– When only 1 property lists on the MLS on Christmas Day and the owner is a recognizable (former) public figure, it warrants a comment. 1821 Laurel Ridge just listed for $675,000, after being purchased for $590,000 in 9/09. This was Heath Morrison’s pad, former Superintendent of the Washoe County School District. After a pretty sweet golden parachute, maybe a 15% gain on this “paragon of luxury”.
– 700 Forest Street, the Casson Apartment in Midtown, just changed hands for $3,450,000 for 62 1/1 units with limited parking. That seems pretty aggressive at $55K per door for marginally improved units, but a great show of support for Midtown housing values.
– 435 Moran was purchased by the City of Reno for $143,550 on the 17th and is scheduled to become subsidized senior housing. An $80,000 demo permit was approved last week, and word on the street that it is only a “partial” demo so that the current non conforming unit density can be maintained. Fair market value of this parcel is maybe $1. But it is grant money so who cares, right? And if Reno is ready to play fast and loose on their own properties in the permit game, don’t flick me any crap when I do the same for my private parties. For the record, this has been an eyesore and a neighborhood value anchor for a decade, so I’m glad to finally see a resolution.
Upcoming posts – Keep Your Eye On the Ball – issues to watch in 2013. Largest Transactions of 2012. The Worst Project Ever. How my Chunk Map changed the path of redevelopment in Reno. And whatever else you tell me you are interested in. Keep those comments coming!