Drop in Reno Home Prices – a Trend or a Blip?

1 Comment February 23, 2023 hollyodriscoll

By Holly O’Driscoll

The real estate market in Northern Nevada changed in the past few months. The latest reports showing a drop in median home prices year over year, raising questions including: Why? What’s ahead? Will prices nosedive in 2023? Great questions! Let’s dig deeper.

Perspective

In our area, generally, prices tend to rise, then plateau. Nationally, home values rise an average of 4% to 6% a year over a 20 year period. Not every year, but over time. My research suggests Northern Nevada is in a plateau phase.

The Why

Economic and environmental factors.

• Rising interest rates on mortgages certainly worry buyers and definitely impacts their buying power. In the fall, many potential buyers pulled back, shocked at the change. Many sellers ignored this reality, thinking buyers would pay more. The result: Longer days on market, price negotiations and more homes selling for below initial list price.
• Reno’s had a tough winter. Snow nearly every weekend discouraged house hunters. I-80 often closed, cutting off a prime feeder market. People just haven’t been out and about looking for homes. Sellers who need to move, now negotiate and accept less than list price.

Spring, however, is coming. If history is any guide, as the trees start to bud, buyers will start looking again. They’ve had time to accept that 2.5-3.5 percent interest rates are gone and unlikely to return. We’re already seeing some properties — those in those in great locations, in decent to “perfect” condition and properly priced — get multiple offers. Several of my clients have been in multiple offer situations in the last month.

To me, all this suggests that today’s buyers are lucky. Sales activity often dips in winter. Annual data shows seasonal ups and down — December and January are low points, May through August tend to be the peak.

For those thinking the Reno real estate market is about to crash, I suggest viewing the EDAWN website and forecasts. The Economic Development Authority of Western Nevada relentlessly recruits businesses to move jobs here. Their successes are measured by the thousands of new jobs — and thousands of people who have moved here. Their mission continues. More jobs, more people will come. Companies from around the nation and the world now know this is a great place to work and live.

Fact

Homebuilding lags significantly behind the actual and projected growth. People who can work from anywhere are choosing Northern Nevada. The lifestyle, the economic benefits, the weather all beat much of the country. Retirees love this area too — partly for the zero income tax, low property tax and overall cost of living. It certainly beats many West Coast communities on housing costs. Conversely, folks from the Midwest and South experience sticker shock.

Chase International Real Estate recently released its 2022 year-end Real Estate Market Report which showed lower overall volume in sales (number of homes sold). Yet prices rose — in some neighborhoods prices jumped drastically in 2022.

Specifically, in Reno and Sparks, 13% fewer homes sold in 2022, yet the median price of those homes was up 10% from $480,000 to $535,000. To the east, Fernley saw comparable results. South of Reno in Carson City and the Carson Valley the number of homes sold dropped 9% and 16%, respectively, while prices rose 8% in Carson City and 5% in Carson Valley (Minden/Gardnerville).

Then a record-setting winter set in and interest rates climbed into the 7%- plus range. Ouch. Buyers stepped back further, and data shows that overall sales and prices took a hit.

Ahead

So what will the rest 2023 bring? I don’t have a crystal ball. From analysis by economists, fellow realtors and my own clients, I expect to see days on market (listing to closing times) shorten and prices to stop sliding and perhaps rise for many, but not all, properties. People still need places to live. They still want to build wealth over time through home ownership. Based on the number of multiple offers my Chase colleagues and I have seen in mid-February to mid mid March, the best “deals” for the next six months likely are homes currently on the market.

Verdict: The recent dip in median home price is likely a blip vs a trend.

National Trend Holds True in Reno

Leave a comment April 19, 2019 hollyodriscoll

Interesting article from Realtor Magazine points out that, nationally, neighborhood names have a certain cache’ — that can translate into cash for home buyers and sellers.

