With the Incline Village/Crystal Bay real estate market rebounding strongly over the past two years there has been a significant amount of demand for properties located within walking distance of the beach. The Lakeview subdivision (which is really a misnomer because most properties in this neighborhood have little to no Lakeview) has always been one of the most popular locations for buyers who can afford the price tags in this area.
It’s not just the minimal snowfall in winter and proximity to the beach that attracts many people to this highly desirable subdivision, the large nearly level lots and variety of architectural styles also play an important role. While many of the older and smaller single-family homes have been either expanded or torn down and replaced with much larger residences, there is still a warm and charming feeling as you walk through the streets in this section of our community.
Since the beginning of 2013 there have been nearly 30 sales in the Lakeview subdivision. At the present time, there are only seven properties listed for sale on the Incline Village MLS which represents an inventory of approximately 4 months. With two of these homes carrying asking prices of just under $4 million and three properties offered between $2,265,000 and $2,749,000, less than 20% of all the people shopping for property in Incline Village and Crystal Bay can even afford to purchase houses in this locale.
The two least expensive properties listed for sale on the Incline Village MLS in the Lakeview subdivision as of this writing have asking prices between $1.1 million and $1,389,000. There are a couple of other properties being held as pocket listings by local agents in the $1.5 million range. And the two lots that were for sale in this neighborhood are both under contract reducing the inventory of raw land down to zero.
The demand for properties in the Lakeview subdivision has reached a point where agents are constantly networking with each other in an effort to find a suitable property for their buyers before one is listed for sale on the MLS. There are quite a few homeowners who wish to retain their privacy and purposely do not list their properties for sale publicly. While some may criticize this strategy, there is a certain logic to engaging the services of a knowledgeable and reputable agent who will take the lead on marketing. Some full-time residents do not want to have the general public traipsing through their house out of curiosity and prefer that only serious, qualified buyers have an opportunity to view their homes.
At the present time there are two transactions in escrow where the properties never even made it to the MLS because of aggressive networking with other agents in an effort to bring deals together. The authors of this article are involved in both of those sales, one on the listing side and one where we are representing the buyer.
If you own a home in the Lakeview subdivision and are contemplating selling you may wish to consider talking with a real estate agent about listing your property in 2014. With such a small supply and relatively strong demand (especially for homes priced under $2.5 million) this summer is a good time to consider selling your property. The significant increase in the price of single-family homes during the past 24 months combined with a steady stream of buyers looking for high quality, low elevation properties provides an excellent situation for sellers during the busy season from June to September. There is a finite supply of homes within walking distance of the beach making the summer of 2014 a great opportunity for sellers who are looking to get a good price for their property.