The story has been picked up by the…
- Reno Gazette Journal –
- Lake Tahoe News – Short sales spur Tahoe-Reno real estate market
- Luxury Real Estate.com – 2010 Starts off Strong for Chase International Reno-Tahoe Home Sales
- and Chase’ Corporate Vice President’s blog – Short Sales Spur Tahoe-Reno Real Estate Market
What’s all the fuss about? Lake Tahoe prices are now back to 2000 levels…and apparently this is spurring a buying frenzy. The median sold price in Lake Tahoe is now $510,294 [I remember posting this news just two years ago, Tahoe Home Prices Return to 2004 Levels, when the Tahoe’s average sold price dropped below $1M. Consequently, first quarter unit sales are up 52% over Q1 2009 unit sales.
Click on any of the links above for more to the story.
Or if you prefer, check out the .pdfs below [click to enlarge]. This data, compiled by my broker, is the data on which the above stories were based. For you fans of price banding, be sure to check out the price branding .pdf. [Note: each .pdf contains multiple pages]
MikeZ
Wow! I wish I worked close enough to Tahoe to make it home.
smarten
MikeZ –
Don’t believe Sue Lowe. According to our friends Mr. BB and Derrick, Lake Tahoe prices still have another 30% or more to fall!
BanteringBear
I haven’t been reading or posting in quite some time, but this information was just too good to pass up:
IV single family median price 2009: $1,450,000
IV single family median price 2010: $775,000
Total IV single family YOY price decline = 47%!
How does that bode for a loudmouthed narcissist, blind to bare facts, who purchased an Incline Village McMansion on a postage stamp lot in 2009 for $1,500,000 with a $900k mortgage? BWAHAHAHAHAHAHAHAHAAAAAAAAAAA!!!! He who laughs last, laughs hardest. Couldn’t have happened to a more deserving, unsavory character. I love the smell of burnt equity.
MikeZ
[Bear]
IV single family median price 2009: $1,450,000
IV single family median price 2010: $775,000
Total IV single family YOY price decline = 47%!
Where did these figures come from?
smarten
Good question MikeZ.
There’s an old lawyer maxim that says when you’ve got the facts argue the facts; when you’ve got the law argue the law; and when you’ve got nothing, confuse the hell out of the jury.
As I’ve demonstrated, the IV SFR median sales price at the end of 2007 was $1.2M; at the end of 2009 was $1M; and at the end of the first quarter of 2010 was $925K.
But of course when there are only 5 sales/month and half of them are in excess of $1.9M, maybe [and I’m going out on a limb here] the median sales price doesn’t tell the entire story.
inclinejj
Smarten
There’s an old lawyer maxim that says when you’ve got the facts argue the facts; when you’ve got the law argue the law; and when you’ve got nothing, confuse the hell out of the jury.
If I use this line, do I have to pay you monthly royalties? I like it..
Why are they called lawyers on the east coast and attorney’s on the west coast??
inclinejj
This report is rubbish. I mean your comparing South Shore with the West Shore, Tahoe City, Tahoma, etc with Incline and North Shore.
The report would have to break down the much different areas much better..
BanteringBear
“Where did these figures come from?”
Geez, are you guys that lazy? It’s right in Guy’s post. Click on the Lake Tahoe graph which pulls up a PDF file, then go to page 4, and look at the “Single Family” median prices under the First Quarter Review 2010 vs 2009 for Incline Village, and you’ll find the figures I posted. Or, if you’re Smarten, ignore the facts and engage in diversionary tactics like:
“There’s an old lawyer maxim that says when you’ve got the facts argue the facts; when you’ve got the law argue the law; and when you’ve got nothing, confuse the hell out of the jury.”
Then lie some more with:
“As I’ve demonstrated, the IV SFR median sales price at the end of 2007 was $1.2M; at the end of 2009 was $1M; and at the end of the first quarter of 2010 was $925K.”