The article leverages data from Porch.com, which states that neighborhoods that include “Village,” “Hills,” and “Island” in their names report higher average incomes.

We see a few of those neighborhood names in Northern Nevada. Incline Village — an area knows for its luxury properties, comes to mind. The names vary considerably by state. In our area, I would put “Ranch” in the top five indicators: Caughlin Ranch, Rancharrah, Callahan Ranch, for example. The research doesn’t go town by town, rather it looked at the entire state.

Here’s a list of other “high value” names nationwide:

Porch researchers looked at the neighborhoods with the highest incomes and home values in each state. Read the full article here.

Holly O’Driscoll is a Realtor with Chase International Real Estate in Reno, NV. Contact: hodriscoll@chaseinternational.com or 775-850-5900. 

 

Serene Mountain Retreat — New Listing! Price: $3.295M

Leave a comment January 9, 2016 hollyodriscoll

Relaxed sophistication and timeless craftsmanship fill this 5 bedroom, 5.5 bath mountain retreat in Truckee, CA. Set on 8 level acres in a gated enclave, the 10,040 square-foot home is just 30 minutes from Reno Tahoe International Airport and an easy drive from San Francisco. Close to skiing, hiking and all outdoor sports, the property has private corporate retreat potential.

The price: $3,295,000.

Quality craftsmanship details include artisan-created hand-forged iron work, intricate masonry and stonework designs. Master woodworkers installed Douglas fir beams, floors and hand-oiled cabinetry.

The recent $1 million-plus in renovation created:

• Stunning formal living room and separate formal dining room with a
  massive two-sided fireplace
• Game and billiards room with a full wet bar
• 2 offices
• Quilting room (conference room/office potential)
• Home theater/media room
• Sunroom/lounge
• 2 curved staircases
• Master suite with 2-sided fireplace and spa-quality bath
  
• 4 bedrooms with lofts and walk in closets
• Spectacular kitchen w/top-grade appliances, breakfast bar, wood-fired pizza oven, separate prep/catering kitchen with private entrance.
  

Outside, the flagstone patio has a stone fireplace, outdoor kitchen, bar seating, and a hot tub with spectacular mountain views that stretch for miles.

To see this property, contact me directly. Text/phone: 775-762-7576. Email: hodriscoll@chaseinternational.com

See virtual tour for more photos. 

Entrepreneurs Benefit from Mentors in Reno

Leave a comment August 17, 2014 hollyodriscoll

Thinking of starting a business? Experience can help you avoid all sorts of potentially fatal/business-killing mistakes.

Mentors can make a difference! Entrepreneurs in northern Nevada can tap into a robust network of mentors and mentor programs to find the one that fits their business. Follow this link for the full story published in the Reno Gazette-Journal.

 

http://www.rgj.com/story/money/reno-rebirth/2014/08/16/business-mentors-can-boost-reno-economic-ecosystem/14149897/

Reno Cheesecake Factory — hmmm — OK Food, but So-So Experience

Leave a comment August 12, 2014 hollyodriscoll

Soooo the Cheesecake Factory opened at Meadowood Mall in Reno. My son and I went there for lunch last week. We waited about 15 minutes for a table. Not too bad, but I won’t go back soon. The staff was attentive and well trained, but wow, the overall experience didn’t come close to the hype.

We ordered a light lunch, so we’d have room for desert. That’s why you go to the Cheesecake Factory after all!

He had the fried macaroni and I had the chicken tortilla soup. Both were decent. Fried mac n’cheese? Interesting concept, and he enjoyed it. I tried it … creamy inside and crunchy outside.

I’ve ordered tortellini soup at several chains — BJ’s Restaurant and Chili’s come to mind. This was OK. Different, but not remarkable. It was creamy with lots of rice.

Both dishes were filling … to the point that we ordered a slice of cheesecake to go. He picked the flavor — Tiramisu. Unspectacular.

