There is a myth among home buyers out there that you have to put down 20% when you buy a house. I recently met with Stephanie Hanna of Academy Mortgage here in Reno who disspelled some of the home financing myths. Nowadays about 80% of all loans being done are FHA with as little as 3.5% down. Take a look at the short video of what she said.
I’m not talking about sales values or sales volumes, what I’m talking about is the County is reducing property values (taxable value) by 7%.
Assessed property values in Washoe County for 2010 to 2011 could tumble by $2 billion. County officials are lowering assessed property values which are 35% of appraised values by 7%. This is the first year of huge declines since the large Reno boom to bust real estate market. To give you an example of how it will help property owners, if your property taxes are currently about $2200 per year they will go to about $1450 for the upcoming year.
The median price for a home right now is about 183,000 which is 48% less than it was in 2005, I do think Washoe County is trying to keep up with homeowners in keeping values where they should be. Josh Wilson County assessor thinks it would be the end of 2010, before we start to see a bottom because of all the loans that were made five years ago, meaning there are a lot of loans that will be resetting this year to higher interest rates and home owners are still underwater on their values
I get the question all time from buyers that when they buy this house will my property taxes go up, the answer is no. In Washoe County taxes get reassessed about every three years, I do think it is good to see the assessor being proactive in reducing property values by 7%. Click here to see how your Reno Real Estate taxes are calculated.
I do agree with Josh Wilson over the next 12 months there are a lot of people still underwater with their loans and they will have to sell for whatever reason. Until these loans get out of our system we are going to have to deal with short sales. Right now the problem is short sales, 40% of them will not close escrow, it will still take 4 to 5 months to close the escrow if the bank does approve the deal. Short sales are what is driving this market down, sellers don’t care what they price their home at as long as they get an offer, yes it is true 40% of them will not be approved. But if you ask these $12.00 an hour bank negotiators enough, some of them will get approved and continue to drive the market down. A typical negotiator can be dealing with as many as 1000 files at a time (how much attention do you think your file will get).
After leaving in 2007 the Hartford financial services will be leasing almost 29,000 square feet on Double R Bld. and employing 150 people. The economic impact to the area will be roughly 12 million dollars and we welcome them with open arms. EDAWN is responsible for bringing them here along with another 12 companies since July 2008 representing 372 jobs and an economic impact of approximately 67 million dollars. EDAWN is a private non profit organization created in 1982 to help diversify the economy in Northern Nevada.
The new report just out is showing office vacancies in the Greater Reno Sparks area just under 20% at 19.6% up from 19.2% ealier this year. The southwest corridor, especially double diamond, is getting hit the hardest at a whopping 28% vacancy rate (way over built). Some landlords have been offering some very attractive tenant incentives to attract a good tenant. The landlords I have talked to have dropped their prices by that much because they are fearful if they don’t get a good tenant now they will sit vacant for a number of years. The industrial and warehouse spaces have fared a little better coming in at around 11.3% for Reno and 9.8% for Sparks. In my opinion there are still a lot of stubborn landlords not wanting to face reality and the changing market and need to do a lot more to attract a tenant.
That was the news story this morning in the NY Times and on the Today Show. You could have low levels of radiation and/or radon in your granite counter tops.
OK, just get me the disclosure form and move on.
Back in the seventies after walking to school up hill both ways we would go home and eat lead paint chips with a side of granite. Hey I still feel fine, I think.
Wednesday, June 18, The Planning Commission denied Flying J’s application for a master plan amendment to the McQueen Neighborhood Plan to rezone a parcel located at I-80 and Robb Drive from Single Family Residential (large lot residential) to Special Planning Area.
I am not denying that the truckers need a place to stop, eat, sleep, etc. I just don’t think Reno needs to have 4 truck stops. Currently there is Boomtown, Sierra Sids and the Alamo Truck Stop within a 15 mile radius. Reno does not need another and especially not in a residential area.
The Planning Commission vote was as follows:
Darrin Georgeson, Chair, voted to approve the Flying J master plan amendment.
Jim Newberg, Vice-Chair, voted against, stating findings 1,2 and 5 could not be met.
Douglas Coffman voted to approve the Flying J master plan amendment.
Elizabeth Ford voted against, stating findings 2 and 4 could not be met.
Kevin Wieske voted against, stating findings 1 and 5 could not be met.
Dennis Romeo voted against, stating findings 1,2 and 5 could not be met.
Lisa Foster was absent.
This is just Round One! Flying J has 10 days to appeal the vote of the Planning Commission. Please stay tuned in and involved for the long haul!
Councilman Dave Aiazzi will be hosting a Ward 5 Town Hall Meeting at UNR’s Crowley Student Center, Student Union Theater, 3rd floor TOMORROW, Thursday, April 10th from 5:30 to 8pm. The Crowley Student Center (nicknamed “The Joe”) is located east of Lawlor Events Center. Free parking is available in the parking garage on Virginia Street.
The Somersett No Truck Stop committee has been actively opposing the Flying J truck stop but they need the voice of many. They are addressing Flying J’s impact on congestion at the Robb Drive interchange; air pollution; environmental risks; safety concerns; the negative visual impact at the “gateway” to Reno; earthquake risks and leaks of diesel fuel into the Truckee River, California’s lawsuit against the Flying J for tank tampering, truck stop zoning, etc.
Somersett resident, Rob Morrison, has coordinated the collection of over 700 signed petitions against any action that may lead to a Truck Stop at Robb Drive and I-80. If you have not signed the petition please visit the Roundabout Market, located in the Somersett Town Square, and ask to sign it.
A group of Somersett residents attended a Ward One Town Hall Meeting last night and let residents of that Ward know why they should join the fight to stop the Flying J Truck Stop from being built at Robb Drive and I-80.
Somersett is in Ward 5. They encourage you to attend the meeting and let Councilman Aiazzi and other residents of Ward 5 know why you oppose the Flying J Truck Stop.
Remember: Your voice is important. Please sign the petition today if you have not already done so. Be sure to include your e-mail address on the petition so that they can include you on important updates.
Northwest Neighborhood Advisory Board Meeting, Thursday, March 20th, 2008 at 6:00 pm at the Fire Station on Mae Anne and Sharlands. Flying J’s proposed Master Plan Amendment is scheduled to be discussed. It is very important that we all, as a community, attend this meeting.Please tell everyone you know about this meeting.
Ward 1 NAB meeting is scheduled for April 8th, 2008at 6:00 pm, City Hall, 7th floor Caucus Room. Flying J is scheduled to present their Master Plan Amendment request, so Ward 1 residents may want to attend this meeting. If you are not sure if you are in the Ward 1 area, please click here.There is a .pdf file that has a map that highlights the area.
Flying J held a required public meeting at McQueen High School on March 4, 2008. They indicated that they intend to proceed with a request for a Master Plan Amendment for a PUD (Planned Unit Development) on their property at the south end of the Robb Drive bridge at I-80 so that it can essentially be rezoned for virtually any type of development. In other words, Flying J plans to use the Special Planning Area and Planned Unit Development process to try to circumvent the City Council ordinance regarding truck stops.
Please get involved and help us Stop the Truck Stop!
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David Hughes
