Rudy and Joe rolled into town late yesterday afternoon in their man-cave-on-wheels on their very last stop for Blog Tour USA. Guy and I extracted them from their self-induced mayhem and introduced them back into the world of the civilized with a little fun at the Grand Sierra Resort. Yes, the blogmobile was a mess, but it didn’t stink, and there weren’t any beer cans, so I was pretty impressed.
We’ll be taking Rudy and Joe to lunch at the Silver Peak Grill downtown today at noon. If you want to join us, feel free to show up. I’m looking forward to hearing what these guys have learned at the street level talking to Realtors all over the US about the state of real estate.
Lindie
Let me guess what they have learned from realtors all over the US.
1. The worst is over.
2. We are already at the bottom, although it may be a few more months before that becomes clear.
3. There are millions of qualified buyers out there just waiting to buy.
4. It’s different here. (This is true no matter where any particular realtor is from).
5. Interst rates are going up, so you better buy now.
6. The economy here (no matter where here is) is strong and prices will not fall any more in the face of such a strong economy.
7. It is special here (no matter where here is) because we have the ___________ ( mountains, beach, Lake, etc.) and everybody wants to live here.
8.Inventory numbers are dropping here ( wherever here is).
9. The rate at which the sales volume is declining is slowing, signifying that the market is turning positive.
10. There has never been a better time to buy here (wherever here is) because buyers have such a large choice of listings to pick from.
11. There has never been a better time to buy here (wherever here is) because many sellers are motivated.
12. There has never been a better time to buy here (wherever here is) because I need the commission.
13. There has never been a better time to buy, not just here, but everywhere.
14. There has never been a better time to buy everywhere.
15. There has never been a better time to buy everywhere.
16. There has never been a better time to buy.
MikeZ
Re: Lindie
I love it! Pick one, any one!
Phil Hoover
It’s “Realtor” with the little “R” in a circle.
And, we’re not all cheerleaders 🙂
Some of us (including Diane) actually deal in reality, not hyperbole.
Lindie
No hyperbole from “realtors” with the little “R” in a circle?
That’s funny. That’s really funny.
John Lockwood
That’s the last stop? So when they called me to visit Sacramento, we must be sort of a land before time deal. 🙂
Well, no worries. Lots of bubblers here, Diane. Nice of you to let them live.
BanteringBear
Phil Hoover posted:
“Some of us (including Diane) actually deal in reality, not hyperbole.”
This is an absolutely outrageous claim coming from a Realtor who recently posted “In 2005, it was all we could do to fend off the slobbering flippers and “investors” who were eagerly feeding at the trough, thinking everything would continue to appreciate 24% a year.” If that isn’t hyperbole, then I’ve never seen it. The hypocrisy is astounding. I don’t think you can speak for Diane, or anyone other than yourself.
Reno Ignoramus
Here’s some up to date non-hyperbole about that master-planned community, Somersett.
129 listings.
5 pendings.
A whopping 3.8% of listings with an offer.
Final score for today:
Price Reductions: 8
Pending Offers: 5
GreenNV
RI, doesn’t look like the dead cat is going to bounce this time! From what I’ve been seeing, Somersett only CLOSES about 2 properties a month. Things either fall out, or have extended closing periods.
Things are even worse farther west in Verdi. Now Verdi is a pretty interesting little area, with probably about the widest variety of properties of any of the MLS search area. 29 listings, 1 pending. NOTHING is moving at any price point. Ironically, the one pending is a Chase listing – “$300,000 premium lot (backing to 80), $149,000 house”. I would have kicked this agent’s butt all the way to Boomtown for a description like that. And probably suggest in the future that she place the for sale sign perpendicular to the street so people could see it. But hey, a pending.
Bumping up our Palladio conversation from “Vacant Listings”, I don’t see anything unbecoming (except that every other sales report has been false) about the pace of closings. You can’t close everything concurrently at in a highrise condo – people have to be able to move in once they close, and there is limited access to elevator time. They continue to close 4 or 5 a week, and I would expect that will continue for the next month or so. I AM a bit confused about the 10 units or so that the Palladio flyer shows available that don’t show as listings on the MLS. Developer controlled units? The first verifiable resale unit on the MLS is #719. 18% over the July 05 purchase agreement price.
If anyone has the original brochure with the unit SF, I can let you know what these are selling for on a $/SF basis, and also note the purchase agreement date for reference.
Agree to be positively negative?
Doofus
Hey Lindie, thought about Yoga or something to relieve you pent up aggressions? Maybe let D tell what she heard from the Man Cave on Wheels before you go off on her, the tour, and the whole RE megaplex. What, exactly, did you think we would learn from your post?
Sure is hot tonight. Hope the swamp cooler is working! Best.
SkrapGuy
I like Lindie’s post. What do you think this Sellsius travelling blog thing is but a marketing hype for their website? You think these guys who are traveling around the country talking to realtors to garner business for their site are going to say we are in the worst real estate market since 1990? The last time the market was this bad these Sellsius guys were in middle school. Asking these guys about the state of the real estate market is like asking a barber if you need a haircut.
Lynne Black
We went to look at the Bel Sera models this weekend, I asked how many houses they had remaining, the agent said 10, I said that’s not bad, he said “it is when you consider that I have only sold 4 houses here since last September”. The agent said they are going to build some 800k houses because “that’s what people are looking for”….for his sake I hope he’s right, but if I were him I would probably be looking for another job
smarten
SkrapGuy wrote: “the last time the market was this bad these Sellsius guys were in middle school. Asking these guys about the state of the real estate market is like asking a barber if you need a haircut.”
Those who know do. Wannabies talk about what others know. If wannabies knew, they’d be out there actually doing it.
That’s what I like about this blog – doers versus talkers!
BanteringBear
Lynne Black posted:
“We went to look at the Bel Sera models this weekend…The agent said they are going to build some 800k houses because “that’s what people are looking for…”
Oh, really!? So, since the market is so bad, they want to build costlier homes? Yes, I do mean MORE expensive. Because those POS on postage stamp lots they’re selling right now are $300k homes, regardless of whatever fantasy price tag they’re hanging on them. That place is a total joke. Oops, I’m sorry, I forgot that they did plant a dozen or so grapevines at the entrance. My bad.
Reno Girl
Bantering, my vote for the biggest joke has to go with “The Cottages” on the corner of McCarron and Longley now displaying it’s prices reduced sign and 30 day immediate move in sign. Conveniently located across the street from the lovely UNR cow pasture and the Fed Ex Ground shipping facility – who could ask for more? You know, when I hear the word cottage I think cute and small – not big, unattractive ungodly colored box with walls I have to share. The apartment complex next door is 15 times more pleasing to the eye. It appears that very few that back up to McCarron have sold – guess the McCarron traffic and cow stink just don’t appeal to many.
BanteringBear
Hmmm, “The Cottages”. Haven’t seen, or even heard of, them. After reading your description, I’m not sure I want to. Given the cow stench, the highway, and the tastelessness in general, it sounds like they have a wonderful future as section 8 housing. Nice.