The Chism Trailer Park just closed escrow for $4,975,000. The new owner has commented on expanding the event center facility, but has been silent on plans for the trailer park. The Chism’s ran a quite, relatively safe refuge for a 100+ low income households, and it is difficult to imagine how those folks will be able to assimilate assuming redevelopment is looming.
The Bourbon Street Casino in Sparks just closed escrow for $3,800,000. Instead of the “local developer” claimed to be the purchaser, the new owner is LandCap Investment Partners LLC out of San Juan Capistrano CA. The do, however, count Marina Village and Marina Gateway I and II as part of their portfolio, so I guess that counts as local.
Remember Project 8 at 888 Mount Rose? It just sold for $1,550,000, only $50,000 below asking to the Bay Area (former?) owner of the Simplified Bee web commerce site. Renovations are already underway and it appears that the site will stay a water and land pig in the middle of town.
Speaking of water and land pigs, I had the opportunity to take a run at 775 California Street recently. It sits on 3 riverfront acre zoned SF9 with the 6400 SF main house, a pool to die for, and a 2500 SF caretaker’s house / pool house. It is currently listed for $1,790,000 down from $2.8M originally. You could easily subdivide off 3-4 lots on California, renovate the pool house, and maybe nuke the pool itself for an additional lot. The renovation of the main house was featured on HGTV and I thought it was going to be spectacular. It wasn’t. Original single pane windows. Original asbestos encrusted oil furnace. No AC. Modern kitchen totally out of scale (small) for an estate like this. “Tahoe Room” scabbed on which was actually a pretty cool space, but completely at odds with a unified design concept. The main house in itself should fetch $1.2M+ in the Newlands market, but it will take $500,000+ to get there. So this one will sit another 5 years. At least they are keeping their evil green grass green. If anyone would be interesting in a scrape and redevelopment project (cultural suicide in Newlands on a non-historic historic house but the right option), give me a shout at email@example.com.
No new Seagull Sweets action lately. I can’t find any active permits on any of his so called projects.
Dog walk time! What do you think?