Get it while it’s hot: this nearly 1900 square foot home shows like new. Nice upgrades, single story, fully landscaped, very low maintenance. The price is down to $265,000 $255,000… not a short sale. These sellers are simply realistic about current market conditions. Go ahead, make an offer.
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Reno Ignoramus
7045 Jermann Ct. Sold on 12/29/05 for $341K.
Looks like another 25% haircut, more or less, from 2 years ago.
Slowly, but surely, the nonsense of the bubble is being wrung out of the market.
This listing is the perfect example of what I posted the other day. The only way the market declines is through sales. Exactly like this one.
Drip, drip, drip…….the market deteriorates.
BanteringBear
An eyesore of a house, IMO, but priced a lot better than others. Assuming this sells for the full $265k, what does that say for the value of deRRiCk the gambler’s Spanish Springs stucco sh!tbox? Methinks $225k max, and falling fast. B-b-b-but what about all of his upgrades? Sunk costs. Read it and weep.
smarten
BB asks “what does that say for the value of deRRiCk the gambler’s Spanish Springs stucco sh!tbox?”
I think I’ve got the answer [are you listening buddy?]; OUCH!
Hey Diane, is this a “deal of the day” or just a seller who’s decided to become realistic?
Shark
At $130/SF, this is well below replacement cost, and looks like a pretty good deal. 21 DOM so far.
This looks like an “investment” gone seriously wrong. No offense intended, but no one who puts $125,000 down on a house has furniture like this, so it looks like a rental property. The owner must have other assets so they can’t walk or go short, or they surely would have.
What truly blows me away is the HELOC in July 2007. BofA valued this place at about $500,00 at 100% LTV, or $620,000 at 80%. WTF?
Smart Money
2002 prices just around the corner 🙂
NVMojo
Damn.
BanteringBear
“At $130/SF, this is well below replacement cost, and looks like a pretty good deal. 21 DOM so far.”
Which brings us back to the fact that houses can, and do, sell well below replacement cost. Are you paying attention, deRRiCk?
BanteringBear
Diane-
While I might not agree with some of your pricing strategies, you do a great job with your listings as far as the pictures, and overall presentation, are concerned.
Reno Girl
Diane,
This listing looks great, although I still think the price needs to come down some – but this doesn’t look good for those that have bought in the last couple of years. Prices have been unrealistic for too long! I have a suggestion – when I click on the schools link I want to know exactly what schools the house is zoned for. I can’t really tell that with your link. When looking for my rental, I wanted to be zoned for a specific elementary school, so I used the Washoe County Schools zoning site which is straight forward and easy to use – plus prospective clients can find other school info they might need for enrolling, etc. Here’s the link: http://www.washoe.k12.nv.us/schools/zoning_search/index.php
Derrick
Wow, you guys sound like a bunch of jealous losers, listen to yourself. Btw my house is 2,400 sq.ft not 1,900 and easily has 75k more in upgrades than this home. thats besides the point..
hard to have anything nice in this world with people like you. Truly a bunch of have- nots!
EyesWideOpen
Derrick,
I think the misunderstanding here is that many of the posters on this site are lazy professionals who are into real estate as a business. They’re not going to say anything positive unless they’re skimming money out of the paychecks of hard working people. They’re bitter because right now they can’t make easy money off of us real workers. Just like our politicians, they are removed from the rigors of everyday life. They are useless landlords and middlemen (and women) waiting like spiders in a web for the right opportunity to pick the pocket of the working class.
EyesWideOpen
In other words, they sit at home all day writing posts on the internet hoping to drive prices even lower so they can buy up cheap properties and then rent them at a premium to hard-working Nevadans so they can continue sit at home on their fat lazy asses collecting a portion of poor folks paychecks.
Smart Money
Check out some of the losses from our neighhbors to the west http://flippersintrouble.blogspot.com/ Can Reno be far behind?
