Breakfast at Tanamera

This week’s sales meeting took place at the "Resort at Tanamera." I used to think this was just an overly pretentious name chosen to make these former apartments sound like a great condo buy. But truly, this place is lush, and the prices aren’t that bad for what you get.

We sat out on the terrace, they fed us breakfast, and for a while I felt like I was on vacation in Hawaii (minus the palm trees, of course). Maybe it’s more like Portland, with sunshine. It seriously did not feel like Reno at all.

And BTW, everyone pretty much panned the David Morris market downturn estimate. (I guess his total worked out to 30% over three years?) Since no one can really predict the market, they didn’t feel it held much credibility. All I know is that I’ve been getting serious discounts for just about every buyer I’ve represented lately, and I see asking prices coming down on a regular basis. So 10% off since last summer? Yeah, that’s plausible. And another 10% in the coming year? Well, given all the builder inventory and resale inventory and the dearth of buyers clamoring to buy homes, well, I think that’s plausible too. But another 10% in the following year? Who really knows? Maybe yes, maybe no… it all depends on economic factors here and abroad.

But I digress. My broker went over weekly market activity, which varied only slightly from last week. In a nutshell, South Reno home closings ticked up 30%, fewer homes came on the market in all areas except Sparks, North Valley closings nearly doubled, and price changes (reductions) increased in South Reno and Sparks.

Then the Tanamera tour. Totally luxe common areas include a resort style pool with multiple waterfalls, a koi pond, a gorgeous garden picnic area, a residents lounge with full kitchen, a cigar room, a home theater, an onsite concierge, another formal living room, a game room coming and a business center with a marble paneled conference room and several offices for use by residents just as soon as the sales office is no longer needed.  And then there’s the health club… tons of weight machines, a pilates area, two racquetball courts and very deluxe changing facilities. All this for prices starting in the mid-twos.

The resident demographic is diverse… first time buyers, retirees, divorcees, young professionals, second home owners. Allegedly, everyone who lives here loves it. And get this. If you’re a qualified buyer working with a Realtor, they’ll serve you and your real estate professional a private, gourmet lunch on the terrace to try and reel you in. (So, if anyone wants to join me on the terrace for free lunch, please call. Think of all the money we’ll save! But you will need to bring a pre-qualification letter, okay?)

They have 440 units total with 42 in contract and 150 already closed. First time buyers can receive a $5000 incentive, teachers, nurses, fire fighters, policemen, military folks, and other public service professionals can get $8500 in incentives, and everyone who buys gets their HOA dues paid for two years ($225/month). Most units are owner-occupied, so there is room for investors. One bedrooms rent for $1150/month, two bedrooms for $1450-$1550, and three bedrooms rent for $1850 a month. When they ran these as apartments they claim their vacancy rate was a mere 1%. You can also run these as fully furnished corporate rentals (at almost double the rent, though higher maintenance and higher vacancy, they are potentially very lucrative due to the number of employers nearby… and that Residence Inn is almost always full) but the minimum stay is 60 days.

And best of all, if I sell two Tanamera condos, I get a 42" plasma TV. Cool, huh? I can’t tell you how badly I need another TV in my house. So, if you’re thinking of buying one of these. Call me. We’ll do lunch…  😉