I’m just back from my annual road trip through fly-over country, and will post some musings over the weekend. But if you haven’t done Karaoke night at Applebee’s in North Platte, Nebraska, you are really missing out on the American experience.
May foreclosure activity: NODs bumped up to 79 from 58 in April and 67 in March to their highest level since AB 284 took effect. We were at 500+ before then. NOSs were also up to 224 from 191 in April and 220 in March. TDs inched up to 128 from 125 in April and 198 in March. This is about half of the volume we were seeing at the first of the year.
– Belvedere – I don’t get the economics behind it, but the successor owner has just pulled permits to complete the build outs of the 11th, 12th and 14th floors at a permit value of $500,000 per floor. There are a couple hundred bank owned units selling in the $25,000 range when they come to market.
– Montage – After squirting out a sale or two a month, Montage moved 6 in the last 10 days. 2019 $164,000 $165 psf. 1606 $120,000 $123 psf. 316 $155,000 $135 psf for a loft unit. 911 $157,500 $147 psf. 1417 $128,000 $151 psf. 712 $180,000 $141 psf. Unit #401 also hit the market a couple weeks ago. It is the first of the 3 story pool level town houses to ever hit the market. Plan. HOAs will set you back about $1100 per month. Who needs surround sound when you overlook the action on W. 2nd Street? Are the glass balcony rails bullet proof?
– Gossip – Midtown is OVER and the smart developer money is moving outward. Urban gardens downtown? Yep, the lease is signed and planting should start this week in Midtown. Urban myth, or is Apple really shopping a huge (for Reno) office requirement to support their long rumored server farm at TRIC? The proposal for Grant’s Landing is so bizarre I won’t even mention it until I get more verification, but it seems to be a done deal.
Weird times in Reno. But weird is good.