Posted in Incline Village Nevada by Tim Lampe, written by Steve Kegal.

Mother Nature has conspired against spring; teasing us with outstanding weather and the hint of golf courses, mountain bike trails and other spring activities only to bring back winter with a fury this weekend. The first stage of the Amgen Tour of California, the largest professional cycling race in North America, was scheduled for months to begin with a ride around Lake Tahoe and finish at the Northstar Village was sadly cancelled due to snowy conditions on Sunday. Nonetheless, kudos to the folks at Northstar for procuring a world-class event and staging an extraordinary festival around the event that carried on regardless of the race.  For those diehard skiers, conditions have remained substantially excellent with no end in sight; particularly for those hearty enough to not need chairlifts.

Despite the overwhelming appearance of winter, the real estate market is performing in a decidedly spring-like manner.  As predicted, inventory has swelled in the past two weeks with 139 new listings added to the market.

Notably:

·         Four new homesites at Gray’s Crossing priced between $35,000 - $67,500. While this is a substantial load, most are at generally marketable prices and only increases total inventory to 11 homesites. Most notably, W22 reduced price from $119,000 to $99,000. This property was the lone sale above $100,000 in 2010 indicating a brief bubble upon receiving multiple bids a year ago.

·         Eight new properties at Lahontan including five homesites ranging from $99,500 (very sellable) to $295,000 (not very sellable) and three homes $1,200,000 - $2,175,000.

·         22 new homes in Tahoe Donner. The total available inventory of 117 properties still represents relatively slim inventory for  Tahoe Donner.

·         Seven new properties in Northstar including single-family homes and homesites, vacant land, condominiums and fractional interests.

·         10 new lakefront properties on the West and North Shore of Lake Tahoe as high as $17,500,000.

Despite the swelling supply of new listings, the market is doing its best to limit supply through fairly robust absorption.  48 new deals came together over the past two weeks.

Highlights include:

·         The home on lot #368 at Martis Camp for $3,495,000 by Tahoe Mountain Resorts. This luxurious home was built to a very manageable 4201 square feet on high-quality homesite and saw a steady stream of activity during it’s relatively brief 150 days on market.

·         At Lahontan, the home on #115 is now pending sale for $1,395,000 after 262 days on market. Having begun at $1,695,000, this seller clearly got ahead of the market to find a quick sale having just reduced  price two weeks ago.

·         Three different homes at Northstar are now pending continuing a strong run of product at Northstar.

o   198 Basque $689,000

o   356 Skidder $825,000

o   800 Beaver Pond for $563,000

Two other sales at Northstar Lodge Hyatt have firmed up in the past week, the fifth and sixth since introducing a strong incentive package six weeks ago. With each expected to close in the month of May, the shoulder season is proving to be as productive as the ski season – not that one can be distinguished from the other based upon weather.

With the golf course at Old Greenwood scheduled to open this week, we are willing summer into reality despite the forecast of snow through Wednesday.