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Condo sales continue ata a good pace

One of the great things about owning a property at Lake Tahoe is that you have a lot of options to choose from. Whether you are looking for a grand lodge style single-family home with a big lake view, a cozy one-bedroom cabin or condo or anything in between there are a great variety of price ranges, floor plans and styles to suit every taste and budget.

Condominiums appeal to a significant percentage of vacation homeowners because there is a management firm that services a lot of the chores and responsibilities that the owner of the single-family home normally needs to handle. There is something to be said for the peace of mind one gets when they lock the front door and depart for a few days or a few months. Most homeowners associations will take care of the exterior maintenance, landscaping, snow removal, common area maintenance and amenities such as a tennis court or swimming pool.

The demand for condos in Incline Village and Crystal Bay has remained relatively strong in 2014. As of mid-July, 77 condos ranging in price from $133,000 up to $6,725,000 have closed escrow this year according to the Incline Village MLS. Some of the more popular complexes in town such as Third Creek, McCloud and Mountain Shadows have seen a very healthy level of activity along with an upward trend in sale prices.

Two and three-bedroom units are seeing the greatest demand comprising 64 of the 77 closed transactions to date. There are not a lot of one-bedroom condominiums in our community and this year only 9% of condo sales have fallen into this category. Lower to moderate elevation properties dominate the action comprising over 80% of all the condo deals in 2014.

After emerging from the doldrums of the recession in 2012, sales at Third Creek have continued along at a very solid pace. With eight closed transactions already this year and certainly more to come this popular complex of two and three-story condos has a broad array of amenities that appeal to anyone who likes to enjoy the active Tahoe lifestyle. You’ll find a tennis court, swimming pool, spa, gym, clubhouse, mens’ and ladies locker rooms and saunas along with a beautifully landscaped common area big enough for the family football game. With 14 different floor plans to choose from ranging from around 1400 ft.² up to 3000 ft.² Third Creek is at or near the top of the list for moderate and luxury price buyers.

The McCloud condos located within a block or two of Incline and Ski Beaches continue to be one of the more popular locations for vacation homeowners. Summertime is when this complex fills up with property owners, their guests and vacation renters. There have been eight condos changing hands to new owners in 2014; seven were different varieties of two-bedroom floor plans and the eighth unit was the first three-bedroom condo to sell in the complex in more than one year. Prices for the two-bedroom, two bath units have climbed back to the mid 400s with one particularly nicely remodeled and furnished unit closing at $465,000.

Prices and sales in Mountain Shadows have jumped substantially with nine units finding their way to new owners so far this year. Even with the roof replacement project in process, that has not deterred buyers from scooping up the best locations and paying higher prices than one year ago. Five of the sales in 2014 were the standard three-bedroom, 2.5 bath, 1360 ft.² floor plan where you have a nice large great room upstairs with an open beam cathedral ceiling and fireplace. Two of the 1782 ft.² three-bedroom, three bath plus a loft floor plans (which come with covered parking) have also changed hands.

As of this writing there are 18 condos currently under contract. Four of them are in McCloud, three in Third Creek and two in Mountain Shadows. When these three complexes represent half of all condos in escrow it’s overstating the obvious to say how popular these particular developments have become over the years. The combination of a low to moderate elevation, easy access all year round, inviting floor plans and other attributes help to keep them in demand.

With the total number of condo sales slightly ahead of the number of sales of single family homes in Incline Village and Crystal Bay in 2014 this summer is a good time for buyers to purchase a condominium before the inventory decreases (along with the variety of choices) and prices rise much further.