For all you Somersett residents one of the first businesses to set up shop at Somersett Town Center has opened its doors today. The Roundabout Market describes itself as "Everyday Gourmet" and features the "finest seafood, meats and imported cheeses available". They also carry milk, eggs, fresh produce and a variety of gourmet items. But I think the big draw will be the fully prepared entree items (from the rotisserie: whole roasted chickens, beef back ribs, tri-tip, and baby back ribs) and high-end sides, soups and salads. Pick up dinner for the family on your way home or bring the family down to enjoy dinner at their indoor or outdoor tables. There is a kids menu as well as wine and beer. Check out their complete menu here.
I picked up their grand opening flyer this morning and noticed they will be featuring daily samplings for the next two weeks. Today’s sample is "Deli delights with assorted sandwich samplings" and tomorrow is "Tiramisu Tuesday". And if you find yourself at the Somersett pool this coming Saturday, be sure to stop by the Roundabout Market for free Gelato for the kids.
With wine tastings on Friday evenings, cold beer on tap and outdoor seating this market offers much more than a place to pick up a gallon of milk.
Will this help home sales in Somersett? Why not?
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In other news, did you happen to catch the article on the front page of the RGJs Sunday Homes section? The article features Diane and her use of technology in her real estate practice. And, of course, this blog is mentioned a few times. I’ll be watching our web stats this week to see if we get some new readers. And to all the new visitors, Welcome to the Reno Realty Blog where we post on all things related to the Reno Sparks real estate market. [Ed. Note: That last sentence was my attempt to insert applicable keywords into the post to boost our search rankings. 😉 ]
BanteringBear
While Somersett has been a lightning rod for criticism on this blog, and for good reason, I actually like it. No, I won’t be buying a home there, but I do appreciate the time and money the developers spent for the concept, design, infrastructure, etc. It is decidedly more tasteful than numerous other developmental abortions which I will refrain from attacking this post.
But the problem with Somersett, as we all know, is the pricing. Guy asks if the opening of the new market will help with sales of homes in Somersett. The answer is no. One store, or even a handful, is not going to spur demand. Lower prices will. And much lower at that. When Pulte recently began selling upgraded cluster homes, and townhomes at $122 per square foot, they were merely adapting to the new market environment. They read the writing on the wall. It said that people cannot afford the current prices, and if builders don’t do something about that, they will die on the vine.
I look for more builders in Somersett to adopt Pultes strategy. This will certainly be at the expense of every individual who has purchased a home in Somersett to this date. I anticipate short sales and foreclosures will continue to escalate for a time. But it’s good for the long term. It will put people in homes they can actually pay for. This leads to more stability in prices, and the overall good health of the neighborhood in general. It’s a slow process, but Somersett will get there.
Lindie
I agree with BanteringBear. Every day there are 3-5 price reductions in Somersett. The amount of inventory at the Village in Somersett is begining to rival the amount of inventory at WalMart. It used to be that Sierra Canyon in Somersett was the biggest train wreck there, but maybe the Village is taking over.
It is going to take a whole lot more to stop the deteriorating values in Somersett than some roasted chickens.
YinReno
As a Somersett resident, I will have to check it out! Been waiting for that project to complete. Ya, there sure are several naysayers re: Somersett. It is honestly a little depressing to see price declines where you live, but that’s life and a correction was due. Somersett is certainly not alone in that regard. It will turn around. Frankly, I do think it’s one of the best developments in Reno. The scary thing is those builders. There’s so much inventory to sell through that it will be awhile before we will see some price increases. Good thing I’m here for the long haul. Let’s hope we see some great stores open in the Market and even a cool grill or restaurant–Please! I hope the rents there are reasonable so we won’t see churn. It would not be good for Somersett (or the poor shop owners) to see new businesses go belly up after 6-12 months.
dj
I agree with Guy that “Yes, it can only help.” I do see the point that the properties have to be affordable and the Pulte has shown the way. Other builders are bound to follow and this will certainly spell trouble for private investors and flippers, but even with that inventory on the sidelines prices will correct.
Somersett is a very nice development and I do live here. It beats anything else that I have seen in Reno and surroundings. The major problem is that it is very large and part of the top of a declining market. That is never easy or fun and some people will try to hold on to not take a loss. Builders have a much different outlook. Most would rather take a cut in price (even a loss) to move inventory. That is the way that it should be.
With stable interest rates and people still interested in moving to Reno, even 5,000 houses can be sold at the right prices. It is a lot of inventory so it will take some out-of-state buyers to get there. If we look at the population growth in Reno, it would probably take another year before the market finds its balance.