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Reno, NV, September 2, 2010: Nevada has been making the headlines lately if you are reading the statistics on employment, housing market and general gloom about the poor economy in the state. Local state election races are pointing fingers on either side of the political spectrum to identify who’s responsible for the current state dilemma.
Enter Reno and Northern Nevada where some positive headlines are coming to light. Enter a new focus on outdoor recreation.
In the last eight months, two national magazines have labeled Reno in their “Best Towns” features.
In the April edition of Men’s Health in an article titled “Ski and Climb Without the Crowds”, the Reno image of downtown casinos and their accompanying all-night buffets are debunked, giving way to a more “hipper” way of life. Men’s Health talks to Reno’s proximity to Lake Tahoe and the four season recreational opportunities available. It also tells about Reno’s new attractions: The Truckee River, coffeehouses, artists’ galleries and a younger-targeted night-life scene. (to read the article, go to: http://bit.ly/9lGiLb )
In a recent edition of Outdoor, the magazine labeled the down town rafting and kayaking park, the new Aces ball park, a rejuvenation of the downtown area and affordable housing prices as a reason to put Reno on your relocation list if you are an outdoor enthusiast. (to read article, go to: http://bit.ly/aIb2mh).
If outdoor recreation is your passion and a second home in an area that offers great amenities to pursue your interests is your goal, why not consider Reno? It’s really a no brainer. Currently, there are sellers motivated to sell, interest rates are low and loans are available to qualified buyers. Prices in our market are very affordable making Reno a great place to invest in a second home.
Popularity: 1% [?]
Currently 95 homes on the market – Active and Pending
Of the homes currently on the market, there are 47 not located in Del Webb, The Vue and The Village.
Of the 47 homes, only 30 are available without an offer.
- 5 between $200k and $300k
- 10 between $300k and $400k
- 5 between $400k and $500k
- 6 between $500k and $600k
- 3 between $600k and $700k
- 0 between $700k and $800k
- 0 between $900k and $1million
- 1 over $1million
Of the 17 homes in escrow, 15 are subject to a short sale or bank owned and 2 are regular sales.
85 homes have closed in Somersett since January 1, 2010. 17 were bank owned, 27 were short sales and 41 were regular sales.
Popularity: 1% [?]
Dickson Realty Opens New Somersett Office In Northwest Reno As Market Improves
Dickson Realty, Northern Nevada’s premier real estate company, will extend their range of services to the master-planned community of Somersett beginning Sept. 1, 2010.
“This is a remarkably positive sign for our community that new home development is occurring in northern Nevada,” said Nancy Fennell, CEO of Dickson Realty. “There are very few real estate firms that are expanding in these times anywhere in the nation, and it’s a testament to our relationships and experience in the market that we are able to make that happen in Reno, and specifically, in Somersett.”
In addition to providing on-site sales support for homebuyers, Dickson at Somersett will also offer services to those searching for commercial and rental properties, something that has not previously been offered by the company. Real estate specialist Debbie Bennington is the lead sales person for the project.
Dickson will be working in conjunction with New Britton Land, a land development firm, and HomeCrafters, a custom homebuilder out of Reno, to produce three home floor plans.
The new Dickson Somersett office will be located at 7650 Town Square Way in the Somersett Welcome Center and will be open from 10am to 5pm, 7 days a week. For more information on Dickson Realty, and the Somersett office, please call (775) 746-7222.
Popularity: 1% [?]
Toll Brothers is planning a Grand Opening Event to kick off their new models in Somersett. Starting at $339,995 and ranging from 2512 sf. to over 2900 sf. with 2- to 4-car garage options. The festivities begin with a REALTOR® party on Thursday, August 19th from 3pm to 8pm and then a VIP Party on Friday, August 20th from 6pm to 9pm. Both evenings Toll Brother will be doing a raffle for a flat screen TV. The public will get to view the brand new models beginning Saturday, August 21st from 10am to 6pm. Don’t miss this chance to become one of the first to see these amazing new homes! For more information or access to the VIP party please contact Dickson Realty in Somersett at746-7222.
Popularity: 1% [?]
According to data from the Northern Nevada Regional Multiple Listing Service, short sales posted the highest number of sales for June. In sales of residential, stick-built homes in the Reno-Sparks area there were 575 sales in June. Of that 43.2% were short sales, 33.6% traditional sales and 23.3% were REO/bank owned sales.
