Two of the strangest little projects in the NW finally received NODs today.
Mayberry Villas is a Homercraft’s project at McCarran (busy street) and Mayberry (pretty busy). Half million dollar duets aimed at I’m not sure just whom. Rich lock-and-leave Californian retirees, I guess. Sketchy location, sketchy market, beautifully executed as are all Homercraft’s projects. I think 6 of the 24 units have been constructed, and the foundations for the rest have been poured. NODs for $2,700,000 and $3,500,000 were filed based on missed May payments. As much as I could never figure out how this project had a chance to succeed, I really can’t fathom what will become of it in foreclosure.
Upstream is literally Rancho San Rafael on the River – same developer, same basic unit design. It is located on Dickerson near Ox Bow Nature Area, one of the oddest little pocket of the City, if you ever took my Northwest Side Story road-trip tour, you would know what I’m talking about. I think 5 of the units sold original 10 units sold, so they plowed ahead with 8 more that are going splat in the noonday sun. Upstream was always a weird little project, but I like weird, and there are some pretty amazing improvements to the area in the Reno planning pipeline. None of the "prime" lots on the river have been developed yet, though they have been marketed for a couple years. $7,950,000 NOD from a missed February payment. I’m incredulous that they held on that long.
I actually applaud these tow projects for their risk taking. Both were really thinking out of the box, and would have been game-changers for their neighborhoods if they had succeeded. But sometimes the box is there for good reasons.
Derrick, I’ve got 489- (and 322- ) profiled. Very interesting decisions, and ones that might be worthy of a post – it would certainly generate comments! If you want to give permission and give me your input, email me. Contact link is with my head shot at the bottom of the page. Despite the crap you flick my way on occasion, I have always valued your voice and perspective here. Up for an autopsy, big fella?