4 November 2011

Finance Your Trustee’s Sale – That’s the business model of Klaraos Ventures LLC out of Incline Village. So far only targeting the Central Valley in CA, but would it work here?

– Belvedere – Very interesting Quiet Title suit going on that will set a precedent. And to brag a little, the post here on the Belvedere Lien situation got picked up by Reno Tahoe Tonight Magazine.

– A Hulk Returns – 5050 Bella has returned to the market, now completed after a couple years exposed to the elements and asking $595,000. Purchased in hulk condition by RYBO LLC for $166,500 on August 11 2011. The principals of RYBO have a lot of experience in foreclosed homes (snark).

– CommRow – The Yelp Reviews are starting to come in, and they are mixed at best. Here is a review of the project from an architect’s perspective.

Schlachthof Funf – WordPress has a problem with umlauts, evidently. UNR has submitted an application to rezone 104 acres of their University Farm property along McCarran into a commercial PUD with over a million square feet of development. Staff report is here, just ignore 60 pages of traffic studies. It actually looks like a reasonable proposal to me, but then again I live in Verdi. The big rub is Wolf Pack Meats which is just north of the proposed development. WPN is the only local facility that can both slaughter and process livestock on a small scale. It is where your 4H cow turns to hamburger, and where the localvore restaurants source their meat. UNR has been looking at ending their involvement with WMP, and WPM is smack dab in the middle of the most critical of the critical flood plains. The ground swell of support for WPM is truly heartening (Google it), and their preservation is becoming a Jihad issue. This is a big one that came out of nowhere – stay tuned. Clint J, got any comments on this one?

– NOD Dearth – Of the 13 NODs filed in October, NONE were by a financial institution on a single family residence. There were a couple hard money / owner financing deals, some HOA liens, and a couple of NODs on commercial properties (not sure if they are covered by AB 284 or not). Only 2 filed so far this month, one an owner carry and the other a $7.5M default on commercial property downtown. That one will get some follow-up!

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About Mike McGonagle

An architect, business owner, and compulsive public records hacker, Mike reads the tea leaves of the local real estate market from a unique perspective.. A former Chicagoan, Mike earned his MArch from Harvard University. Mike can be reached at mike@macassociates.com or 775-345-7435. His continued musings can be found on the REreno.com blog.
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11 Responses to 4 November 2011

  1. Avatar Mays says:

    I went in to the CommRow this past week. Not sure what to think. Apparently nothing gets going until 4:30 pm. Nothing was happening when I was there at about 2pm. Literally nothing. Maybe 4 human beings within sight. Is this place going to be geared for the nightime scene only? It comes off as another bar scene kind of place, with some food. Except no food until 4:30 pm. The climbing wall was uninhabited by any life forms. I couldn’t even find anybody to ask questions. If people are looking to CommRow to save downtown Reno, they might be dissapointed. Maybe the place is still trying to find its legs?

    As for the Hulk on Bella…..somebody buys the place for $166K, finishes the roof and puts on a coat of paint, and tries to flip it for $595K three months later? That kind of delusion hasn’t been seen around here since 2007, when a lot of realtor/builder/developer types were sitting around the bong convincing themselves that there really was no bubble……prices really were not going to fall significantly…….you really can’t lose money buying a house in Reno…….they aern’t making any more land you know………….

  2. Avatar Michelle says:

    Mays, I had the exact same impression of ComRow. My husband and I went in there a few days ago at noon looking to have lunch. No lunch. In fact nothing going on. We saw 2 or 3 maintenace type guys walking around, but nobody else. None of the food court places was open. None of the bars was open. The tee shirt store was closed. We went up the old Fitz escalators in the corner to the second floor…..and nothing was open. We are not climbers but if we were there was nobody to sell us a ticket. I left with the feeling that we were intruders. It felt like we had broken in before the place was open for business. It was all pretty strange actually.

  3. Avatar MRB says:

    I cannot determine what business CommRow is in. Is it climbing experience place catering to the physically fit climber types? Is it a bar catering to the downtown nightlife drinking crowd? Is it a hotel catering to non gambling tourists? Is it trying to be all these things?
    It strikes me as incongruent. Like a person who is a part time debt collector and a part time social worker. Just not quite sure what to make of it.

  4. Avatar Goodnight_CommRow says:

    CommRow? Puhhleeeease. Bring back Fitzgerald’s..

  5. Avatar fence sitter says:

    Hey Mike, any news on NRES’s activities? you had a teaser a while back about their winnings (thefts) at the courthouse steps. What will they do now that the pipeline is stopped up?

  6. Avatar Sliced Rye says:

    How long is a NOD good for? There are thousands of NODs that have been recorded in the past 2 years (or more) that have never been cancelled or brought to the courthouse steps. They are just out there having never been followed up on by the banks. If an NOD does not “expire” (for lack of a better term) the pipeline could be flowing for many many more months. Does anybody know?

  7. Avatar GreeenNV says:

    Sliced, I’m pretty sure a NOD expire after a year. I know NOSs do. So you are right, there are thousands of latent NODs that just went into the AB 284 limbo dance.

    fence sitter. I took what I thought would be a quick look at updating NRES today while watching football, and just finished 8 hours later! Haven’t had time to do much analysis, but it seems they are becoming sellers rather than buyers, and they are buying much cheaper properties in general than they used to. Since June, bought 99 and sold 108. I’ll do a post about their activity soon, but until then, the updated Excel spreadsheet is available at http://rereno2.files.wordpress.com/2011/11/page-ventures.xlsx Play around with the data and see if you can see any trends. One poster did just that, and found that NRES was beating the market by about a month on Days on Market.

  8. Avatar bob_c says:

    i was driving through downtown and couldn’t even locate the exterior climbing wall driving sround the welcome to biffest little city in the world sign….wanted glimpse of some bold climbers of which i hear there are none
    until can see climbers i have no interest to see another restaraunt/bar

  9. Avatar inclinejj says:

    From what I understand the NOD’s do not have a time limit.

    NOS have a 12 month or actually a 365 day time limit till you have to republish and repost the property.

  10. Avatar Sully says:

    I checked the NRS for time frame on NOS and could only find that there is 3 oral postponements allowed for sales, after which a new filing is necessary. Could not find an actual time frame in which to conduct the sale.

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