Reno Foreclosure Blog

Market area: Grand Sierra Condo-Reno, NV

Appraised property located on 19^th Foor

Search parameters:

All Condo units in subject's building

Date Run: 4/12/2010

Base/List Date/Current: 4/12/2010

Foreclosures   =          36       

Short Sales     =          1

Arms lengths   =          4

Total               =          41

Percent Special Conditions     =          90%

Percent Short Sales                 =          2%

Sales last 12 months    =          41

            Median            =          $22,000

            Hi                    =          $52,500

            Low                 =          $17,000

CURRENT LISTINGS   =   26   Median days on market  =  77

            Median            =          $23,450

            Hi                    =          $360,000

            Low                 =          $16,500

Foreclosures    =          5         

Short Sales      =          17

Arms length     =          4

Percent Special Condition      =          85%

Sales data from 12/17/06 to 5/30/07            

Median price                   =    $262,000

Median price, last 3 mo. =     $18,500                    

Percent decline  =   93%

These condotels were selling in late 2006 and early 2007 with the promise of a 2 BILLION dollar redevelopment of the Grand Sierra Casino and Resort. Construction of a 2^nd new high rise tower was planned but never completed. Approximately 670 units were offered for sale, with less than ½ selling for the median price of $262,000. They are now selling for a median price of $18,500.