This is 5050 Bella at Belsera, which you know well if you drive on West McCarran. It hit the market this week for $203,500, and its sister at 5320 Bellazza listed for $209,000. From both MLS listings – “Open floor plan, needs to be finished. Electrical & plumbing have been started. Some insulation.”
This house has gone through at least 2 winters without a real roof – how much would you trust the insulation (mold) or partial electrical work? 5215 Bellazza is currently listed as Active/Pending Short for $350,000 for reference. There are 6 additional lots here that have had the foundations poured that have not been listed yet, but I would really like to know what the bank thinks they are worth before judging the asking prices for the hulks.
270 Burks at least got a real roof on before construction was stopped a couple years ago. You know this house well if you travel I-80 west of Reno – officially in LaSalle Heights overlooking Mogul. I vaguely recall a listing for $795,000 or so, though the construction loan is only $571,000. The rub is that is was through Cetus Mortgage. The owners are in default on their existing home, but Burks still doesn’t have any foreclosure activity recorded. If you want to read the tale of local builders going bad, research Cetus.
Don’t tell, but I’ve been in 1005 Kit Carson a ton of times. If you drive Old US 40 / 3rd Street through Verdi, you know this one up on the hill. It looks pretty finished from afar (the roof was finished before the foreclosure and doesn’t show on this photo), but is pretty raw in person, with views to die for. Again, it has seen more than 2 years exposed to the elements, and has never been listed since it was foreclosed in November 2009. (and another intersting owner to track)
40 Pronghorn in Eagle’s Nest at Caughlin Ranch may be the ultimate Hulk. It finally sold last month for $1.1M after being listed as high as $3,995,000 per Zillow. Sorry, all the good pictures have disappeared now that it has sold, but you know the one I mean – it has be sitting there lurking in the hills for at least 3 years now.
Big dreams that die hard. At what point is partially completed construction a liability and a tear down? Or are some of these the “diamonds in the rough” the canny investors are looking for?