– Reno Median Sales Prices continue to soar. We are back at May 2008 levels, or May 2004 levels for the glass half empty crowd.
– Where is the new product? There are virtually no new Subdivision Maps being filed, just continued phasing of existing developments. Being a glass half empty guy on occasion, I believe the major developers are holding back product to increase demand and drive up prices. Bubble alert.
– Bubble? The entry level market is already decimated by low inventory, tight credit, and “predatory investors” . Prices at Smithridge, Silver Creek, Highview are already 100-200% above valley levels. Try to buy a run down shack in Midtown or Wells for under $250K today. These are the EXACT locations that started the bubble run-up last time.
– RCCOTH – Rich Californian’s Coming Over The Hill. The $500-600,000 market seems to be a sweet spot right now. These sales ARE NOT generally to move up Reno buyers. The mortgage is far less than a typical SF or Silicon Valley 2 bedroom rental, so what’s not to like?
– The WTFs – Have you seem all the $2M+ monuments to ego hitting the market lately? At 2007 peak pricing?
– Just to crow a little, Downtown Makeover did a write up on some of my MidTown Projects. I’m also working on 40 units of workforce housing throughout Sparks, and my own infill developments at Mayberry Canyon. And the biggest project of all, de-oaking and de-brassing my 1987 Ranchburger! Wish me luck with that one – oak and brass breed when you are not looking.