And then pretend like hell that you didn’t overpay by $750k for your house. You’ve got egg on your face, Smarten.
smarten
Hey Mr. Stupid. If you’re so good at reading .pdf files, spend a little bit more time READING. Under IV, our friend Sue has disclosed that “SF[R] INCLUDES PUDs.” Do you understand what an IV PUD is Mr. know it all, see it all? For those who may not, they’re NOT SFRs. If you’re going to compare apples to apples, don’t throw in a couple of oranges which end up skewing the numbers.
So let’s see, at the end of 2008, the IV SFR median sales price stood at $1.1M. Yet according to Mr. BB, three months later it had increased by 29.5% [an annualized return of nearly 120%]. Now this was at a time when he was in full devaluation/depression mode. How could Mr. BB have possibly reconciled a massive IV median sales price increase with his view of the world?
Well let’s go back to the archives where we’ll discover that in April of last year [ https://renorealtyblog.wpengine.com/2009/04/rsar-releases-inaugural-monthly-market-report.html#comments ] I reported the following: “I’m NOT preaching that our market [IV] has gone higher, but if you look at the median sales price in a vacuum, YTD IV SFRs are UP 42%.” Mr. BB’s response was “What’s happening in Incline Village, IMO, is that mostly higher end properties are selling (but at significant discounts) as the bottom has fallen out of the market [something I’ve reported was in fact the case]. You state that the median price is up 42% YOY…Median price can be very elusive- especially when the lower end is much weaker…I could honestly care less…”
So a year ago you could “care less” about median sales prices but now that the weaker end of the market is more pronounced, it’s supposedly gospel? Time for a super size Egg McMuffin my friend.
Since according to you median sales prices are “elusive,” isn’t it true that when the median sales price goes down or up NO PARTICULAR PROPERTY in that market goes down or up in value by a like amount? Yet now you’re singing a different tune.
O.K., I’ll play your little game. Since YOY the IV SFR median sales price is down nearly 50%, let’s assume EVERY SFR is down nearly 50% in value. So let’s say that at the end of June, YOY the IV median sales price is flat [because the first quarter 2009 aberration is no longer the case]. Are you then going to proclaim that EVERY IV SFR has increased roughly 50% in value [from $725K (according to you) back to $1.1M] in a matter of just three months? Didn’t think so. Want a Happy Meal with that Egg McMuffin?
As I said, when you don’t have the facts nor the law, you’re just speaking jibberish.
And BTW Mr. BB, aren’t you supposed to be gone from this blog? Gardening no longer keeping you busy?
Here’s the skinny on Sue Lowe’s numbers. Her job is to make the uninformed believe it’s a good time to buy residential real estate. So she plays with the numbers. Sue knows that PUDs sell for less than SFRs. So by lumping the two together, she knows that the combined numbers will be lower than stand alone SFRs. She also knows that IV SFRs, on average, sell for more than those around other portions of Lake Tahoe. So if she lumps all geographic areas together, the combined numbers will look even lower. She also knows that the first quarter of 2009 was an aberration. An unusually low number of unit sales; a larger number of sales in the higher price bands; and, an unusually large percentage selling for more than $2M. So by comparing YOY numbers, Sue is able to support her prediction that the market has bottomed. When the numbers normalize later this year [as they will], Sue will then be in a position to tell us “see, I told you so.” Prices are now up YOY by substantial percentages. Dummy me thought Mr. BB was too smart to fall for this jibberish. Well now we know he’s not as smart as he portends to be.
billddrummer
To BB,
As we’ve said many times, smarten bought his house when he did because he felt it was the best decision for him.
Give it a rest, already.
I’m guessing that smarten is enjoying his home, despite what it might be ‘worth’ in the marketplace.
After all, I didn’t get the sense that he purchased the home in order to resell it at a profit.
Instead, he bought the home as shelter.
What is so utterly wrong about that concept?
inclinejj
Here’s the skinny on Sue Lowe’s numbers. Her job is to make the uninformed believe it’s a good time to buy residential real estate. So she plays with the numbers.
Peter Lynch said it best, the biggest fools in any market are the people trying to find the tops and bottoms.
Let’s see I have been in the business now for 28 years and my Grandfather sold real estate from the 1930’s to 1983.
