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Reno Real Estate

Information on Reno Real Estate

Fannie Mae will soon be Lifting Declining Market Status In Reno

David Hughes posted this 4,560 Views

My phone is ringing and my email is sounding off! It’s a wonderful thing. The buyers in the Reno and Sparks area are starting to come out of Real Estate hibernation mode and are ready to buy. They are getting some great deals as the market has adjusted back to affordability. Homes sales in the Reno area grew to 300 in April. That number does not include sales in the Pleasant Valley, Lemmon Valley and Stead areas. That’s a better number than we have seen in ...

Reno Urban Market Set to Open

David Hughes posted this 2,240 Views

West Street Market is set to open for business this October. Tenants include an italian restaurant, wine bar, grocery store and a bakery. It will occupy 8500 square feet on West Street between First and Second street and beginning in July there will be 50 outdoor vendors selling their goods 3 days a week. Ralph Merenda went to Italy to attend cooking school and will be cooking in the Green Room Bar as well as Nikos Theologitis who will feature home style Greek food. The concept behind the ma...

Reno in Hot Water

David Hughes posted this 980 Views

Galena 3 will be dedicated next Monday, it is the newest geothermal plant at the Steamboat complex on the Mt. Rose highway. This is one of Ormat Technologies 7 geothermal plants that could power the needs of all of Reno's residential needs. Nevada has a vast amount of geothermal fields and the hot springs at Steamboat was tapped decades ago by competing interest but has been acquired in the last 5 years by Ormat technologies, a publicly traded independent power producer. Galena 3 can prod...

Reno Mortgage rates at 4 year low

David Hughes posted this 1,074 Views

Last Thursday the Fed dropped its key overnight lending rate to 2% in a move to curb recession. What that means for Reno homeowners is a 30 year fixed mortgage currently at 5.72% down from 5.86% last week. The prime lending rate fell to a corresponding 5% which applies to a lot of home equity lines of credit, credit cards and other loans. This will help the Reno Real Estate market and any buyers who are sitting on the fence. If you want to see what you qualify for you can go to my website...

Reno on Shaky Ground

David Hughes posted this 1,080 Views

With over 300 earth quakes in the last 60 days, you can see why the residents of Reno and Sparks are a little on edge. The swarm of quakes has been centered on the west end of town in the Mogul - Somersett area. So far the biggest one was a 4.7 last Friday night, wreaking havoc on the shelf items in grocery stores. One of the biggest hit was Whispering Vine wine shop in Somersett.  They lost over 300 bottles of wine. Most residents did experience some varying degree of damage from pi...

Golden Eagle Park in Wingfield Springs a Home Run

David Hughes posted this 1 3,597 Views

Can you say the largest public works project in the history of the City of Sparks? The cost of this park is $30 million dollars and is on 140 acres.  Sparks again is proving itself not to be riding on the coat tails of its big brother Reno. As the old saying goes “Reno is so close to Hell you can see Sparks”. Well my friend, Sparks is a force to be reckoned with, and this new park is another notch in little brothers belt. It has 1.4 million square feet of synthetic turf, ...

Residents want developers to pay for roads

David Hughes posted this 893 Views

Infosearch International conducted a phone survey of 700 residents and about 80% feel traffic and congestion have increased over the last couple of years in the Reno area. The majority of this traffic is at the spaghetti bowl, 395 and Pyramid Highway. With a 5.2 billion dollar shortfall over the next 30 years, over 60% of the respondents would vote for increased registration fees for developers and an increase in sales tax. Gee, I wonder if they would pass that fee along to the consumers whe...

Somersett Custom Home

David Hughes posted this 1,366 Views

I just listed 1895 Dove Mountain. This home has some of the nicest finishes of any home in Somersett. How about a full size movie theater with over $60,0000 in sound and video equipment, after your movie make yourself a latte from your Miele built in bistro machine. The style of the home is what everyone is looking for, 4000 square feet all on one level with outstanding views of the championship golf course and the entire Somersett Valley. This home was also featured on the Step 2 H...

Somersett Parkway to be extended to Verdi

David Hughes posted this 1,114 Views

This will give Somersett residents another way to get in and out of the development, it will extend through the Del Webb Sierra Canyon neighborhood and come out on the old highway 40 in Verdi. The traffic in Somersett is predicted to triple over the next two decades and this should alleviate some of the congestion. The current traffic volume on Highway 40 is 6,000 trips a day and will go to 18,000 by 2030. This is not good news to some of the residents in Mogul and Verdi who think it will be...

The Psychology of a Real Estate Market Cycle

David Hughes posted this 1,246 Views

Phase One - The bottom, Real estate is a bargain. Phase Two - Prices start to climb, buyers start to notice, demand drives prices up, real estate becomes over valued Phase Three - Prices peak and level off Phase Four - Prices begin to fall, demand falls, buyers hold off until real estate is under priced again We are currently in the last stages of phase 4 with the National Association of Realtors predic...