By Tom Bruno

Median single family residential sale price last 5 years Incline Village/Crystal Bay :

2008, $1,115,360
2007, $1,187,500
2006, $1,133,000
2005, $1,115,000
2004, $865,375

Of these five years, per the MLS statistics above, which year was the worst year?  Can you answer the question if this is the only data you are provided?

Let's expand:

2008
•   # of sales 84
•   # sales $600,000-$800,000, 17 which represents 12% of the total
•   # sales $1,250,000-$1,500,000, 10 which represents 12% of the total
•   # sales $2,000,000-$3,000,000, 6 which represents 7% of the total
•   # sales $3,000,000 and up, 6 which represents 7% of the total

2007
•   # of sales 138
•   # sales $600,000-$800,000; 21, 15% of total
•   # sales $1,250,000-$1,250,000; 9, 7% of total
•   # sales $2,000,000-$3,000,000; 16, 12% of total
•   # sales, $3,000,000 and up; 17, 12% of total

2006
•   # of sales 121
•   # sales $600,000-$800,000; 18, 15% of total
•   # sales $1,250,000-$1,500,000; 19, 16% of total
•   # sales $2,000,000-$3,000,000; 8, 7% of total
•   # sales $3,000,000 and up; 12, 10% of total

2005
•   # of sales 224
•   # sales $600,000-$800,000; 45, 20% of total
•   # sales $1,250,000-$1,500,000; 26, 12% of total
•   # sales $2,000,000-$3,000,000; 24, 11% of total
•   # sales $3,000,000 and up; 16, 7% of total

2004
•   # of sales 224
•   # sales $600,000-$800,000; 71, 32% of total
•   # sales $1,250,000-$1,500,000; 24, 10% of total
•   # sales $2,000,000-$3,000,000; 12, 5% of total
•   # sales $3,000,000 and up; 14, 6% of total

With the median  price in 2004 being $865,375, are you generally well ahead of the game?  You might be if you bought astutely, but because of a much lower median price, it does not assure you of being ahead of the game.  Suffice it to say, judging any market using limited data, such as Incline Village, in my opinion, is meaningless.  If the median price is of minimal usefulness, why are you getting this information?  Most reporting on markets does include median price, however, those areas are homogeneous and have a large data base.   If you compare 2008 to 2007, the median price dropped 6%.  Did prices drop 6%?  Where do I see the market going in 2009?  You will find out in my next e-blast.

An expansion of median price provides a tad more insight into our real estate market, but still does not convey a complete picture for you, the owner of real estate in Incline Village/Crystal Bay. 

In a market which has arms length transactions (in my opinion a foreclosure market is not an accurate depiction of the market) it can generally be said that when the number of sales is increasing, prices are appreciating and when the number of sales is declining the prices are depreciating.  A bank when selling is like Rhett Butler, it frankly doesn't give a damn.

Tom Bruno is a local real estate agent with Chase International,  This e-mail address is being protected from spambots. You need JavaScript enabled to view it , 775-831-7300.

Sandy Soli of Intero Real Estate Services in Incline Village  successfully completed the LeadershipNVAR 2008 program offered by the Nevada Association of REALTORS® (NVAR).  The graduation took place Dec. 11 at the Green Valley Ranch in Las Vegas.

The comprehensive program is designed to identify emerging leaders and assist them in sharpening their leadership skills through a series of workshops held throughout the year. Individuals who graduate from this program exemplify effective leadership skills. 

Participation in LeadershipNVAR, which includes four multiple-day workshops throughout the year, is open to REALTORS® living in the state of Nevada. Participants are chosen through the LeadershipNVAR Selection Committee based on community and real estate involvement in addition to their vision for the real estate profession.

Sandy's husband and business partner, Bruce Soli, was just chosen for the LeadershipNVAR 2009 program and has just gladly accepted the nomination.

More information on the program can be found on the website of the Nevada Association of REALTORS® - www.nvar.org

Incline Village's central location, as well as a change in emphasis for The Boren Group led John and Gail Krolick to change their real estate brokerage to Alpine Realty International.

"It's been a pretty smooth transition," said John, of the Dec. 5, 2008 change.

As Alpine Realty International, John and Gail are continuing the affiliation with Christie's Great Estates, as well as an affiliation with Who's Who in Luxury Real Estate, which has one of the top Web sites for luxury home buyers, he said.

