With a strong seller's market, Incline Village on the north shore of Lake Tahoe continues to grow, say local Realtors.
"Incline Village is surrounded by mountains with private beaches, skiing, golf and tennis," say Realtors Peg and John Augustus. "Real estate values in Incline Village continue to see an upward trend in most price ranges. Through the third quarter of this year about 60 percent of all sales have been condominiums, which is about average. Eighty-one percent of those condos sold were under $600,000. Of the houses sold, 45 percent were under $800,000 so the mid-priced range is the most active. Overall inventory is still at a fairly low level with approximately 250 houses on the market (which also includes free-standing condos)and 130 condos.The majority of houses are listed between $1 and $2 million, but there is still a good selection of houses under $600,000. With condos, there is a large selection between $300,000 and $600,000."
Say Realtors Joan Ellend and Bill Slocumb, "Our market has remained very strong for well over three years, recently aided by all-time low mortgage rates for both primary and secondary homes. Lake Tahoe attracts outdoor enthusiasts both winter and summer, and its unparalleled beauty continues to support the ongoing increase in property values."
They explain, "Incline Village is a completely self contained community with shopping, movies, beaches, golf courses and even a ski hill. Many consider the area as a prime investment, especially with the lack of state income tax here in Nevada. MLS data show 232 single family residences currently on the market while 267 have been sold year to date. There are only 91 condos currently listed while there have been 225 sold year to date. This has been one of our busiest years ever."
Adds Realtor Robin Coons, "It's a strong market for under $400k in southwest Reno. Low interest rates are playing a role. High-end homes have been slow to sell but there are a lot of Californians coming to Reno. Reno and Sparks are growing quickly, prices are soaring and sellers are very happy, prices are up in some areas by 20 percent."
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Published: November 24, 2003
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