Reno Foreclosure Blog

Market area: Cold Springs, NV

Appraised property located on Bear Lake Dr

Search parameters:

2 story homes

1613 sq ft to 2419 sq ft

Age: 1990 to 2010

Current median price = $162,900

Median price from 6/15/05 to 6/15/06   =  $307,000

Percent decline  =  47%

Date Run: 5/21/2010

Base/List Date/Current: 5/21/2010

Foreclosures                        =     20    

Short Sales                          =     12

Arms lengths                        =     7

Total Sales last 12 months    =     39

Percent Special Conditions      =          82%

Percent Short Sales                 =          30%

            Median            =          $155,000  (last 12 months)

            Hi                    =          $190,000

CURRENT LISTINGS   =   24   Median days on market  =  109

            Median            =          $149,450

            Hi                    =          $262,500

            Low                 =          $117,800

Foreclosures    =          2         

Short Sales      =          19

Arms length     =          3

Percent Special Condition       =          86%

Percent Short Sales                 =          79%

It should be noted that median home values in the last 3 months APPEAR to be increasing; however, the reader should understand that the Federal 1^st time home buyer tax credit has now expired. It is this appraiser’s opinion that values will continue to decline. We are in a false bottom. Keep reading my future Blog’s to find out why!