Sorry, no zippy graphics on this post. I just wanted to let you know what I see going on.
– The Highlands student apartment complex just sold for $40,931,513. It last changed hand for $32,500,000 in November of 2004. Nice hold while collecting rents!
– Kings Inn demo is underway with a $150,000 permit. The word on the street is that the project will be ultra-luxury and try to out Montage the Montage.
– Montage units are on the market in record numbers. There is a huge cash out going on. They are actually selling north of $250 SF.
– El Cortez construction was shut down because they forgot to apply for a window replacement permit. “We have removed and replaced thousands of windows, and have never had to pull a permit to do so, and neither had our window supplier,” Crandall said. Seigel might want to refer to the International Building Code which covers both Reno and Las Vegas. Las Vegas might want to do some inspections on Siegel’s 1000’s of illegal window replacements.
– NODs are trending WAY up. Lots of 2009-2011 defaults showing up. I think the first loan holders are now pretty well covered and are moving their “shadow inventory” to market in large quanties.
– Wacko prices being paid on the Courthouse Steps for foreclosures right now. There are a bunch of new players in the market, as well as the Caughlin Ranch dilettante housewives.
– Stealing from the Estate – Check out 260 Wellington you data diggers. Bought through Probate for $40,000 with a $65,000 hard money loan, and immediately listed for $109,900. The system is truly broken if this one sells.
– Basin Street is pushing dirt on the new Marriott Courtyard next to 300 E 2nd and across from the Aces field of dreams.
– Pulte has pulled permits for their first houses in Sierra Canyon Village 13.
– Watch for a significant infill development at the corner of Stewart and Sinclair, across from the UNR Drone Center and the Discovery Museum. The first 2 permits are already in process, one approved.
I’m exhausted, and I haven’t even gotten to VAT or Project 8! Laissez les bons temps rouler!