News and information about what's happening around town in Reno and Sparks Nevada.

As the “Biggest Little City in the World” continues to flourish, few would argue that the center for much of our city’s culture has become synonymous with one particular area; Midtown Reno. Once regarded as run-down and neglected, the region has gradually transformed into a thriving center for art, music, food, and shopping. Here are just some of our favorite local Midtown businesses:


1864

As soon as you walk in, you can tell that this tavern was created for Nevadans, by Nevadans. This old-fashioned bar boasts a laidback Victorian-era atmosphere that differentiates itself from other popular locations in the Midtown area. Much of their drink menu is created with ingredients sourced locally. If you’re not in the mood for a mixed drink, opt for a…

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In a normal real estate cycle, home sales usually peak in the summer and begin to slow down once school resumes in the fall and the weather begins to cool...right? Winter after all, is a time to slow things down and celebrate the Holiday Season.  Like most things in 2020 however, many so-called 'norms', including real estate sales, are proving otherwise and show no significant signs of slowing down as we enter the winter season.  

Despite the onset of colder weather and the continued pandemic, the combination of a thin housing inventory and historically low interest rates have made for a hot real estate market both here in northern Nevada and across the nation.  For example, there were only 277 active homes for sale in Washoe County in the month of…

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The Reno/Sparks home market is ridiculous, and everyone knows it. If you’re a seller, your house is sold over the weekend. If you’re a buyer, in some cases you have to endure your agents writing 20 or more offers before yours finally gets accepted.

Now we’re getting to a place where inventory has gotten so tight, would-be sellers who’d love to sell can’t because they don’t know where they’d move to. So what’s going on? Let’s look at the numbers: 

  •  January Median at $360,000 is up 4% from December 2017, up 19% from a year ago
  • January Unit sales at 400 are down 19% from December 2017, up 19% from a year ago
  • January new listings up 51% at 470 compared to December, up 20% from one year ago
  • The January median sales price at $360,000 started…

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     You’re probably thinking “ok, great year for real estate; but what’s next?”. It’s true. 2016 brought some stability to the Northern Nevada market, and it seems we can expect those trends to continue modestly into 2017, and really, until new homes are built.

     To get an idea of the complete picture, we’ve got to examine a few key facts. Of all homes sales in 2016, 55.3% were attributed to homes under $300,000 and 39% of homes that sold were priced from $300,000 to $600,000 for a grand total of 94.3%. That’s right…94.3% of homes sold in 2016 were priced under $600,000. This shows demand for homes priced under $600,000 is very high, while supply remains largely static, pushing prices up for homes in that range. We don’t expect a huge jump in…

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The plans for a new development in Caughlin Ranch (Pine Bluff) are still in the planning stage but it looks as if the builders of Homecrafters are planning to develop and build new homes in the same development for which they started back in the mid 80's.  

Homecrafters have acquired a 26 acre parcel located between Seasons and east of Eagle's Nest. Originally they planned for 61 homesites but have since changed the plans to have 43 homesites which will make for better lots sizes for each home. Again, these plans are tentative and can change at any time.  

Here is what is planned so far:

  • This will be a non-gated community with 2 separate access points

  • 43 homesites on 1/3 acre lots

  • 2750-2800 sq. ft. single story 

  • …

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Voting day is near (November 8) and this is a very important question on the ballot.  Here are a few facts that you need to know:

_  6,200 new students are expected in Washoe County in the next 5 years. 

_  Approximately half of the schools currently exceed capacity. 

_  Washoe County schools currently use 229 portables.  (Portable classrooms detached from the school)

_  The district plans to build 15 new schools (9 Elementary, 3 Middle and 3 High Schools). 

_  During the recession, it was proven that the property tax funding method was inadequate.  This proposal (tax increase of .54%) is broad based and more resistant to economic uncertainty. 

_  Voting yes on WC-1 is more than building new schools & repairing existing ones, it's an…

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There are so many great companies making a move to Reno, which is a  a fantastic boost to the Reno economy and great for Reno Real Estate as well.  Below is a list of just a few of the major companies coming:

Apple - They are building a Data Center East of Sparks at the Tahoe-Reno Industrial Park.  They will employ approximately 400. 

Ashima - A drone company coming from California and planning to build a manufacturing facility in Stead.  They will employ approximately 400.  

Cenntro  -  An electric vehicle company planning on building a manufacturing facility in Sparks and will employ approximately 300 employees. 

Switch  -  Just announce yesterday by Governor Sandavol - Switch is a data storing facility for such companies as Ebay, Xerox,…

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unr2_400  

University of Nevada in Reno has been ranked 181 out of 1600 national colleges.

 U.S News and World report issued it annual "Best Colleges"Rankings today and UNR is again in the top tier of best national universities coming in at 181. The rankings now include a list of the top public schools and we came in at 100. Schools in this category offer a full range of undergraduate majors, masters and doctoral degrees. This years ranking at 181 is up from last year at 191.

Reno has an enrollment of more than 17,000 students and the University is home to the States medical school and one of the country's largest study abroad programs. Its campus size is 255 acres and utilizes a semester based academic calendar. It's in state tuiton is $4,481.00 and…

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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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dayskyline_706

The recession has hit downtown Reno in a crazy way and the trend is not exactly what Reno officials were looking for. They were working for a mix of housing, shops and restaurants to help the faultering casino industry. The reason for the downturn in casino gaming is the Indian casinos in California which are just about three hours away.

 

The problem is the elephant in the room, which was Nevada's real estate crash. Reno's downtown condo market has floundered.  The biggest project downtown is the Montage which has 377 units and sits nearly empty and has been put on the auction block. There are some other condo projects downtown that are still selling units, like the Palladio. They think the idea of all the condo projects downtown was a great idea but…

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