The Real Estate agents from the begining of the business have to try to create a false or over state the demand. Oh I am showing the property tonight to a nice couple, or with rates this low this will sell today!!
Every now and then you run into a real good agent who is a straight shooter. Who is looking to do what is truely best for the client. Not to sell them a house they can not afford so they lose the house a year down the road.
Most of what the Realtors put out is BS!
Remember the National Association of Realtors told us that now is the time to buy in the middle of the biggest real estate bubble ever.
The RE agents told us that prices will never come down.
Well, this is the 5th boom and bust cycle I have been in…….
MikeZ
Not lazy Bear, attentive. Look at the part that reads “includes PUD’s.”
See? You’re wrong again.
BanteringBear
I think I’m going to start referring to Smarten as the Narcissistic Strawman of Incline Village. The dude makes a living misrepresenting others positions in a vain attempt to discredit them. The truth hurts so bad that there’s no length he won’t go to. Not surprising he made his living at the worlds scummiest profession. He states:
“So a year ago you could “care less” about median sales prices but now that the weaker end of the market is more pronounced, it’s supposedly gospel?”
Not only have I NEVER said I could “care less” about median price, but I had to remind him of the same last year when he tried to put words in my mouth. Not surprisingly, he conveniently left out that exchange further down that same old thread.
Smarten:
“What you’re now suggesting [and BTW a measurement I suggested about a year ago that is more accurate in this market] is that price/square foot may be more important.”
BanteringBear:
“I’m certainly not suggesting this. I’m merely illustrating that there are times when it’s important to dig a little deeper to find out what’s really going on. The median is typically a good barometer. Only when we have extraordinary circumstances, like those of today, can it prove misleading.”
Contrary to what Smarten dreams to be true, Incline Village house prices have CRATERED since he bought his shack, and that FACT is supported by the data in the graph Guy posted. It’s an apples to apples comparison YOY, and there’s no way to refute it. It’s not surprising he mentions gibberish- it floweth from his loose lips with regularity.
Since you’re offering a super size Egg McMuffin, Smarten, let me know which McDonalds you’re working at and I’ll hit you up when I’m in Tahoe in the near future.
BanteringBear
“See? You’re wrong again.”
Uhh, sorry, nope.
smarten
Tell you what Mr. BB, let’s wait for the TRUE IV SFR median sales price figures [not Sue Lowe’s] for the second quarter of this year. Then let’s compare them YOY as Sue attempted to do. Assuming the percentage difference is less than the -47% number you think accurately represents the marketplace, you pay for my Golden Retriever to get a puppy cut/bath [there’s a place in Kings Beach you can call to share your credit card for payment (you do have a credit card, don’t you?)]. If the percentage difference is the same or more than the above -47% number [because according to you, prices have “cratered” in IV], I’ll pay for the same treatment for your pooch.
Don’t wiggle out of this one – be a man and clearly and unambiguously accept the bet. Don’t deprive your loved one of a free trip to the beauty parlor by using me as your skapegoat.
And not to be a broken record, but I thought you were LEAVING this blog [that’s what you told us]? If we can’t believe you in one aspect of your testimony, how can we believe you in any others?
Waldo
Aw come on, Smarten, you more than anybody want BB on the blog. You made reference to him in almost every post you put up when you thought he was gone.
The problem with your proposal is that BB would have to agree to phone in his name and credit card number should he lose the wager. I would say that chances of that happening are somewhere between zilch, nill, and none.
And I thought the purse was going be a Smithridge condo, not a silly dog bath.
smarten
Waldo, you mean you wouldn’t trust our friend Mr. BB to make payment if he lost? Okay; how about we both make payment to an independent third party – maybe Mike if he would agree to hold/disburse the funds. Would that suit you?
There are reasons why I suggested a wager which theoretically would benefit the only thing in this world that loves Mr. BB, and they have nothing to do with Smithridge condos.
Mr. BB is either going to put up or weasel out. Maybe we should have some side bets insofar as which one he chooses?
