What’s east of Sparks? “Corn dogs and hookers” is what one trucker once told me. The hookers at the relocated Mustang Ranch and Wild Horse Saloon seem to be doing quite well, but the corn dog stop at the mini mart is in the foreclosure process. This is Apple’s Brave New World for the employees of their recently announced data center project. Is it any wonder that they chose to located the majority of their workforce downtown (ironically know for its corn dogs and hookers)? One Apple talking head said the decision was based on giving their employees / consultants a 5 minute commute instead of a 20 minute one.
So here are the June foreclosure activity numbers. NODs continue their slow rise to 83, up from 79 in May, 58 in April, and their all time low of 14 last October. NOSs fell drastically to 167 in June from 224 in May and 191 in April, back to October 2007 levels. TDs held steady at 128, the same as May, but back to early 2008 levels.
56 of the 128 TDs were purchased on the courthouse steps by private parties, or about 44%. The competition is making the pickings pretty slim and driving the prices higher. NRES has always dabbled in the occasional REO, but bought at least 6 this month to keep up their inventory. The party is almost over.
Has anyone heard even a whiff of evidence that there is any action afoot to amend AB 284? I haven’t.
What’s up with the median for June? I show it will be up about 2%, from $175,000 to $178,000. My methodology is different from the MLS data, but the trends track pretty accurately.
The sale of the Downtown Reno Post Office was supposed to close today. Best as I can tell right now from the Recorder’s site, no closing was recorded. There are still a lot of blanks that need to populate, but this transaction would have one recorded posting with no transfer tax (US to Reno) and then another with a transfer tax around $3050. None show up. Now this was a pretty complicated transaction with a sale to the city, a transfer to 50 SVA, a lease back with SVA, and a new lease for 135 N Sierra. Lots could have gone askew holding up the closing. NBD, I think.
Still no permits pulled on the Carterville project at Thoma and SVA. This is stating to get a bit suspect, given all the pubic announcements issues by the developer. Build it, Bernie!