April will go down as the month where the effects of AB 284 really started to set in. NODs came in at 58, down from 68 in March and up from 34 in February. The banks either can’t fond a way around the bill, or have decided not to bother for now. NOSs tumbled to 191 from 220 in March and 263 in February. TDs also fell to 125 from 198 in March and 219 in February. 42% of those TDs were purchased by investors, so bank inventory of REOs continues to fall. The CHART is pretty dramatic and shows the trends graphically. Double click on it to see the supporting data.
– Tracking NRES is mind bendingly tedious – about 4 hour per month. I’ve completed their activity in the first quarter (sold 69 and bought 69) and will get a report up as soon as I get a free day. One of our faithful reader’s snagged a NRES house and has stories to tell.
– Speaking of NRES, they picked up a weird one at the courthouse steps yesterday. 3035 Sprout is 2 houses north of McCarran and backs to Pyramid Highway. They paid $114,500 on $174,238 owing, and the house last changed hand in September 2005 for $325,000. The location rates a “zero”. Aren’t the houses backing to Pyramid about to be taken by eminent domain for the RTC intersection upgrade project? Or is that the game? I can’t imagine NRES turning this one for their standard 40% gross profit margin.
– The second Montage penthouse closed a couple of weeks ago. #2302 is a 2 story 2047 SF unit, and sold for $405,000 – $198 psf. Though Montage sales seem to be slowing – only 3 in April.
– 1285 Humboldt would be interesting even if it wasn’t an NRES property. It is one of a pair of new ugly houses developed in the Old South west in 2006. It is a 3/2/2 1889 SF and sold for $380,000 in November 2006 by a hapless 6 time TD couple. NRES bought it for $183,200 on $313,912 owing, and has already listed it at $249,900. It is notable in that there is virtually no single family inventory in the Old Southwest / Midtown / West of Wells neighborhoods. If there is demand for this one at this price, expect a lot of new infill / alley projects to kick-start – I’m working on 2 at the moment.
So that’s April Fun-ness. Things are revving up a bit, though the realtors are screaming that they don’t have any inventory to sell. Let me know if there are any properties you want to hear about – I do requests! Hit me with an email at firstname.lastname@example.org.