BanteringBear
What a joke of a bet, Smarten. If it came in at -46% YOY, you win? Riiiight. I already made a bet with you, and you weaseled out of that. I offered you a $100 voucher to your beloved watering hole should you prove to be correct, and I wanted NOTHING in return should I win, and you had the poor taste to tell me my offer wouldn’t quite cover your dinner which includes wine. That said a lot about your character- or lack thereof.
I’ll tell you what- I’ll go ahead and buy your pooch a bath just because I love dogs. But, you won’t catch me using my credit card so you can glean my name off of the transaction. I know exactly what you’re trying to do. You are hell bent on stalking me, and I’m not going to fall for that.
While I did mention a hiatus, and I’m surprised myself that I’m back here posting so soon, I reserve the right, like any human being, to change my mind if I so choose. The day will certainly come when I pen my last entry, but since I’ve taken such an interest in Incline Village real estate as of late, particularly the Narcissistic Strawman’s abode and it’s spectacular price collapse, I’m inclined to pop in and offer more than a bit of play-by-play on the subject.
Lastly, who do you really think would have more friends, a down to earth, animal loving, gardener who despises pretentious, greedy, self serving egotists, or a narcissist afflicted with all of the aforementioned *qualities*?
smarten
Don’t understand you Mr. BB. If you’re so confident the IV SFR collapse has only begun, what concerns do you have that second quarter YOY figures will be any less than -47%? Or to use your thinking processes, my offer means that if the IV market remains flat for another quarter [in other words, it doesn’t even need to drop to -48%], you win [that’s “riiight”]. What could be fairer to you?
I don’t need you to buy my pooch a bath – that wasn’t the point. But if you’re prepared to “go ahead and buy [her] a bath just because you love dogs,” then what do you have to lose? Tell you what – send payment to me [only because you love dogs] and if you win, I’ll return twice as much [just give me a postal code in WA. and if I lose, I can send your pooch his bath money c/o general delivery]. Want to send a check [or are you afraid your anonymity will be compromised]? If not, we accept money orders [as long as we don’t have to refund excess amounts] and cash. And since you already know my abode [and thus my name], you also know my mailing address. So my Golden and I will be anxiously awaiting for your offering [I told her you were going to spring for a bath and her nose and ears perked up].
MikeZ
Bear, I didn’t expect you to admit it (some people just can’t), but I also didn’t expect you to deny it.
That price data is not just SFH.
You were wrong; there is no question about that.
overseas
Hey, MikeZ,
Get some sleep.
smarten
Since Mr. BB has “taken such an interest in Incline Village real estate as of late;” and we’re going to be returning to this subject at the beginning of July; I thought it useful to post some SFR median sales price numbers [for comparison purposes] going back six years.
2009 – $1M
2008 – $1.12M
2007 – $1.2M
2006 – $1.15M
2005 – $1.12M
2004 – $865K
These numbers come from Don Kanare’s Spring 2010 InsideIncline insert in today’s North Lake Tahoe Bonanza Newspaper. Now I generally don’t agree with Don’s analysis of the data, but I have found his reporting of the data [which comes from our local MLS] to generally be accurate.
LikeBigBottoms
This must be the bottom:
From realtytrac.com (15 Apr 10):
“As it has for the past 13 quarters, Nevada continued to document the nation’s highest state foreclosure rate in the first quarter of 2010. One in every 33 Nevada housing units received a foreclosure filing during the quarter, more than four times the national average and an increase of nearly 15 percent from the previous quarter…”
BanteringBear
MikeZ posted:
“Bear, I didn’t expect you to admit it (some people just can’t), but I also didn’t expect you to deny it.
That price data is not just SFH.
You were wrong; there is no question about that.”
Where did I ever deny that PUD’s were included in the data, MikeZ? I didn’t. I merely highlighted data from the chart that Guy provided. Personally, I don’t care if it includes condos, trailers, raw land, and pink drive-thru latte stands, the trend is obvious- a 47% price decline YOY for the first quarter. Are you trying to argue that, since PUD’s are included in that particular data set, that prices have not cratered? WTF is your argument, cowboy?
BanteringBear
How about posting a link, Smarten? The whole thing smells very fishy.
inclinejj
You buy when you buy and sell when you sell.
