Sealed bids will be accepted through 5 pm on July 1, 2008 for an upcoming multiple home auction involving several luxury properties in Somersett.  Six properties built by Sage Crest Builders and Knotty Bear Construction ranging from 4,000 square feet to 6,200 square feet in size will be on the auction block.  Somersett has always […]

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Last week the Telegraph UK ran an article about the Royal Bank of Scotland’s recent red-alert to investors on the state of global credit. They are predicting a full-scale stock and credit meltdown as central banks worldwide are paralyzed by inflation. I know to some this may sound extreme, but the article make some good […]

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Sixty days have passed since I took a snapshot of the pendings.  The two-month-later status of those pendings is shown below.   The likelihood of closing for the various types of Pending statuses follows the trend seen thirty days later.  Again "pending short sale" has the lowest percentage of closings; a 26% closing rate.  Although double the 13% observed after thirty […]

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120 licensed Washoe County real estate agents and brokers have left the business since January of this year, according to the latest numbers released by Nevada’s Real Estate Division.  Today’s 2,984 Active licensees for Washoe County represent almost a 4% decrease from January’s 3,104 licensees; and a 7.4% decrease from June 2007’s 3,221 licensees.
However, the […]

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Tomorrow Chase International is hosting its annual Lakefront and Luxury Estates Tour from 10 am - 5 pm. This is a big event up at the lake, attracting media from throughout the west coast, where you can see some gorgeous homes rarely opened to the public. Guy, JoAnn and I invite you to take a […]

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Calls, showings and open escrows seem to be way up in our office these last two months. Something JoAnn said to me about the popularity of her lower end listings, plus what I’ve been seeing the numbers lately prompted me to take a look at neighborhoods around town by different price bands to better understand […]

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I’m not quite ready to say that the "sub-prime crisis" is over, but the majority of these loans were 2/28s and most have been flushed out of the system.  The early resetting sub-prime loans recast at death interest rates due LIBOR abnomally high rates, which have since subsided.  Late sub-primes (and early 5/25 Prime and Alt A) […]

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I want to sincerely thank Diane and Guy for inviting me to join the blog, but you guys out there scare me to death! I know the business and have the proven performance to say that, but there is just something odd about getting beaten up by people who don’t really know me or […]

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I saw a commercial for this on TV last night and then received the flyer this morning.  Pulte Homes is advertising a $99 move in special for this weekend only.  [Click on the flyer to enlarge.]  Accoring to the fine print: "Move-In for $99.00 offer consists of closing costs paid through participation in the Preferred […]

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Our friends at First Centennial Title forwarded the following Market Conditions Report (May 2008) for the Reno Area.  (Click on the picture to access.)

Some highlights:

In April’s report, sales per day were 12.9.
In the current report (May 2008), the market has accelerated to 14.2 sales per day. This is about 47% of the 2005 peak value.
The […]

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