Quickies

Update – Dr. Housing Bubble has a great article on the large number of investment sales in LV. A third of the buyers are from California, mimicking the Great Bubble. There is a comment string about Reno housing that is also worth reading (and worth a few chuckles!).

– HOA Fraud – Bloomberg Business Week has this very interesting and very long article about HOA Fraud in LV. Intimidation, backroom deals, attempted suicide and a good knee-capping – a must read. Are things like this happening in Reno? I know the folks at Somersett and Sierra Canyon are closely following the indictments from down south.

– Who Bought Kiley Ranch? – Still a mystery, since the buyer “Rising Tides” has still yet to file a list of officers with the Secretary of State. I would take bets that the initials NP will be involved in the end.

– Montage Loft – 304 just closed, a 1155 SF loft and probably the most desirable one located at the corner of 2nd and Sierra. $143,000 or $124 psf. The only other loft that has sold was 320 which went for $108 psf, but it was the model and heavily tricked out. One of our readers once had this unit in contract – any comments?

– Double Defaults – A lot of the first round of Trustee’s Sales and Short Sales are hitting round 2. Interesting case study about 9979 Moondust.

– King’s Inn – None of the local news outlets have picked up the story yet though the RGJ is sniffing around. You read it here first! It is surprising that the property commonly cited as Reno’s biggest eyesore is passing under the radar.

– Neon – The LV Neon Museum is getting a new addition – make sure to view the slide show. Where is Reno’s Neon Museum that was supposed to open up in the Montage this summer? Downtown Makeover on Facebook is on it.

– I miss 35mm film, specifically the containers it came in. The lids were the perfect thing to tape over a computer’s kill switch to keep sleeping dogs from crashing the system.

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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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16 Responses to Quickies

  1. Avatar Phil says:

    Maybe the reason that none of the local news outlets have picked up on the Kings Inn is because that place has been closed down and shuttered up for longer than all the local “news reporters” have been alive? None of them have any recollection of it ever being anything than an abandoned and decaying building “from the 70’s, which was like, before we were born, man.”

  2. Avatar lurker says:

    I would enjoy a nice loft on a desirable corner of the Montage. I would not enjoy the HOA fees every month. Those fees are, to me, the single biggest detractor to buying a place there.

    That said, it’d be easy to rent it out — but how would the cash flow settle? Wouldn’t want to pay out of pocket to have a tenant at the Montage……………

  3. Avatar Jay says:

    Thanks for the very informative link HOA Fraud in LV.

  4. Avatar John says:

    Lurked

    You can always drive by the montage and wish you had a place there?. Personally I love my 3 story unit…

    Cheers!

  5. Avatar lurker says:

    John,
    Your HOA fees would probably cover my rent. Nice.

  6. Avatar downtownjunkie says:

    That was definitely the coolest loft unit IMO.

  7. Avatar MikeZ says:

    The HOA fraud story out of Las Vegas was fascinating, thanks for the link.

  8. Avatar Cal says:

    I see that CommRow is shutting down for 3 weeks. Open up on October 1, operate for 90 days, and then close down for 3 weeks for “improvements”.
    Just further evidence of the stunning genius of Fernando Leal?

  9. Avatar Byron says:

    CommRow has been so thoroughly underwhelming that really nothing about its mismanagement is a surprise.

  10. Avatar lurker says:

    Cal,
    From a totally objective perspective, is it possible that CommRow opened at the early date to capture the busiest portion of the holiday tourist season?

    Could it also be that, as we enter into the slowest part of the tourist year, they are now closing down to retool?

    Look, I realize is a stretch to give Nando credit for having a strategy, and I know it seems the place hasn’t done gangbusters to date, but the timing of the opening, and the 3 week closure (if it’s only three weeks) actually makes sense, IMHO.

    Just a thought……..

  11. Avatar Cal says:

    Lurker,
    I suppose you can find talent where you want. So you are suggesting that this was all part of the plan? I am racking my brain to recall any other instance of a business that announced its grand opening and then closed down 3 months later to “retool”.
    Quite the unusual business plan.
    You are certainly entitled to your viewpoint. To me, it is further evidence of a badly mismanaged operation.

  12. Avatar Martin says:

    Hey, Cal. You don’t understand. This is all designed to get a “buzz” going about the CommRow. You know, create a big sense of wonderment about what the “new and improved” CommRow will be like. Remember, before the place opened, when it was such the big friggin’ secret about what CommRow was going to be? Remember when the Makeover Dude explained that it was all intended to get the big buzz going?Apparently that plan worked so well the first time they are giong to try it again. There are probably already some cool rumors being floated about the new carpet that will be installed over the concrete floor. Can’t you just feel the excitement building about what kind of carpet it will be?
    Cal, you just dont have the business genius that Fando has and thus you cannot grasp the superb sublimity of this closing down.

  13. Avatar Commie says:

    Interesting comment string about what really went down at Com Row. http://www.downtownmakeover.com/12-28-11-CommRow.asp

  14. Avatar Sully says:

    deja vu all over again? 🙂

    Posted by: OLDJOHNNY – 12/29/2011 11:08:58 AM
    Seems like a good spot for a casino, possibly with an Irish theme.

  15. Avatar Ralph says:

    What, exactly, is CommRow?
    Is it a climbing facility catering to the outdoorsy trim and fit crowd?
    Is it another bar catering to the downtown nightime alcohol scene?
    Is it a food court?
    A hotel?
    Until CommRow can figure out what the hell it is trying to be, it is going to struggle, and in all likehood, fail.

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