Long term holds of Real Estate tend to work out best.
How many day traders do you know who are still day trading?
Does the guy who bought his prime piece of property 20-30-40 years ago care about the downturn. No cause they are getting rents every month.
How many “quick buck artists” the new investors straight out of the books and tapes seminars are still buying property?
MikeZ
[Bear] Where did I ever deny that PUD’s were included in the data, MikeZ?
[Bear]
IV single family median price 2009: $1,450,000
IV single family median price 2010: $775,000
Total IV single family YOY price decline = 47%!
You wrote “single family.” Three times.
smarten
Your stupidity [and denial] Mr. BB is stunning.
What difference does including lower priced PUDs, condos, trailers, raw land, and pink drive-thru latte stands have in SFR median sales price data? Duh; it LOWERS the median sales price. Then when one compares YOY numbers, the differences become more striking [and inaccurate] because we’re comparing oranges to apples. I think that was MikeZ’s point.
Has the trend in IV SFR median sales prices since 2007 been down? Of course. But not nearly by the percentages to which you refer.
I quoted Don Kanare’s recitation of YEARLY IV SFR median sales prices so we’d have a baseline to refer to insofar as future discussions were concerned. Before I posted the numbers, I went to Don’s web site [www.insideincline] hoping to find the article so I could provide the link you have requested. I was unable to find it [but if you want to go digging through his web site looking for it, be my guest]. But I have the advertising circular in my hands and I am certain any of our fellow bloggers who have regular contact with IV can confirm that the numbers I have quoted come exactly from Don’s circular.
So now that we know the real numbers [remember, I independently linked to the Solis’ web site which tracked the first quarter IV SFR median sales price], it appears that it is down 7.5% [from $1M to $925K] from 2009 as a whole; 17.4% [from $1.12M to $925K] from 2008 as a whole; and, 23% [from $1.2M to $925K] from 2007 as a whole. This paints a very different picture than your assertion of a 47% drop in one year [YOY].
You will discover that the IV SFR median sales price for the second quarter of 2009 was considerably lower than first quarter 2009’s $1.9M. That means that even if the current median sales price remains where it is, the second quarter YOY drop [and yes, there will be a drop] will be considerably lower than 47%.
These are the facts and for someone who supposedly lives by them, you’re certainly having a problem dealing with reality.
BanteringBear
MikeZ posted:
“[Bear] Where did I ever deny that PUD’s were included in the data, MikeZ?
[Bear]
IV single family median price 2009: $1,450,000
IV single family median price 2010: $775,000
Total IV single family YOY price decline = 47%!
You wrote “single family.” Three times.”
Right, because the chart says “Single Family” in the f*cking heading. Duh.
BanteringBear
I’m losing interest in arguing with you anymore, Smarten. What used to be well-reasoned arguments from you, have turned into idiotic rants with statistics lacking citations. Let me ask you a pointed question. How do you explain away the 47% decline, year over year, in Incline Village single family residence prices INCLUDING POD’s (everybody got that, INCLUDING POD’s!)? It is an apples to apples comparison. It’s not like they added in POD’s this year, but didn’t include them last year. I’m all ears.
smarten
Mr. BB, if you’re growing tired arguing [which seems odd since you yourself have proclaimed it brings you such great pleasure], why don’t you just stop?
Nevertheless and for the benefit of others who may think you preach the gospel, I will explain away the 47% [actually 52% (see below)] YOY decline in the IV SFR median sales price. I will NOT include PUDs [as opposed to PODs (what exactly are PODs Mr. knows all, sees all?)] because: PUDs are condos and not SFRs; I have never tracked anything other than SFRs; and as I’ve already explained, just because Sue Lowe lumps the two together because she has an agenda, I will not. And BTW, the numbers I am going to share come from my own internal tracking that I STOPPED accumulating [because of my purchase] as of the second quarter of 2009 [so if you want further particulars, I can easily supply them].