BanteringBear
Eyes Wide Open posted:
“…many of the posters on this site are lazy professionals who are into real estate as a business. They’re not going to say anything positive unless they’re skimming money out of the paychecks of hard working people. They’re bitter because right now they can’t make easy money off of us real workers. Just like our politicians, they are removed from the rigors of everyday life. They are useless landlords and middlemen (and women) waiting like spiders in a web for the right opportunity to pick the pocket of the working class…In other words, they sit at home all day writing posts on the internet hoping to drive prices even lower so they can buy up cheap properties and then rent them at a premium to hard-working Nevadans so they can continue sit at home on their fat lazy asses collecting a portion of poor folks paychecks.”
After reading this post, it’s quite obvious who’s bitter around here. This is nothing but an angry rant chalk full of baseless assertions. If I might ask, how many properties are you holding the bag on, Eyes?
I find it exceedingly entertaining that, when rattled, the real estate shills resort to the always pathetic, and wishful “look at what I’ve got, and you don’t”. See deRRiCk. The fundamental problem is, you fools don’t know one thing about any of us.
EyesWideOpen
>> If I might ask, how many properties are you holding the bag on, Eyes?
I have 2 homes. One in California and one in Nevada. I plan to keep them forever. They’re my homes. I didn’t buy them for investment; I bought them to live in.
How about you BickeringBear? You keep asking the question, but you never answer it. How many slums, er, I mean properties do you own?
EyesWideOpen
I’m also a productive member of society with a real 9-to-5 job. I actually produce something of value every day. How about you BB?
BanteringBear
EyesWideShut:
Your posts are so incredibly absurd, I won’t even waste my time with you. Good luck with those alligators.
EyesWideOpen
Obviously, I struck a nerve, LOL! Your defensiveness and lack of information is most telling BB.
absurd: inconsistent with reason or logic or common sense
In what way are my posts absurd? Alligators? What the hell are you talking about? Now that’s absurd. Oh wait, it must be a television reference? But I don’t watch television. In fact I rarely post on the internet. Most days that 9-to-5 job keeps me too busy for such silliness (today I’m on vacation).
So, hey BB, what’s your favorite donut?
Allen Murray
This blog is turning to crap. We have Derrick and Smarten arguing about who knows how to make more money, BB spelling Derrick’s name like a serial killer, Eyes Wide open talking out his ass and changing BB’s name to Bickering Bear, and BB claiming the his eyes are actually shut. Is Diane going to have to start babysitting?
BanteringBear
Time and again, whether it be on this blog, or other real estate blogs, I encounter unruly bloggers who spew anger, and even hatred, towards those of us welcoming a severe correction in the real estate market. Were I a betting man, I would lay it all on the premise that a vast majority of these “haters” are sitting on at least one, if not multiple (EyesWideShut), properties, and are driven to fits by the fact that their prized “equity” is simply evaporating into thin air, or they are individuals dependent upon ever increasing housing prices in order to make a living. This leads me to the conclusion that the misplaced anger and kill the messenger mentality is a symptom and result of their own selfish greed.
Let’s consider that, as things sit right now, there are conservative estimates that well more than 2 million homes will go into foreclosure in the next year. Why so many? Why is this happening? The short answer is that borrowers quite simply could never afford their homes in the first place.
The high housing prices ARE the problem. In order to correct this, the country needs prices to fall, and dramatically. The quicker, the better. The new, much lower prices will be the kind that allow people the ability to purchase food, clothing, transportation, energy, etc. in addition to shelter. Further, the left over funds each month will also allow individuals to patronize businesses, promoting a healthy overall economy.
Regardless of the short term implications of these steadily declining real estate prices, the long term health of this country depends upon it. In the long run, exorbitant prices benefit nobody, not even the filthy rich. Everybody loses in this bubble.
This comes from a homeowner who stands to lose equity, possibly a significant amount, due to these deteriorating values. However, I am able to clearly see that my financial sacrifice is well worth it.
EyesWideShut
Bantering Bear, I challenge you to show me anger or hate in any of my posts. I’ve had a wonderful day working in my backyard and poking bears on my breaks. It was a little cold, but beautiful here in Sacramento.
My original post wasn’t specifically directed toward you BB, but you took the bait, and you are one of the more negative folks on this board.
It’s funny, because I agree completely with your estimation of the real estate market. There’s a lot more pain coming down the pike, especially if the gov’t fiddles with the terms of these liar loans. Extending the problem will only make it worse, far worse.
