Incline Village Real Estate Mid- September
In a world filled with a profusion of news events, the Incline Village real estate market continues to make news of its own. For the 2nd week in a row a property in the $12 million price range went into escrow. And one of the most expensive properties to close escrow anywhere at Lake Tahoe this year was a lakefront right here in our very own community at nearly $25 million.
Luxury buyers have been out in full force this year. This is a testament to the long-term intrinsic value of owning property at Lake Tahoe. There is a finite supply and as the population of affluent people in northern California grows demand continues to increase. There will be ups and downs over the years to be sure as all markets go in cycles. But over the long haul barring some gigantic environmental catastrophe the long-term trend for Incline Village real estate prices will be up. New Listings Price Changes In Escrow Closed Escrow
There was quite a bit of activity on the Incline Village real estate scene last week. The Incline Village MLS brings us 6 new listings, 14 price changes, 10 properties going into escrow and 11 places closing escrow. Prices for the properties going into escrow ranged from $448,000 all the way up to the aforementioned $12 million mark. One of the new listings catches our eye for it’s unique location. It’s a Glenrock free standing condo in a great setting right next to a year-round creek.
Offered at $617,500, #28 is a two-bedroom, 2.5 bath, 1440 square-foot unit with a nice deck overlooking the creek. The interior has been tastefully remodeled and this place does very well as a vacation rental. Definitely will with a look if you are shopping in this price range.
Dominating the real estate news on the California side of the Lake is the rent control law that was passed in the waning hours of the California legislature. This could have a significant impact on the California rental market and property values while doing nothing to increase the housing stock due to the finite supply of buildable land in the Tahoe basin. There is a desperate need for a comprehensive solution to the problem of a lack of workforce housing in vacation resort markets all over America. It behooves all stakeholders on this issue to come together and create a long-term solution that has positive benefits for renters, landlords, local businesses and the environment. Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 9/15/19
Houses Condos PUDs
For Sale 124 63 18
Under $1 million 12 41 11
Median Price For Sale $1,875,000 $635,900 $749,000
YTD Sales 2019 113 113 43
YTD Sales 2018 137 135 43
New Listings 6
In Escrow 10
Closed Escrow 11
Range in Escrow $448,000 – $12,000,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of September 15, 2019