The median price of all sales in June in this category was $170,000. Median prices for traditional listings topped the charts at $219,950. Median for short sales was $151,000 and REO’s was $148,000. The average days on market for all lisitng types was 146 days. REO’s were on the market the least amount of time with an average of 85 days on market. Traditional sales averaged 109 days and short sales averaged 208 days.
Short sales have become very significant in our market. In June 2009 only 103 short sales closed, that is a 240% increase in the number of short sales that have closed this June over last June. Unfortunately the number of days on the market for short sales has not improved year over year – 204 days average last year compared to 208 days average this year. Although we would all like to see this improve, the complex nature of short sales may continue to keep these market times high.
Short sales are definitely a major part of our market. Working with an “experienced” short sale agent is key to the success of a transaction when either buying or selling a home today. Prospective buyers and sellers should ask their agent to show them how many transactions they have closed on either the buy or sell side of the transaction.
Popularity: 3% [?]
The South Tahoe Wooden Boat Classic (STWBC), a vintage boat show for charity, will be held on July 30th & 31st at the Tahoe Keys Marina & Yacht Club.
This premier judged boat show features 65 rare and beautiful antique and classic wooden boats. Thunderbird, Lake Tahoe’s most famous boat, will be showcased “Celebrating her 70th Birthday”. The 55-foot antique mahogany and stainless steel cruiser, now protected by Foundation 36, will celebrate her 70 years on the Lake throughout the summer but this will be the only place that the public will be able to see her up close outside her boat house, and learn about her history on the Lake.
We are pleased that the show supports these deserving South Lake Tahoe community charities City of South Lake Tahoe Fire Department, Boys and Girls Club of Lake Tahoe, Kiwanis Club of Lake Tahoe, Thunderbird Lodge Preservation Society.
Antique boats from the early 1900’s to the 1960’s are featured. There will be five 1960’s drag boats, including Golden Komotion, a fantastic drag boat which dominated the blown gas class.
- The Tahoe Maritime Museum booth is offering new members a ride in a beautiful boat from their collection.
- The South Tahoe Wooden Boat Classic is offering a chance to win a weekend at South Lake Tahoe, a tour of the Thunderbird Lodge and a cruise on the legendary boat Thunderbird.
- Discount tickets will be available to purchase at any Raley’s, Nob Hill, or Bel Air Market in California or Nevada.
- The boat show will be open on Friday, July 30, from noon to 5 pm and all day Saturday, July 31, from 9 am to 5 pm.
For more information, go to tahoewoodenboats.com, or contact Loni
Popularity: 2% [?]
REALTORS Care Nevada will be hosting a Housing Counseling Event for homeowners in the Reno-Sparks and surrounding areas on Saturday, May 8th from 10 a.m. to 4 p.m. The event will be held at the Reno Sparks Association of REALTORS which is located at 5650 Riggins Court, Reno. Homeowners will have the opportunity to hear from a panel of local counselors, an attorney and a CPA. After the panel discussion they will have the opportunity to meet one-on-one with these HUD-approved housing counselors. Panel members include: Jill Perry, Northern Nevada Director, Counsumer Credit Affiliates; Jeni Temen, Branch Office Mangager and Certified Housing Counselor with NID Housing Counseling; Rhea Gertken, Esq., Nevada Legal Services;Tim Nelson, CPA with Evans, Nelson & Company CPAs; and Elizabeth Fielder, Attorney with Jones Vargas. For more information visit foreclosurehelpfornevadans.org
Homeowners should come prepared with the following documents:
- Monthly mortgage statements.
- Information about other mortgages on your home if applicable.
- Two most recent pay stubs or other income documentation for all borrowers, if self-employed a profit and loss statement.
- Two most recent bank statements.
- Account balances and monthly payments for credit cards and debts.
- Estimates of monthly expenditures (medical, utitilies, insurance etc.)
Popularity: 1% [?]
Want to know what’s happening in the Sparks-Spanish Springs real estate market. Here is a recap of what sold in February 2010. (Stick built homes in Sparks-Spanish Springs from MLS data)
There were 45 short sales closed in February with a median list price of $159,900 and median sold price of $156,000. The average days on market for these closed sales was 190 days. Short sales accounted for 40.2% of the total sales in February.