For the record, I bought my California McMansion in 1998 and my beautiful condo with the killer view at the Village at Idlewild Park in February of this year.
My children and grandchildren live in Reno, which is why I spend my weekends there. I purchased a condo this year because I needed a place to live. I don’t profit from, or work in real estate. No way, I wouldn’t be able to sleep at night.
I wish you well BB! I wish everyone well. Now I’m going to play some pool with my lovely wife and pack for tomorrow’s drive over the mountain.
BanteringBear
EyesWideShut posted:
“Bantering Bear, I challenge you to show me anger or hate in any of my posts.”
The proof is in the pudding. Go back and read your original post. It sure reads like an angry rant to me.
“My original post wasn’t specifically directed toward you BB, but you took the bait, and you are one of the more negative folks on this board.”
I didn’t take it personally. I was simply responding to what I still consider to be a totally baseless, untrue, and absolutely outrageous post. I wouldn’t deny that there are vultures waiting in the wings, ready to pounce on cheap real estate, but I don’t think they are anywhere near this blog.
And personally, I’m fine with being considered negative when it comes to real estate, because I am. What is supposed to be shelter, became a commodity, leading to the greatest rip-off of the American people in the history of this once great country.
I’m hoping that we can turn this mess around, and get back to doing what’s right for the average citizen, and not what’s in the best interests of the deep pocketed corporations, Wall St. bankers, and corrupt politicians.
Enjoy your pool game.
RGJ
Allen,
This blog has been worthless for some time now….Only the same old crap from the likes of smarten, BB, Lindy and a few other regulars that are so consumed by this subject that they could not possibly hold a job or otherwise positively contribute to society because they spend 10 hours a day doing exhaustive research on the latest short sell and post to the blog about the dooms day housing market.
Diane and Guy often post some items of interest in the main blog, but anything posted in the blog comments are generally mindless.
I often read the main blog but infrequently check the comments to see if there is anything of value…… valueless so far!
Josh
Well if we’re talking about the value of the comments here, I find them priceless. The quality of information here and depth of discussion of our local market is unparalleled. Sometimes it might get heated or a little personal, but that is to be expected as people start to realize they just lost their first $100K in equity. I’ve never posted here before, but I read it daily because of the comments (especially from the regulars). Keep up the good work.
Tom
There is another factor to the `correction’ taking place on home prices, in addition to the over-extension of credit to unqualified buyers through stated income loans and otherwise.
This factor has not been mentioned much and certainly hasn’t been addressed seriously by our current political candidates in their series of debates. It is the destruction of the middle class in this country, and its replacement by an enlarged lower strata and a smaller layer of high earners at the top end.
We cannot raise the standard of living of the world on the backs of American workers, and we should not be constantly exporting thousands of middle level and lower end jobs to Asia and Latin America. This country needs to start making things again. Legal employment for local retail staffing and America-sited manufacturing needs to be encouraged rather than replaced. If this isn’t corrected, in twenty years we will all be trying to sell each other financial products and professional services. Who do you think will be left who have the types of jobs and incomes to buy middle-priced houses? Lower level hourly wage-earners cannot do so, and high end professionals and sports and entertainment celebrities won’t want to do so. There is no middle left and this is getting worse — we are on course to have a nation of small tract homes that look like the original Lakewood Park of Los Angeles County on the one end, and gated communities of upscale houses and pricey condos on the other. Houses in the middle will become harder to sell, and this is on top of the credit correction currently.
If I sound like Patrick Buchanan or Lou Dobbs, I will blame it on too much coffee too early. But seriously, this is a problem soon (if not already) to be affecting the mid-level housing market in my judgment, along with the credit crisis.
