I received a request from a reader to provide the latest sales numbers for condos in the Reno – Sparks market. Happy to oblige.
January’s condo sales were lighter than in recent months, and as we saw with the SFR numbers for January, price per square foot hit a new low. At $51.70/square foot, January’s ppsf is 75 percent off of the high of $209.42 reached in May 2007. Similarly, January’s median sold condo price of $56,500 is off 77 percent from the high of $244,900 reached in January 2007. Yes, that is a 77 percent drop in three years!
One of the driving factors for this decline is the high percentage of distressed properties comprising the condo market — higher even than the proportion seen in the SFR market. Looking at the most recent sales, the breakout is:
- bank-owned: 61%
- short sales: 22%
- non-distressed sales: 16%
Month Year | # Sold | Sold Price | Sold Price per SqFt | Average DOM |
Jan 2010 | 54 | $56,500 | $51.70 | 133 |
Dec 2009 | 61 | $50,000 | $53.98 | 117 |
Nov 2009 | 64 | $78,450 | $75.19 | 133 |
Oct 2009 | 62 | $64,200 | $67.47 | 107 |
Sep 2009 | 63 | $72,000 | $69.31 | 157 |
Aug 2009 | 73 | $70,000 | $74.42 | 161 |
Jul 2009 | 58 | $69,750 | $74.42 | 181 |
Jun 2009 | 70 | $85,000 | $89.11 | 120 |
May 2009 | 63 | $62,000 | $84.06 | 122 |
Apr 2009 | 61 | $110,250 | $98.28 | 141 |
Mar 2009 | 45 | $120,000 | $98.22 | 115 |
Feb 2009 | 24 | $78,450 | $81.76 | 138 |
Jan 2009 | 30 | $99,000 | $87.93 | 140 |
Dec 2008 | 32 | $98,450 | $100.68 | 128 |
Nov 2008 | 28 | $91,000 | $91.02 | 162 |
Oct 2008 | 48 | $113,000 | $117.93 | 149 |
Sep 2008 | 28 | $144,750 | $128.40 | 173 |
Aug 2008 | 44 | $132,500 | $131.80 | 215 |
Jul 2008 | 37 | $160,500 | $134.35 | 167 |
Jun 2008 | 35 | $170,000 | $143.93 | 248 |
May 2008 | 34 | $145,000 | $138.39 | 162 |
Apr 2008 | 32 | $149,500 | $150.13 | 205 |
Mar 2008 | 18 | $117,450 | $128.34 | 149 |
Feb 2008 | 31 | $179,000 | $149.92 | 156 |
Jan 2008 | 33 | $210,000 | $177.45 | 147 |
Dec 2007 | 27 | $170,000 | $148.72 | 172 |
Nov 2007 | 36 | $160,725 | $154.62 | 177 |
Oct 2007 | 33 | $185,000 | $164.14 | 172 |
Sep 2007 | 48 | $174,000 | $159.85 | 127 |
Aug 2007 | 48 | $188,975 | $170.99 | 109 |
Jul 2007 | 60 | $189,500 | $171.69 | 118 |
Jun 2007 | 51 | $195,000 | $172.81 | 99 |
May 2007 | 76 | $222,500 | $209.42 | 225 |
Apr 2007 | 79 | $251,950 | $206.77 | 202 |
Mar 2007 | 65 | $224,000 | $203.58 | 177 |
Feb 2007 | 65 | $208,000 | $198.17 | 180 |
Jan 2007 | 89 | $244,900 | $241.34 | 159 |
Dec 2006 | 70 | $215,013 | $221.94 | 148 |
Nov 2006 | 55 | $170,000 | $187.29 | 134 |
Oct 2006 | 67 | $195,000 | $180.34 | 116 |
Sep 2006 | 66 | $206,000 | $181.23 | 102 |
Aug 2006 | 60 | $168,550 | $183.21 | 90 |
Jul 2006 | 60 | $164,750 | $176.30 | 82 |
Jun 2006 | 64 | $184,000 | $191.33 | 85 |
May 2006 | 72 | $190,000 | $189.99 | 105 |
Apr 2006 | 65 | $194,000 | $189.17 | 96 |
Mar 2006 | 69 | $178,000 | $177.08 | 79 |
Feb 2006 | 55 | $185,000 | $190.42 | 106 |
Jan 2006 | 61 | $208,000 | $195.24 | 112 |
Dec 2005 | 68 | $220,000 | $200.91 | 110 |
Nov 2005 | 80 | $205,000 | $198.22 | 66 |
Oct 2005 | 91 | $172,000 | $184.88 | 65 |
Sep 2005 | 100 | $204,500 | $193.32 | 64 |
