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The Somersett Town Square has been reduced from $3,650,000 to $2,400,000 and is "Bank Owned".

The main commercial area at Somersett ( the town square) has just been reduced. It is a bank owned property and consists of two buildings with a total of about 35,000 square feet. Each building is on its own parcel, one is 1.93 acres and the other is 2.06 acres.

 

7665 Somersett Parkway

This is a great opportunity for an investor looking for office/retail space.  These buildings are beautiful and located right in the heart of one of Reno's best neighborhoods. This the area that Somersett uses for its Summer farmers markets and the summer concert series that has featured the legendary "Jakes Garage Band".

The first floor…

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Over the last 45 days the real estate market has become eerily quiet, some of it has to do with kids going back to school and families getting the most out of their vacations. But make no mistake we have a lot of buyers that have been sidelined do the inability of congress to make decisions on the debt ceiling, unemployment over 9%, the falling stock market and Ben Bernanke's speech that failed to come up with a stimulus plan.

 Consumer confidence is at the lowest level since the financial crisis in November of 2008 and the 4th lowest level since they began this index in 1978, see the graph below from the University of Michigans Consumer Sentimnent index. There is currently no confidence in the econony, the leadership and especially the Real…

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Mens Journal magazine recently voted The old southwest part of Reno as one of the coolest neighborhoods in America. With its proximity to downtown, the river and the resurgence of the Freight House district it is no wonder we are being compared to Boulder, Colorado. Some of the homes in this area are over a hundred years old and have a lot of history, if you are into quaint brick and tree lined streets, this is the place for you.

California avenues mansion row is where it all started, sitting on a bluff high above the Truckee river with spectacular views and turn of the century architecture. Originally a dirt road it is the center piece of your historical tour of Old Southwest Reno. Jack Dempsey the prize fighter actually lived in a house on California…

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We just listed 14905 Napoleon Ct. in Mt. Rose estates, almost 3000 square feet on one level. Property is 1.25 acres with fantastic views of Mt. Rose, you can actually look up and see if you want to go skiing today. kitchen  accoutrements include cherrywood cabinets, slab granite counters, GE Monogram and Profile stainless steel appliances plus there is a butlers pantry to the formal dining room. We listed it for $515,000 and everything is done, including brushed nickel fixtures, stone and wood floors and upgraded window treatments.

Outdoors there is an oversized paver patio with trellis, full vineyard to grow your own table grapes and lots of specimen trees for privacy. There is also an inground built in hot tub to enjoy the snow capped moonlit…

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property-flipping_400"What does this mean?".  Normally HUD will not allow an FHA insured loan on a property that has been bought by an investor, fixed up and sold within 90 days. During the time of boom to bust there were some unscrupulous investors that would buy properties and turn them immediately, sometimes with a straw buyer at hyper inflated prices.

 What we are seeing now is a void being filled by the investors who have the money to buy properties that have been abandoned for months, fixing them up and putting in a qualified buyer who has a nominal down payment and who would not have otherwise had the money to fix up such a property. Thus taking these eye sores off of the market and helping the values of the neighborhoods they are located in.

"Property flipping is…

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I've just partnered up with 3 of Reno's top Real Estate Industy leaders to bring you an informative Real Estate blog. 

www.RenoRealEstateGurus.com
David Hughes - Reno Residential Guru  Reed Simmons - Reno Commercial Real Estate Guru Stephanie Hanna - Reno Mortgage Lender Guru Erin Schiller -  Reno Title and Escrow Guru We are excited to be bringing you all the news and updates from all aspects of the Real Estate Market.  We will also be adding other authors such as a home inspector, appraiser, water rights expert etc., this will become the resource in the Reno area for all of your Reno Real Estate questions. Reed Simmons with Grubb and Ellis in Reno has been in the real estate industry for 30 years and was once a partner at Dickson Realty.…

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That was quicker than I thought, it was just 2 weeks ago that they had halted foreclosures due to the Robo Signing scandal. Bank of America has resubmitted affidavits in 102,000 foreclosures in 23 states. This would allow them to resume foreclosures in those states.

They plan on resuming foreclosures in the remaining 27 states as soon as it completes the review of the foreclosure process in each one of those states. According to a bank spokesperson the basis for the foeclosure decisions was accurate, meaning the people they are foreclosing on are behind on their payments and should be foreclosed on.

Bank of America is just one of 6 loan servicers that have been under scrutiny for allowing employees to sign off on affidavits without reading them. BOA and…

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Bank of America announced last week they will be halting foreclosures in all 50 states while they investigate their pending foreclosures for fraud. Apparently they have been engaging in something you have probably heard about called "Robo Signing", which basically means bank employees forged notarized documents to accelerate the foreclosure process.

The arrogance by which these banks have operated throughout this foreclosure process is appalling. What does this mean for the average buyer and seller is a delay of the inevitable. Most guestimates are a 3 to 12 week bump in the road. In the short term could be good for sellers because this will give them less competition, in the long run this could hurt values as there will be a flurry of foreclosures that…

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We just listed 7245 Ishi Point in the Northwest suburban area. This is a one owner home and is not a short sale. It is on a quiet cul de sac and has lot's of upgrades including:  large RV area, lots of concrete work and built in shelves in garage.  This home is close to shopping and is in the McQueen school district.   $179,000

  • 1263 sq. ft.
  • 3 bedrooms
  • 2 bathrooms
  • 2 car garage
  • .15 acre cul de sac lot

 This is a must see if you are looking for a home in the Reno Northwest suburban neighborhood.

 

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For more information on this home and more pictures  -  CLICK HERE

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FHA Changes effective October 4, 2010: What's it really mean to the average buyer?

The good: FHA has maintained a miniumum 3.5% down payment.

More Good:The up front mortgage insurance premium (ufmip) has been reduced from 2.25% of your loan amount down to 1%. This amount is not actually collected upfront, but rather financed back into your loan. The lower this is, the lower your final loan amount is.

The Bad: The monthly mortgage insurance, or annual premium as FHA calls them is going from .55% to .90% on all loans that are for 95% or more of the sale price/value, and from .50% to .85% for all loans less than 95% of the sales price/value. So this monthly premium is almost doubling.

Simply put, for a buyer purchasing a $100,000 home with an FHA loan…

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