Mike Van H
I really think Diane needs to start moderating comments again. Compared to other quality real estate blogs, even the ones Diane and Reno Ignoramous frequently link to, maybe one out of 20 or 30 comments on this blog is helpful and noteworthy. The rest are just banters back and forth about how has a bigger portfolio or who has more money or who is in worse shape because of the bubble. It used to be once in a long while something like this would start…but now it’s nearly every post of Diane’s, regardless of the topic of the post. People see there are 30+ comments for each of her posts and think ‘oh wow people are having an intelligent conversation about this post.’ Then they click on the comments link and 80% of the time are fed worthless dribble. And before you deny it or come back with some witty comment about how so-an-so posts more useless comments than so-and so, I suggest all of you look through Diane’s previous five posts and see the grade-school-level mentality you have brought this blog to. Shame on you. Do you know how much hard work she puts into this blog? Unless you are tech savvy, you probably have no clue how hard it is to do on top of a full time job. I do. You guys are basically painting graffitti over her work in progress every time you do this. I’m not naming any names, you know who you are. Like it or not, people judge a blog not only by the posts on the blog, but also by the interaction going on with that blog, which means us. How do I know this? Because I’ve been a web designer and usability expert for 8 years and it’s my job to obsess over how people interact with web sites…so please, for Diane’s and Guy’s sake, this blog’s reputation’s sake, and the sake of my insanity, STOP THE PERSONAL ATTACKS. Diane, I hope you strongly consider moderating comments, or at least step and start deleting any comments with personal attacks to another poster. It’s not the ‘evil of all evils’ its made out to be, and I moderate comments, and RARELY if ever have to delete one because it’s out of line. I think when one moderate comments, you achieve a higher level of quality with participation, because when someone knows you’ll be reviewing and judging every comment, they’re a bit more reserved about posting some useless dribble.
BanteringBear
For crying out loud, get off your soap box Mike Van H. If anything, it’s insulting for you to try and instruct Diane on how to run her blog. Quit overstepping your boundaries, and stick to your own business. This is a blog where people are enjoying their right to FREE SPEECH. The communist blog is elsewhere.
EyesWideOpen:
I may owe you an apology. After re-reading your original post, it appears as if you were maybe not describing your own beliefs about the posters here, but rather how others might perceive them. If this is true, I’m very sorry for the misunderstanding.
Mike Van H
You proved my point Bantering Bear exactly…you came right back with an attack against me. I didn’t tell Diane how to run her blog, once again you only read what you want out of comments, when I start off something with ‘I think’ obviously that’s my opinion. Get off YOUR soap box. Figures you would respond so defensively…I wasn’t even referring to you though. Obviously if there are people on here (not just me) complaining about the quality of her comments section lately, it’s not overstepping my boundaries to suggest a way to fix it.
Mike Van H
Oh and Bantering Bear, your lack of knowledge about blogs is painfully obvious….more blogs than not moderate their comments, and for you to suggest that’s communist shows your true intelligence. Cheers!
Mike Van H
Sorry Bantering Bear, I meant ot say your true intelligence towards the itnernet and blogging in general. I’m sure you’re smart guy in life. Bantering Bear you REALLY think the quivering between Derrick and Move to Reno and Allen etc doesn’t bring own the quality of this blog? Go back to about March 2007 and earlier on Diane’s archives, you’ll see the comments on here were rarely inflammatory, there were no ego struggles or personal attacks, and the blog was much more interesting to read back then.
Move to Reno?
Probably the $130 sf price is close to replacement value, not under it.
Revi S
I just wrote Mrs. Cohn and told her I wouldn’t be reading this site anymore, just the rss thing. The people who said before are right, this quality of blog has fallen quite a bit because no matter what she posts, it’s always about income and stocks and personal wars.
BanteringBear
You’re a fine study in hypocrisy, Mike Van H. The very thing you protest, you perpetuate. To be honest, I don’t give a rats ass what you think about me, or my posts. And for someone who professes to be such an astute blogger, the stunning number of posts on your site, or lack thereof, speaks volumes.
BanteringBear
“Probably the $130 sf price is close to replacement value, not under it.”
You could be right, MTR. I didn’t even attempt to calculate the replacement cost. I only wanted to bring to light the fact that, moving forward, many houses will sell for less than replacement cost. Detroit is a fine example of such a market.
MikeZ
RE: “I would lay it all on the premise that a vast majority of these “haters” are sitting on at least one, if not multiple (EyesWideShut), properties, and are driven to fits by the fact that their prized “equity” is simply evaporating into thin air”
That’s a sure bet.
