We even blew through 100 today up here in Verdi. It’s a bad day to be a big black dog! Here are a couple items for your consideration:
– Trustee’s Deeds look like they are trending down. 129 have been recorded so far in July, versus 169 by mid June and 294 total in June. NOS’s also look down, with 259 so far in July, versus 330 by mid June and 600 total in June. NODs look like they are holding steady or maybe trending up slightly, with 344 so far in July, against 321 by mid June and 639 total in June. NODs have been trending down since March, so this is a bit of a surprise.
– Reno looks like they are going to approve a new 4800 SF grocery store with a liquor license at 330 Evans Street. The location is across from the new RTC transit station, up the block from the ballpark, and a block and a half from the Reno Gospel Mission and the Homeless Services Canter (not to mention tent city). It is just outside the redevelopment districts and the downtown area with a liquor license moratorium. The Gospel Mission IS NOT objecting to the new store, but other neighbors are in a tizzy. The building owner is Dr. John Iliescu, a major player downtown properties, including the Truckee River Lane building and the old Montage marketing office (some of the properties are double listed due to trust holdings).
– Jeez, the chest beating about the status of Hot August Nights has been furious this week, and Bruce Walter, the executive director was coerced into a command performance in front of the city council yesterday after Dave Aiazzi threatened to withhold permits for this year’s event (and had an extortion law suit filed against him for his actions). My take? HAN is probably out of here in a few years, which may be a good thing. It was originally a local show and charity event that has grown into a juggernaut that is no longer about its mission. I call BS on the claims it generates 800,O00 visitors and contributes $350,000,000 to the local economy. HAN keeps growing and expanding into Sparks and the county, requiring coordination of 3 separate police departments. Sometimes smaller is better. If you feel like sounding off about HAN, positive or negative, the Reno August Nights web site just went live. Be the first to leave your comments.
– Jim and Dawn seem to have forgotten the first rule and superstition about real estate – it’s not sold until it is recorded. They are talking about their Kinney Lane home finally selling (for "not enough" according to quotes attributed to the Jimster). The last listing price was $895,000. In a weird public filing related to the divorce, the Gibbons’ filed a Deed with a Declaration of Value listed at $775,000 on 6/17/2010. Preview to final sales price? We will know in a couple days. Icky red love pit sofa!
– Siena’s rocky road continues. First property tax liens, then room tax lapses with RSCVA, $800,000 owed to NV energy, a slew of supplier liens, and messing with the state gaming commission. Now it turns out that Siena let the health insurance for their employees lapse while still collecting the employees’ contributions. Hey, I hope the Siena survive, but what has been going on there are criminal actions. Are they going to get a gimme or are our watchdog agencies and employees (finally) going to sue them into East Jesus?
– Hey, anyone else notice that one of our most watched Somersett properties has disappeared from the MLS? Is there maybe a "Short Sale – Yes" post pending? Hope so.
And not ot go out on a negative note, expect one and maybe two major anouncements about Reno downtown hotel casinos in the next few weeks.
Update: A new case study has been posted at REreno. What do you think?
Carney
800,000 visitors?
Is that the total cumulative count since the event began back in the 80s?
There is absolutely no way it could bring 800,000 people for one week. At 2 people to a room, that would require 400,000 hotel rooms. Not even Vegas has 400,000 rooms. No city on the planet has 400,000 hotel rooms. Vegas does not have one-half of 400,000 rooms. Reno does not have one-tenth of 400,000 rooms. BS indeed.
skeptical
NOD’s holding steady, or trending up a bit.
That’s the feeder stock for supply.
No hurry to buy.
Yawn….
inclinejj
45 Notice of Defaults recorded on 7-13..
Way to go Reno-Sparks Real Estate Recovery!!!
Sully
HAN website says the event attracts more than 800K people annually. I wonder if they are counting hits on the website, as I sure don’t see that many people here. I would be reluctant to say there are 40K people here during the event.
Sleezy
40k? Come on ! Surely there is at least 40k people that show for the event…
800k? Hardly” 40k? Without a doubt..
