April 2011 (updated)

First the foreclosure update for April.  462 NODs were filed, down from 544 in March and 470 in February.  This is the lowest number of  new default filings since February 2008.  514 NOSs were filed, down from 611 in March and 561 in February.  this is the lowest number of filings since February 2010.  There were 350 Trustee’s Deeds recorded, down from 390 in March and up from the 243 in February.  I can’t help but think that things are looking up.

A whopping 61 of the 351 Trustee’s Deeds (17.4%) went to private parties.  This is unprecedented – the investors are trolling the market.  NRES accounted for 23 of these, and Dickson Group 4 – bringing their total up to 10.

NRES is on a buying tear.  My recollection from November is that they had about 20 properties in inventory and their actions since would bring inventory to about 40 now.  Here is a summary of their transactions:

November 2010:  Bought 7, sold 8.

December 2010:  Bought 10, sold 12.

January 2011:  Bought 16, sold 3.

February 2011:  Bought 12, sold 15.

March 2011:  Bought 26, sold 20.

April 2011:  Bought 23, sold 16.

If you feel like geeking out, here are the TDs that were bought by 3rd parties this month:

The Siena reopened with a resounding thud this month.  Downtown Makeover has a post with a lot of pictures and an interesting string of comments.  The most recent Yelp review was, shall we sat, not too positive.  I’ve walked through the place twice now, and tend to agree with the reviews.  The jury is still out, and I wish the new ownership the best of luck.

Interested in the Old Siena saga?  The first of what could be numerous trials over the Personal Guarantees issued to the RE Reno Siena investors (later called just a "feel good" document) is about to hit trial.  The Bar-K Investors blog continues to hound the perpetrators of this scam investment..  Would it be out of the question to expect Walter, Barney, Kelly and Bruce to have a koom-bah-yah moment and all  flood the BK courts with filings ahead of this case?  What Bar-K hasn’t erased of the investors contributions in sketchy and/or incompetent real estate investments they sure seem hell bent to spend on attorney fees.  Three quarters of a billion dollars.  All gone.  Amazing.

CommRow ran into roadblocks when the sale of the Fitz garage was finally heard by the Redevelopment Agency.  Massacre according to REreno.  DTM is slightly more gracious.  If the city accepts the deal on the table, they eat $3.5M.  Then out of the blue, a competing offer for the garage came up.  Fernando did not endear himself to anyone by basically threatening the council to approve the deal or CommRow was off the table.  And his estimate of $400,000 in damage and vandalism to the garage since he stopped paying rent and maintaining the garage failed to garner any sympathy.  The 11 May council meeting should be a doozy.

Pinnacle (PNK) has put all the land around Boomtown up for sale.  There are a couple of stray parcels no one really ever knew about.  Interesting to note that the large parcel just north of Cabela’s is NOT included in the offering, though the proposed truck stop site to the west is.  Is something up?

Is retail making a comeback?  TCA properties continues to push forward with their approvals for a 315,000 SF center at Robb and I-80, though it got postponed once again.  For reference, Ridgeview Center with Kohl’s, Safeway, and PetSmart is about 265,000 SF.  A site permit was issued for new retail at 704 S Virginia Street, the former site of the proposed Thoma Lofts.  A $1.5 tenant improvement permit was issued for the space next to Whole Foods.  A $20,000 signage permit was issued for the long empty Dollar Store on Keystone between 4th and 5th, indicating that there is action there.

So I’m going senile and forgot to post about the first Montage Penthouse hitting the MLS earlier.  Unit 2314 is listed at $665,000, or about $215 psf.  Here are the plans.  The penthouses are only finished to the level needed for a certificate of occupancy – one bathroom functioning, kitchen sink functioning.  Paint, floor coverings, and finishing touches are all on the buyer.  So one floor up from completed units selling for $135 psf, comes an unfinished penthouse for 50% more?  I don’t get the marketing strategy here.