r e n o . r e a l t y . b l o g

Get a load of this article in yesterday's Reno Gazette Journal: read it. What's different about the way their sources tracked the information versus how I do it is that they looked strictly at median prices in various metro segments (I look at averages, which is what our MLS statistical reporting software spits out). And frankly, their results are not surprising at all.

I'm actually on vacation this week and won't be blogging much (if at all). But for all my out-of-town readers, this link was too good to pass up.

Okay, maybe charming is an overstatement. But in this business, humility is an asset, and if your agent has it, sometimes it can mean the difference between getting the house, or not.

Last week, I closed on a house that originally would have been some other agent's paycheck. The competing buyers offered more money, edging my clients out in a dual counter situation. But I was polite, professional and communicative. I let the listing agent know that, for whatever it's worth, I'm efficient and easy to work with in any transaction.

Luckily for my clients, the agent in first position turned out to be, well... difficult. Within the first two days, she managed to somehow insult the sellers for not signing on the right lines on the contract to the point where they had an out and decided to work with us instead, depsite the fact that we had offered a few thousand less.

Once the contract came to us, it went smoothly, the home appraised for $20K more than my clients were paying, and it closed on time. I don't know how the drama queen explained losing out on this great deal to her clients, but really, beware the prima donnas. This business works on collaboration. Look for a low-ego, collaborative, open-minded agent, and you'll be fine.

Well, okay, no payments until 2007 (if you go with their lender on their terms, whatever they are). Since when did real estate stoop to the level of depreciating assets such as furniture, cars, electronics and other junk we buy to appear affluent despite unreasonable debt?)

Last Sunday's Home section ran a very interesting ad from Reynen & Bardis (who stubbornly refuse to cooperate with Realtors no matter what, despite the fact that we have buyers... oh well, I guess we really are worthless).

Out in the boondocks, I'm sorry, I mean, Wingfield Springs, you can get "beautiful backyard landscaping, window coverings, granite countertops, and closing costs paid on a gorgeous home from $290K-$400K+." Gosh, they must be having trouble moving inventory. What a shocker...

And, right next to Somersett, much closer to downtown, you can get a free backyard, $5K toward home furnishings, six months of free landscape maintenance, GE appliances (usually an upgrade), blinds throughout the house, air conditioning, and a full-on professional move... all from Lakemont Homes. Best of all, they cooperate with your Realtor (that means pay them) to bring clients by for consideration. At prices starting in the mid $300K range, this is a pretty good deal. My, the new home landscape is a'changing.

Okay, so I resist pointing to this local blog because, it's like, hypey about that annoying bubble concept. But, the Minx linked there, and this guy truly does hone in on some of the minutia of our local housing market, so, I must link.  See it

As a compulsive market watcher, I have a suspicion: The affluent lead the market. The wealthy are contrarian investors, always doing what the masses aren't. Why? Because they know what others don't. They set the trends. They get out when the masses and the media get in... for top dollar. And when it comes to buying their own homes, they are less affected by interest rates because they can afford to pay cash 30% of the time.

Over the years, I've heard other Realtors in places like Beverly Hills comment that the high-end leads the market. Meaning, when Joe-Schmoe home sales are down, haute couture Hollywood home sales are up. This is often overlooked by the media because they focus on overall number of sales, ignoring distinct price bands. I wonder, is this true in Reno?

I've been tracking market movements pretty closely for almost a year now. And so far, it does appear that the over $2 million range does exactly the opposite of what's happening in the under $500K range. If the under $500K range is strong, the over $2 million is weak. And vice versa, if the under $500K weakens, the over $2 million seems to strengthen. Even writing this feels a little anecdotal so far, but this is what I'm noticing. Just this month the high end seemed to gather a little steam, even trickling down to the $1-2 million category below it. Is this a real trend? I guess we'll see. About the affluent

So the other day, I went to a networking event. (We Realtors do that all the time to meet new people who may need to buy or sell homes, or know people who do, or who have great business ideas for meeting such people).

Anyway, I ran into a fellow blogger, Robert Payne, based in Reno, who follows relationship marketing issues. His company, Twelve Horses, has a principal cool enough to actually judge the Webbie Awards online (this is a big deal for Reno... usually these people are in New York, LA or SF). Apparently, the founders came here to ski and liked the area enough to settle and build a business. (FYI, that's how a lot of people end up in Northern Nevada.) check it out

There's a lot for sale in Reno-Sparks, and with absorption rates in all price ranges running at 14-35%, you'd better be the best value on the block if you expect to sell this month. Sellers always seem to be the last to know... I guess because they have the most to lose (in their minds, anyway). read it

I just recently sold an amazing home. And much as I'd like to take full credit for marketing and closing a $2.4 million dollar home in a little over a month (that's like $5 million to those of you from California), really, I think it was the architecture that sold the property. Which speaks to the changing landscape in Reno.

Most $2 million+ homes in our area are Tuscan, Tuscan, Tuscan. This one was distinctly modern, more like what you would find in Phoenix, Scottsdale or the Hollywood Hills. A home actually worthy of Dwell Magazine. Environmentally designed from the inside out, it was unlike anything on the market. And where the average home of this caliber takes over 265 days on the market to sell, this one took only 44.

This is just the beginning. Increasingly sophisticated clients from over the hill are coming to our fair city in the next ten years, and many of them bring with them a modern aesthetic. I think there's a real opportunity for creative, contemporary architects here in Reno. See it

Haven't seen the movie, read the book... nor am I making any political statements. However, I can't help but notice that Glacier National Park is fast losing its namesake, weather patterns are becoming more intense, China is buying more oil, and Americans drive everywhere despite the price of gas (ahhhh, a lovely day to be an oil barron). read it

I had some out-of-state buyers in town last weekend. They were finalizing a job offer at a local technology company and had one day to find a house. We looked primarily in South Meadows (close to work, fewer commuting costs), saw a couple of places in Southwest, and a few in Northwest Suburban. The budget was $400K, and they wanted 1800+ square feet.

Out of hundreds of homes for sale, I picked all the best deals (for sellers still dwelling in the summer of 2005, that means low price for lots of square footage). We jetted through about a dozen houses, all of them decent and liveable (no junkers this time). One in particular stood out... lots of square footage for money, cute decor, very clean, great floor plan, close to everything, just a tad over $400K, and totally ready to go. In a word, VALUE. To sell your home in this market, you must offer the biggest bang for the buck. It's that simple.

We'll be writing an offer tomorrow. Meanwhile, hundreds of other homes that we didn't even see will continue to languish on the market. Why? Because they're overpriced.