Housing Bubble Blog: April 2006

Top 10 things to know when buying a home.
Sunday, April 30, 2006

As the Reno Housing market heats up, arm yourself with these Top 10 things to know about purchasing a home.

1. Don't buy if you can't stay put.
2. Start by shoring up your credit.
3. Aim for a home you can really afford.
4. Don't worry if you can't put down the usual 20 percent.
5. Buy in a district with good schools.
6. Get professional help.
7. Choose carefully between points and rate.
8. Before house hunting, get pre-approved.
9. Do your homework before bidding.
10. Hire a home inspector.

Via Money.Cnn.Com

posted by author @ 12:55 PM, , links to this post

Housing Deals in Reno?
Thursday, April 27, 2006

Who says Reno Real Estate is overpriced? Here's a steal on a home in Sun Valley.

More Info:
1978 square feet doublewide mobile home with 3 stick built room additions. Fully fenced, level 1/2 acre with Juniper trees

posted by author @ 7:28 PM, , links to this post

Reno Housing Bubble Blows!
Tuesday, April 25, 2006

Are home builders really this desperate to sell new construction and resorting to placing ads on craigslist? The answer is yes - New Homes In Reno.

posted by author @ 8:28 PM, , links to this post

Cozy Little Incline Village Property

If you have 4.5 mil. to drop on a house in Tahoe, then this is the one.

Stats:
5 Bedrooms / 7 Bathrooms / 2 Garage / 7,408 sq. @ $4,895,000.

The bathroom has a better view than my back yard!

posted by author @ 8:18 PM, , links to this post

USA Capital files bankruptcy
Wednesday, April 19, 2006

More signs of a Reno Housing Bubble? USA Capital is an affiliate of Tanamera Homes(a major Reno Builder) and ~20 other companies that should be feeling the pinch right about now.

From the USA Capital website,
"USA Commercial Mortgage Company announced on April 13, 2006 that it and certain of its affiliates have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code... "

More information here.

If you are an investor with USA Capital, then you may be interested in this.

posted by author @ 6:54 PM, , links to this post

South Lake Tahoe home for under $400K?
Tuesday, April 18, 2006

It's almost impossible to find a home in Reno for less than $400K. A home in South Lake Tahoe for $380K. Is that even possible? Possible if it's a 1 Bedroom / 1 Bathroom cabin that's just a little bit bigger than the Rubbermaid garage out back.

posted by author @ 8:57 PM, , links to this post

Search Reno Real Estate
Monday, April 17, 2006

I talked about Zillow in a few days ago, but how about a little more local information? Here's a cool tool for searching Reno Real Estate. Just type in the parcel number or street number and name. The results include a lot of additional information that Zillow does not provide. Check it out here.

posted by author @ 9:52 PM, , links to this post

Downtown Reno Condo For Sale
Friday, April 14, 2006

Hi rise condos in Reno- You bet. This is at the Arlington Towers on Arlington and Island Ave. There's also a pretty sweet view of the Truckee River. You can have this little (800 sq. ft.) gem for $265,000, but I bet you can work a better deal if you try. Is it just me, or is the whole downtown Reno area going condo crazy?

posted by author @ 12:46 PM, , links to this post

Affordable Reno Housing
Thursday, April 13, 2006

"Beautiful 1985 Champion".

This is a 3 bedroom mobile home @ 14x66. That's 924 sq. ft. - surprisingly. You can snatch this thing up for $24,500 bucks and forget about paying $400K + for track housing in Double Diamond.

Some ideas of what to do with the left over $375,500:
- 7 Hummer H2's.
- Another 15 Mobile Homes.
- 5,000 stays at the Silver Legacy.

posted by author @ 8:26 PM, , links to this post

Luxury Real Estate in Reno
Wednesday, April 12, 2006

Finally! I'm sick and tired of under-priced Real Estate here in Reno. I'm tired of my hard earned dollar going much further than it should. I think that luxuryrealestate.com was made with buyers like me in mind.

Type 'Reno' in the search box to find your million dollar property. Did I say million? I meant to say multi-million.

posted by author @ 9:47 PM, , links to this post

Reno Lease Option

4 Bedroom / 2.5 Bathroom / Garage / 2,900 sq. @ $420,000

There's a lease option on this sucker which basically allows you to rent with the option to buy. Fake grass and a pretty nice jacuzzi - Black lab NOT included. More info on lease options here.

posted by author @ 7:25 PM, , links to this post

Reno Real Estate Bubble Officially Bursting.
Tuesday, April 11, 2006

The tables have turned and now some builders are actually offering INCENTIVES to buy new homes. I remember last year when you had to wait on an 'interest list' with several hundred other potential buyers just to attend a release of new homes. Well, now it looks like the builders may have over-built. Check out this ad on Craigslist.

$379000 - NEW RELEASE AT GRAND SUMMIT!

posted by author @ 7:19 PM, , links to this post

South Reno Real Estate
Monday, April 10, 2006

Here's a beauty in South Reno. This is Fleur De Lis, the coveted upper class condo/town home/attached home community with outlandish association fees ($390.00/month).

Looks the realtors are taking pictures with their cell phones again.

2 Bedroom / 2 Bathroom / 2 Garage / 1,435 sq. @ $450,000

posted by author @ 9:08 PM, , links to this post

Find out how much your home is worth.
Sunday, April 09, 2006

Unless you have been hiding under a rock, or sitting at a nickel poker machine, then you have probably heard of Zillow. Zillow allows you to search for a property location and gives you an estimated value for that location.

Check out Zillow.

posted by author @ 9:26 AM, , links to this post

Reno homes taking longer to sell.
Friday, April 07, 2006

According to this article from the RGJ, the time that it takes to sell a home in Reno has increased by 14%.

Based on research done by the Bureau of Business and Economic Research at UNR, it takes an average of 84 days to sell a home in Reno.

-86 days to sell a home in Sparks.
-105 days to sell a home in the North Valeys.

posted by author @ 6:50 PM, , links to this post

Red Hot Reno Real Estate
Thursday, April 06, 2006

Here's a property for sale in Lakeridge (South Reno).

4 / 3.5 / 3 car garage / 2500 sq. @ $495,000.

Not a bad price considering the area (Lakeridge) and the views. "Owner is very motivated and willing to negotiate."

posted by author @ 6:48 PM, , links to this post

Red Hot Sparks Real Estate
Tuesday, April 04, 2006

910 Ephedra
Sparks, NV 89436
Darling Sparks Home
Offered at $269,900

Isn't Ephedra a banned substance???

This 2 / 2 / 1096 sq. sold for $296,000.

A good deal? Maybe. It will be interesting to show what this spring brings for the Reno housing market.