Get it while it's hot: this nearly 1900 square foot home shows like new. Nice upgrades, single story, fully landscaped, very low maintenance. The price is down to $265,000 $255,000... not a short sale. These sellers are simply realistic about current market conditions. Go ahead, make an offer.

Comments

[Reno Ignoramus]

7045 Jermann Ct. Sold on 12/29/05 for $341K.

Looks like another 25% haircut, more or less, from 2 years ago.

Slowly, but surely, the nonsense of the bubble is being wrung out of the market.

This listing is the perfect example of what I posted the other day. The only way the market declines is through sales. Exactly like this one.

Drip, drip, drip.......the market deteriorates.

[BanteringBear]

An eyesore of a house, IMO, but priced a lot better than others. Assuming this sells for the full $265k, what does that say for the value of deRRiCk the gambler's Spanish Springs stucco sh!tbox? Methinks $225k max, and falling fast. B-b-b-but what about all of his upgrades? Sunk costs. Read it and weep.

[smarten]

BB asks "what does that say for the value of deRRiCk the gambler's Spanish Springs stucco sh!tbox?"

I think I've got the answer [are you listening buddy?]; OUCH!

Hey Diane, is this a "deal of the day" or just a seller who's decided to become realistic?

[Shark]

At $130/SF, this is well below replacement cost, and looks like a pretty good deal. 21 DOM so far.

This looks like an "investment" gone seriously wrong. No offense intended, but no one who puts $125,000 down on a house has furniture like this, so it looks like a rental property. The owner must have other assets so they can't walk or go short, or they surely would have.

What truly blows me away is the HELOC in July 2007. BofA valued this place at about $500,00 at 100% LTV, or $620,000 at 80%. WTF?

[Smart Money]

2002 prices just around the corner :)

[NVMojo]

Damn.

[BanteringBear]

"At $130/SF, this is well below replacement cost, and looks like a pretty good deal. 21 DOM so far."

Which brings us back to the fact that houses can, and do, sell well below replacement cost. Are you paying attention, deRRiCk?

[BanteringBear]

Diane-

While I might not agree with some of your pricing strategies, you do a great job with your listings as far as the pictures, and overall presentation, are concerned.

[Reno Girl]

Diane,
This listing looks great, although I still think the price needs to come down some - but this doesn't look good for those that have bought in the last couple of years. Prices have been unrealistic for too long! I have a suggestion - when I click on the schools link I want to know exactly what schools the house is zoned for. I can't really tell that with your link. When looking for my rental, I wanted to be zoned for a specific elementary school, so I used the Washoe County Schools zoning site which is straight forward and easy to use - plus prospective clients can find other school info they might need for enrolling, etc. Here's the link: http://www.washoe.k12.nv.us/schools/zoning_search/index.php

[Derrick]

Wow, you guys sound like a bunch of jealous losers, listen to yourself. Btw my house is 2,400 sq.ft not 1,900 and easily has 75k more in upgrades than this home. thats besides the point..

hard to have anything nice in this world with people like you. Truly a bunch of have- nots!

[EyesWideOpen]

Derrick,
I think the misunderstanding here is that many of the posters on this site are lazy professionals who are into real estate as a business. They're not going to say anything positive unless they're skimming money out of the paychecks of hard working people. They're bitter because right now they can't make easy money off of us real workers. Just like our politicians, they are removed from the rigors of everyday life. They are useless landlords and middlemen (and women) waiting like spiders in a web for the right opportunity to pick the pocket of the working class.

[EyesWideOpen]

In other words, they sit at home all day writing posts on the internet hoping to drive prices even lower so they can buy up cheap properties and then rent them at a premium to hard-working Nevadans so they can continue sit at home on their fat lazy asses collecting a portion of poor folks paychecks.

[Smart Money]

Check out some of the losses from our neighhbors to the west http://flippersintrouble.blogspot.com/ Can Reno be far behind?

