My wife, through a trust, owns one of the units. She paid $79,900 for a 4 bedroom model two years ago. Last one sold a couple of weeks ago for $124,800.
Most of the litigation has been completed. The association is now entering a remediation period to repair the more necessary items. In addition, there will be a cash distribution to all the current owners. The Association is suggesting that all the units be empty this summer to facilitate the repairs. In addition to pool will be closed.
Any sale at a price your investor is willing to pay would most likely be a short sale although unit 202 (3/3) is an REO that should be coming to market soon.
Questions? Drop me a line @ Jim @RenoNV-Homes.com
You need to use a site like mine (link) enclosed that will tell you if it is active, active pending or active pending short sale, sold etc. Most sites on the net do not tell you that.
This particular complex is Kiddie Condo alley and rich Californians as well as local speculator's not only buy these for their offspring to attend college/Token Nevada address but they also speculate on rentals/flip in there. Rents in Reno are dropping and HOA's tend to be a cesspool of lawsuits, bickering and discontent so Caveat Emptor.
I'm not going to sugarcoat it, you want to know what is really going on between the lines, feel free to contact me or read my blog/you tube channel. Here is my latest panel meeting discussing the market on my 1.3 million viewed you tube channel: http://www.youtube.com/watch?v=t11gIkTQDl4&feature=share