This is 5050 Bella at Belsera, which you know well if you drive on West McCarran. It hit the market this week for $203,500, and its sister at 5320 Bellazza listed for $209,000. From both MLS listings – "Open floor plan, needs to be finished. Electrical & plumbing have been started. Some insulation."
This house has gone through at least 2 winters without a real roof – how much would you trust the insulation or partial electrical work? 5215 Bellazza is currently listed as Active/Pending Short for $350,000 for reference. There are 6 additional lots here that have had the foundations poured that have not been listed yet, but I would really like to know what the bank thinks they are worth before judging the asking prices for the hulks. 
270 Burks at least got a real roof on before construction was stopped a couple years ago. You know this house well if you travel I-80 west of Reno – officially in LaSalle Heights overlooking Mogul. I vaguely recall a listing for $795,000 or so, though the construction loan is only $571,000. The rub is that is was through Cetus Mortgage. The owners are in default on their existing home, but Burks still doesn’t have any foreclosure activity recorded. If you want to read the tale of local builders going bad, research Cetus. 
Don’t tell, but I’ve been in 1005 Kit Carson a ton of times. If you drive Old US 40 / 3rd Street through Verdi, you know this one up on the hill. It looks pretty finished from afar (the roof was finished before the foreclosure and doesn’t show on this photo), but is pretty raw in person, with views to die for. Again, it has seen more than 2 years exposed to the elements, and has never been listed since it was foreclosed in November 2009. (and another intersting owner to track) 
40 Pronghorn in Eagle’s Nest at Caughlin Ranch may be the ultimate Hulk. It finally sold last month for $1.1M after being listed as high as $3,995,000 per Zillow. Sorry, all the good pictures have disappeared now that it has sold, but you know the one I mean – it has be sitting there lurking in the hills for at least 3 years now. 
Big dreams that die hard. At what point is partially completed construction a liability and a tear down? Or are some of these the "diamonds in the rough" the canny investors are looking for?
Grand Wazoo
Another epic post Mike. I believe 40 Pronghorn was where the huge wildfire started a few years back (not like the builder needed more trouble at the time) and I have often marveled at 270 Burks whilst returning to Reno on 80 for its “unique” location and the fact it has never been finished.
On another note, Mrs. Wazoo and I are both administrators at UNR and this past weekend we lost our President at the worst possible time. Milt Glick was an anomaly amongst university presidents – he was pretty well thought of by most of the troups. My very few interactions with him were first rate and he will be missed. As bad as things are at UNR specifically and Nevada higher ed in general, this is a further serious loss. Farewell Milt and Godspeed.
Steve Herschbach
Looks like garbage to me. Nice pictures Mike, we need more of them here.
Rest in peace Mr. Glick.
Carole
The whole Belsera project is symbolic of the Great Bubble. My husband and I looked at those houses when they were first under construction and the models were open. What I most remember was the sheer arrogance of the sales crew. By the time a buyer “added on” the mid-range upgrades, you were looking at prices in the high 800s to low 900s for the view lots as I recall. The sales people had such a condescending atitude that if you were not ready to spend that kind of money you really ought to just leave and quit taking up their valuable time. Which is what we did.
Nice to see the karmic turnaround. Nice to see those places now selling for about 60% off from the initial ego trip. Nice to see all the foreclosures there. Nice to see the unfinished shell standing guard on the point as a tribute to the great comedown.
Lurker
Carole,
Well put.
Med
I know someone, a colleague in my profession, who bought in Belsera on Bellazza Ct and still owns it. Back in the day, he was so proud of his purchase, making it sound like he was the s*#! for buying there. At some point I guess he decided it sucked so he listed for sale at over a $300K loss, but has since removed it. Freakin’ hilarious.
On a similar note, how about 10105 Burghley Ct in Damonte, purchased for $905 back in the day, current short-sale for $440. Owner is a doctor. Not like this guy can’t afford the mortgage, but he’s using the system to cut his losses due to the mistake of his arrogance. Believe me, he is an arrogant prick.
Move to Reno
Banks usually don’t take short sales from people who can afford to pay. Sellers have to write a “sob story” what if you aren’t crying by the time you finish reading it there is no way in hell the bank will let you off the hook. That’s why only 3o or 40% of the short sales ever get out of escrow. Can you say “foreclosure”?
Med
It’ll be interesting to see what happens to Burghley Ct house. Believe me, owner is not in deep water. He was bragging about the house (and it’s awesome home theater room) along with his Porsche, BMW, and FL condo a few years ago. When he finally moved to FL, he had no trouble getting a mortgage for his $635K purchase April 2010, when lending standards were tighter.
Maybe that’s why the Bellazza Ct owner withdrew his home. Maybe he was trying to short sale, but when he’s going around purchasing 6 other properties in Reno, maybe the bank wouldn’t allow his home to short sale.
lb_Reno
DH & I went to a few of the wine & nibbly bit receptions at Belsera before the bottom dropped out of the market. Nice looking houses on postage stamp sized lots. If I remember correctly, the one in the picture was ‘offered’ at 1.1 million..we feigned interest so that we wouldn’t appear to be there just to mooch their really good wine after awhile we left, and drove home slightly buzzed singing an off-key duet of Con te partirò which had played endlessly in the models =) It was fun times, I think of it almost every day as I drive by that poor house with the roofing tiles perched precariously atop it.
Reno Ignoramus
Con te partiro…with you I will leave……….time to say goodbye
Quando sono solo
sogno all’ orizzonte
e mancan le parole…
When I am alone
I dream on the horizon
and words fail…
Words so apt of the Belsera hulk failing on the McCarran horizon…
Quite excellent, lb_Reno
Move to Reno
You Asked For It.
http://www.youtube.com/watch?v=5-3a9h7r3C0
Zen
Thanks for that.
Suzanne
If God was to become angry with the human race, and asked for some evidence of our continuing majesty and divinity, we could provide Him with a copy of that video.
Mike McGonagle
Update on the Hulks:
– 1005 Kit Carson sold on 6/3/11 for $140,000 full asking.
– 5050 Bella has been reduced for $203,000 to $185,000. 5320 Bellazza is still listed at it’s original $209,000. The “foundation” lots haven’t shown up on the MLS yet.
– 5230 Cedarwood showed up briefly as Active/Pending, and is now off the MLS, though a deed hasn’t been recorded yet. billdd has his rental application in, and promises a blowout housewarming party!