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Incline Village Real Estate

Chris Plastiras

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Displaying blog entries 1-10 of 33

Happy New Year!

by Chris Plastiras

Chris & Patti Plastiras are wishing you good health, happiness, and success in the coming year and always. 

Happy New Year!

 

 

 

Chris & Patti Plastiras wish you a Merry Christmas!

by Chris Plastiras

North Lake Tahoe November 2015 Real Estate Sales Comparison

by Marius Poltan
  • North Lake Tahoe November 2015 Real Estate Sales Comparison

The charts bellow reflect Incline Village real estate sales for the month of November in the past 5 years. These reports we're created individually for Residential Home sales and Condominium Sales.

  • Residential Home Sales Report

Click here for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Home sales.

  • Condominium Sales Report


Click here for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Condominium sales.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Chris & Patti Plastiras wish you a Happy Thanksgiving!

by Chris Plastiras

North Lake Tahoe October 2015 Real Estate Sales Comparison

by Chris Plastiras
  • North Lake Tahoe October 2015 Real Estate Sales Comparison

The charts bellow reflect Incline Village real estate sales for the month of October in the past 5 years. These reports we're created individually for Residential Home sales and Condominium Sales.

  • Residential Home Sales Report


Click here for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Home sales.

  • Condominium Sales Report

Click here for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Condominium sales.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Get a Better Mortgage Interest Rate

by Chris Plastiras

People will clip coupons and drive across town to save a few cents at the gas pump, but few will shop around for the best interest rate on their mortgages. Most buyers tend to go with the first lender they talk with, perhaps out of fear of losing the house if they don't act quickly enough. Paying one-eighth of a point too much can add up to thousands of dollars over the life of the loan.

You're smarter than that. Know you have the right to shop lenders and negotiate mortgage interest rates and fees. Here's how to do it.

First, you need to decide on which loan program you're going to compare. You need to decide between a fixed, an adjustable rate mortgage (ARM) and a hybrid. A fixed rate is fixed throughout the life of the loan, so it costs a little more. An ARM has an interest rate that can vary throughout the life of the loan, which would be cheaper now, but might cost more down the road. A hybrid is an ARM that is fixed for a predetermined period, such as five years, then it morphs into an ARM.

With interest rates still near historical lows, most people select a fixed rate because it's safest and protects you better the longer you stay in your home. An ARM or a hybrid loan is best if you plan to move in five years or less, but most people stay in their homes as long as nine years or more.

Next, you need to select a loan term, which refers to its amortization period. The most common fixed-rate term is the 30-year fixed-rate mortgage. Lenders also offer fixed rate loans in five-year increments beginning with ten-year loans, so you can select a 15, 20, and 25-year fixed rate. The advantage to doing that is that you'll pay the loan off faster, but you should know that the loan will cost more monthly because you're paying down more interest and principal at a time, even with a lower interest rate.

How do you decide which loan is best? By what you can afford. If you want the best rates, conventional loan-to debt-ratios prevent you from having more than 41% of your gross income used toward debt payments and mortgage payments. The ceiling for mortgages is about 28% of your income, with the rest of your debt payments going toward a car payment, student loan, or revolving credit card charges. If you have low debt, or are buying a modest home compared to your means, it's a good idea to get a shorter term.

Once you select the proper loan as well as the term you can start shopping. Give the lenders you call the exact same facts -- what kind of loan you want, how long the loan term will be, how much you want to put down toward the purchase price, and your credit score. According to the new loan disclosure requirements, which went into effect in August 2015, you have to provide six pieces of information to qualify for an "application":

  • Your Name
  • Your Income
  • Your Social Security Number
  • The Property Address
  • The Contract Price of the Property
  • The Mortgage Loan Amount

The lenders have to return a good faith estimate of what your closing costs will be within three business days. Then you can compare and choose the loan with the most favorable costs to you.

Combining Two Condominium Units

by Chris Plastiras

~~Question: I currently own a one-bedroom condominium unit. My next door neighbor has offered to sell me his unit, so that the two units could be combined into one larger unit. In all likelihood, I will initially move into the new unit as my primary residence and rent out the one in which I presently live. However, in the future, I plan to make improvements and do construction so as to make them into one large unit. 

When the two units are combined, will I have to record the lot or title change with the recorders office? Will I have to refinance my two mortgages into one loan? And will I be allowed to break through the wall between the two units without having to refinance?

There is a possibility that after combining the two units, I may want to separate them at a later date and sell each one separately. What will this require?

Answer: This is a common situation. However, there are two different scenarios. The first is what you have proposed -- namely just merging the two units together. A second approach is where the two units are reconfigured, so that one unit becomes larger and the other gets smaller.

Let's look at each situation:

Merging of two units: here, you will own two units. For all practical -- and legal -- purposes, they will continue to stay as two separate units. You will continue to pay two separate mortgages, pay two separate real estate tax bills, and two separate condominium fees. You will vote the percentage interest for both units on association matters. The only title change will be when you purchase the unit from your neighbor, since title will then go into your name when you go to settlement.