The Big Bang Theory portrays the Cheesecake Factory as a spacious, quiet place. The new Reno location is a modern, artistically designed space.

Our gripe: Tightly packed tables, high ceilings make it loud, crowded. Clattering plates, heavy background music force people to raise their voices to converse — the result: a cacophony to the senses. If you go, request patio seating — it won’t change the food, but you won’t leave with a headache.

Flying Solo — What an Accomplishment

Leave a comment June 12, 2014 hollyodriscoll

Conquering the world, one step at a time. The guy in this photo stubbed his toe many times growing up. He tested rules, tested himself, he tested me! Eventually he learned to fly on his own, in his own way — long before this picture was taken.

He had lots of help, though he didn’t always see the wisdom or regard the rules as “help.”   What teenager does?  Each milestone, each tumble, each time he picked himself up …  and he keeps on doing it today.

I’m now in the supporting role … no longer the leader, the project manager, the boss. I couldn’t be prouder … We couldn’t be prouder.  He did it. He did it on his own.  But there’s a little piece of me there too!

Congratulations!

Expect the Best in Boston

Leave a comment June 1, 2014 hollyodriscoll

The view from our room at the Hyatt Boston Harbor Hotel

Just returned from an East Coast adventure that included a great visit to Boston … my old college stomping grounds. I haven’t stayed in Boston since graduating from BU with a BS in Communications.  This time, spouse and daughter came along.

The inspiration for the trip was an family wedding that drew relatives from the US, Ireland and Australia.  Boston out-did itself in friendliness, weather and fun … We stayed at the Hyatt Harbor Hotel — and awoke to spectacular views.

We took the water taxi from our hotel right to the Intercontinental where the Irish cousins were staying. Our “taxi driver” owned the boat — and used to work for a tech company in Carson City, proving once again just what a small world this is!

Take a water taxi right from the Hyatt Boston Harbor to any waterfront location!

We walked all over — from the Intercontinental to the Boston Commons, through Back Bay, through the Public Gardens, to Copley Square in the morning … Giving the Irish cousins a taste of central Boston. We happened to walk right by the “Cheers” bar … a show immensely popular overseas ….

 

Back Bay brims with history– brick sidewalks, wisteria vines, townhouses with historic names etched into them … and churches everywhere.

In the afternoon we toured Quincy Market, which seems like the ultimate tourist trap, then on to Haymarket where fresh fruits and veggies vie with seafood vendors to capture attention.   Then it was on to the North End where the scent of Italian food made us hungry and the age of the buildings reminded us that we were walking the same streets as the Colonists. We saw the Old North Church, the statue of Paul Revere and the masts of the Constitution across the river in Charlestown.

Harvard was on the Irish cousins’  “must see” list so we hiked over to the Boston Gardens to catch the “T”.  Here we met yet another friendly Bostonian. The officer at the Boston Garden’s T station helped us get a Charlie Card — which saved us $$ on fares.  He didn’t have to do this — so a big Thank You to the MBTA for encouraging its staff to help visitors!

When I lived in Boston I didn’t hang out in Cambridge, so, touring “the Yard” was novel for me as well … (Thanks GoogleMaps!) We made the obligatory trip to the Harvard Coop (pronounced “coop” not co-op) so they could buy (some very expensive) trinkets … bought a $4 cupcake as a birthday surprise for my spouse at Sweet … then it was time for tea … before taking the “T” back to South Station.

We rounded out the adventure with dinner and drinks at Mr. Dooley’s Irish Pub … which naturally had Guinness and Harp on tap.

A terrific day — we logged nearly 12 miles according to my FitBit —  had a lovely time with wonderful relatives we see too rarely and met the friendliest, nicest people.

I recommend a visit to Boston especially in the spring!