Aug 2005 | 125 | $199,900 | $192.05 | 59 |
Jul 2005 | 81 | $190,000 | $179.50 | 56 |
Jun 2005 | 118 | $181,875 | $185.49 | 57 |
May 2005 | 93 | $185,000 | $181.62 | 57 |
Apr 2005 | 108 | $181,200 | $156.34 | 78 |
Mar 2005 | 107 | $159,900 | $158.65 | 64 |
Feb 2005 | 76 | $172,118 | $153.53 | 86 |
Jan 2005 | 57 | $165,000 | $155.91 | 78 |
Dec 2004 | 75 | $159,000 | $141.94 | 76 |
Nov 2004 | 77 | $141,000 | $144.23 | 41 |
Oct 2004 | 96 | $149,593 | $140.82 | 43 |
Sep 2004 | 85 | $146,000 | $139.86 | 44 |
Aug 2004 | 93 | $140,500 | $133.51 | 54 |
Jul 2004 | 78 | $139,950 | $129.77 | 38 |
Jun 2004 | 78 | $110,100 | $120.45 | 49 |
May 2004 | 96 | $124,950 | $126.61 | 57 |
Apr 2004 | 85 | $118,000 | $115.49 | 54 |
Mar 2004 | 78 | $115,000 | $112.50 | 69 |
Feb 2004 | 69 | $115,000 | $113.80 | 65 |
Jan 2004 | 46 | $117,600 | unavailable | 68 |
Dec 2003 | 52 | $115,000 | unavailable | 80 |
Nov 2003 | 53 | $117,500 | unavailable | 80 |
Oct 2003 | 48 | $112,250 | unavailable | 81 |
Sep 2003 | 86 | $109,450 | unavailable | 62 |
Aug 2003 | 69 | $89,900 | unavailable | 79 |
Jul 2003 | 59 | $104,000 | unavailable | 70 |
Jun 2003 | 56 | $106,000 | unavailable | 61 |
May 2003 | 62 | $97,000 | unavailable | 60 |
Apr 2003 | 59 | $92,000 | unavailable | 98 |
Mar 2003 | 55 | $96,500 | unavailable | 80 |
Feb 2003 | 45 | $94,000 | unavailable | 70 |
Jan 2003 | 43 | $82,000 | unavailable | 79 |
Dec 2002 | 42 | $96,140 | unavailable | 63 |
Nov 2002 | 49 | $90,000 | unavailable | 88 |
Oct 2002 | 59 | $89,500 | unavailable | 65 |
Sep 2002 | 56 | $91,800 | unavailable | 65 |
Aug 2002 | 60 | $91,500 | unavailable | 67 |
Jul 2002 | 61 | $96,000 | unavailable | 85 |
Jun 2002 | 53 | $87,500 | unavailable | 70 |
May 2002 | 49 | $87,000 | unavailable | 65 |
Apr 2002 | 42 | $85,700 | unavailable | 65 |
Mar 2002 | 60 | $84,750 | unavailable | 86 |
Feb 2002 | 35 | $81,950 | unavailable | 72 |
Jan 2002 | 34 | $76,500 | unavailable | 73 |
Dec 2001 | 43 | $88,000 | unavailable | 100 |
Nov 2001 | 36 | $85,750 | unavailable | 77 |
Oct 2001 | 44 | $80,500 | unavailable | 87 |
Sep 2001 | 45 | $88,000 | unavailable | 72 |
Aug 2001 | 63 | $92,000 | unavailable | 63 |
Jul 2001 | 54 | $94,500 | unavailable | 105 |
Jun 2001 | 56 | $80,250 | unavailable | 75 |
May 2001 | 51 | $78,000 | unavailable | 93 |
Apr 2001 | 54 | $78,750 | unavailable | 101 |
Mar 2001 | 47 | $78,200 | unavailable | 80 |
Feb 2001 | 39 | $84,900 | unavailable | 108 |
Jan 2001 | 40 | $95,350 | unavailable | 111 |
Dec 2000 | 37 | $65,000 | unavailable | 107 |
Nov 2000 | 41 | $67,700 | unavailable | 96 |
Oct 2000 | 42 | $86,750 | unavailable | 83 |
Sep 2000 | 41 | $85,000 | unavailable | 108 |
Aug 2000 | 51 | $85,900 | unavailable | 84 |
Jul 2000 | 47 | $84,000 | unavailable | 121 |
Jun 2000 | 54 | $79,500 | unavailable | 83 |
May 2000 | 46 | $78,250 | unavailable | 109 |
Apr 2000 | 44 | $72,500 | unavailable | 100 |
Mar 2000 | 46 | $66,000 | unavailable | 122 |
Feb 2000 | 49 | $82,000 | unavailable | 96 |
Jan 2000 | 23 | $72,000 | unavailable | 96 |
Dec 1999 | 38 | $83,750 | unavailable | 86 |
Nov 1999 | 41 | $60,000 | unavailable | 102 |
Oct 1999 | 53 | $78,500 | unavailable | 103 |