Sleezy
Nod’s still trending up?
It’s looking more and more like stability with each passing day..
Lmao
MikeZ
As a spectator, I’ve never understood the attraction of Hot August Nights. I’ve been once, and it was interesting, and maybe I’d go back … in ten years … but every year? No, thanks.
And Street Vibrations? Oh, I’d love to see that go, too, replaced by a week of NOT having to listen to loud motorcycles, 24 hours a day.
johnny
Another added benefit of NOT living downtown! Personally my family and I love checking out HAN every year.
street vibrations not so much.. I wouldn’t be the least bit sad to see that go..
Martin
I agree about HAN and Street Vibrations. BUT, these special events do give a good shot in the arm to Reno’s dying gaming industry. There really is no reason to come to Reno if one only wants to gamble. At least these special events offer some reason to come here and spend a few bucks. If you are into old cars and motorcycles that is.
Reno Ignoramus
Diane has short sold her house. I suppose this closes out the circle for her and her Reno experience. Let me offer one final thanks to Diane for having the courage to start this blog and the courage to provide the only place around where the truth could be told about the Reno RE market. In the midst of realtor sites that were chuck full of spin and realtor shuck and jive Diane stood tall. No doubt at least a few people were saved from making a huge mistake thanks to this blog.
All the best to you, Diane.
johnny
I personally saved $50k by waiting to by my place this year, instead of 2 years ago.. Thanks to Diane, guy, and many who contribute to this blog..
johnny
actually I believe there are MANY reasons to come to reno besides gambling..
MikeZ
johnny, only $50K?! Prices are down 40-50% from 2 years ago.
What did you buy, a mobile home? A broken-down condo?
Sleezy
No mike i passed on the mobile home.. Your asking price was too high..
MikeZ
Johnny? Sleezy? Derrick? All one in the same?
Why would a retired millionaire from the Bay Area with IEEE patents be living in a $100K condo and worried about saving $50K?
Some advice: You’ve be better welcomed here – and you could ditch the silly alias-of-the-day-hide-and-seek game – if you just stopped making things up.
Sleezy
Hey mike stop being so jealous… I can smell it across town..
I won’t be around for a while, ill be down key west enjoying the vacation home..
Peace!
traderjoe
Yes, thank you Diane. This platform has been very helpful for newcomers to Reno. Glad that Guy has kept it going. The brutal honesty has saved our family over $300,000. Bear and his group have rung true, despite the Duke of Incline. Again Diane, we wish you and your family all the best. And many thanks to both you and Guy.
Dutchess
The duke of incline has experienced a loss of equity in the range of 75-100k +++
DownButNotOut
Dutchess – I doubt you’re correct. I assume the basis of your statement is that overall RE went down since his purchase. What if he bought 100K below FMV ( which it sounds like he did)? With the amount of research he did, and the fact Incline is more insulated than the rest of Nevada, he may very well be able to sell for more at this time than he paid. More importantly, I don’t think he cares if it went down or up – it’s his dream house, not his 401k. That’s just my opinion, not a Smarten defense.
Sully
Although this article is about Las Vegas, I can’t help but see some similarity in the Reno area.
http://www.lvrj.com/business/nevada-still-no–1-in-foreclosures-as-more-price-declines-expected-98587619.html
dutchess
FMV is only what someone is willing to pay for a certain good or service.. therefore smarten didn’t buy it for less than FMV .. he PAID FMV..
nope! sorry! 75-100k EASILY
MikeZ
FMV is only what someone is willing to pay for a certain good or service.. therefore smarten didn’t buy it for less than FMV .. he PAID FMV.
Ridiculous.
Reno Ignoramus
Perhaps this is an indication of the state of organization of foreclosing lenders:
Diane Cohn sold her house in a short sale, and the deed was recorded on July 9. 7 days later, on July 16, the lender recorded a Notice of Sale.
So now the new owners, by 7 days, have a messy little cloud on their title. No doubt it will be cleared up once the lender realizes its mistake. That ought to take no more than 2 years.
smarten
Ms. Dutchess asserts, “The duke of incline has experienced a loss of equity in the range of 75-100k.” I assume she’s talking about me. So with her permission, a couple of points.
