Friday, September 23, 2005

Reno Real Estate Prices Are Insane!

Reno Nevada has to much going for it. The weather is great, crime is low, Lake Tahoe is 20 miles away, and the City of Reno works pretty well with outside investors. There is a down side though; the high demand for real estate and homes for sale in northern Nevada has pushed the dream of owning a home out of the reach for most locals.

Last year; like most of the western states the Reno real estate market had climbed almost 100% from just three years before. But reciently, Reno real estate prices have gone through the roof. Some investors bought houses less than one year ago for $20,000 are in less than a year they are selling for more than $500,000. Land valued $25,000 last year in the foothills of Virginia City is now being offered at more that $70,000.

Even though the prices are up, there seems to be no end to eager buyers from out of town. The high demand seems to increase daily as available half million dollar homes or properties disappear. Homes are going up for sale at 9 and are sold by noon. “It’s not just a seller’s market either”, said Gary McClaine of Century 21 Goldcoast. “Then there are the folks coming in from Las Vegas and San Francisco who are glad to get out of the heat or the Bay Area and move where it is less crowded and work is just a minute or two from home.” They pay the premium price when the locals wont.

Looking into prices in the Bay area - they are up to $700,000 for nothing more than a refurbished one bedroom apartment on top of a Haji-Mart. In Reno however, that price will get you into a four bedroom home on a few acres with trees, a barn, and a horse or two. Reno's charm has turned into its nightmare for locals who missed out on the investment of a lifetime just a few years ago. Now all they can do is hope the City of Reno will encourage reno real estate developers to build homes somewhere in the affordable $125,000 - $200,000 range or we all might just have to move away from Reno.

That word "Affordable" may be far off because Reno real estate developers buying up sage brush at a few grand an acre and build only luxury homes in Reno on small ¼ acre lots. These homes are boldly advertised on billboards for under $300,000 – as though that were an affordably priced home. Find out more about the Reno Real Estate Market Daily on www.RenoRealEstateMarket.com