market. They are able to enter the market, because they can sell their current property. That is a sign of green shoots.
5. Local markets, Reno/Sparks as well as Incline Village and regional markets are reporting new open escrows are more numerous this May than May 2008. Individual prices are not rebounding, but total sales volumes are on the rise. That is typically the beginning of the turnaround.
6. It is always difficult to find a property that meets your needs and desires and your budget. If owning a vacation, retirement home, or leaving the city life for a mountain living experience is on your mind, now is when buyers are finding the best value/ cost equations in years.
7. Studies show that since the recession, people are getting back to values “calmer lifestyles,” “green, healthy living,” “activities with family and friends”. A Lake Tahoe get away matches the “values of the current generations” as well as the family traditions of so many families before them. The family that plays together stays together.
8. Because consumers are not spending, it is possible to get good contractors, painters, plumbers, electricians, etc. to provide repairs in a timely and cost effective basis. Now is the time to implement remodeling projects to older homes on great lots, in
terrific locations.
9. Quality of Life is amazing at Lake Tahoe. Now is the time to acquire that quality of life for yourself and your family. From the two private beaches, the $6,000,000 state of the art recreation center with Olympic size pool, two Robert Trent Jones designed 18 hole golf courses, tennis complex, hiking, skiing, bird watching, fantastic boating with a nice boat ramp, snowshoeing and cross country skiing. All topped with 24 hour life of the Hyatt Hotel providing restaurants, gaming, entertainment and banquet facilitates. Four season living in a small community setting.
10. Incline Village, and the state of Nevada, does not have state income tax, corporate income tax, lower property taxes, no estate taxes, no warehouse taxes, for those who can live here as their primary residence, a real tax haven from California, Arizona, and many western retirement states. For many tax wise retirees, Nevada is their accountant’s choice for primary residence.
This article appeared in the July/August issue of the Coldwell Banker E-Newsletter
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