 

 

 

 

A New Twist on Healthy Eating

Leave a comment March 15, 2014 hollyodriscoll

Love to eat out? Hate the over-sized portions and the high calories? Me too … but in Reno, there’s a movement afoot to offer better choices without sacrificing flavor 

Honey roasted pears, crispy apples, blue cheese crumbles, mixed greens, honey white balsamic vinaigrette give great flavor to this salad. For a complete meal top with chicken, steak, prawns or fresh tuna.

or ambiance.  Here’s one I recently reviewed for an ebook commissioned by Renown Health’s Best Medicine Blog:

At The Twisted Fork in South Reno, Manager Joe Clements and Chef Sergio Romero deliberately developed a menu that’s hard to classify. Complex flavors add depth and interest to each menu choice at this modern American restaurant and wine bar.

“We didn’t want to be pigeon holed into one type of food. We wanted more creativity and to constantly evolve – and to really be a little ‘twisted’ with our food,” Clements said.

The restaurant generated buzz from the day they opened in January 2012 next to RC Willey off Steamboat Parkway. The menu includes elegantly plated entrees aimed at patrons with every dietary preference – vegan, vegetarian or carnivore.

Open for lunch and dinner, Chef Romero uses the freshest ingredients he can get – organic and local grown when possible. Produce is delivered daily and the fish is never frozen.

Clements describes the restaurant’s style as California with a heavy Latin influence. “While we have some Italian dishes, our goal is to entice people with our really creative menu,” he said. “We make healthy food that’s outside the box. It’s creative with a lot of big flavors.”

This is the third venture together for Cements and Romeo. The pair worked together at The Grille in southwest Reno for several years. They left to transform Woody’s Grille and Spirits in Sparks.

“Sparks didn’t have an upscale sports bar, with upscale food. We changed that,” Clements said.

Instead of traditional fried “bar food,” Romero created a unique menu filled with made-from-scratch fresh fare that rivals – or beats – many local restaurants.

“At Woody’s we knew our audience – there wasn’t an upscale sports bar like it in the area,” Clements said.

That success inspired investors to want to try something totally different.  Clements and Romero teamed again to create The Twisted Fork. Both are still involved in Woody’s, though they spend more time at the new restaurant.

The Twisted Fork is building a different clientele in South Reno – diners who seek unique, fresh flavors and appreciate out-of-the-box thinking about food.

“We’re building a new audience,” Clements said.

The Twisted Fork’s menu changes regularly – and even the most popular dishes may get tweaked, updated or replaced. The Pear Salad recipe below is a staple, yet the garnishes have evolved over time. The dish originally was topped with a variety of mixed nuts.

Out of deference to people with allergies to peanuts, it now comes with candied walnuts.

Their target audience cares about food – and The Twisted Fork caters to those seeking healthy, innovative food and excellent service. Most dishes can be customized to accommodate dietary or preferences.

Lunch items include small plates, sandwiches, salads, burgers and entrees priced from $7-$17 (most are in the $9-$10 range). Dinner entrees include chicken, fish and steak choices that range from $16-$34.

“Reno has evolved – it used to be known for steak and potatoes. Now we have cauliflower puree – we’re outside the box,” he said.

 

Have you eaten at Twisted Fork?  What did you think? It’s on the pricey side, did you think it was a good value?

 

 

VizKinect’s eye-tracking system changes advertizing game

Leave a comment June 16, 2012 hollyodriscoll

Incorporated on Sept. 17, 2011, VizKinect’s cutting-edge biometric eye-tracking system is set to

VizKinect founder Norm Smith (right) and COO Ron Nichols flank the development team of Mbinya Ndonye, Bailey Hein and Ellin Nesbitt at their offices at C4Cube in Reno.

revolutionize the way advertisements, movies and other media get our attention.

The VizKinect system takes eye-tracking, which has been around for 30 years in various forms, and simultaneously expands and simplify the entire process. The value to advertisers is immense, said Norm Smith, VizKinect chairman and president.

VizKinect will test focus groups of up to 20 people at once, analyze the results quickly to produce nearly instantaneous feedback.

