Wow. This was unexpected. NODs fell to 470 in February, down from 574 in January and 576 in December. This is the lowest number of NODs in 3 years. NOSs were steady at 561, down from 567 in January and 689 in December. TDs also fell to 243 from 290 in January and 262 in December. The updated chart is here. It’s worth taking a look at.
Lots of other tidbits to report:
– The new Siena web site is up, though pretty preliminary at this point. Looks like opening is 21 April based on the calendar, and we will be treated to a new, upscale steak house, something really new ti the area – snark. . Complementary Kevlar vests will be available to guests wishing to cross the street to the Lakemill Lodge for their new "Cops: Reno" reality attraction.
– The Fitz / CommRow cleared some hurdles this week. The encroachment easement for the balcony on North Virginia Street that services the climbing wall was approved today by a fawning city council. The city attorney was seething over the free ride Mr. Lear got. Next up is the disposition of the garage, which is up on the agenda of the Redevelopment Agency later this week.
– Somersett Development had two more of their vacant properties get NODs last week. APN 232-010-65 is now 232-041-01, the retail parcel just west of the Goddard School, and 232-041-02, a splinter parcel that wraps around it. It looks to me that 232-051-01, 02, 03, and 04 was the entire Town Center. New APNs look like they are 232-051-14 (north commercial building), 232-051-15 (south commercial building), 232-051-09 (vacant pad NE of the commercial buildings), 232-051-06 (clubhouse) and 232-051-06 (vacant pad N of the clubhouse and S of Somersett Parkway). I’m assuming the original parcel was partially reconveyed when the buildings were constructed, and the NOD is really only on the vacant parcels. If not, it could get really nasty!
– Penthouse 14 at the Palladio hit the market today for $1,200,000. It was purchased for $1,120,000 4 years ago. Other resales in this project are ranging from -15% to -75% off original pricing. Are penthouse units appreciating in this market? There is a rumor that that the first penthouse unit at the Mantage is in escrow, but it hasn’t shown up as closed yet.
Sweet dreams!
Pest Control
The Penthouse is incredible. A bit rich for my blood, but wow what a great view!
Waldo
Everything else in Reno, and I mean everything, is down 40% from 4 years ago. This guy figures his condo has gone up in that period of time.
Absolute, unmitigated denial.
Grand Wazoo
Anyone know what the “extended remarks” on the Pallidio penthouse listing say? I’d buy the joint if the current owner would through in the two flag stands and the roll-top desk. That is one weird room, was this guy a judge once or something like that?
Grand Wazoo
Ack, “Palladio”, not “Pallidio”, and “throw”, not “through”.
Stupid spelling mistakes for $500 please Alex …
Sully
Curious as to whether the rise was from investors, cash buyers or those thinking interest rates will go up when the gov’t gets out of the mortgage business – as they are talking about now.