…the more they stay the same. An industry veteran’s perspective on the cycles of real estate and the oh-so-predictable human behavoirs that accompany each stage. read
Meanwhile, soon you’ll be able to buy a new home for $25K-$50K, provided of course you can install it yourself. Lowe’s plans to offer Katrina Cottage Kits for sale in the Southern States. read
And one local real estate website gets down and dirty on the state of the market in several popular neighborhoods. You gotta hand it to them… their brutal evaluations are oddly refreshing. see
Finally, what sells for $500 per square foot around here other than pre construction condos at the Palladio and Montage? Apparently not much in the month of October… only one tiny 684 square foot fixer cottage at 815 Forest Street, sitting on 0.16 acres of multifamily zoned property in charming Old Southwest.
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Man …I so wanted a condo along the Truckee downtown …but $500 a sq ft??? Eeek!
Interesting approach on the MyRenoRealEstate site. I guess the realtors are giving up on the “everything is wonderful in the Reno housing market” approach and going to “the Reno market really sucks and you can take advantage” approach.
But if prices are likely to drop another 10%, as they say, and realtors are bailing out right and left, as they say, and realty office are sub-letting space, as they say, and the builders are getting desperate, as they say, why would it make sense to buy now? If prices are going down another 10% in the next six months?
But they do have one thing right. Somersett is indeed the biggest bubble neighborhood in town.
I remember when the Nasdaq was starting to meltdown in 2000-01. I was getting phone calls from my stockbroker telling me that Cisco shares had dropped from $100 to $80 and what a great opportunity it was to buy at a 20% discount. It was absolutely beyond his realm of contemplation that a year later I would have been able to buy Cisco at an 80% discount.
I think we are at the same in denial stage now with the housing market. You know, prices have dropped 15%, better get in now at the bottom before prices start to skyrocket again.
NV Mojo–not on the river but the Belvedere is looking better and better. Their finishes are fantastic and while they are a bit small, they are more affordable than the other new options. Unfortunately, they closed the model again cause the developer’s wife wanted to redecorate it. Should be open in January again.
Also check out Grant’s Landing, going in next automobile museum. Cute Colonial American style, will start in the mid $300,000’s. If you are daring, there is Colonial Garden Court being renovated as well,with units in the $180,000-$220,000 range. Also check out Village at Idlewild, a little out of downtown but next to a park.
Ponte Vecchio will have about 40 units and some retail on the bottom, on 1st st. between Idlwild Park and Downtown.