Sep 1999 | 49 | $81,500 | unavailable | 125 |
Aug 1999 | 49 | $79,900 | unavailable | 117 |
Jul 1999 | 44 | $85,200 | unavailable | 103 |
Jun 1999 | 42 | $85,450 | unavailable | 92 |
May 1999 | 45 | $82,500 | unavailable | 105 |
Apr 1999 | 39 | $90,000 | unavailable | 113 |
Mar 1999 | 40 | $63,250 | unavailable | 116 |
Feb 1999 | 36 | $82,000 | unavailable | 97 |
Jan 1999 | 31 | $84,000 | unavailable | 103 |
Dec 1998 | 34 | $81,250 | unavailable | 104 |
Nov 1998 | 34 | $79,500 | unavailable | 87 |
Oct 1998 | 44 | $79,000 | unavailable | 96 |
Sep 1998 | 34 | $71,750 | unavailable | 91 |
Aug 1998 | 39 | $76,900 | unavailable | 100 |
Jul 1998 | 51 | $76,500 | unavailable | 80 |
Jun 1998 | 62 | $79,000 | unavailable | 90 |
May 1998 | 43 | $77,500 | unavailable | 87 |
Apr 1998 | 39 | $79,500 | unavailable | 107 |
Mar 1998 | 52 | $73,750 | unavailable | 106 |
Feb 1998 | 40 | $76,750 | unavailable | 107 |
Jan 1998 | 32 | $84,450 | unavailable | 118 |
Note: The median home price data reported above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Data includes Condo/Townhouse properties only. Data excludes Site/Stickbuilt, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – February 2010
Riley
Holy Sh!t. A 77% drop in the median from the bubble high. How does that stack up with other bubble cities, does anybody know?
Maybe Las Vegas is even worse? There cannot be very many cities in America where condo prices have dropped 77%.
Calop
So much for the baloney theory that prices can’t drop below replacement costs.
ALPS
The median price for condos, circa $50K, is back to where it was in the 1980s.
GrandWazoo
It will be interesting to see what the new unsold Montage joints finally sell for, if any more of them actually sell in my lifetime.
lurker
Can someone please explain to me how you could possibly lose by buying a $50k condo and immediately renting it out for $500-$600/month?
Perusing Craigslist, it seems you could easily command that kind of rent for a 2br/2bath.
Just wondering why this isn’t happening….
RED
Lurker, Property taxes and HOA’s can eat that little $500 up quick. When renting to the caliber of tenants so often found in the area, repairs can also be excessive. All that with high turn over. Sounds like buying the farm to me. Is it worth the headache?
How about the price drop in 2008 alone??? That drop gives me vertigo.
BanteringBear
I don’t know why anyone would ever purchase a condo, especially in Reno. When you buy a condo, you don’t really own anything except for the maintenance responsibilities and ever increasing HOA dues. There’s no land, just some walls you can paint. No thanks.
DownButNotOut
GW – Starfire, the low bidder on Corus’s properties must be peeing their collective pants as time goes on. The assets Corus owned were all similar to the Montage – condos in boom towns that are now dropping like anvils off the Burj Khalifa observation deck. Given what they bid, even with the interest free TARP money, they must be getting close to losing it all as these condos continue to drop in value. It makes you wonder what will happen to the Montage, and as you point out, if it will be in our lifetime.
