Luxury Homes in Incline Village reduce to entice buyers all over the country. Are prices at an all time low? Recent price reductions in this segment of the market have increased some buyer activity and on a whole the luxury market has done pretty well in 2009. However with so much inventory on the rise, will prices continue to drop or will these gorgeous homes get snagged up at their current low prices?
Currently there are 23 luxury listings on the Incline Market (look up includes all homes over $2Mil built after 2002). There are 8 between $2-$3Mil, 11 between $3-$5Mil and 4 over $5Mil. Currently only one of these is in escrow and it is a short sale, 517 Fairview Blvd.. Has this segment been hit hard by the economic conditions...you betcha! Luxury homes and their owners are not always protected from economic hard times although many of them can sustain these until it improves.
So far to date there have been 12 sales in the same look up, 6 were under $3Mil and the remaining 6 luxury home sales were between $3-5Mil. Of these at least 4 were short sales (some are too proud or not sure how to post them in the MLS as true short sales) and none were reported as Bank Owned properties.
Of the luxury homes sales this year the average list price was $3.9Mil, dropping to an average of $3.35Mil before closing at an average of $2.9Mil. The average price per sqft is $477 and Days on Market is an average of 279 days. The % of list price from the price when it went into escrow is 89% of list.
Median prices tell a similar story with Original median list prices at $3.4Mil, dropping to a median of $3.22Mil when finally going into escrow and closing at a median of $2.7Mil. Median days of 242 on the market and closing at 90% of list price.
Currently, here are the Top Six Picks for the best deals in the market for luxury real estate based on price, amenities and location or view.
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