A bunch of little items for the short week. It will be a little out of order, since I can’t figure out how to enter any text after the "Son of Creep" chart, so I had to move it to the closing position. And remember, if you have questions or comments about specific areas, the Forums are always open. We need to start using them more. I promise at least 2 scoops there next week.
NOD/NOS/ TD for June
NODs dropped to 552 from 554 in May. 2921 YTD. NOSs dropped to 337 from 374. 1709 YTD. TDs dropped to 216 from 233, though 27 more were recorded by noon today. 1076 YTD. NODs filed by HOAs are definitely on the rise, but the net number of properties receiving default notices appears to have peaked, at least for now.
Developer Sales
Here is how many new houses have actually closed so far this year per the Assessor’s office in a few of our higher profile developments. A few more sales may dribble in. If there are specific developments you want a health check on, just let me know.
– Grand Sierra Resort – 9.
– Village at Idlewild – 7.
– Belvedere – 36.
– Virginia Lake Crossing – 9.
– Sierra Canyon – 8.
– The Vue – 7.
– Sterling Ridge – 40.
– Cyan – 78.
Fruitman and the Moon Tour
The fruit stand at Mae Anne and Sharlands most afternoons is awesome! Pick up a couple baskets of cherries for $5 and do the Moonscape Tour.
The backdoor to Somersett opened Friday at the roundabout on the East Verdi off ramp. Great to have a second way out, just in time for fire season. So with cherries in hand, drive west through the ‘Sett until you hit the Sierra Canyon Rec Center. Turn right (west) for the full effect, and follow Del Webb Parkway to the new Somersett Parkway extension. Ever wondered what over 800 vacant lots looks like? To the moon, Alice! Seriously, it is a grim and scary sight (site).
Notes to Listing Agents
– It is July. You are not inspiring confidence in your commitment to you listings when the photographs are drifting snowbanks over your REOs driveway (especially those "new listings" of yours). Is it to much to ask for updated photos? And with a camera, not your cell phone?
– If you reduce the price of a listing, make a comment in the first line of your revised listing comments. Searchers only see the first line or so, so making a comment at the end of the comments is wasted. Noting the date of the reduction is also an interesting concept!
– Get your listing address correct. Lots of folks search by zip code – get that right, too. 89519 used to be part of 89509, and a lot of the residents have been resistant the change. But there is no excuse to be finding Somersett listings there.
– PSST – if you post on Craig’s List with Postlets, the date of the original posting shows up on the bottom of the listing. You can look a bit befuddled if your new, reduced listing is from May.
So finally,
Son of Creep
I could track 32 of the 337 June NOSs by zip code. The rest are duplicates, developers, and commercial properties. I’m not sure any real patterns are developing, but it’s interesting.
| Zip Code |
May 2007 NOS |
% of Total |
May 2008 NOS |
% of Total |
June 2008 NOS |
% of Total |
|
89431 |
10 |
8.7% |
24 |
6.7% |
26 |
7.9% |
|
89433 |
2 |
1.8% |
27 |
7.6% |
18 |
5.5% |
|
89434 |
13 |
11.3% |
18 |
5.0% |
22 |
6.7% |
|
89436 |
21 |
18.3% |
45 |
12.6% |
37 |
11.2% |
|
89439 |
1 |
1.8% |
0 |
0% |
1 |
.3% |
|
89441 |
0 |
0% |
3 |
.8% |
2 |
.6% |
|
89451/89402 |
5 |
4.3% |
7 |
2.0% |
5 |
1.5% |
|
89501 |
0 |
0% |
0 |
0% |
1 |
.3% |
|
89502 |
8 |
7.0% |
29 |
8.1% |
19 |
5.8% |
|
89503 |
3 |
2.6% |
14 |
3.9% |
17 |
5.2% |
|
89506/89508 |
21 |
18.3% |
85 |
23.7% |
87 |
26.4% |
|
89509/89519 |
5 |
4.3% |
23 |
6.4% |
19 |
5.8% |
|
89510 |
0 |
0% |
3 |
.8% |
0 |
0% |
|
89511 |
3 |
2.6% |
15 |
4.2% |
15 |
4.6% |
|
89512 |
8 |
7.0% |
21 |
5.9% |
15 |
4.6% |
|
89521 |
9 |
7.8% |
14 |
3.9% |
28 |
8.5% |
|
89523 |
5 |
4.3% |
29 |
8.1% |
18 |
5.5% |
|
89704 |
1 |
.9% |
1 |
.3% |
1 |
.3% |
|
|
115 |
100.3% |
358 |
100% |
329 |
100.7% |
a reader
darn it, my zip code has the 2nd highest NOS. make sense though – given so many here bought at or near the peak.
