NODs fell to 212 in February from 236 in January but up from 158 in December. NOSs were pretty unchanged at 132 in February from 136 in January, continuing the downward trend from 145 in December. TDs Fell to 52 in February, down from 71 in January and 79 in December. This is the lowest number of Trustee’s Sales in Washoe County since March 2007. The chart is HERE. Private parties picked up 17 or nearly 1/3 of all of the TDs. The banks are definitely sending fewer properties to the courthouse steps.. I think the slack is being picked up in short sale activity.
Bizarre NOD of the month has to be APN 160-040-20 This 3.14 Acre parcel next to Renown’s South Meadows campus sold for $4,000,000 4/1/2008 with a first of $2,900,000 from ELP Capital, a $1,000,000 2nd from the seller, and an additional $1,000,000 3rd from the seller. ELP refied the deal a couple weeks later for $4.5M, and the 7/12/2012 payment was missed. On what planet did dirt at $1.5M per acre ever pencil out?
248 W 1st Street aka the Truckee River Lane Building aka Java Jungle finally completed it’s torturous Trustee’s Deed journey, going back to the lender / former owner for the full amount owed ($2M or so). I would normally be jumping for joy, as this property is a “block tile” for development along the river further west into Powning. A chance for a fresh start, right? But the new owner / former owner is our own Dr. John, who is notorious about letting his properties rot. His great recent improvement is the Wright Way Market across from the new bus station – hobo central. But a guy can hop that this prime parcel might get some traction.