WooHoo – Dickson has taken over the Somersett Welcome Center sales office, and Somersett Development Company sheds more staff. The HOA is already getting huffy about a commercial use in "their" building. The Village Center retail and office complex was scheduled for a Trustee’s Sale yesterday, but I don’t know if it got postponed again or went through. More later.
There is action at our favorite formerly $1.5M log cabin at 2615 Erminia. Back at the original $633K listing price, a party did a thorough due diligence run and made a $430K offer, which the bank rejected. Asking price has steadily decreased to its current $460,900. There has been a new offer submitted that appears to be in lender limbo or again rejected (dog walkers get all the scoops!). I think the offer is overly rich, and the bank would be foolish not to accept it. Again, more later.
Interesting action at the Montage – they listed 4 units on the MLS this week, which means a realtor (and commissions) are involved for the first time – search for 255 N Sierra. You list to gain exposure, which makes me wonder if the waiting list of cash buyers the Montage was touting has run out after the first release. Everything is still all cash (thanks, JoAnn). A group named RJR Properties has picked up 8 units and is leasing them out. An informal interest list of people looking to lease Montage units has extemporaneously formed at the front desk and is over 125 parties long. Maybe Starwood/FDIC should start looking at the leasing option as the highest and best use of our bailout tax dollars?
The most annoying listing on the MLS is slowly dying. 720 Hill in Verdi has shown up in at least 30 incarnations over the couple of years it has been marketed. The property FINALLY went TD this week, but the listing still won’t totally go away.
If you are interested in the Siena Hotel Spa Casino, REreno has started a series about the property, its history, the parties involved, the bankruptcy proceedings, and the family feud behind the whole situation. I’ve seem some of what REreno has in their arsenal, like the list of Siena creditors that includes just about every vendor in Reno. Seriously, it is 434 pages long. This will be a good one to follow.
www.mayberrycanyon.com. I cringe at even publicizing it to the hordes here, but I could use your comments to help make the site better and keep Dyson in gourmet kibble a while longer. Paying you to take the properties off my hands is off the table (at this point). I’m targeting the one-sy builder/developer and trying to give them enough data to get intrigued. Big ass signs will go up on site next week. What should I do to intrigue them?
Enough for tonight. Any thing else you are seeing that is blob-worthy?
Update: Thanks to Tom Daly for pointing out the "frankly scary" Wall Street Journal article naming Reno as the worst market in the US for conservitive housing investment. Any thoughts?