Nevada’s Real Estate and Business News
I have started this new monthly feature to update you on what is happening in the market place of Incline Village and the Great Basin (down the hill).
I am available to help you with questions about real estate. You can ask and I will try to get answers for other questions about the area.
Very low inventory! Normal seller’s market is about 250 homes for sale, and a buyer’s market is about 350 homes for sale.
Incline Village & Crystal Bay:
- Houses for sale: 131 <<< !
- Condos for sale: 95
- PUDs for sale: 23
- Lots for sale: 19
- Number of homes sold since Jan. 1: 129 (pending 24)
- Number of condos sold since Jan. 1: 162 (pending 19)
- Number of PUDS sold since Jan. 1: 49 (pending 7)
- Number of lots sold since Jan. 1: 5
Properties in good location and priced to the market do not stay around long.
Lakeshore Realty is #1 in Incline Village with close to $142,000,000 in sales.
If selling, please call me!
There is increased new construction and remodeling in Incline Village and Crystal Bay. Construction and remodeling was devastated by the recent recession. It is good to have our great contractors busy again. The weather does not hamper construction as they blow the snow off and keep going.
Incline Village is active year round:
There is always something going on in Incline Village. When you are in town pick up a local newspaper to see all the activities (free in my office). The main show is snow, which we have not had a lot of in recent years. Most of the slopes were open by Thanksgiving and they are busy. Early to the slopes avoids long lines of drivers anxious to get on the mountain.
Reno Area Housing (down the hill):
The housing market in Reno is fast paced. They have a three month supply of houses for sale, when normal is about six months. The median price is about $280,000. I expect prices to climb in the new year because of the demand. The people who do the demographic predictions say 60,000 new people are expected in the Reno area within ten years, with about 6,000 relocating yearly. New subdivisions are busy, and running out of developed lots and land. They will have to develop new subdivisions. The most popular locations are in the South Meadows area of Reno and in the Sparks area.
If you are interested in moving off the hill, I can show you all of these areas because I am also a member of the Reno area regional MLS. And if a you want a residential facility I may be able to give you some names.
The Tahoe Reno Industrial Center (TRIC): At TRIC, the new growth is powered by new businesses coming to the area. Large companies, such as Tesla, who is building a $5 billion lithium-ion and battery assembly, and Switch, who is building a 3 million square-feet Supersnap data center. Switch has signed up eBay to be an anchor tenant. Eventually they expect to build out 7 million square feet of data storage.
Many suppliers serve these businesses and a huge growth is expected for them. Currently there are 170 business occupying about 25% of TRIC.
TRIC has 80,000 acres of land (three times the size of San Francisco), rail, highway, utilities and fast tract permitting.
It is unbelievable the manufacturing that goes on here. As examples: a company is making Darth Vader (Star Wars) shower heads for Disney; another is making winter coats that uses compressed air as insulation rather than down. The NuDown wearer uses a little air pump for the amount of warmth they want. $450 to $800 per coat. A start-up bikini designer/manufacturer has Miley Cyrus as a customer. We have arrived!
There are incentives to move a business to Nevada:
Call EDWAN, 775-829-3731 to ask for a package.
The Governor’s Office on Economic Development’s STEP grant
Uber and Lyft:
Uber and Lyft car rentals are now in Reno. They are accessed with an app you can get from them.
Vacationers are a big deal in the state with 30% of the labor force engaged in helping tourists spend $62 Billion of their fun money. In Gardnerville, the Washoe Tribe will open in March, a new travelers plaza and a future casino. Chick-fil-A fast food chain is coming to Reno.
Garlic and farming:
Garlic lovers did you know that most of the seed garlic is grown in this area! There are many scenic farming and ranching areas in Fallon and south in Minden-Gardnerville.
Owners, when flying into Reno, use Hertz’ Local store for a car rental to avoid a lot of airport taxes and fees. Ask the Hertz driver to take you its store close to the airport. Reserve 4 wheel drive cars weeks/months ahead for winter driving.
Driving Mt. Rose Hwy 431:
The Mt. Rose Hwy 431 is icy. You need 4 wheel or all-wheel drive vehicles with ice or winter tires… and slow down. Use pull-outs if cars are stacked up behind you. It is best to be where you want to be during the daylight and best between 10 am and 4 pm when the surface of the road has warmed up a bit. Lots of ice on the yellow center line and in the shadows. Night time temps have been down to -5 and daytime around 30 degrees. Believe the sign if it says chains or snow tires and to put the chains on at pull outs rather than doing it on the two lane part of Mt. Rose!
Wishing you a wonderful New Year!
Nevada Metherd, Realtor
954 Lakeshore Blvd, Incline Village, NV