I’ve been posting glimpses about NRESs recent buying spree on the court house steps, and the uptick in their resales. Finally, I’ve updated the CHART on them to include their activity since the last comprehensive update in October. Some notes:
– The new chart combines the Page Ventures, NRES 1, 2 and 3 activity since December 2008, and no longer tracks the entities individually. All recent activity has been under the NRES I LLC umbrella.
– The chart is in Excel, initially from oldest to newest Trustee’s Deed (and a few REOs) transactions. But you can sort it anyway you want by right clicking on a field. Sort by APN to see the areas of town where they are most active. Sort most profitable flip, or highest gross returns. Add your own formulas. Have some fun with it and report on your observations.
– One reader altered the chart to show the speed of their transactions from TD to resale. NRES was averaging about a month faster than the market in general.
– NRES had their very first gross loss on a sale – 649 Alpine View in Incline Village (131-212-13, 10/7/2009).
– Another loss shows up for 2525 Lake Ridge Shores (42-071-17, 7/1/2010). This is the property where the old owners refused to leave and burned the place down. Depending on fire insurance, this may be a small loss or none at all.
– NRES somehow gamed the system and even flipped a Rancho San Rafael unit for a profit. And one at Fallen leaf and another at 900 South Meadows.
– One of the interesting things is to sort by APN and see where NRS ISN’T. Only 1 in Caughlin Ranch / Juniper Hills. None in Somersett / Sierra Canyon. 1 or 2 in ArrowCreek and none in Montreux. No downtown condos what so ever.These guys are sharp, and the prices aren’t low enough here to make a profit for them.
– Median sales price for their transactions is $174,000.
– Back in November, their gross margin was running at 1.417903. Currently, it is 1.401278 so it is tightening up a bit.
– I show they have purchased 312 properties, with 55 currently in inventory. That sounds like a lot, but it is only 2.5 months at their current selling pace.
– Gross profit has topped $13,233,000 on the homes they have sold since they entered the game.