Toll Bothers just listed their lots at 6200 and 6220 Elk Ivory for $55,000 each. They used to sell houses on this street for a million plus. Capitulation that they can not build ANYTHING that will meet the CCRs and sell for at least break even. 6205 Elk Ivory was incidentally one of NRESs biggest kills.
Today saw the highest number of NODs ever recorded in Washoe County on a single day ever – 89. New foreclosure rules go into effect tomorrow in NV. Am I cynical to see a connection?
September foreclose stats:
NODs dropped a bit to 613 from 641 last month. Things looked a lot better until the 89 filings today. NOSs bumped up to 411 from last month, but still way under the proceeding months. TDs dropped to 235 from 287 in August and 336 in July, and are generally back to 2008 levels.
Think the market is dead? NRES is on Fuego. They are single handedly responsible for the regional shortage of Navajo White paint at the Home Depot. I’m working on a quarterly report on their actives and will post it soon. When I see “Not a Short Sale”, or “New Two Tone Paint” or “New Sod in the Front Yard”, I don’t even need to search who the owner is anymore.
I’ve been communicating with a reader who was looking at a Wood Is Good property. They were not impressed, and backed out of the transaction.
Also in communication with someone looking to buy into the Belvedere. I’m learning a lot more about the viability of the property and all the liens on the individual units. If anyone cares, I’ll write it up.
CommRow – I was at the media preview last night, as was Guy. I have a lot of comments and opinion from an architectural and business plan perspective, and even some notes from talking to Nando myself. But won’t post them until they are really up and running full steam on Wednesday.