bondstevenbond
In Dec 2006 I attended an institutional investor luncheon at the Beverly Hills Hotel whose keynote speaker was Angelo Mozilo, the infamous, well-tanned, silk hanky ordained founder and CEO of Countrywide. God only knows his net worth at the time, perhaps he was worth close to a “bone”? Yet his wealth was exceeded only by his arrogance. And he had no difficulty brushing aside my question with laughter in front of an audience of 200. I had asked him what we might learn from the 70 percent decline in the price of midwestern farmland in the 70’s and the 70 percent decline in the price to Toyko condos in the 80’s? His smug answer, “I am not a farmer and I don’t live in Tokyo!” Although many of us suspected the worst, Little did any of us know then that just 3 years later Reno’s 77% drop would obliterate Tokyo’s epic declines. We have just made the history books folks. Keep in mind that now twenty plus years later, Tokyo condos STILL haven’t recovered and the Nikkei is STILL down 75% from it’s peak. Here’s to you, Angelo Mozillo, Christopher Dodd, Barney Frank, Edward Liddy, Fernando Leal, Harvey Fennel, Franklin Raines, and every last clueless, bug eyed, hype crazed, zombie infected, MLS toting, real estate licensed, bubble monkey. DO YOU SEE HOW YOU ARE??? Our sentiments are well expressed by Don Henley….
Y’know, I remember a time when things were a lot more fun around here
When good was good and evil was evil
Before things got so…….fuzzy
Yeah, I was once a golden boy like you
And I was summoned to the halls of power in the heavenly court
And I dined with the deities who looked upon me with favor
For my talents; my creativity
We sat beneath the palms in the warm afternoon
And drank the wine with Fitzgerald and Huxley
They pawned a biting phrase
From tongues hot with blood
And drained their pens of bitter ink
Vainly reaching for the bottle full of empty Edens
Branded specially for the ones
Who had come with great expectations
To the perfumed halls of Allah
For their time in the sun
We were stokin’ the fires
And oilin’ up the machinery
Until the gods found out we had ideas of our own”
And the war was coming
The earth was shaking
And there was no more room
In the Garden of Allah
skeptical
Epic rant BSB. Amen, brother.
Now let’s vote the scoundrels out. Every, last, well-paid one of them, from Reid to Ensign and everyone in between.
smarten
I generally don’t follow IV condos but according to our friend Don Kanare [insideincline.com], in 2009 the median price for an IV condo was $400K down from $520K in 2008. Although one month does not make a trend, the median sales price for an IV condo in January stood at about $306.3K.
I think the data in both Reno/Sparks and IV suggests that in the current economic climate, SFR values [although depressed] fare better than their condo counterparts.
smarten
One additional point. In a residential real estate recovery, FWIW condos are generally the first segment of the market to recover.
bob_c
even though the assessor has lowered the tax basis
the overhead on a condo (though declining) still
reflects the bubble—in property taxes and hoa fee (and the legal liability thereof)
DonC
smarten – I was under the impression that condos were usually the last segment to recover. No?
The problem with condos is that they show up in big bunches. Coupled with a lower demand and hence thinner market than what you see for SF, if demand drops those big bunches of units are a lot of overhang, and all that overhang will effect some significant price drops.
I actually like the idea of a condo, and even though $50/SF is a great price, it could take many years for the Reno condo market to recover. And between there and here it could get really ugly. Plus the property tax valuation as explained on this blog means you’re paying far more in taxes than you would based on actual market value.
Builder lots are probably a better investment. They’re dead money as well but when they recover the return will be better.
lurker
Pay $50k for a condo, with 30% down (required these days). Your $35k fixed 30yr loan at 5.5%will cost you $200/month. Throw in $150 for HOA and $100 (high?) for prop taxes.
Your beautiful new Reno condo will cost you $450/month.
Add qualified renters at $550+/month, sit back, and relax as your cash flow provides you much better ROI and safety than US treasurys.
Again, even if the equity goes nowhere over 30yrs (extremely doubtful at these levels), how can you possibly lose?
Is this not happening because people interested in such investments have no credit or down payment? Is it that bad out there?
BanteringBear
DonC posted:
“smarten – I was under the impression that condos were usually the last segment to recover. No?”
You’re exactly right, DonC. Condos prices are the last to rise, and first to fall. I don’t know where Smarten dreams this stuff up. When called on it he disappears, like he did in the other thread.
dman
Lurker you CAN do that. My hoa and property taxes equal about $4k/year. Another $750 for an umbrella policy from state farm.
I had 12 people willing to pay $1,000 no utilities except for water and sewer included! All of whom were willing to sign a 6 month or 1 year lease.
even with maint costs I could easily clear $4,500/year. So YES it can be done! it helps if you own it outright, but still doable with a nice down and low rate on a 30 year.
smarten
So where are your facts BB to support your assertion that in a residential real estate recovery condos are the last to recover? I’ve gone no where.
