NODs and TDs stayed virtually flat this month, while NOSs declined. August saw 682 NODs up slightly from 674 in July. NOSs came in at 519, down sharply from 573 in July and to their lowest level since February 2010, but corresponding to the major drop off in NOD action earlier in the Spring. TDs fell sightly to 294 from 298 in July. The chart is here.
NRES bought 3 properties at Trustee’s Sales this month, and sold 11 of their growing inventory. Looks like they are cutting back a bit.
One of the stranger listings to hit the MLS in the last week is 4705 Alpes. $3,478,000 and apparently built for cash. The MLS listing has been changed – a couple days ago it included wording that for a full price offer, you also got APN 126-294-26. This turns out to be a 4356 SF unbuildable Incline Village lot that the owner bought for $15,000. I guess you could use it for picnics?
Another interesting one is 6513 Galena Canyon Trail. Purchased for $1,622,500 in October 2005 and now listed for $1,475,000. The news isn’t the price hit, but who the seller is. The rumor has also been floating around that the Winnemucca Ranch / Spring Mountain project is being shopped about. And I haven’t seen much action on the tree-farm-for-carbon-credits project up north, either.
Kalifornian got a pretty interesting general discussion going about how to invest $350,000 cash in the Reno real estate market. Think about how specifically you might recommend doing it, and some of the optional strategies out there. I’ll put up a post with some of my (bonehead) ideas over the weekend and it will be interesting you see your ideas added in.