High apartment rents in the Reno-Sparks
Don’t look for the rents to reduce anytime soon.
According to a report from Johnson, Perkins, and Griffin, second quarter data in 2015 indicates average rent for an apartment in the Reno-Sparks metro area is at an all time high — $920 per month.
February single-family home sales in Las Vegas and their median price increased from the previous month, while the inventory of homes available for sale continued to decline.
The median price was up 2.5 percent from the prior month at $121,000, even though it’s down 5.5 percent from a year ago.
Inventory declined to 18,870 from a peak of more than 24,000 in 2007 to to 18,870 today. Only 6,543 units are available without contingent or pending offers.
Do you think Reno, too has hit the bottom?
Read more: http://www.lvrj.com/business/home-sales-prices-rise-inventory-dips-141878223.html
Here’s another “best of”, “worst of” list and Reno wins another prize. It may not be the prize that Reno would like on its resume although it’s not necessarily our fault. It is not just a story about Reno or Northern Nevada. This is an American problem, and I believe it was completely caused by politicians.
This is a list from 24/7 Wall St. of 9 cities that the article claims were nearly destroyed by the recession. Reno was scored in second place.
2. Reno-Sparks, NV
> Pct. jobs recovered: 1.6%
> Q4 2012 jobs: 187,600
> Pre-recession jobs peak: 225,200
> Recession jobs trough: 187,000
> Pct. jobs lost: 16.9%Between 2007 and 2010, the median home value in Reno-Sparks, Nevada declined 37.4%, the 13th biggest drop in the country among metro areas. The problems of the recession have plagued states in the southwest, which once had booming housing markets, arguably more than any other part in the country. From the beginning of 2007 to the third quarter of this year, jobs are projected to decline by 38,200, or 16.9% of the workforce. And according to the report, only 600 jobs, a mere 1.6%, will be recovered by the end of the year.
Read more: http://247wallst.com/2012/01/19/the-nin-cities-that-havent-recovered-from-the-recession/
Are you a part of the informal economy? Do you do things outside of a formal work structure. Do you get paid in cash, under the table? Do you buy and sell using Craigslist, eBay or other routes? Do you ever hire the day laborers hanging out on Galletti Way?
The governments (Federal, State & Local) frown on this sort of behavior. After all, how would they get their cut. And, perhaps even more, how can they regulate and control you?
Here is a story of an itinerant New York City candy vendor who makes upwards of $150/day selling candy in the subway. It’s also a report on some of the facts of life about this segment of the economy.
It’s estimated that about 60% of all working people on earth work in an informal economy. A great benefit is seen because the independent entrepreneurs are not sitting on welfare or collecting food stamps.
What do you think? Would we be better off if this were legal?
The rate on the 30-year fixed mortgage reached a new record low of 3.91 percent. This marks the third new low this year. The 15-year fixed mortgage rate, remained unchanged at a low of 3.21 percent.
The exceptionally low rates and the depressed prices have created a superb buying opportunity, but the opportunity is lost for many potential buyers because of the difficulty qualifying for new loans.
With so many homes underwater here in Reno and Sparks very few homeowners can qualify for a re-finance. Additionally, Nevada’s real unemployment further reduces the chances to re-finance.
Read more: http://www.businessweek.com/ap/financialnews/D9RPKO100.htm
As you probably already know from a myriad of sources,, and from just living here. We had some extremely strong winds yesterday. Along with those winds a large number of families lost their homes to fire. The last count I had heard was 22 homes destroyed. I won’t go into all the details because it is readily available elsewhere. My heart goes out to those who were harmed by the fires. The wind not only fanned the flames, but it also carried burning embers to start more fires. Trees were blown down, which also knocked down power lines that may have started more fires.
And now for my experience. I did not have any damage except for things blown around the yard making more work for clean up. When I went into the garage, I noticed that the double garage door was bowing outward and even had some small creases. The door is on the east side of the garage. The wind, coming out of the west southwest created enough negative pressure that I feared the closed door was about to collapse. I ultimately relieved the pressure on the door by opening the door. At first a short distance, and then completely. This resulted in a lot of dirt coming into the garage, but it saved the door.
