INCLINE VILLAGE, Nev. and#8212; The Incline Village and Crystal Bay real estate market continued the up trend of positive sales results in 2012 with 12 more properties going into escrow during the past week. The properties getting accepted offers had prices ranging from $274,000 all the way up to $2.9 million, once again showing activity across the entire spectrum.
And with the recent sale of a house in Crystal Bay at just over $8.3 million, all market sectors are getting action during the summer of 2012. While the majority of sales activity is still concentrated on lower end and moderately priced properties, buyers in all price ranges are scooping up the best values.
Once again the inventory of houses, condos and freestanding condos for sale declined, which is a very good sign for our local real estate market. During the previous six summers, the inventory increased almost every week until reaching a peak sometime in August. But 2012 has reversed that trend with the inventory peaking in early July.
We are even seeing multiple offers on some properties that are priced aggressively for a quick sale. Buyers still have a relatively good selection of properties from which to choose. However, we have pretty much worked our way through the distressed properties and it appears that the buyerand#8217;s market of the past few years is starting to swing back towards equilibrium before it becomes a sellerand#8217;s market in the not-too-distant future.
The opening of the roundabout at the intersection of Highway 431 and Highway 28 has immediately improved the traffic flow and eliminated backups at this very busy location. Two very important side effects based on my conversations with residents who live on Woodridge Circle are the significant decrease in both traffic noise and air pollution.
Just two days after the roundabout opened, I received communications from folks who are in proximity to the project commenting on the dramatic decrease in traffic noise. People are no longer speeding along this section of Highway 28 as the roundabout has the effect of causing everyone to gradually slow down on this very busy stretch of road.
Road noise has always been somewhat of a negative factor for people living close to Highway 28 and especially those near the intersection of Highway 431. Prior to the construction of the roundabout, many drivers would zoom through this section greatly exceeding the speed limit.
You no longer hear people slamming on their brakes, accelerating wildly or the screech of tires as drivers try to avoid accidents. Buyers shopping for property in the Ponderosa subdivision will appreciate the decrease in background noise and sellers will find their property values benefiting from the newfound quiet.
Incline Village and Crystal Bay property owners won another victory in the Nevada Supreme Court with the most recent decision handed down on Thursday, August 9. This latest ruling was based on an appeal filed by Washoe County District Attorney Dick Gammick who was challenging a previous decision that granted tax refunds to local property owners. This is now the sixth time that the Nevada Supreme Court has ruled in favor of the Village League to Save Incline Assets.
Every property owner in Incline Village and Crystal Bay owes a debt of gratitude to all the members of the Village League and especially attorney Suellen Fullstone who has worked diligently on this case for many years. It has taken a lot of hard work and dedication by a broad-based coalition of community members to fight back against the unfair and illegal property tax assessments.
While I was happy to finally receive my property tax refund check in the mail last week, approximately two-thirds of all Incline Village and Crystal Bay property owners are still waiting for their refund. And with the equalization lawsuit still pending local property owners could potentially see additional refunds coming sometime in the future.
and#8212; Don Kanare is a Realtor at RE/MAX Premier Properties. Read his blog and weekly stats on his website at www.InsideIncline.com.