I’ve got to hand it to Mitch Argon. His monthly reports are the best in the industry. His web site is the best and most searchable of anything out there.
It looks like Mitch has just upped the ante in his "Homes Sold" category. He now lists the status of the sold homes: REO, Short, or Organic, along with the listing price and the sales price. It is VERY interesting reading. Don’ miss it.
Concerned Montage Buyer
Off Topic: I’m sorry but I need help. I’m a concerned buyer at the Montage. I’ve heard recently that some buyers have hired lawyers to represent them. I haven’t been able to get a name of a lawyer yet. I too would like to hire an attorney, and very soon. I understand several buyers have found a clause in the contract that may allow them to get their earnest money back because the developer is handing the building over to Chorus bank on 12/15/08. I’m wondering if you know the names of some the lawyers representing other buyers, or if you can suggest a good lawyer.
Perry
I really like the info he posted. I don’t know if this will turn out but I briefly looked at the last transaction amount for some of the properties and found larger declines than we hear about in the news.
Area Sold Street Address Date Last Sold Amount Percent of Last Sale
Cold Springs $125,000 17350 Cold Springs Drive 28-Mar-05 $226,000.00 55.31%
Cold Springs $127,000 17889 Empire Court 23-Sep-08 $239,752.00 52.97%
Cold Springs $142,600 18031 Hazelnut Drive 28-Sep-04 $229,000.00 62.27%
Cold Springs $154,900 18211 Lake Hills Court 28-Jul-08 $220,500.00 70.25%
Cold Springs $165,000 17785 Fortune Court 7-May-04 $189,500.00 87.07%
Golden Valley $250,000 7800 Fire Opal Lane 2-Aug-06 $384,160.00 65.08%
Golden Valley $285,000 8108 Fire Opal Lane 31-Oct-06 $459,269.00 62.06%
Golden Valley $288,900 8175 Opal Station Drive 20-Apr-06 $487,456.00 59.27%
Hidden Valley $190,000 4860 Sinelio Drive 25-Jul-08 $369,530.00 51.42%
Lemmon Valley $171,000 7659 Corso 26-May-06 $250,000.00 68.40%
Northwest $174,900 2740 Gellert Drive 11-Jun-07 $256,000.00 68.32%
Northwest $196,000 3235 Sandra Drive 28-Sep-06 $346,000.00 56.65%
Northwest Suburban $185,000 1316 Valley Creek Rd 18-Jan-05 $260,000.00 71.15%
Northwest Suburban $410,000 2900 Sandestin Drive 31-Oct-05 $647,842.00 63.29%
Somersett $279,900 7850 Morgan Point Circle 21-Apr-05 $565,500.00 49.50%
Somersett $538,000 8565 Timaru Trail 18-Oct-06 $879,000.00 61.21%
South Meadows $309,000 10431 Silver Rush 15-Mar-06 $488,000.00 63.32%
South Meadows $363,000 2740 Beach River Drive 8-Sep-08 $405,002.00 89.63%
South Suburban $550,000 10196 VIA BIANCA 3-Nov-05 $660,427.00 83.28%
Southwest Suburban $375,000 705 Joy Lake Road 29-Jul-05 $565,000.00 66.37%
Stead $49,900 11643 Andes 29-Apr-05 $139,000.00 35.90%
Stead $65,000 13592 Mount Baldy 1-Jun-05 $186,900.00 34.78%
Stead $103,500 13305 Mt Whitney Street 16-Feb-06 $220,000.00 47.05%
Stead $122,500 14012 Exinite Court 6-Oct-06 $222,000.00 55.18%
Stead $125,000 8160 Big River 26-May-06 $259,900.00 48.10%
Stead $175,000 7312 Silver Dawn Drive 30-Nov-05 $274,524.00 63.75%
Stead $221,900 9205 Rising Moon Drive 15-Oct-03 $348,146.00 63.74%
Spanish Springs-S $200,000 3830 Dominus Drive 28-Dec-06 $285,777.00 69.98%
Spanish Springs-S $215,000 7960 TERUEL COURT 31-May-05 $280,000.00 76.79%
Spanish Springs-S $250,000 6398 Toronto Court 1-Oct-08 $314,840.00 79.41%
Spanish Springs-W $300,000 1250 Chara Ln. 31-Jul-06 $460,675.00 65.12%
Sparks $60,000 1692 London Circle 7-Mar-07 $170,688.00 35.15%
Sparks $155,000 630 THORNTON STREET 4-Aug-05 $268,900.00 57.64%
Sparks-East $174,900 753 Glen Martin Drive 19-May-06 $284,900.00 61.39%
Sparks-East $230,000 3390 WATERFIELD Drive 27-Aug-08 $289,195.00 79.53%
billddrummer
To Perry,
Excellent data, thanks. Points to the volume of transactions that took place in 2005-2006, and how much of a haircut those (prior) owners have taken since then.
My question is this: Is there more downside risk than upside potential even at the levels shown now? In other words, even with the sales taking place now, will values continue to fall?
GreenNV
Perry, why did I know you would dig this new format from Mitch!
I did a quick check on Reno homes sold for November. Of the 213 sold, only 57 were “organic” sales (27%). At least 10% of the organics were probably builder listings on the MLS. There is no resale market today. Sparks is probably worse.
Preview of my next post: 8489 Fairway Chase. “Status: New
Property was stripped to the sheet rock by the previous owner. No appliances, A/C, cabinets, flooring, light fixtures. Financing will be very difficult. Bank owned. Absolutely AS IS. Not a SHORT SALE.”