ForeclosureExitI got lazy and didn’t post Washoe County foreclosure activity last month, so you get a double dose.  May NODs were 254, down from 287 in April, even with 259 in March, and up from 212 in February.  All in all pretty steady.  NOSs were 198 in May, up from 174 in April, down from 223 in March, and up from February’s 132.  The trend seems to be accelerating, but not wildly.  TDs in May were 75, even with 76 in April, down from 93 in March, and up from 52 in February.  Once again, the 2 month moving averages are pretty steady.  HERE is the updated chart.

–  Remember the Mirador/Regency?  It turns out the fund that bought it (payingcashforhomes.com) financed more than 100% of the $425,000  deal through a hard money lender.   It is now LISTED at $698,000.  The sophisticated new owner is also hawking it on Craig’s List (snark intended).  If $700K is the real market value of the property, Nevada State bank will have a lot of answering to do to their shareholders for their shoddy marketing and due diligence.  I think $425K is more close to the real market value, so the new owners may have some answering of their own to do.  It would be such a shame to lose this memento of Reno’s fabled past to hedge fund sharks.

Motel Mirador Reno

–  Want to buy 13,000 SF of retail space for $3,500,000?  You can buy the first floor of the Palladio!  Purchased out of receivership for about $750K a couple years ago.  This is a WHACK asking price, but show that downtown is heating up in the investor’s minds.

–  $75 Broker Commission – And don’t even think about setting foot on the property or setting up a tour!  This is an odd one, and the listing was almost instantly removed from the MLS.  The scheduled Trustee’s Sale has been postponed to 11 June.  Absolutely PRIME downtown property with a lot of back story.

–  5th and Keystone – The dated strip mall that housed Fresh Mex, Keystone Cue and Cushion, 5th Street Bakery, and a head shop,  is now chained off with security guards.  Looks like demo ready to happen, but the old Kragen and Asian Market seem to be outside the war zone.  Wendy’s is under separate ownership.  This HUGE parcel is controlled by the owners of Keystone Plaza across the street (the Burner’s SaveMart of choice).  I’ll keep you posted.

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