You can pick your property in Damonte Ranch, but you are right, you need to find it and then hurry.
These homes are going out at 2004 prices and are complete with window treatments & landscape.
Great time to buy in So Meadows and/or Damonte Ranch.

Not so fast Tiger, although the absortion rate has been OK in that price range compared to the outskirts, the inventory is increasing and it is mostly shorts and bank owned. There are a lot of homes in escrow and you are correct, however, they are short sales as well. The statistics work against those as many of them become bank owned.

Like I have mentioned in my blog and at our Reno Real Estate Investors Group; be carefull of areas where homes were sold after 2004 and currently. Many first time buyers and speculators are giving their properties up in newer areas, it has yet to peak (foreclosures) in my opinion.

If you are a buyer, I would recomend the Golden Triangle; simply cross the highway and be on the Tahoe side. Its not overbuilt (yet) and you will be in an established area that wasn't bought up with 100% financing and many folks upside down.

Even though the homes may be slightly older, you tend to know your neighbors more and the vegetation is filled in. Keep an ear out for airplanes landing however, they come right over Galena High. You have the benefit of a home that was built a little more old school. You also don't have a stucco time bomb; as it has turned out, stucco is the new asbestos as many home inspectors and attorneys are playing the cracked stucco card. I think it is stupid as there are multiple layers below to protect,pectors will be inspectors and attorneys will be attorneys. It just may affect a sale down the road.

The key if you are interested in investment potential: Stay away from supply and be in a demand area, not the opposite. Galena, Callahan, Old Southwest, even Caughlin Ranch may fit into this equation.

Generally, I am optomistic, this is a town people and jobs are moving to and not from, let any of us know if we can help you.

Ron Bell
Reno Realtor selling Reno Homes

Your right! Anything in goos shape in that price range is selling quickly. If this is your price range, talk with your professional real estate agent about getting automatic notification when home come new onthe market, this will help you know immediately when these homes hit the market. As for rule of thumb on the price per square foot, there isn't one. Generally the smaller the home the more you pay in square footage when all other factors are the same (the big price items like furnaces, A/C, land, etc. are about eh same for a house that is 1500 sqaure feet and one that is 1600. So, find what you like, and see if the price seems reasonable to you. Your agent should also be able to counsel you on the this with each house you look at. If you no not have an agent and would like to speak more about this, please feel free to contact me, Lisa Dunagan at RE/MAX Realty Affiliates (775) 742-2536 or lisadunagan@remax.net.