1. Thanks for the amusement [you too trader(derrick)joe].
2. BTW I’m not a Duke. Mr. BB refers to me as an “oracle,” and I personally kind of fancy the “commodore” moniker.
3. Now do you have some specific comparable sales in mind that support your assertion or are you simply shooting from the [l]ip? I’m all ears.
4. But really, let’s assume everything you say is correct. That represents a 5% loss of value in a year [rather than the 54% Mr. BB and 30% Mr. Sleezy/Johnny/Edward/Derrick (who claims to have saved $50K by listening to this blog without mentioning the commensurate $130K or more he lost by not listening to this blog) have reported].
Now I would venture to guess that if you went to most on this blog and suggested that by buying something they wanted to buy now versus later their potential downside would be 5% in a year [with no discussion concerning their potential upside in whatever number of years you’d care to specify], they’d express little reservation in buying now [gee, isn’t this precisely what our friend Steve from Alaska shared a couple of months ago?].
There are those that do and those that criticize. Why don’t you share with us what you’ve actually done lately Ms. Dutchess? Again, I’m all ears.
Dutchess
Timmmbbbbbeeeer!
Dutchess
Smarten, i live in la jolla beach ca. If you must know, i paid 4.2 millioin for my house 9 years ago..
It’s depressing to know you picked incline of all places to live. A poor choice indeed.
smarten
FWIW, when anyone says “Timmmbbbbbeeeer!” the way Ms. Dutchess has, it’s really Derrick [or should I say Ms. Derrick?] in stealth mode. So the closest he’s going to get to La Jolla is The Truckee River.
And BTW, if you had paid $4.2M nine years ago, you’d be down a hell of a lot more than $75K-$100K in equity. To use your words, Timmmbbbbbeeeer!
Also BTW, glad you think Incline is a poor choice insofar as places to live. That means you won’t be visiting [thank goodness] and I won’t have to pull out the red carpet!
downtownjunkie
Dutchess- you kinda give it away when you misspell million. Happy trolling!
Sleezy
Smarten how does it feel to know you have lost $150k in equity already?
Would you like some juice to go with that denial ?
Sleezy
Smarten we are happy you chose incline… You belong in califorina.. Please by all me means STAY there!
smarten
Derrick [aka “Sleezy”], your ignorance is showing…
Again.
What county do you think Incline Village is located in [for those who might not know, I’ll provide the answer – Washoe]?
What sate do you think Washoe County is located in [for those who might not know, again I’ll provide the answer – Nevada]?
So unfortunately, I’m your home boy.
Wait a minute – I almost forgot, I’m not! You live in that once $4.5 “millioin” property in La Jolla; right? That’s California, isn’t it?
Like you said, “STAY there!”
HighlyTrainedRealEstateAnalyst
Guys / Gals,
Could you all get each others personal email addresses to continue your bickering. I think it’s a tad off topic. For those highly trained real estate agents out there that are looking for some good analysis, this little squabble is a distraction.
DownButNotOut
I personally think this slapstick is hilarious.
Sad, sad Derrick being so easily transparent.
Millioin? Hahahahahaha! Good one.
HighlyTrainedRealEstateAnalyst
DBNO,
I definitely agree, and I apologize if the sarcasm of my last post failed to appear in writing.
AnotherWay
RE: Could you all get each others personal email addresses to continue your bickering.
Or just ban Derrick by his IP address and that gets rid of the problem for good. His only contribution is gratuitous antagonism.
Mark D
The major downtown casino announcements mentioned at the end of the post have perked up my curiosity, but the context of the statement made it hard to tell if they are good or bad news!
Local news sources so far have come up with these stories:
1. Siena filing for Chapter 11 bankruptcy (probably not a surprise given their current struggles).
2. Silver Legacy renovating all of their hotel rooms, having completed their first set this week.
Anyone else have some ideas or confirmed information on the casino announcements?