I’ve owned for over 30 years. What about you or is your mantra in life to just poke holes in the statements of those actually out there?
You’re already seeing on this blog why condos are the first housing units to recover after a market crash [lurker, dman]. The prices have gotten so low that they: 1) can actually cash flow; and, 2) are far easier for first time homebuyers/former renters to afford to purchase.
This has been my actual experience in the Bay Area Mr. BB – where’s yours?
BanteringBear
“You’re already seeing on this blog why condos are the first housing units to recover after a market crash…”
Continued falling prices is a recovery? What color is the sky in your world?
If you’ve gone nowhere, how come you never answered to your lies on the other thread, Smarten?
KingBud
Lurker, I suspect you’re right about condo pricing now. An investment is at the point now where it can cash flow. Here’s my numbers assuming purchase of a $50,000 condo. I think my numbers are conservative, but if not anyone should feel free to question my assumptions:
1. Monthly mortgage assuming 30-year fixed at 6% interest rate, 20% down = $239.82
2. Monthly property tax at 2% of purchase value = $83.33
3. Monthly insurance expense at $750/year premium expense = $62.50
4. HOA monthly fee of $100
5. Maintenance/mgmt allowance of $2,000/year = $166.67 per month.
That gives a monthly expense outlay of $652.35. If you want to have $150/month in positive cash flow, you would need to get $802.32/month in rent.
So the question is: does the Reno rental market currently support a monthly rental expense of about $800 ??
Anyone have any thoughts on this ??
lurker
KingBud,
I think your figures are very conservative, so we agree that positive cash flow is feasible or likely at these levels.
My bank tells me that I’d have to provide a 30% down payment on an investment property, so that there would be a bigger down payment, but also a lower monthly payment. Sorry if I’m being master of the obvious on that one.
$800/month feels like a stretch to me on the rent. However, you’re pretty generous with your maintenance/mgt fees. Additionally, you don’t account for any tax benefits (depreciation), or equity improvement.
I know many will snipe at this, but I believe the risk/gain of equity value improvement on a $50/sq.ft. property weighs heavily towards gain over the next 10-20 yrs for a long term holder. Even assuming a 3% inflation over 10 years, you have a 35% appreciation built in in that time span.
If you are one who believes current govt/fed policies may lead to severe inflation or worse, then the investment is a no-brainer.
Where is Old Parnell, anyway? He seems to be doing quite well in this end of the market?
smarten
Hey Mr. BB –
Just because you ask questions doesn’t mean I’m going to oblige you with an answer – nor does the fact I choose not to mean I’ve gone anywhere. You asked me what my “angle” was, and I answered. You don’t like the answer – fine. But I don’t need to get into a pissing contest with you – and I choose not to.
I told you you indeed have a horse in this race and it’s you. I believe your most recent testy comments make the point.
Now for the benefit of others, did I ever say the Reno/Sparks condo market had recovered? Did I ever say it was going anywhere? What I said was that you’re already seeing on this blog why I made the statement I made to the effect that condos are generally the first segment of the residential real estate market to recover after a big drop in value [for your benefit Mr. BB, I was referring to posters like lurker, kingbud and dman who have all stated that with condo prices so low, it might make sense to make a purchase because it can cash flow]. Me thinks it’s you who need to go back to [reading comprehension] school.
Again let me make the suggestion that you refrain from commenting upon any of my posts, and I’ll do likewise with you. But because it’s really all about you, I doubt you’ll take me up on my offer.
BanteringBear
Smarten-
Lying to misrepresent what others say, then refusing to answer when called on it says a lot about your character, or lack thereof. I’d advise you to go re-read all your posts on the IV thread, specifically your last, to understand why you haven’t a shred of credibility left. The only question I’m left with regarding you is whether or not you’ll bail when you find yourself $750k upside down in your IV property. Given the fact that you walked away in HI when it didn’t turn out in your favor leads me to believe the answer is a resounding YES. Your moral compass seems to be completely out of service.
Old Parnell
King Bud,
At the risk of interrupting the squabbles going on- you pretty much nailed the costs. A little high on some areas (insurance,prop tax), a little low on others (HOA min. $150/mth). While taking advantage of some exceptionally low interest rates, I try to come in around $600-$650/month in costs-although some months are better than others. $800/month for a SR townhome is realistic in this market, tough but attainable.
