You think our market is in turmoil? Check out San Diego. If prices in Reno drop 10%, that’s about $30K equity lost on a median priced home. But in Del Mar, it can be a far more significant $180K. And this is one of those coastal markets that loosely feeds Nevada. (BTW, thanks to Al for linking me to my new realty blogger hero, Jim the Realtor).
What really caught my eye, however, is the notion that superior properties won’t drop in value so dramatically as inferior properties. I see this in Reno. During the boom years, Old Southwest wasn’t the neighborhood logging 65% increases per year… Sun Valley and Spanish Springs were. Now, as the tides turn, I bet Old Southwest will lose less, and the outer, cheaper suburbs will deteriorate more. read
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I noticed that homes in my general area, between Wells Ave and Holcomb Ave and between Liberty St. and Vassar St., seem to still sell fairly quickly, and that’s when they come onto the market.
With the Wells Ave rehab, the coming-soon Virginia St. rehab from Liberty to Mt Rose St., the revitalization of Center St, plus most of the residents’ desire and Jessica Sverazza’s plan to turn this area into a historic district, perhaps maybe neighborhood won’t feel too much of an impact with falling housing prices, or am I wrong?
Not that I care too much, I love my old 1920 home and love this neighborhood (no plans to sell), can’t wait to see it improve via the new Wells Avenue Master Plan!