The first quarter of 2009 was an anomaly insofar as IV SFR sales were concerned. Of the 15 sales, 11 were at/in excess of $1.05M! In fact, 8 were at/in excess of $1.9M; 4 were at/in excess of $2.958M; and, the median sales price was a whopping $1.675M! Given the 2008 median sales price was $1.1M, wouldn’t you be the first to admit that maybe, just maybe, a 52% median sales price increase in just 3 months [while Reno/Sparks was tanking] might just be an anomaly? And given the 2009 median sales price was $1M, in hindsight, wouldn’t you admit that perhaps a 40% median sales price decrease in just 9 months was an anomaly? Assuming the answers are yes and yes, why can’t you understand that comparing the first quarter 2009 IV SFR median sales price to 2010’s might also result in an anomaly?
Had you accepted my wager, you would have learned the hard way. Because at the end of June 2009, IV’s SFR median sales price had settled back down to $987.5K. Thus if the second quarter 2010 SFR median sales price remains at its current $925K figure, YOY comparisons will reveal that we will be down a scant 6.3%; a nearly 46% improvement over first quarter 2010 YOY numbers. So do your ears get it Mr. I deal in facts? Does my analysis represent what you refer to “idiotic rants” with “statistics lacking citations” or perhaps something else?
You now see that Sue Lowe already has the result she has predicted; that there will be a massive increase in the second quarter 2010 YOY IV median sales price compared to first quarter 2010 YOY numbers. Thus she will then proclaim that indeed the market has rebounded.
bob_c
the POD’s errorS by BB showed he doesn’t know what
a PUD is
that would be like typing NBO, NBO, NBO when referring to the NBA
not good for your argument BB to make that deep an error
BanteringBear
What brings me great pleasure, Smarten, is the magnificent decline in price of shelter in Incline Village, not arguing with a delusional, hammerhead of a loanowner of such an abode.
It does give me a chuckle that I was typing “POD’s”. I have absolutely no idea why, though PUD’s aren’t something I’m ever really discussing.
To the best of my knowledge, PUD stands for “Planned Unit Development”, which are developments which can and do include a mix of single family residences and condos as well as commercial properties. Am I incorrect in this assumption as it pertains to Incline Village? Perhaps you can clarify this. Regardless, the above chart has two columns- “Single Family” and “Condos”. Condo sales are not included in the SFR median.
You posted:
“What difference does including lower priced PUDs, condos, trailers, raw land, and pink drive-thru latte stands have in SFR median sales price data? Duh; it LOWERS the median sales price. Then when one compares YOY numbers, the differences become more striking [and inaccurate] because we’re comparing oranges to apples. I think that was MikeZ’s point.”
What your peabrain is missing, is that the charts are apples to apples comparisons because they include the same data EVERY time. It’s not as if PUD’s are included one quarter, and not the next. What the charts provide is a glimpse into the trend of prices. The whole market is interconnected whether you like it or not. The price of land is where the bubble was, and when a trailer on an acre of land falls 75%, that tells me the stucco sh!box up the road has cratered in value.
MikeZ
Wow. Chill out, Bear.
smarten
Mr. BB asks, “Am I incorrect in [my] assumption…[that] Planned Unit Developments [DO]…include a mix of single family residences and condos as well as commercial properties…as it pertains to Incline Village?”
1. Yes you are incorrect; and,
2. If you really knew what you were talking about, you would never have asked the question.
One can generally make numbers do whatever it is one wants them to. Here I thought the discussion was YOY numbers for IV SFRs – not trailer parks, not condos, not commercial properties and not PUDs.
The record is clear. We’ll revisit the subject of IV SFRs after the second quarter of this year and we’ll compare apples-to-apples. Then when the second quarter YOY numbers have improved by some 40% over first quarter YOY, I’ll look forward with interest to your explanation as to why the numbers don’t really mean what they say.
inclinejj
Smarten what was the original first sales price of your home the moment it was finished by the builder? Vs your purchase price?
BanteringBear
Smarten posted:
“1. Yes you are incorrect; and,
2. If you really knew what you were talking about, you would never have asked the question.
One can generally make numbers do whatever it is one wants them to. Here I thought the discussion was YOY numbers for IV SFRs – not trailer parks, not condos, not commercial properties and not PUDs.”