[BanteringBear]

Eyes Wide Open posted:

"...many of the posters on this site are lazy professionals who are into real estate as a business. They're not going to say anything positive unless they're skimming money out of the paychecks of hard working people. They're bitter because right now they can't make easy money off of us real workers. Just like our politicians, they are removed from the rigors of everyday life. They are useless landlords and middlemen (and women) waiting like spiders in a web for the right opportunity to pick the pocket of the working class...In other words, they sit at home all day writing posts on the internet hoping to drive prices even lower so they can buy up cheap properties and then rent them at a premium to hard-working Nevadans so they can continue sit at home on their fat lazy asses collecting a portion of poor folks paychecks."

After reading this post, it's quite obvious who's bitter around here. This is nothing but an angry rant chalk full of baseless assertions. If I might ask, how many properties are you holding the bag on, Eyes?

I find it exceedingly entertaining that, when rattled, the real estate shills resort to the always pathetic, and wishful "look at what I've got, and you don't". See deRRiCk. The fundamental problem is, you fools don't know one thing about any of us.

[EyesWideOpen]

>> If I might ask, how many properties are you holding the bag on, Eyes?

I have 2 homes. One in California and one in Nevada. I plan to keep them forever. They're my homes. I didn't buy them for investment; I bought them to live in.

How about you BickeringBear? You keep asking the question, but you never answer it. How many slums, er, I mean properties do you own?

[EyesWideOpen]

I'm also a productive member of society with a real 9-to-5 job. I actually produce something of value every day. How about you BB?

[BanteringBear]

EyesWideShut:

Your posts are so incredibly absurd, I won't even waste my time with you. Good luck with those alligators.

[EyesWideOpen]

Obviously, I struck a nerve, LOL! Your defensiveness and lack of information is most telling BB.

absurd: inconsistent with reason or logic or common sense

In what way are my posts absurd? Alligators? What the hell are you talking about? Now that's absurd. Oh wait, it must be a television reference? But I don't watch television. In fact I rarely post on the internet. Most days that 9-to-5 job keeps me too busy for such silliness (today I'm on vacation).

So, hey BB, what's your favorite donut?

[Allen Murray]

This blog is turning to crap. We have Derrick and Smarten arguing about who knows how to make more money, BB spelling Derrick's name like a serial killer, Eyes Wide open talking out his ass and changing BB's name to Bickering Bear, and BB claiming the his eyes are actually shut. Is Diane going to have to start babysitting?

[BanteringBear]

Time and again, whether it be on this blog, or other real estate blogs, I encounter unruly bloggers who spew anger, and even hatred, towards those of us welcoming a severe correction in the real estate market. Were I a betting man, I would lay it all on the premise that a vast majority of these "haters" are sitting on at least one, if not multiple (EyesWideShut), properties, and are driven to fits by the fact that their prized "equity" is simply evaporating into thin air, or they are individuals dependent upon ever increasing housing prices in order to make a living. This leads me to the conclusion that the misplaced anger and kill the messenger mentality is a symptom and result of their own selfish greed.

Let's consider that, as things sit right now, there are conservative estimates that well more than 2 million homes will go into foreclosure in the next year. Why so many? Why is this happening? The short answer is that borrowers quite simply could never afford their homes in the first place.

The high housing prices ARE the problem. In order to correct this, the country needs prices to fall, and dramatically. The quicker, the better. The new, much lower prices will be the kind that allow people the ability to purchase food, clothing, transportation, energy, etc. in addition to shelter. Further, the left over funds each month will also allow individuals to patronize businesses, promoting a healthy overall economy.

Regardless of the short term implications of these steadily declining real estate prices, the long term health of this country depends upon it. In the long run, exorbitant prices benefit nobody, not even the filthy rich. Everybody loses in this bubble.

This comes from a homeowner who stands to lose equity, possibly a significant amount, due to these deteriorating values. However, I am able to clearly see that my financial sacrifice is well worth it.

[EyesWideShut]

Bantering Bear, I challenge you to show me anger or hate in any of my posts. I've had a wonderful day working in my backyard and poking bears on my breaks. It was a little cold, but beautiful here in Sacramento.

