Some rather large transaction this week.

  • Sparks Legends – Sold for what looks like to me $85,536,861, though it appears to be an internal fund transfer.  The transfer generated a $405,261 in Transfer Taxes.  (Where do transfer taxes go? NRS authorizes $3.90/$1000 in Washoe, where is the other $.20/$1000?)
  • Kiley Ranch – 68 vacant but flat acres at Kiley Ranch (APNs 510-171-44 and 510-072-01) went to Lewis Investments for $9,584,100.  At 8 lots per acres net, that would be about $35,000 per raw lot.  Finishing an easy lot runs about $45,000 streets and utilities based on Meridian 120, so you are at $80,000 per lot before you start.  Add $15,000 in water, Sewer Connection Fees, Park Fees, and Transit Impact Fees, and you are at $95,000 per lot before you even start construction.  In a secondary location.  The houses will need to sell for $450K or so, 25% above our current median.
  • Great Western Marketplace – The GWM has finally given up the ghost and sold out.   $4,525,000 for 10.61 acres = $9.79/SF for the parking lot.  This will become the 288 unit Sky Mountain by Vintage project, subsidized to 40 and 50% AGI.  This is a fantastic location for a project like this based on need and public transit access.  The 8.93 acre parcel that included the building went for $3,685,000 = $9.38/SF, and will become storage for crap and RVs.  The building has negative value.  Why are we allowing storage uses on such a highly desirable potential housing site?  I ReImagine Reno a bit differently.