Reno Fine Homes Blog

The slow real estate market is taking its toll on the once almost immune Luxury Home Market segment.  Previously luxury home sales remained substantially constant despite downturns in the non-luxury market.  This was due to several factors:

·         Blimps in the economy have had less impact on the wealthy

·         Real estate has proven to be a good long term investment and a good place to diversify one’s portfolio

·         Lifestyle remains an important consideration for this market segment

However, the present impact on the economy has now crept up to this price segment.  As shown on the following chart, the number of million dollar plus home sold in Washoe County decreased 57% from Q1, 2007 to Q1, 2008.

Read the rest of this entry »

Technorati Tags: buyer's market, maureen loeb, maureen o'grady, million dollar homes, price decrease, reno luxuy real estate, washoe county real estate

Today Foreclosures.com lists 1766 residential properties (1 – 4 units) that are in the pre-foreclosure stage in Washoe County, Nevada.  As I wrote in my Jan. previous post, this is a wonderful opportunity to get a great deal. Many incorrectly think that foreclosures mostly affect the entry level market, when in fact, they affect all price levels.  For example, of the 1766 Washoe County pre-foreclosures, 61 are in zip code 89511 located in South Reno, of which 31 (51%) have a stated market value of > $500K.  Five homes are in the $1M - $2M range, of which 3 are in ArrowCreek.

In Incline Village there are 28 homes in the pre-foreclosure stage, of which 14 have a stated market value of > $500K. 

Reno overall  has 1054 homes in the pre-foreclosure stage (wow!),  of which 57 have a market value of > $500K. They are scattered across the high end neighborhoods.

If you are considering buying a luxury home in Washoe County now is an excellent time to do so. 

Technorati Tags: great deals in Renoreal estate, maureen loeb, maureen o'grady, reno foreclosures, reno home buying, reno real estate, washoe county foreclosures

Posted by Dawn Knowles, Realtor® with Remax Realty AffiliatesReno is a great place to live.  There are so many activities right in our backyard!  Look what Orbitz had to say.Tahoe tops list of U.S. destinations Beats out Mammoth, Park City in number of bookings

CHICAGO — Lake Tahoe was the No. 1 destination among travelers booking hotel and vacation packages at Orbitz.com for travel between Nov. 20 and May 1.Mammoth Lakes, Calif., was second, followed by Park City, Utah; Breckenridge, Colo.; Jackson Hole, Wyo.; and tied for sixth place were Steamboat Springs, Colo., and Vail, Colo. Orbitz Ski Index gave Lake Tahoe high marks, especially during the early spring when “visitors can satisfy two urges in one day” — skiing and golfing.”With seven ski resorts and expansive terrain spread over more than 17,000 acres, skiers and snowboarders of all levels are sure to find plenty of runs to fit any level of expertise,” Orbitz said on its Web site.

Reno Gazette-Journal – November 17, 2007

Technorati Tags: Lake Tahoe, luxury homes reno, reno real estate

Posted by Maureen Loeb, REALTOR® with RE/MAX Central Realty

Of the 116 Million Dollar Plus homes sold in Washoe County thus far this year, 24, or 20.6% were sold at Montreux.  ArrowCreek and Old south Suburban tie for second place with 13 million dollar plus homes sold in both neighborhoods.  The following chart shows the number sold by neighborhood year to date for 2007.

Incline Villages leads the pack wit the highest price per square foot for million dollar plus homes sold at an average of $654.56/SF.  Montreux I sin second place with an average of $414.55/SF.  Lakeridge Shores was third with an average of $380.36/SF. The following chart shows the average price per square foot by neighborhood.

Check back for neighborhood spotlights coming soon!

Technorati Tags: ArrowCreek real estate, Caughlin Ranch, Cauglin Ranch real estate, Montreux real estate, most expensive real estate, reno real estate, reno realty blog, Sadlehorn real estate