$200/month free cash flow is not going to make anyone rich-but with the five units, it supplements the other retirement funds ok. I spend on average 1 day per week taking care of business, so while not as generous as say a congressional pension, I would say I’m pretty satisfied with my retirement investment. Granted, my tastes these days are pretty modest, no IV “Tahoe” construction for me, but rather a round of golf, some volunteer work, some grandchildren play and a single 12-year Macellan on the rocks pretty much fills out the perfect day.
For all the get rich quick schemers out there-this business is not for you. Indeed, watching the (beige) paint dry on your condo wall will be quicker than watching your investment grow.
Take care, and relax.
Cheers,
Old Parnell
Sully
Wow, a lot of experts on this blog.
Condos are first to recover!
Condos are last to recover!
Prices are still too high.
Prices have bottomed.
Except in IV.
Especially in IV.
Unemployment is up, no one can pay bills.
EZ credit allows everyone to borrow to pay bills.
Now is a good time to buy, so buy now or forever price yourself out of the market.
Continue to rent until prices stabilize, prices are still too high.
Did I miss anything? Heck, with friends like this who needs enemies? 🙂
smarten
Sully asks if he missed anything?
Well yes, thank you for asking. According to our friend Mr. BB,
1. The “high end” of the IV SFR market starts at $250K.
2. The $1M-$1.5M segment of the IV SFR market is poised to drop another 90% [let’s see, if my mortgage is $900K; I’m poised to soon be $750K underwater; that will put the FMV of my home at $150K; which represents a loss of equity since July of $1.35M; which equals a 90% after an already 45% drop in equity (isn’t it fun what we can do with numbers?). Have I missed anything?].
3. So I guess if the “high end” of the IV SFR market currently stands at $250K, anyone who wants to purchase in IV [CL?] will soon be able to fulfill his/her wish for MINUS $200K or so. In other words, just hold on; soon IV sellers will pay YOU $200K just to purchase their properties!
4. And I guess if IV sellers will soon pay you $200K, what do you think Reno/Sparks sellers will soon be willing to pay you?
You heard it here folks! And parenthetically, exactly who would that be who’s lost credibility?
skeptical
If I can interrupt the smackdown between BB and Smarten….
Sully, absolutely classic post. Yet another keeper.
BanteringBear
Smarten posted:
“Well yes, thank you for asking. According to our friend Mr. BB,
1. The “high end” of the IV SFR market starts at $250K.”
Another BALD FACED LIE, Smarten. I NEVER said that. I called the “over $500k market” high end. Are you so dumb that you think you can get away with such blatant untruths? It’s obvious that you have no ammo when it comes to me, so you have to lie to misrepresent what I say. I stand by everything I’ve said on this blog, and don’t come back apologizing for my lack of objectivity in far reaching posts, begging forgiveness, like you.
Anyone can manufacture fictitious values for their own residences Smarten, but passing those fantasies off as reality is an entirely different thing. Thank god the bank made you put down $600k+, because every bit of that is going to be needed to keep you in that overpriced yuppie boomer shack. At $150k underwater, you might actually stay put rather than leaving the lender holding the bag which you are so fond of.
skeptical
For those of you who think that the bottom may be close at hand, don’t hold your breath. Condo pricing on premium homes in the best school districts is upon us.
3881 Vistacrest, built in 1989, originally listed at $689k, and in the Caughlin Ranch school area, now listed at $299k. Listing says the seller is a Nevada Licensee. I reckon that means agent?
And the hits just keep on coming. Ironically, if it sells within 40% of the current asking price, median sales price will tick up.
That’s why anyone planning to buy would be better off waiting until we can have some confidence that a bottom is within site. Otherwise, sit back and watch the prices fall.
Still holding out for my Montreux masterpiece ca. 2015 for $350k…or less…
smarten
Boy, three years plus on this blog and I’ve never seen Mr. BB so defensive nor sensitive. How does it feel big boy?
BanteringBear
You’re accusing ME of being defensive, Smarten? Who was it, again, who was “embarrassed”, and “apologized” for being “defensive” and losing their objectivity? Is it because you have no defense that you simply change the subject when called on your BS? Why don’t you answer to your lies? Could it be that because the facts don’t support your bizarre utterances, you can only resort to character assassination, Mr. Strawman? You have lost every ounce of credibility you ever had. I must say, though, you’ve done a fine job of sticking your foot in your mouth in the absence of Derrick.
Raymond
“overpriced yuppie boomer shack”
I love it.