Rather than just say “yes you are incorrect”, why don’t you take me to school, old man? All of my posts on this thread have referenced the numbers in the chart labeled “Incline Village Single Family” quarterly sales year over year. I’m not “making” any numbers do anything. I’m looking at what Guy provided for us. You’re refuting the numbers, but not including any links, etc. If you don’t agree with the above numbers, it’s time for you to include links which refute those numbers. Put up or shut up.
smarten
Put up or shut up Mr. BB?
How about grow up?
And how about I reply with one of your pat responses: DO YOUR OWN HOMEWORK!
For the remainder of good people on this blog who even have an interest in your drivel, Bruce and Sandy Soli maintain an IV real estate blog and first quarter 2010 SFR data is reported at http://tahoehomesblog.wordpress.com/2010/04/01/incline-village-real-estate-market-statistics-1st-quarter-2010/. Do you see Mr. BB how the Solis DON’T lump PUD sales together with SFR sales? Do you see how the Solis report that the SFR median sales price for the first quarter of 2010 stood at $925K? Do you see how the Solis report that the SFR median sales price for the first quarter of 2009 stood at $1.9M [actually, I was wrong on my $1.675M figure. The seventh highest sales price (out of 15 sales) was $1.45M and the eighth was $1.9M].
So given the SFR median sales price for all of 2009 was $1.1M [ http://www.insideincline.com/Incline-Village-RE-News-Dec-2008.php {Don Kanare’s figure ($1.135M) was calculated through December 16, 2008. Two weeks later it had dropped to $1.1M for the year {and note Don also breaks out PUD numbers – what he labels “free standing condos” – from SFRs and condos)}], how can anyone infer with a straight face that but for an anomaly [the one I demonstrated], it couldn’t increase by 72% in but three months?
As I stated, given June 2009’s SFR median sales price was $987.5K, June 2010 YOY numbers will improve dramatically. Ready to put your money where your mouth is?
Didn’t think so.
inclinejj
Actually the area with the fewest foreclosures is Northstar.
Does not make sense to me. Many very high priced properties changed hands during the big 2004-2007.
Now I wish I kept the place I had there.
smarten
So let’s see –
615 Country Club Drive [an IV SFR] sold the other day for $1.3M [5/3, 4,056 sq. ft., fronting a very busy street/backing up to a roaring creek] after only a little over 2 months on the MLS. This is a home my wife/I looked at [as a REO] before we made our purchase, and for a number of reasons, decided to pass. The home sold a little over a year ago [the end of February, 2009] for $1.065M. Given there aren’t too many IV SFRs we can point to that have actually changed hands in a year, this represents a pretty good little return [22% gross] on a home that according to some on this blog shouldn’t be worth much more than $565K. Also [as you can see below] and FWIW, today’s value is really what it was back in 2003 [and not 2000].
Interesting little history. The home was purchased in November of 2003 by a former local real estate agent for $1.3M. It sold in May 2005 for $1.55M to another real estate agent. Sold again in November 2008 for $1.273M to [can you believe?] another local real estate agent. The latter agent defaulted on her mortgage and after foreclosure, title reverted to the lender [US Bank]. In the beginning of 2009 the home hit the market as a REO [if memory serves, I think it was listed for $1.025M]. Given the sales price, there must have been multiple offers.
billddrummer
To smarten,
Thanks for the heads up.
Looks like you didn’t get hurt after all, and you have the home you wanted.
Sounds like a win-win to me.
Congratulations.
smarten
Well the IV stats are in Mr. BB [as reported by the Solis ( http://tahoehomesblog.wordpress.com/ )]. And just to close this chapter, second quarter YoY SFR sales numbers are as follows: unit sales are up 22%; sales volume is up 28%; DOM is up 20%; and, the median sales price is down 10%. Given first quarter YoY sales numbers revealed a median sales price drop of 51% [see above], as I predicted the IV SFR market has improved [median sales pricewise] by 41% in just the last quarter. Lucky for you we didn’t actually wager.