If you decide to break down a wall and do some major (or minor) construction, you will have to get the approval of your association. Most associations impose conditions on the renovation, such as requiring that you use licensed contractors, that you have adequate insurance in place, and that the work is done only during specified hours during the day.

But even after you have cut through the dividing wall and made one large unit, they are still two separate units.

You can legally merge the two units into one, but that would require a lot of work, money and time -- and in my opinion, does not make sense. In order to create one unit out of two, you need approval from your association, your plats and plans must be revised and recorded with the official surveyors office, and a condominium amendment to the legal documents will have to be recorded in the land records where your property is located.

You have indicated that at some point in the future, you may want to separate the units, so that you can sell them individually. Obviously, you will have to replace the dividing wall, but once that has been accomplished, you still have two separate units. You have not changed the legal structure, and thus each unit retains its separate identity for all purposes.

Relocation of Boundaries: here, we have an entirely different situation. You want to purchase the unit next door, break down the dividing wall, and make one of the units larger.

The first thing you have to do is confirm that your legal documents -- Declaration and Bylaws -- will permit such a relocation. Assuming that this is not a problem, then you will need the approval of your Board of Directors.

Prepare a plan -- usually through architectural drawings -- and formally submit them to your Board of Directors. Most Bylaws require that the Board must act on an architectural proposal within a set number of days, or the plan will be "deemed to have been approved".

 

Since you clearly will be doing renovation, your plans should spell out what work will be done, when it will be done, and who will do this work. As indicated earlier, most associations require that you use licensed contractors for the work -- especially if you will be doing electrical or plumbing installations.

In addition to obtaining Board approval for your plans, you will have to arrange for a revision to the existing Plats and Plans. Look in your legal documents; you should see a document which contains drawings depicting the location of all of the units in your complex. These are referred to as "Plats and Plans" and they have been recorded officially with the local government office of the surveyor or in land records.

The Plats and Plans are important documents. Often, there is confusion as to what is -- and what is not -- a common element, a limited common element or even a unit in the condominium complex. Generally, the Plats and Plans -- if drafted properly and carefully by the developer -- will show these areas.

The existing Plans for your building will show two separate units; since you now want to reconfigure these units, a new Plan must be prepared and formally filed.

Additionally, you will want to advise the local real estate taxing authority of these changes. Clearly, if you decide to sell the smaller unit, your purchaser does not want to pay the real estate taxes on what used to be a larger unit.

Changing the boundaries of condominium units is not impossible -- but there are a number of architectural and legal steps which must be taken. You should seek competent professional advice before you undertake such a project.

North Lake Tahoe September 2015 Real Estate Sales Comparison

by Marius Poltan

As we are approaching the end of the year it looks like the median price is pulling back a little suffering a 14.7% decline compared to 2014 and 2.4% compared to 2013, but the home sales are seem to be very close to past years numbers.  

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Swing That Hammer, Sellers!

by Chris Plastiras

If you're selling a home that needs updating, you'll net more for your home because you're making it look closer to new. You're solving problems that current buyers don't want to take on, making your home more competitive in today's market.

According to the latest Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, home improvement spending is set to climb nearly four percent.

Among the reasons cited for the upswing are stronger pending home sales and continuing low interest rates. Other reasons may be just as significant. Purchase prices are still lower than the 2006 peak, inventories are tight, and the production of new homes has stagnated since 2007.

The 2015 Generational Report by the National Association of Realtors found that 84 percent of buyers purchased an older home, and with good reason.

The median age of homes purchased in the survey was 22 years, built in 1993, and over 53 percent of homebuyers purchased homes older than that. The median seller sold their homes after occupying it for 13 years.

Sixty-four percent of buyers chose older homes because they cost less than new homes and offered more value, while 17 percent preferred the charm of older homes.

Yet, the exact same number of buyers who purchased new homes said they did so to avoid maintenance problems and to choose their own designs.

A whopping 88 percent of buyers used the Internet to view homes before they drove by or called an agent, and 50 percent of buyers used mobile apps such as phones or tablet devices. The number one thing they wanted to see were photographs of homes.

In other words, it's time to get a facelift. Your home could be selected or eliminated based simply on how it looks.

So where should you spend your money? Kitchen and bathroom projects remain the most popular remodeling jobs, said the National Association of Home Builders in 2015, but smaller projects are becoming more common.

Bathroom remodels were cited as the most popular type of remodel by 78 percent of remodelers, and kitchen remodels were next at 69 percent. Other popular remodeling categories reported by remodelers included window/door replacements, whole house remodels, room additions, major repairs and handyman services.

North Lake Tahoe August 2015 Real Estate Sales Comparison

by Marius Poltan
  • North Lake Tahoe August 2015 Real Estate Sales Comparison

The charts bellow reflect Incline Village real estate sales for the month of August in the past 5 years. These reports we're created individually for Residential Home sales and Condominium Sales.

  • Residential Home Sales Report


Click here for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Home sales.

  • Condominium Sales Report

Click here for larger image

- Please note that the report above was created using data extracted from the MLXChange System and reflects Condominium sales.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Displaying blog entries 1-10 of 33

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