One giveaway is when they start thinking that the real reason for falling prices is what people are writing on blogs.
There’s an inability to understand the fundamental market issues driving prices down, instead lashing out at othesr who are merely reporting the way it is – the media, or bloggers.
Note that her CA home is in Sacramento. That’s Ground Zero for the Cali crash. Good thing she’s never ever going to sell.
LOL.
Mike Van H
Obviously Bantering Bear you didnt click on my archive posts. I post an average of 3 to 4 posts a week, however I only keep the last 4 or 5 on my home page, mainly because I POST SO MUCH. The funny part of all this is you are attacking me when I didn’t even mention your name in my intiial post, nor was I even referring to you. But you piped right in Mr. Defensive thinking it was all about you. Give me break. Grow up. And yeah, I am perpetuating it now, because I’m sick of it. You’re a mean person, dude. So much anger and negativity.
Mike Van H
Let’s just call it truce aye? I’m not sure why you jumped all over me anyway I never even referenced you until you provoked me. Anyway, peace 🙂 Happy holidays.
Diane Cohn
Everyone, please stop the mudslinging and personal attacks immediately. It really degrades the quality of conversation on this blog and sometimes turns away loyal readers.
This blog is the lifeblood of my business. I really can’t afford to be offending regular readers, especially in this market.
I respectfully ask you, my contributors, to please be civil so that I don’t have to turn on moderation which will delay your comments for hours, sometimes even days, while I’m out on the street with clients…
Also, please stay on the topic of real estate.
Thank you kindly and happy holidays,
Diane
PS: My cheap little Wingfield house is now down to $255,000. It’s the best buy out there.
BanteringBear
“PS: My cheap little Wingfield house is now down to $255,000. It’s the best buy out there.”
I admire sellers who get aggressive with their pricing. These are forward thinkers who understand the current marketplace. They realize that while $255k might seem paltry when compared to the sold prices of yesteryear, it will compare quite favorably to those in the years to come.
smarten
Don’t know how this home compares, but there are a couple of 4BD Wingfield Springs homes advertised for rent on craigslist for about $1,400/month.
At 10% down at a 6.5% [non-owner occupied] mortgage, monthly negative cash flow should be in the $175/month or so range – not too bad considering the home should be able to generate about $5,700/year in depreciation write-offs.
Or stated differently, the cost to rent versus own disparity is almost zero [which is a good thing].
This to me represents a[n isolated] change which signals we’re close to a turnaround because if Wingfield Springs is our cup of tea, we renters should now consider becoming owners.
Diane – let me know when I can accomplish the same feat in Montreux or St. James Village.
smarten
MikeZ states “Sacramento[‘s]…Ground Zero for the Cali crash.”
Just for clarification, I don’t think that’s accurate Mike. My understand is California’s Central [i.e., San Joaquin] Valley is ground zero – Manteca, Stockton, etc.
There are over 4,000 vacant new homes for sale and developers have resorted to renting them for even less than Reno depressed SFR rents [like $1,200/month for a new 4 BD/2-1/2 BA, 2,500 square foot home with attached two car garage].
MikeZ
RE: “My cheap little Wingfield house”
Diane, have you checked out the Zillow pictures you uploaded? The first one (which is also the last one), is just horrible.
Replace it!
Kevin
yeah, the first zillow pic looks like it was mistakenly uploaded from a thumbnail folder. :-\
Diane Cohn
Mike, thanks for catching it, that picture is a total embarrassment… it was a temp picture that we meant to replace. We’ll take care of it.
$255,000 was the right price for this little house as we’ve just received an offer.
Aunt bea
interesting that assessor tax value was 277,460. so – how do we bring about a tax revolt? b
Priscila
Hey everybody, Happy April Fool’s Day!
An aged farmer and his wife were leaning against the edge of their pig-pen when the old woman wistfully recalled that the next week would mark their golden wedding anniversary.
“Let’s have a party, Homer,” she suggested. “Let’s kill a pig.”
The farmer scratched his grizzled head. “Gee, Ethel,” he finally answered, “I don’t see why the pig should take the blame for something that happened fifty years ago.”
Happy April Fool’s Day!
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