As the only Christie's affiliate for the region, Alpine Realty International will be involved in the California and Nevada markets of Lake Tahoe, as well as Reno. John said a California broker, Dale Head, has joined Alpine Realty International.

The Christie's referral network has already brought interested buyers to Alpine Realty International, John said, and he hopes to expand on its international connections to continue to attract buyers to Incline Village and North Tahoe.

For example, the Christie's affiliation allows Alpine Realty International to provide for an interested buyer from another country to have a real estate agent from that country accompany the buyer to the U.S., giving them a level of trust and comfort, John said.

As far as the outlook for the 2009 real estate market, he said it is a positive sign that some high-end properties in Incline Village went into escrow during the holidays.

"It is a buyer's market," he added.

With Internet presence and the phone, potential buyers and sellers can find Alpine Realty International's professional services without maintaining an office in several locations, John said.

"We travel to the client," John said. "You're going to travel to take care of their needs."

The Alpine Realty International office on Highway 28 in Incline Village is centrally located to Tahoe City, Truckee, Reno, South Tahoe and Carson City.

In the spring, the Krolicks plan on another addition to their business, adding Association Management, a division of the company that can provide property management for vacation and long-term rentals.

The Krolicks kept the bright red color for Alpine Realty International and are currently developing a Web site, which will have an international presence with multiple languages. To contact Alpine Realty International, an Exclusive Affiliate to Christie's Great Estates, Selling Tahoe From Sands to Summit, www.OwnTahoe, or Gail Krolick, 775-741-3105 or 775-831-8100.

Kanare is a local real estate agent with Lakeshore Realty and writes about the local real estate market. The Incline Village Board of Realtors MLS is the source for all statistical data in this column.

Have you been wondering why the median sale price of a single family residence in Incline Village has not taken a big hit like most of the rest of the country?  We need to only look at the year-to-year Incline Village MLS statistics for some really solid evidence as to how our market is configured and why prices remain relatively firm for quality properties in Incline Village and Crystal Bay.

During the past two years, the median asking price for a home has fluctuated between approximately $1.5 million on the low end and $1.8 million on the high end, with the current median asking price at $1,650,000 which is down about 7% from one year ago.  During this time period, the ratio of properties for sale priced at over $1 million when compared to properties with an asking price of less than $1 million has held relatively steady at approximately 4 to 1.

Given the fact that there are 4 homes for sale priced in excess of $1 million for every property that is priced under $1 million, it would take a tremendous lack of interest in quality properties and an overwhelming interest in lower end properties for the median price to ever drop below $1 million.  The current median price for a single family residence is hovering around $1,135,000, which is down just slightly from $1.2 million, (the historical record in 2007), yet still above the median sale price of $1,120,000 for 2006).  Only those sellers who purchased in 2006 or 2007 who are feeling the pinch (and there are not many of them in Incline Village and Crystal Bay) would potentially suffer a loss on their investment.  Virtually everyone who purchased a single family residence in Incline Village in 2005 or earlier is well ahead of the game and will likely stay that way.
Forget macroeconomics for a moment.  In our tiny local market, most sellers have a great deal of staying power.  They buy and sell properties when they want to, not because they have to.  This eliminates a lot of the downward price pressure that other communities are feeling around America, but it also contributes to a lack of unit sales since sellers don't really have to budge for the most part.

I anticipate this stalemate between buyers and sellers will continue through 2009 and possibly into 2010 unless we have a strong upturn in the general economy and confidence is restored across all sectors.  The only two places where I see a break in the stalemate are buyers who show a willingness to pay fair market value (or a premium), for Lakeview homes (and some condos) and sellers of high density, low elevation condos that realize demand has dried up for these types of properties and will reduce their prices accordingly.

People pay a premium for properties in Incline Village and Crystal Bay that have a mountain feel, not for crowded places without garages that remind you of an urban setting.  The vast majority of property owners and visitors come to Incline to experience a mountain setting and get away from everyday urban and suburban life.  It is those properties that best offer a Tahoe feel, which will be in the highest demand and will sell most easily in the next two years.  The days of buyers throwing money at anything (and at almost any price) are over.

The Incline Village Board of Realtors MLS is the source for all statistical data in this column. Don Kanare is a local real estate agent with Lakeshore Realty and writes about the local real estate market. This e-mail address is being protected from spambots. You need JavaScript enabled to view it ; www.InsideIncline.com