Endings

>– Default Activity – Here are the December and year end figures: NODs soared almost 100%. Sort of. 28 NODs were recorded, up from 15 in November and 14 in October when AB 284 took effect. 4606 NODs were filed in Washoe County this year, down from 8504 in 2010 and 10,305 in 2009. They would have ended up about 6500 had they stayed on their pace prior to AB 284. NOSs ticked up to 401 in December from 382 in November, and down from 441 in October. NOSs totaled 5668 in 2011, down from 7213 in 2010 and 6480 in 2009, just about 2008 levels. TDs continued in a tight range, with 223 in December, 233 in November and 210 in October. 3558 TDs were recorded in 2011, trending upwards from 3399 in 2010, 3361 in 2009. The chart is HERE. If you are interested in the raw data set since 2007, click THERE.

AB 284 – It has now been 3 months since NODs virtually stopped due to the enactment of AB 284. Since it takes a minimum of 4 months to go from NOD to a Trustee’s Sale, we should start to see its impact on REO inventory by February. Is there enough shadow inventory out there to fill the void? Will short sale listings soar as the banks try to circumvent the foreclosure process?

– Rising Tides – Who bought Kiley Ranch? REreno knows!

– Lear Theater – Ownership was transferred to Artown today. Whoo Haw! Finally someone might be able to resuscitate this Reno treasure. Artown will move their administrative offices to an adjoining building, and convert the Lear into a community art center. A theater does not seem to be in the cards at this time.

-NRES – I’ve updated the spread sheet on their activity one last time HERE. The have now bought 450 properties since their Trustee’s Sale spree started in December 2008, and have even started to repeat themselves. They bought 1656 Spring Vista for $165,693 in December 2008, sold it for $243,900 in January 2009, and just bought it again for $155,100 in November 2011. Their gross margin seems to be slipping a bit and their activity slowing on both the buy and sell sides. I have to give them credit – they are making bank at places I thought were dead ends like Rancho San Rafael, Fleur de Lis, and Fallen Leaf. They seem to be spinning off some of their really low-end homes and condos into a rental branch PV1. They generally stick to low-end, entry-level homes, but swung for the fences on a couple of purchases in the last few months, 2279 Applewood,756 Joyce, and 2170 White’s Creek aka 14160 Torvinen. I think it is important to note that NRES and the other TD flippers represent over 10% of all monthly sales reported by the MLS and show up in Guy’s stats as “equity sales”. Owner occupied equity sales are really in the dumps.

And that’s the end. After close to 300 posts (if you count the ones that got expunged!), my time on RRB has drawn to a close. I take a lot of pride in the fact that NEVER ONCE have I had to retract an item over factual errors. I’ve broken a lot of stories here that scooped the local media on what was happening the market, and the Siena post was actually picked up nationally. I cherish the actual and virtual friendships that have come about from my writings here on RRB. You, as well as my equally cherished critics, have educated me to a level that I could have never imagined. I hope that my contributions over the last 4 years on RRB have been somewhat equitable to all you have taught and given me.

And to quote Monty Python, “I’m, not dead yet”. If you are interested in my voice and hard-core Reno real estate news, you can continue to follow my musings at www.rereno.com.

Mike

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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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5 Responses to Endings

  1. Avatar Grand Wazoo says:

    So sad to see you go Mike! Your fantastic ability to research “interesting” properties and the related buyer/seller/”defaulter” parties was a highlight of the blog over the past few years. You will be missed, this blog will not be the same, and I’ll drop by rereno.com from time to time to see what the latest local real estate info is.

    To Guy – thanks for hosting this after Diane left. Sorry to see you’re losing Mike, and thanks for the drink at the latest meet-up. I’d stick around, but I know the local real estate mantra all too well:

    – “They” are not making any more land in Reno

    – Now is a great time to buy!

    Adios all around – safe travels to all, and Happy New Year. Over and out …

  2. Avatar Steve Herschbach says:

    Wow, sorry to see you guys go. But really not much to say anymore is there? I could comment on how my Reno purchase two years ago has resulted in Zillow emailing me once a month to tell me how stupid that was, but in two years of shopping after the fact I still have not seen a place I would rather have spent my money on. My wife and I love our purchase, and our balance sheet can withstand the paper loss. I am looking forward to a fantastic 2012 and hope good things are in the cards for everyone here also.

  3. Avatar Skippy says:

    Mike,
    I’ve learned a tremendous amount from your contributions here. I am currently buying my first house here in Reno (Guy is my agent) and feel so much more confident because of the skills you have graciously shared with the RRB community. Thanks so much and I’ll regularly check on what you’re up to on rereno.com.

  4. Avatar confused says:

    Who is going to read this dribble now that Mike will not post?

    Guys recycled chearleading the market is getting better bullshit?

    This site will crash and burn. Huge mistake!!!

  5. Avatar Reno Ignoramus says:

    Well, Mike, all I can say is that the RRB is going to be much poorer for your departure. Your contributions were tremendous. There is nobody around who can mine the data like you can. You provided an insight that nobody else ever did. I will be by the REReno blog to check in every now and then.

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