My original post wasn't specifically directed toward you BB, but you took the bait, and you are one of the more negative folks on this board.

It's funny, because I agree completely with your estimation of the real estate market. There's a lot more pain coming down the pike, especially if the gov't fiddles with the terms of these liar loans. Extending the problem will only make it worse, far worse.

For the record, I bought my California McMansion in 1998 and my beautiful condo with the killer view at the Village at Idlewild Park in February of this year.

My children and grandchildren live in Reno, which is why I spend my weekends there. I purchased a condo this year because I needed a place to live. I don't profit from, or work in real estate. No way, I wouldn't be able to sleep at night.

I wish you well BB! I wish everyone well. Now I'm going to play some pool with my lovely wife and pack for tomorrow's drive over the mountain.

[BanteringBear]

EyesWideShut posted:

"Bantering Bear, I challenge you to show me anger or hate in any of my posts."

The proof is in the pudding. Go back and read your original post. It sure reads like an angry rant to me.

"My original post wasn't specifically directed toward you BB, but you took the bait, and you are one of the more negative folks on this board."

I didn't take it personally. I was simply responding to what I still consider to be a totally baseless, untrue, and absolutely outrageous post. I wouldn't deny that there are vultures waiting in the wings, ready to pounce on cheap real estate, but I don't think they are anywhere near this blog.

And personally, I'm fine with being considered negative when it comes to real estate, because I am. What is supposed to be shelter, became a commodity, leading to the greatest rip-off of the American people in the history of this once great country.

I'm hoping that we can turn this mess around, and get back to doing what's right for the average citizen, and not what's in the best interests of the deep pocketed corporations, Wall St. bankers, and corrupt politicians.

Enjoy your pool game.

[RGJ]

Allen,

This blog has been worthless for some time now....Only the same old crap from the likes of smarten, BB, Lindy and a few other regulars that are so consumed by this subject that they could not possibly hold a job or otherwise positively contribute to society because they spend 10 hours a day doing exhaustive research on the latest short sell and post to the blog about the dooms day housing market.

Diane and Guy often post some items of interest in the main blog, but anything posted in the blog comments are generally mindless.

I often read the main blog but infrequently check the comments to see if there is anything of value...... valueless so far!

[Josh]

Well if we're talking about the value of the comments here, I find them priceless. The quality of information here and depth of discussion of our local market is unparalleled. Sometimes it might get heated or a little personal, but that is to be expected as people start to realize they just lost their first $100K in equity. I’ve never posted here before, but I read it daily because of the comments (especially from the regulars). Keep up the good work.

[Tom]

There is another factor to the `correction' taking place on home prices, in addition to the over-extension of credit to unqualified buyers through stated income loans and otherwise.

This factor has not been mentioned much and certainly hasn't been addressed seriously by our current political candidates in their series of debates. It is the destruction of the middle class in this country, and its replacement by an enlarged lower strata and a smaller layer of high earners at the top end.

We cannot raise the standard of living of the world on the backs of American workers, and we should not be constantly exporting thousands of middle level and lower end jobs to Asia and Latin America. This country needs to start making things again. Legal employment for local retail staffing and America-sited manufacturing needs to be encouraged rather than replaced. If this isn't corrected, in twenty years we will all be trying to sell each other financial products and professional services. Who do you think will be left who have the types of jobs and incomes to buy middle-priced houses? Lower level hourly wage-earners cannot do so, and high end professionals and sports and entertainment celebrities won't want to do so. There is no middle left and this is getting worse -- we are on course to have a nation of small tract homes that look like the original Lakewood Park of Los Angeles County on the one end, and gated communities of upscale houses and pricey condos on the other. Houses in the middle will become harder to sell, and this is on top of the credit correction currently.

If I sound like Patrick Buchanan or Lou Dobbs, I will blame it on too much coffee too early. But seriously, this is a problem soon (if not already) to be affecting the mid-level housing market in my judgment, along with the credit crisis.