Real Estate and Business News
for Incline Village and the Reno-Sparks-Carson City areas
INCLINE VILLAGE HOUSING MARKET: I have never seen the market like we have had in the past two years! The inventory is half of a normal seller’s market of 250 homes. Please call me if you are thinking of selling! 771-6109 or email: Nevada@LowTaxNevada.com
In escrow (23)
Sold 1/1 to present:
$415,000 to $3,495,000
(24) $485,000 to $21,250,000
PUDs: (houses on common land)
In escrow (9)
Sold 1/1 to present:
$419,000 to $1,295,000
(6) $367,000 to $1,210,000
In escrow (20)
Sold 1/1 to present:
$159,000 to $2,789,000
(22) $148,000 to $912,000
In escrow (1)
$1,500,000 (Lakeshore Drive)
Note: I know about a prime 1.2 ac residential lot. Call me: 775-771-6109
Major property sales occur mostly from spring to fall, with summer having the most sales. Loans: Count on 45 to 60 days to close, due to new Dodd-Frank rules. Cash buyers can close when they are ready. When the pine needles are being raked from the parks and lawns, it means the green lawns and flowers will appear very soon and the spring-summer season has started. It could be as early as March. I recall that only two times in 20 years that the weather was cold until July 4th!
Green Thumb Classes will be offered on Thursdays, 5:30 to 6:30 pm at Sierra Nevada College on Country Club Drive. High Sierra Gardens on Tahoe Blvd/Hwy 28 has beautiful flowers, shrubs and trees perfect for the climate, soil and short growing season at Lake Tahoe. When the nursery has the plants out, be sure to get there fast and get the flowers planted immediately to see them grow.
Elevators: Incline Village now has a store to see about retrofitting your place. Two and more stories with an elevator will sell faster. Koch Elevator is at 924 Incline Way, Unit C. They will have good ideas how to add one either inside or outside with access inside. Your contractor can help you too.
Mt. Rose Ski Resort For Sale: Located on Hwy 431/Mt Rose to Reno has 1,200 acres also has additional land to develop. The price was not listed.
Incline Village Recreation: Two golf courses, boat launch (the lake will be up this summer because of the snow pack and run-off), tennis courts, beaches, pools, parks, hiking and biking trails above and around the lake. Within 45 minutes of Incline Village there are dozens of golf courses to enjoy. The PGA golf tournament is at Montreux Golf Club just 25 minutes toward Reno. Volunteers are welcome for the tournament.
RENO – SPARKS – CARSON CITY
Housing prices are moving up slowly with sales within 2.5% of the list prices. In popular areas the sale is often over asking price. With 6,000 new residents expected each year for the next ten years, it is a fast moving housing market. It is a seller’s market. Buyers using loans need to expect 45 days, more likely 60 days to get the loan in place. This is because of the new Dodd-Frank rules are now in place.
The median price is about $290,000, up 4% from last year per the Reno-Sparks Association of Realtors. There is currently four months inventory. A six months inventory being normal for a balanced market. Many owners and buyers do not like to move during the winter. We can expect a busy spring and summer, with everyone wanting to get settled in by fall.
Homes over $500,000 have a seven months supply, and is a buyer’s market for those houses.
Rental: The market price is up about 9%; $1,200 for three bedroom units. At this level, renters start thinking about buying, as the mortgage is about the same as renting. Nearly 1,000 apartment units are under construction with almost 6,000 units in planning stages. A projected 37,000 units would be needed by 2020.
Truckee River Bridge is expected to open in April. The old bridge was 110 years old. The cost to build was $18.2 million. Reno is demolishing surrounding buildings to improve the area. Private parties are renovating many older buildings.
Air Cargo increasing at the Reno-Tahoe International Airport. Reno is a major distribution site and internet fulfillment centers for Amazon, zulily, and Urban Outfitters, PetSmart, eBay, Walmart, diapers.com, flowers.com, Benco Dental Supply and chewy.com per the Northern Nevada Business Weekly. UPS expanded to eighteen flights from ten per week; and they are flying longer planes, as do FEDX and DHL.
Airlines: Allegiant is adding a non-stop LA to Reno on June 9 running on Thursday and Saturday. Airlines serving the area are: United, Southwest, JetBlue, American, Volaris, and aircraft to small cities.
Rail: 2,000 acres is being developed between Fernley and Fallon as the Gateway Commerce Center and will include the International Rail Center. It will handle products too large for trucks.
Trucking: Heavy duty trucks sales are rebounding. Truck drivers are needed.
Desert Research Center: Engineers have flown a cloud-seeding drone, the first of its kind. Drone cloud seed will provide a safe method for rain in drought areas. DRI is working on helping federal, state and local governments to develop new tools and technologies to suppress fires.
Summit Mall adds new stores: Dorinda’s Chocolates, Dress Barn, Fine ’N Funky, Rock Farm Home decor, Spavia Spa, United Federal Credit Union, Warhammer tabletop games. There are 65 business at the mall.
Charging Stations: New electric charging stations were added to the 450 mile highway to Las Vegas. Charging takes 30 minutes to four hours. Money is from NV Energy and statewide renewable energy tax abatements.
University of Nevada Reno opens Reagan-Laxalt Collection: Senator and governor of Nevada, Paul Laxalt was Ronald Reagan’s campaign manager. The library has correspondence, scrapbooks and photographs. Interested persons should contact special collection division email firstname.lastname@example.org and 775-682-5665. UNR enrollment has grown 24% and they added 131 new faculty positions and is slowing growth to catch up.
This information is provided for people considering a move to the Incline Village and Reno-Sparks-Carson City areas. I am here to help you find a perfect home!
Ms. Nevada Metherd, Realtor®