very useful data, thx.
cash buyer
relocating to reno, but must ask the big question: given the current economic state of this country including voodoo loans, oil prices, obama, will reno evolve into a modern day ghost town?
MKchick
cash buyer: Don’t let the doom and gloom get to you.
All the people (and growth rate) who were here before the bubble started will still be here.
If you like an area pretty much filled with young families, retirees, Lake Tahoe millionaires, and down to earth Nevadans in the rural areas, then you’ll like it here.
Mike: Can you do me a favor and look up the builder sales for the builders in SE Reno (89521) like R&B, Toll Brothers, B&D, KB, Lennar, etc. in comparison to Cyan’s sales? It would be interesting to see what the ratio is of REO sales to new construction sales.
Gina
Hi Mike! Can you get the sales at Ryder’s Mountaingate, with sales price and sq ft? I’m not asking for too much, am I? LOL.
Just came back from another visit, and I still love it there, even though we had to stay indoors to escape the smoke – phooey. Spoke to a new friend who used to work for Lennar and Reynen-Bardis who said that about 70% of their sales were to Californian expats.
Sully
Mike, you said the NOD seem to have peaked for now. I wonder if its because of the efficiency of the Recorders Office.
At (Ticor Chart) 450 per month, that would be about 3 per hour, assuming 100% efficiency of a single government employee doing just NOD’s.
Then add the NOS and TD etc., I think the office might be overwhelmed with recordings and they are just piled up til next month.
GreenNV
4 Closings at Ryder’s Mountaingate this year, Gina.
– 13405 Rose Meadow, $680,317, 3342 SF, $203/SF.
– 13396 Crest Valley, $895,778, 4359 SR, $205/SF.
– 13380 Damonte View, $785,832, 3949 SF, $204/SF.
– 13325 Arrowsprings, $665,394, 3135 SF, $212/SF.
Gina
Excellent – thank you very much GreenNV! We’ve never bought an unbuilt home and it spooks me, but I may jump into the fray yet.
a reader
cash buyer, i agree with MKchick. nevada is great for business. and there’s a constant stream of families moving to reno from california. so don’t worry about reno ever become a ghost town.
if you’re look to buy in somerset, have the reos *thoroughly* checked for earthquake damages. recently there was a 4.6 quake nearby…
P.S. cyan’s number reflected what i saw. lot of traffic from young families. agents often simply send their buyers there because cyan offer much better pricing over resales, and their floor plans are actually useful.
GreenNV
Not dissin’ you MKchick, but there is so much activity in the SE that without a specific development or address to start with, it gets hard.
But here is how you can find out. Log into the Assessor’s site at http://www.co.washoe.nv.us/assessor/. Click on “Sales Information” just below Joshua’s picture, then select 2008 YTD for the most excellent Excel spreadsheet. Scroll way to the right to “previous Owner”. You can just scroll down, or start around APN 140-xxx-xxx for the South Meadows area, up to about 164-. When you see clusters of developer sales, you have hit the grail. Watch out for huge sales with the same sales price – these are sale or transfer of land. You can scroll further right to Subdivision, but this doesn’t always tell you what you want to learn.
Let us know what you find out!
MKchick
GreenNV: How long does it typically take for the assessor’s website to update new construction after closing?
Phil
As for the forums….
I find the display of numbers to be troublesome and in need of some work.
GreenNV
Washoe Recorder’s office is run with military precision – probably the best run governmental department I have ever dealt with. Their mirror opposite is the Assessor’s office. MKchick, it generally takes up to 2 weeks for new or existing sales to post. But there is already one sale from 30 June posted but none from earlier in the week. Some take 3 weeks. Go figure! But probably 95% are up within 2 weeks.