“This will be a game changer (in several industries),” Smith said.

Advertisers and product-placement specialists will be able to tell if consumers see their message before spending millions on actually airing the ad on television or paying for a product to be in a movie.

Up until now, eye-tracking was done one person at a time in a lab with elaborate equipment. Almost every research institution has a version, but it becomes obsolete, is expensive to buy and to train people to use, plus eye color and skin pigmentation can throw off the results, explained Ron Nichols, VizKinect chief operating officer.

Not so with the VizKinect system.

VizKinect uses no invasive equipment. Test subjects either wear special glasses, or have a special scanner follow their eye movements. They just sit and watch the screen. The system records (tracks) where individuals look at a video screen. Do they look at what an advertiser or movie director wants? The data will tell.

Smith, a successful serial entrepreneur, said $354,000 has been invested in developing and refining the VizKinect system so far. It has two patents pending and numerous trademarks on the unique programs and equipment. The company is seeking $3 million from investors to expand.

“Part of the beauty of VizKinect is that it will adapt and change over time and we can use (any type of) tracking technology,” said Nichols. The uniqueness is in the system, the code and the analysis process, which the team, including Ellen Nesbitt, Bailey Hein and Mbinya Ndonye, has spent months refining and streamlining to work out the kinks.

Focus groups can be run in VizKinect’s offices in Reno or at a client’s location – with results delivered in time to reshoot for more effectiveness. Basic focus group and analysis work starts at $5,000. For an agency spending millions on producing and placing an ad, it is money well spent, Smith said.

Data can be broken down by age, gender, race and other metrics, Nesbitt said.

VizKinect is being developed at the C4Cube offices inReno.  C4Cube is a non-profit business incubator started in 2006 to help entrepreneurs start companies and to bring jobs to this area, said Ky Good, managing director of “The Cube.”

It’s working. Several types of companies have offices within C4Cube, including Eye-Com, another business working with biometrics in a very different way from VizKinect.

“Reno is a great place to start a business,” Smith said.

VizKinect is ramping up its staff. This summer it will have 10 employees and interns on board, by the end of 2013, Smith expects to have at least 72 working for the company. Most will be inReno, though the company expects to go global.

Reno Rebuild invests in downtown

Leave a comment June 13, 2012 hollyodriscoll

Founded in April by childhood friends who are now local business owners, Reno Rebuild Project captures a portion of every dollar spent at certain local restaurants and puts it into a fund that will eventually help others open a business.

RenoRebuild Guys – photo by Reno Gazette-Journal

Michael Connolly, Chris Kahl and Zachary Cage run the Legends Grill, Sierra Tap House and the soon-to-open Brewer’s Cabinet started Reno Rebuild. The group pledged 5 cents of every sale at these establishments to the fund.

They made their fist deposit into the account on May 1.

“We have a current cash balance collected of $5,485.55! It is definitely a great start with our goal being $20k for 2013, so we are on a great pace,” said Michael Connolly.

After a year of deposits, the fund will be used to award one loan to non-franchised, small, local businesses.  The Community Foundation of Western Nevada, which is helping make the Reno Rebuild Project a non-profit organization, will administer the fund and help establish eligibility guidelines. One guideline already set: Each application must include a detailed business plan.

As the fund grows, the trio hopes to award more than one low-interest loan per year.

Reno Rebuild grew out of the trio’s struggle to get funding to start their own venture. Banks and other traditional sources simply wouldn’t lend, so they tapped into family and friends for financing. Realizing that not everyone has family and friends who can provide such support, they developed Reno Rebuild to extend a hand to other entrepreneurs.

“Someone just needs to give them the opportunity to meet their goal if they want to open their own business,” Kahl said. “It’s a cool opportunity for them.”

Other businesses have already expressed interest in participating in the program.

“We also structured it to where other business owners and individuals in general can put money in,” Connolly said.

Find out more at www.renorebuild.com