NODs fell to 212 in February from 236 in January but up from 158 in December. NOSs were pretty unchanged at 132 in February from 136 in January, continuing the downward trend from 145 in December. TDs Fell to 52 in February, down from 71 in January and 79 in December. This is the lowest number of Trustee’s Sales in Washoe County since March 2007. The chart is HERE. Private parties picked up 17 or nearly 1/3 of all of the TDs. The banks are definitely sending fewer properties to the courthouse steps.. I think the slack is being picked up in short sale activity.
Bizarre NOD of the month has to be APN 160-040-20 This 3.14 Acre parcel next to Renown’s South Meadows campus sold for $4,000,000 4/1/2008 with a first of $2,900,000 from ELP Capital, a $1,000,000 2nd from the seller, and an additional $1,000,000 3rd from the seller. ELP refied the deal a couple weeks later for $4.5M, and the 7/12/2012 payment was missed. On what planet did dirt at $1.5M per acre ever pencil out?
![55001[1]](http://rereno2.files.wordpress.com/2013/02/550011.jpg?w=529&h=396)
248 W 1st Street aka the Truckee River Lane Building aka Java Jungle finally completed it’s torturous Trustee’s Deed journey, going back to the lender / former owner for the full amount owed ($2M or so). I would normally be jumping for joy, as this property is a “block tile” for development along the river further west into Powning. A chance for a fresh start, right? But the new owner / former owner is our own Dr. John, who is notorious about letting his properties rot. His great recent improvement is the Wright Way Market across from the new bus station – hobo central. But a guy can hop that this prime parcel might get some traction.
Rory said:
Dr. John? Expose them!
Matthew said:
Expose who? John Iliescu? He owns a ton of property down town… any developer should know his name.
RG3 said:
Mike while you’re data digging can you enlighten us with the details on 6331 Park Place and 1379 Tioga Way in reno? I asked the other blog how this could happen but the only response I got was that it’s not happening. Isn’t this fraud? Realtor lender and straw buyer all make $$ while screwing the homeowner….what am I missing?
Phil said:
Hey Mike,
Re: APN 160-040-20.
Look at the date. 4/1/2008.
That’s when every developer had the midas touch, every broker was rainmaker, every deal popped big time. That’s when a chimpanzee could have made money selling real estate. All these guys stood in the middle of the Biggest Bubble in History and declared themselves to be frickin’ geniuses.