Phil, there seems to be a weird glitch in the platform this blog uses that can’t read dollar signs in the Forums. The cool thing about the Forums is that we can post dicier information, maybe name names, and be a little less polite in our responses. Let’s see if we can revive them. The most expensive condo in the history of Reno just listed. Details in the Downtown Forum (in a few minutes!).
MKchick
Thanks GreenNV! I’ll try to cobble a chart together and share it if I am successful.
MKchick
Wow, the fun you can have with Excel while making desserts for a July 4th BBQ! Hopefully, this data is useful to someone besides me.
Let me know if any of this data seems incorrect; I filtered “Prior Owner” to all the South Meadows builders I could think of plus their name variations, then filtered “Date of Sale” to be greater than 1/1/2008. Pulled data 7/3/08.
SOUTH MEADOWS AKA STUCCO BOX NEW CONSTRUCTION
(Format is Builder / Advertised Name / Assessor Subdivision Name)
LENNAR RENO LLC – DERBY RUN – CURTI RANCH 2 UT 8
Total SFR Sales YTD – 17
Sale Price
AVG 340,650 MED 332,450
Bldg SF
AVG 2,284 MED 2,333
Price Per SqFt
AVG 150.91 MED 144.86
AVG BED/BATH/HALF BATH 4/2/1
BAILEY & DUTTON – DAMONTE RANCH VILLAGES 23A
Total SFR Sales YTD – 2
(All data here is AVG)
Sale Price – 229,975
Bldg SF – 1,213
Price Per SqFt – 191.57
AVG BED/BATH/HALF BATH 3/2/0
TOLL SOUTH RENO LLC – SADDLE RIDGE – DAMONTE RANCH VILLAGE 11B
Total SFR Sales YTD – 1
Sale Price – 635,000
Bldg SF – 4,127
Price Per SqFt – 153.86
AVG BED/BATH/HALF BATH 4/4/1
TOLL SOUTH RENO LLC – DORADO
Total SFR Sales YTD – 0
D R HORTON – ESPLANDE – ESPLANADE @ DAMONTE RCH 24A
Total TH Sales YTD – 19
Sale Price
AVG 217,120 MED 215,036
Bldg SF
AVG 1,676 MED 1,760
Price Per SqFt
AVG 131.09 MED 129.63
AVG BED/BATH/HALF BATH 3/2/1
CENTEX – CYAN – TH – BELLA VISTA VILLAGE B UT 1 TH Total Sales YTD – 17; CYAN Total SFR+TH YTD – 75
Sale Price
AVG 203,035 MED 204,644
Bldg SF
AVG 1,697 MED 1,719
Price Per SqFt
AVG 120.78 MED 119.23
AVG BED/BATH/HALF BATH 3/2/1
CENTEX – CYAN – SFR – BELLA VISTA VILLAGE A UT 1
SFR Total Sales YTD – 58; CYAN Total SFR+TH YTD – 75
Sale Price
AVG 298,656 MED 295,644
Bldg SF
AVG 2,387 MED 2,402
Price Per SqFt
AVG 128.11 MED 126.48
AVG BED/BATH/HALF BATH 4/3/0
KB HOME – RAVENNA – CARAMELLA RANCH
Total Sales YTD – 20; Total KB Home – 43
Sale Price
AVG 305,004 MED 296,263
Bldg SF
AVG 2,137 MED 2,041
Price Per SqFt
AVG 144.73 MED 145.87
AVG BED/BATH/HALF BATH 4/2/0
KB HOME – CALABRIA – G CURTI RANCH 1
Total Sales YTD – 23; Total KB Home – 43
Sale Price
AVG 311,868 MED 297,407
Bldg SF
AVG 2,273 MED 2,024
Price Per SqFt
AVG 139.50 MED 137.97
AVG BED/BATH/HALF BATH 4/2/0
GreenNV
Good Work, MKchick! It’s addictive, isn’t it?
I’m blown away by the sub $130 PSF prices. This means a hard construction cost of well under $100.
BanteringBear
“I’m blown away by the sub $130 PSF prices.”
Will you be blown away by a median under $200k as well?
“This means a hard construction cost of well under $100.”
Not necessarily. Builders will build and sell at a loss if they have to.