There were 41 REO/foreclosure properties sold in Februrary with a median list price of $150,000 and median sold price of $143,000. The average days on market for these closed sales was 86 days. The REO/foreclosure properties accounted for 36.6% of the total sales in February.
There were 26 homes sold that were not distressed sales in February with a median list price of $179,950 and a median sold price of $178,200. The average days on the market for these closed sales was 106 days. These sales account for 23.2% of the total sales in February.
Looking forward here is a recap of the Active and Pending Sales in the Sparks-Spanish Springs area.
There are 584 short sales currently on the market. 203 of those are active and 381 are pending short sale approval. The median price for active/pending short sale listings is $168,250 and the average days on market is 145 days. Short sale listings account for 62.3% of the active or active pending inventory.
There are 133 REO/foreclosure properties currently on the market. 45 of those are active and 88 are pending sale. The median price for active/pending REO/foreclosure properties is $145,000 and the average days on the market is 71. REO/foreclosure listings account for only 14.2% of the active/pending inventory.
There are 220 non-distressed propertys listed. 137 are active and 83 are pending. The median price for non-distressed listings is $249,999 with an average of 122 days on the market. Non-distressed properties account for 23.5% of the active/pending inventory.
So, what does this mean for home buyers and sellers? Short sales are a large part of the market. Whether you are buying or selling a home in the Sparks-Spanish Springs area be sure to enlist an “EXPERIENCED” short sale agent to assist you. These are complicated transactions that require a REALTOR with not only certifications but actual closing experience.
REO/foreclosure sales are becoming more scarce has banks begin to see the value of short sales and slowly release their foreclosed inventory. These properties require immediate action from buyers as they will typcially go into contract quickly and often with multiple offers.
Non-distressed properties are in demand by buyers, but many sellers continue to over price these properties. Some buyers are willing to pay for the convience, but not many will over pay just for the convenience. Sellers for you that means sharpening your price and being realistic about current market conditions.
Popularity: 1% [?]
One year ago, the interest rate on a 30-year fixed conforming and FHA loan was 4.875%, an incredibly low rate. However, the rate for those same loans today stands at only 5.125%, a mere ¼ point increase. With the 7.5% decrease in median home value in Truckee for homes in the conforming price range in the past year, Buyers are still ahead if they purchase today.
Jumbo loans are a different story. One year ago, a 30-year fixed jumbo was 7.875%. Today, it’s 5.75%, a 2.125 point drop. The median price of homes in the jumbo arena dropped over 6%, so with both interest rates and value of those homes down, Buyers can buy much more than they could have a year ago. So those who decided to “wait and see” made a good decision.
HOWEVER, neither the interest rates nor the home prices will stay this low. We certainly hope that Buyers trying to outsmart the market won’t be left out in the cold. Literally.
Popularity: 1% [?]
With a new decade just begun, it’s interesting to look back at where we’ve been these past 10 years. In 2002, there were 1023 single family homes sold in the Truckee/Lake Tahoe area, with a median price of $397,500. By 2006, we reached the peak of market value, at a median price of $680,000. Now, at the end of 2009, we’re down to a median price of $512,000, a total decrease of 25% in median value from the high in 2006, yet a 29% increase since 2002. However, this year has also seen an increase in number of homes sold (787), up 20% from the low in 2008 of 655.
In looking at the Tahoe Donner subdivision in Truckee, which comprises the largest percentage of the sales in the overall area, the statistics are similar. In 2002, there were 302 single family homes sold, with a median price of $495,000. The highest median market value was reached in 2005, at $765,000. At the end of 2009, the median price is at $568,500, again, a 25% drop since the high in 2005, yet still a 29% increase from where we were in 2002. And similar to the picture for the entire area, the number of homes sold in 2009 in Tahoe Donner (225) was up 16.5% from 2008.
During the past year, we’ve seen our share of distressed properties come on the market, although not near as many as many areas of our state and country. Of the 787 single family homes that sold in 2009, 127 (16%) were foreclosures and 85 (11%) were “short sales”. We currently have only 23 foreclosure properties active on the market (3% of the total inventory available), and 102 “short sales”, comprising 14%.
As we look towards this new decade, we’re excited about the opportunities in our industry that will hopefully allow many more buyers to realize their dreams of home ownership, be it here in our mountain paradise, or wherever their dreams may take them.
Popularity: 2% [?]
Thursday, September 2, 2010 By: Mary Jurkonis
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