I missed doing this report last month, so this will cover both June and July. NODs inched up to 427 from 414 in June and 405 in May, but still far below what we saw in the first quarter. NOSs came in at 457, slightly up from 452 in June and down from 520 in May. There were 336 TDs in July, down from 385 in June and 371 in May. The chart is kind of interesting – all three categories seem to be converging on 400 per month.
The FedEx Ground facility at 1185 S. Rock received a NOD today, with $14,245,034 owing on the $18M loan from June 2008, and a missed 30 June 2011 payment (that was quick!). FedEx is just a tenant, and the “owner” is CRE 13 LLC or CRE13 LLC. “Owner” is in quotes, since CRE 13 only owns the land lease from the Reno Tahoe Airport Authority.
I hate to see icons bite the dust, but the Pirate Ship Restaurant in Sparks got a NOS today. The old owners sold it for $300,000 in January 2007 and took a back a $200,000 note. Missed payment was from January 2011.
“Needs some repair” states the listing comments for 700 Pinion Wood. It is interesting that the kitchen still looks like it is good shape, while the rest of the house sure isn’t. The former owner has a very interesting last name, but I can’t find a connection back to Harvey.
Do you know anything about EB5 visas? It is a program that allows foreign nationals to to invest a minimum of $500,000 into development projects that lead to at least 10 permanent jobs, and get a permanent US visa out of the deal. It came up when someone sent me a link to Bordeaux Communities. This is (was) a retirement community proposed for south Reno, the remnants of the Boulevard South project. The Bordeaux site is really worth exploring in detail. The cast of characters is very old Reno, ELP Capital is in the mix, there is a mention of another project in Somersett (I think it was proposed for just south of the Vue, but was eliminated in the revised project book). Spend some time following all the links – it’s worthwhile to see the evolution of the plans and the desperate marketing junket to Hanoi.
So is this enough of a “cafeteria plan” post for you, Wazoo?
Grand Wazoo
I sure do like it Mike, thanks again. Last time I drove by the pirate restaurant some months ago (I was lost), it appeared to have been closed for a while. Geez how could such a fine dining establish fail in such a great neighborhood?
Merrill
Actually, the “pirate restaurant” was owned and operated as a chinese restaurant by a great guy named Don who was at one time the lead chef at Trader Dicks at the Nugget in Sparks. Don was quite successful there in that location for many years. Unfortunately he suffered a debilitating heart attack that forced him to go out of business a few years ago, and the place was sold to someone who was not successful. It may not have been a “fine dining establish” (sic) to the highbrow crowd, and the nieghborhood was always working class, which I guess is something of a sin.
Free Falling
Totally off topic, but here is a link to an article with a bunch of granular data on the Las Vegas market that may be of interest to readers:
http://www.nuwireinvestor.com/articles/low-las-vegas-real-estate-prices-attracting-cash-investors-57558.aspx
– June median $115,000, down from $139,000 June 2010
– 51% of June buyers paid cash
– 46% of June buyers absentee (investors with tax bill sent to alternate address)
– one third of June buyers from out of state
– 11% of June sales Short
– 58% of June sales REO
– 19,460 TDs first six months of the year, up 37% from same time last year.
I guess the simple conclusion is that the Vegas situation is considerably worse than that in Reno, but there are plenty of people who now see more long term upside than down.