New Construction Sales NW

  So here it what is selling in the NW for new construction over the last 45 days, and some new stuff in the market:

–  Breckenridge has sold and closed on 4, all on Hogadon.  1472, $357,295, $150 psf.  1478, $271,254, $154 psf.  1485,  $230,968, $131 psf.  1479, $272,450, $132 psf.  They are building like crazy way ahead of contracts.

–  Lennar’s Grand Summit has closed 3, all on Clear Vista.  1072, $218,950, $136 psf.  1052, $199,950, $132 psf.  1060, $219,950, $136 psf.

–  Sierra Canyon closed on 3, and the construction pace down there is frenetic.  I don’t think these are inventory houses, but pre-sales.

–  Toll Brothers are just about ready to open their new model home in Sonterra on Back 9 Trail in the ‘Sette.  No news on the square footage, but they are stating prices from the high $300’s.  It seriously looks like they have lopped the back half off their standard designs for this model.  No joke.  The free standing 1 car garage / casita looks like a dwarf compared to the scale of the main house.

–  I did an unofficial and unauthorized tour of the two new homes in Talon Point on Woodcrest.  1635 is a 3295 sf wonder listed at $525,000 or $159 psf.  Huge for a 3/3, but there are a lot of "flex" spaces.  1645 is listed at $495,000 or $162 psf.  My reaction was that these were vestigial plans from 2005 with bedrooms turned into flex spaces.  Both were seriously stupid plans with courtyards that didn’t act as focal points.

I didn’t research Lennar’s Laurel Ridge, not to be confused with Laurel Ridge in Somersett, part of which got foreclosed as part of "The Ledges".  Though 1725 Laurel Ridge in Somersett is listed at $599,000 for an unbuilt Homecrafters house for $154 psf.  This is basically Diane’s plan without the finished back yard.  Sees a little rich for the market.

For my money, I’d be looking at Breckenridge.  Awesome views.

Keep you eyes on the Siena.  I’ve been consumed with tracking the details behind the Siena Hotel Spa Casino BK, both for the investors and the local media.  This will be a big story, and you will hear about it on RRB first!

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About Mike McGonagle

An architect, business owner, and compulsive public records hacker, Mike reads the tea leaves of the local real estate market from a unique perspective.. A former Chicagoan, Mike earned his MArch from Harvard University. Mike can be reached at mike@macassociates.com or 775-345-7435. His continued musings can be found on the REreno.com blog.
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6 Responses to New Construction Sales NW

  1. Avatar nelson says:

    Breckenridge:

    $30,000 lot premiums. $130-$150 a square foot. Surrounded by apartments….. 1/2 the houses have no city view. Neighborhood is not that nice (loads of apartments). Cheap Lennar homes going up nearby… Builders contracts usually require you to cough up cash if the house does not appraise. If those houses do appraise in this market,something funny is going on.

    Breckenridge is a trap for California migrants with no sense of Reno housing market realities.

    For the money you can get a nice place in Caughlin Ranch.

  2. Avatar longerwalk says:

    Many of the Breckenridge houses take no advantage of the breathtaking view of the Mt. Rose wilderness. Sad.

  3. Avatar Willk says:

    The new Toll Brothers houses in Somersett will start at $335000 for 2500 sq. ft.

  4. Avatar Mark D says:

    Regarding the final paragraph about the Siena–For what it’s worth, so far this week I have not receive any promotional e-mails from Siena, after usually averaging 2-3 per week for the past few months. Could this indicate the beginning of the end for the struggling hotel (or possibly a change in ownership)?

  5. Avatar Mark D says:

    The Siena e-mail promotion returned today–maybe the person in charge of distributing e-mails was on vacation earlier in the week?

  6. Avatar cheez o says:

    Took a look at Toll Brothers Back Nine Trail model. Okay, scaled down, but just didn’t
    work for me. If a buyer is going to spend close to 400K on a house in that area, then
    why not buy Russell pointe, or any of the other REO homes for under 400K? And, the casita/garage? what’s that about? Just driving over the hill to the Back Nine ought to
    tell you what is going on in the area.

    Somersett very disappointing. Haven’t been up there for several months and sad
    to see the town center looking like a ghost town. Sad, very sad.

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