Elk Ivory

General by Mike McGonagle

Toll Bothers just listed their lots at 6200 and 6220 Elk Ivory for $55,000 each. They used to sell houses on this street for a million plus. Capitulation that they can not build ANYTHING that will meet the CCRs and sell for at least break even. 6205 Elk Ivory was incidentally one of NRESs biggest kills.

Today saw the highest number of NODs ever recorded in Washoe County on a single day ever – 89. New foreclosure rules go into effect tomorrow in NV. Am I cynical to see a connection?

September foreclose stats:

NODs dropped a bit to 613 from 641 last month. Things looked a lot better until the 89 filings today. NOSs bumped up to 411 from last month, but still way under the proceeding months. TDs dropped to 235 from 287 in August and 336 in July, and are generally back to 2008 levels.

Think the market is dead? NRES is on Fuego. They are single handedly responsible for the regional shortage of Navajo White paint at the Home Depot. I’m working on a quarterly report on their actives and will post it soon. When I see “Not a Short Sale”, or “New Two Tone Paint” or “New Sod in the Front Yard”, I don’t even need to search who the owner is anymore.

I’ve been communicating with a reader who was looking at a Wood Is Good property. They were not impressed, and backed out of the transaction.

Also in communication with someone looking to buy into the Belvedere. I’m learning a lot more about the viability of the property and all the liens on the individual units. If anyone cares, I’ll write it up.

CommRow – I was at the media preview last night, as was Guy. I have a lot of comments and opinion from an architectural and business plan perspective, and even some notes from talking to Nando myself. But won’t post them until they are really up and running full steam on Wednesday.

24 comments

  2. bonanza

    Bully,
    Interesting article. It wouldn’t exactly be the “Green Acres” thing either since there is so much to do in the Reno area. I wonder why he left off Somersett? Stunning views, great deals in a beautiful planned community and closer to Sacramento and San Francisco.

  3. Grand Wazoo's Vanishing Credibility

    NRES is making money?

    That’s impossible. This is a terrible time to buy. You must be a realtor shill. I demand to know how you are profiting from these lies!!

  4. Grand Wazoo

    Stop it MikeZ – you’re killing me! 🙂

  5. Martin

    I don’t believe anybody, ever, on this blog has said that you cannot make money buying REOs on the courthouse steps. Many have said that you need to know what you are doing, you need to be quite savvy in the game, you need the skills. But nobody here has ever said you cannot make a profit at the REO game.

  6. Cornell

    Just because knowledgeable and experienced people can make money buying REOs does not mean that the housing market has hit bottom. Far from it. In fact, pretty much every time one of these REO flip specialists sells a house, the comps go down down in the neighborhood. The key to making money buying REOs is in paying the right price at the courthouse steps, which is almost always substantially below present comps. When they buy so low at the courthouse, they can sell low, even after the cosmetic improvements. These outfits like NRES are doing nothing to help stabilize the value of houses in Reno. I applaud their acumen in a risky business, but for anybody who wants the prices of houses in Reno to finally bottom out, these guys are doing nothing to help you out.

  7. Grand Wazoo

    Thanks Martin and Cornell – I appreciate the support. MikeZ would comment, but he’s still out on “the lot”, trying to talk a young couple with a baby on the way into that nice ’78 Buick he’s got “on special”. No money down, no credit checks!

    Time for the serious business – who went to the CommRow opening today? I didn’t know what to expect, but I was really surprised with what I saw. In Portland or Seattle I think this “might” be something, here in Reno I don’t know if there really is a critical mass for an airport food court (airport bars included) with a climbing wall as the sideshow. The climbing wall must be the sideshow, as there is now way at $15 per person you can get enough people going up and down that thing all day to pay the nut on the building and all the people it takes to run that operation. So the cash flow must be coming from the restaurant/bar operations, not exactly a foreign bidness idea here in Reno, but from what I read on the commrow.com site, the food service doesn’t open until 3pm, so no downtown lunch trade. Is the wall climbable after dark? Unknown, I guess we’ll find out soon. Sorry I didn’t make it to the “adults only” black light indoor bouldering event tonight at 10pm, my black ninja pjs wouldn’t have been appropriate nor effective.

    I think it will be a real horserace between the new Siena and Commrow as to which cuts back operations first. Winter will be brutal for both, first one to make it to the start of the summer season wins.

  8. MikeZ

    What the heck! You blame me?!

    Waz, I’m the one who offered to meet you – still no answer, by the way. Come on out from behind the curtain, I promise I won’t try to sell you a ’78 Buick.

  9. MikeZ

    By the way, that was pretty funny, GWVC.

    Keep up the good work. Let’s see more of you around here. 🙂

  10. Grand Wazoo

    MikeZ, if you’re in Reno, I’d be happy to meet you anytime. I think we’re more alike than different, a couple of wise-azzes for sure. Mike has my email address, Mike you are hereby deputized to hook the three of us up for proper adult hydration exercises essential to living in this high desert mountain range.

  11. bob_c

    first one to the top of the commrow wall wins

  12. Reno Ignoramus

    If I recall correctly, Mike Z is an EE, and Wazoo is associated with UNR. This has always been a pretty high brow blog with an educational level at least one standard deviation above the norm. I am certain you two will have an entertaining and intellectually stimulating conversation. You might want to meet at either the Siena or CommRow as both of those places are going to need all the help they can get.

  13. Guy Johnson

    R.I., meeting at CommRow is a great idea. MikeZ and Grand Wazoo, when are you available? Pick a late afternoon and I’ll post an invite for a blogger meetup. Let’s meet at the Lucky Lane Lounge.
    Note: CommRow is dark until Wednesday, Oct 5th.

  14. Oppenheimer

    I’m definitely interested in some insight on the liens/statuses burdening the Belvedere properties.

  16. inclinejj

    Business will dry up for ConRow as soon as it gets cold.

  17. MikeZ

    R.I., meeting at CommRow is a great idea. MikeZ and Grand Wazoo, when are you available? Pick a late afternoon and I’ll post an invite for a blogger meetup. Let’s meet at the Lucky Lane Lounge.

    Weekends are best for me, Fri/Sat/Sun after 6PM. Weekdays are possibly good but work can run well past 9/10PM on a moment’s notice. Looking forward to meeting you, Guy, Mike McG, Wazoo and any other posters. Always good to put faces to names.

  18. Grand Wazoo

    I vote for Guy’s suggestion for a late afternoon in one of the CommRow bars. How about early next week? The weather is about to go down the crapper in another day.

    Did anyone figure out if the climbing wall has any permanent illumination that would allow evening operations?

  19. Guy Johnson

    I’m targeting next Wednesday (12th) at 6PM for the blog meet up. Mike M is on board. Will this work for you Grand Wazoo and MikeZ?

  20. Grand Wazoo

    It’s on my calendar Guy. See you and MikeM then.

  21. Comebackkid

    Goodness gracious. Get a room guys.

  22. anon

    Might show up myself, with all the various aliases in tow….

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