Reno is proving to be a great game plan
Michelle Plevel, special to reno.com and tahoe.com
There's a lot of action in Reno despite the subprime housing bust, and just for the record, here are some facts on Reno that makes us look not so bad after all. It appears Las Vegas is really the painted lady.
As reported by Kathy Chu of <i>USA TODAY</i>, a study completed by First American Loan-Performance, an analysis firm in San Francisco, concluded "23% of the outstanding loans in Nevada were subprime. In Las Vegas 27% of the loans were subprime vs. only 13% in Reno-Sparks." The major cities that have been experiencing a crackdown are Miami, Riverside and Las Vegas.
Also, the Reno/Sparks Association of Realtors recently noted that from 1997 to 2007, the median home price has doubled, despite the housing stall.
A great indicator for me that housing is going back to normal is ArrowCreek. I recently listed a marvelous million-plus home; during the first few days we negotiated a purchase and closed escrow in the same week. What was interesting to me is that two other jumbo homes <i>on the same block</i> have sales pending and one other sold. This totals four homes in the million-plus range to sell in the last 45 days after we had no significant sales for months. The ides of autumn are finally here and for me it's an indicator, just as the leaves are turning color, that the market is turning the corner.
Another great report is the Porsche Building in downtown Reno; the 12-story professional brick building, totaling 258,000 square feet, located at 100 Liberty Street, was sold again. It was purchased in 2004 for $20 million by CM Capital Group and Capstone Partners out of Portland, Ore., and they just sold the building for $38.25 million! What a turnaround and what a return with minimal improvements.
Here's another incentive to buy Nevada. ENEL Geothermal, LLC is going to build two geothermal energy plants in Churchill County and will invest over $200 million which will employ 400 construction workers. Combine this great news with what is going on out at the Reno-Tahoe Industrial Complex and we have tons of concrete flowing and buildings going up, up, up.
The baseball stadium and downtown redevelopment of 2nd Street got final approval last month, which was a no-brainer for Reno and thank goodness for the opportunity; it will change downtown dramatically. The stadium alone will bring in huge revenue for our city. Herbert Simon, one of the stadium partners, has just purchased a residence in Montreux so that he and his family can fly in to check out their investment and stay in some nice digs. Welcome and thank you!
I'm pro-Reno/Sparks and encourage one and all to get into the opportunity now to invest in this great area; there are some fantastic deals out there. Call your broker and start researching the areas you need to be in before the market swings north again.
<i>Michelle Plevel, originally from Lake Tahoe, has been a real estate broker in multiple states since 1977 and is now affiliated Chase International. Michelle offers a comprehensive real estate background including custom home sales, construction, land acquisition, strategic marketing, and consultation. She has launched her blog: <a href="http://www.renorealestatelogic.com/"; TARGET="_blank">www.RenoRealEstateLogic.com<;/a> to disseminate useful information on what's happening in our city and state. Michelle invites you to participate daily with her in this fun dialogue!
As reported by Kathy Chu of <i>USA TODAY</i>, a study completed by First American Loan-Performance, an analysis firm in San Francisco, concluded "23% of the outstanding loans in Nevada were subprime. In Las Vegas 27% of the loans were subprime vs. only 13% in Reno-Sparks." The major cities that have been experiencing a crackdown are Miami, Riverside and Las Vegas.
Also, the Reno/Sparks Association of Realtors recently noted that from 1997 to 2007, the median home price has doubled, despite the housing stall.
A great indicator for me that housing is going back to normal is ArrowCreek. I recently listed a marvelous million-plus home; during the first few days we negotiated a purchase and closed escrow in the same week. What was interesting to me is that two other jumbo homes <i>on the same block</i> have sales pending and one other sold. This totals four homes in the million-plus range to sell in the last 45 days after we had no significant sales for months. The ides of autumn are finally here and for me it's an indicator, just as the leaves are turning color, that the market is turning the corner.
Another great report is the Porsche Building in downtown Reno; the 12-story professional brick building, totaling 258,000 square feet, located at 100 Liberty Street, was sold again. It was purchased in 2004 for $20 million by CM Capital Group and Capstone Partners out of Portland, Ore., and they just sold the building for $38.25 million! What a turnaround and what a return with minimal improvements.
Here's another incentive to buy Nevada. ENEL Geothermal, LLC is going to build two geothermal energy plants in Churchill County and will invest over $200 million which will employ 400 construction workers. Combine this great news with what is going on out at the Reno-Tahoe Industrial Complex and we have tons of concrete flowing and buildings going up, up, up.
The baseball stadium and downtown redevelopment of 2nd Street got final approval last month, which was a no-brainer for Reno and thank goodness for the opportunity; it will change downtown dramatically. The stadium alone will bring in huge revenue for our city. Herbert Simon, one of the stadium partners, has just purchased a residence in Montreux so that he and his family can fly in to check out their investment and stay in some nice digs. Welcome and thank you!
I'm pro-Reno/Sparks and encourage one and all to get into the opportunity now to invest in this great area; there are some fantastic deals out there. Call your broker and start researching the areas you need to be in before the market swings north again.
<i>Michelle Plevel, originally from Lake Tahoe, has been a real estate broker in multiple states since 1977 and is now affiliated Chase International. Michelle offers a comprehensive real estate background including custom home sales, construction, land acquisition, strategic marketing, and consultation. She has launched her blog: <a href="http://www.renorealestatelogic.com/"; TARGET="_blank">www.RenoRealEstateLogic.com<;/a> to disseminate useful information on what's happening in our city and state. Michelle invites you to participate daily with her in this fun dialogue!
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