Nevada’s Real Estate and Business News
Winter is great for home sellers. There is less competition! Only 100 homes available in Incline Village. The usual seller’s market is 250 homes!
For Sale price ranges, all areas:
100 Houses: $425,000 to $39,750,000
20 PUDs: $419,000 to $1,495,000
80 Condos: $159,000 to $3,200,000
In Escrow, all areas:
20 Houses: $615,000 to $21,999,999
7 PUDs: $389,000 to $1,295,000
14 Condos: $209,000 to $4,095,000
Lakeshore Realty is #1 in Incline Village sales again. 2015….$152,162,240!
For an estimate of the value of your property: Nevada@LowTaxNevada.com or 775-771-6109. I am here to help you; do contact me for real estate or area information or questions.
Owners know to list by early spring or by June for the highest exposure for the summer visitors. Most people come to Incline Village to buy in that time frame. The high active market is shortly before to soon after July 4th. The market settles down about mid-August as families leave the lake to go home for school. Usually properties start to be reduced before July, if the seller wants a summer sale. There are good sales in the fall, with sales year-round.
Staging of the property has become very important as the properties do sell faster and at a better price, unless the property is a tear-down or needs remodeling. Before you make any changes, please ask me first. It is so sad to see properties that have been fixed up, when it is soon torn down and the money was wasted.
The contractors have been busy in Incline Village for the past two years. They had a really long, rough time. Our contractors do good work…or they don’t last.
Incline Village News:
The Grand Lodge Casino at the Hyatt Hotel will be renovated, with completion by Spring 2017. Costing $3.5 million it also includes the related food and beverage plus $1.5 million for new gaming. The casino is leased to 2023 by Full House Resorts. Cal-Nevada Resort will open Memorial Weekend 2016. The 10 story, 191 room hotel ran into some unexpected problems in the old building during remodel. Cal-Nevada will have a new non-smoking casino area with table games and slots. The Frank Sinatra Showroom will be restored and upgraded.
Street Parking: Red Days: No! Snow plows operating. Tow fee $203. Green Days: OK. Call 775-833-3200 to inquire.
Fuel Reduction and Wild Fire Prevention: Piles of brush are burned in the winter.
Added Flights to Reno International Airport: Alaska Airlines/Horizon Air from Orange County. Southwest flies from Oakland International Airport three times daily. JetBlue from New York. Truckee Tahoe Airport: SurfAir (private) has 12 California destinations.
Reno – Sparks – Carson City:
The housing market is very tight even in the upper prices and in newer areas. Businesses and city officials are asking the developers to put in more subdivisions as the people are here and more coming. The developers are reluctant because they lost in the recession.
Today I talked with a sales rep in a new development and she said the big names are here buying…. and they say more from their companies are coming. This goes for Incline Village too.
The market in the South Meadows-Double Diamond area has new subdivisions going in, or expanding. I looked at new homes today in 30 degree weather and I was not alone.
Sparks is also expanding as it is closer to Tesla and Tahoe Reno Industrial Center (TRIC). A new four-lane street will soon connect South Meadows north to Sparks-Hwy 80. This is open land area so consider the future if the area is developed. I don’t recommend buying next to busy streets… look at homes a few streets away from main streets for better re-sale.
There are beautiful subdivisions on the Mt. Rose Hwy, some with fantastic views of the mountain. Montreux has a beautiful Jack Nicklaus Golf Course. Arrowcreek is a nice upscale sub and as are others in the general area. The Arrowcreek G.C. is out of foreclosure. Caughlin Ranch is a popular area. There are very upscale areas and horse properties tucked into Reno too. Night light views of the city are desirable. Westward views of Mt. Rose include night-lights. North of Sparks is Wingfield Springs G.C. and a beautiful subdivision. And there are others areas of nice home subdivisions.
Access to water is being well managed. Washoe County has three reservoirs full, deep wells; and there are water “barons” who have bought water rights. Nevada has a Water Master. The water rights under your lot can be sold, but you cannot drill for water without permission from the Waster Master. Farmers must use their water rights within five years or it goes back to the state for someone else to use. Gray water is used on golf courses. Landscaped homes and commercial properties use drought tolerant plants and drip irrigation. Reno is a tree city!
This is why the housing market is tight: The Economic Development Authority Nevada (EDWAN) welcomed 30 new businesses you may recognize to the Reno area: Angie’s Artisan Treats (160 jobs), Aqua Metals (70), AZZ Galvanizing (80), BI Nutraceuticals (120), Black Ridge (30), Cascade Design (100), Clear Capital (400), Dassault Aircraft Services (3), Deceuninck (80), eBay (52), Etailer, Inc (15), Franzen-Hill (50), Fulcrum Sierra BioFuels (32), Grand Rounds (200), Hose Master (30), Hubert (25), Immy, Inc. (30), Industrial Lighting Products (60), Indy Hanger (20), Koch Business Solutions (50), MeriMeri (10), NOW Foods (47), Nutrient Foods (300), Planetary Pinball (10), Quality Bicycle Products (50), SEECO (10), Southern Prosthetic Supply (10), Switch (400), Tactical Air Support (10), Teleperformance (500), and three anonymous businesses with 100 jobs. eBay is expanding in two locations in the state and growing; one is at TRIC. They are looking forward to the future here. There are incentives to move a business to Nevada: EDWAN: Stan Thomas, 775-3731 – firstname.lastname@example.org.
Start-Ups: The CUBE, located in Midtown is a business incubator. It is home to a dozen startup companies. email@example.com
Northern Nevada Business Weekly: 775-770-1173 – www.nnbw.com
Eldorado Resorts paid $72.5 million for MGM Resorts holdings in Reno, which makes them the largest player in gaming. They also completed ownership of Circus Circus and the remaining half of the Silver Legacy. All will be managed by one management. They have 4,100 hotel rooms and twenty restaurants. The purchase reflects increased gaming, new employers and residents. Remodeling is on the agenda. The Eldorado Hotel has 23 restaurants.
Hot Areas for future growth: Dayton, Fernley, Virginia City and Carson City because they are close to the Tahoe Regional Industrial Center (TRIC). A new highway south is joining the areas to TRIC.
Every weekend has at least one major event going on, if not a dozen or more! Besides Lake Tahoe, there are areas all across the state to explore. From Culture to Cowboys… it is here! The Reno Chamber of Commerce has numerous brochures to entice you to partake in a new adventure.
I plan to continuing these newsletters/blogs, please check in every month!
Ms. Nevada Metherd, Realtor®
Lakeshore Realty, Incline Village, NV
Incline Village Board of Realtors
Reno Sparks Assn. of Realtors
Northern Nevada Regional MLS
National Association of Realtors®