If you are thinking of making the Reno/Sparks area your home, the following is a brief overview of the many communities.

DOWNTOWN RENO:

It is hard not to miss the most famous "Biggest Little City" sign in the heart of downtown Reno.  This area serves as the center of the entertainment and gaming businesses with the majority of the largest resort casinos here.  Downtown also serves as the place for annual festivals, sporting events and a place to experience Reno's culture.

Top attractions are the University of Nevada, Reno, just north of Interstate 80, the Reno Livestock Events Center; the National Bowling Stadium; and the Reno Events Center.  The newly opened Aces Ballpark accommodates more than 9,100 Reno Aces fans.  The area around the ballpark is becoming a hot area for restaurants, shopping and night life.

There are several museums and art centers in addition to galleries. The Pioneer Center for the Performing Arts hosts the annual Broadway Comes to Reno series, and Lawlor Events Center is the place for memorable concerts.  For music lovers, we have Reno Pops Orchestra and Reno Philharmonic. The annual July event, "Artown" draw thousands of people to the month long, citywide celebration of the arts.

The Truckee River flows through downtown and provides a serene place to walk, picnic, a quick dip or kayak.

NORTHWEST RENO:

The northwest area of Reno starts from just west of the University of Nevada, Reno and stretches out west along I-80 and the Truckee River to the Nevada-California border.  This area includes the neighborhoods of Somersett, Verdi and Mogul.  This is primary residential area with two distinct landmarks on Robb Drive, Grace Community Church and the Northwest Reno Library.

Northwest residents have found themselves shaken in recent years by hundreds of earthquakes that find their epicenters in the area.

NORTH VALLEYS:

The North Valleys area is just north of U.S. 395 and includes Cold Springs, Stead, Silver Knolls, Lemmon Valley, Golden Valley and Sun Valley.  Some sections are in Reno city limits and others are in unincorporated Washoe County. 

The neighborhoods are considered to be more rural than the rest of their Reno counterpart  More residential and commercial developments have been planned for the area.

SPARKS:

Sparks if full of character, culture and events and becoming a bigger attraction than Reno.  Sparks is mostly residential and central Sparks is bordered by the Truckee River on the south, hills to east, Reno to the west and Spanish Springs Valley to the north.

Classic car lovers converge on the area every year for "Hot August Nights".  The Sparks annual "Hometown Farmer's Market runs from mid June until the week before Labor Day.  Followed by the "Best of the West Rib cook-Off that draws competitors from around the country.

The Sparks Marina, just east of downtown Sparks is becoming a major attraction.  There is a 77 acre lake with a walking/jogging path around it and activities such as swimming, boating and picnicking.  The Legends at Sparks Marina is a mega outdoor mall with top retailers and restaurants.

SPANISH SPRINGS:

The Spanish Springs Valley, north of central Sparks, runs along Pyramid Highway.  The boundaries are the Pah Rah Range to the east, hills that separate it from Sun Valley to the west, and central Sparks to the south.  The area to the north is a typical Nevada desert landscape that has several large horse properties, including the Bureau of Land Management's Wild Horse and Burro Center.

There has been a lot of growth in the business and residential sector all along the Pyramid Highway.  Several large business parks make work and home commute easier.

SOUTHWEST RENO:

This Southwest area borders the Truckee River on the north, Virgina St. to the west, and includes the Caughlin Ranch development.

The neighborhoods are marked by tree-lined streets and houses dating back to the beginning of the 20th century.  There is a mix of mansions, craftsman style and bungalows.  California Avenue is popular for its shops, restaurants, coffee houses and the Nevada Museum of Art. 

OLD SOUTHWEST RENO

The area consists of South Virgina St. to the west, I-80 to the north, Hidden Valley to the east and the Gateway Drive area to the south.  For some this area has it all: businesses, homes and recreational hiking etc.  Meadowood Mall and the Reno-Tahoe International Airport are in this part of town.  The Huffaker Hills Trail just south of McCarran Boulevard has a invigorating trail to the top for a spectacular view of the surrounding city.

NEW SOUTHEAST RENO:

This area saw the biggest increase in housing and businesses over the past 5 years.  The residential housing consists of mostly middle class to upper-middle class homes.  It includes Double Diamond which has its own business park and the Damonte Ranch community.  Large retailers and restaurants have added to the huge growth.

The borders are South Meadows Parkway to the north, Storey County to the east, Toll Road to the south and South Virginia St. to the west.

SOUTH SUBURBAN RENO:

The Sierra Summit Mall with upscale retailers has transformed this area.  The mall includes movie theaters and restaurants and its close proximity to Mount Rose and short drive to Lake Tahoe brings visitors from California.

South suburban Reno lies at the Sierra Nevada foothills and the borders are Huffaker Lane to the north, South Virginia St. to the east and the Galena area to the south.

Upscale golf course communities ArrowCreek and Montreux have gated entries, and high-end homes into the millions.  It is also home to The Redfield Campus, which is funded and supported by the University of Nevada, Reno, and Truckee Meadows Community College.

Reno and Sparks offers many lifestyle choices, come and find yours!

Effective for all sales contracts dated on or after February 1, 2010, certain property may be resold and financed using FHA insured financing without waiting 90 days.

FHA has temporarily waived the 90 day wait period, on certain transactions.  These recently purchased homes may be sold and financed with FHA insurance.

• Private sellers and investors are now eligible to take advantage of this waiver.
• These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.
• In cases where the sales price is 20% or greater than the seller's acquisition, the lender must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work.
• If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer.
• The lender must order a property inspection and provide that report to the home buyer.  Buyer's may be charged for the cost of this inspection.

There is much more detail to this wavier and if you have transactions meeting this guideline you are advised to read the waiver in its entirety here:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

Sellers wishing to sell their home and buy another have been asking me if they need to sell before purchasing another home to get the credit.  The answer is "NO".  If you can obtain financing for the new home until you sell the other that is one way.  The other, which is a little more difficult in the current housing market is to to do a contingency.  If your home is priced right and in top shape to sell, you should be able to manage this.

According to the Internal Revenue Service, you do not have to sell your current house which must have been owned and used as a principal or primary residence for at least five consecutive years of the eight year period ending on the date of purchase of a new home as a primary residence in order to take advantage of the new $6,500 tax credit for repeat homebuyers so long as the new house becomes your primary house.

There are, however, some additional limitations.  While you do not have to purchase a home that is more expensive than your current home to qualify for the credit, if your new home costs more than $800,000, you are not eligible for that credit.

There also are income limitations.  For single taxpayers, you cannot make more than $125,000 annually; for married couples, you cannot earn more than $225,000 if you file a joint tax return.  There is a phase-out until your income reaches $145,000 for a single taxpayer or $245,000 for joint tax filers.  This means the credit is reduced proportionately until you reach the ceiling cap.

Yo cannot purchase the new home from family members, which includes parents, grandparents or children.

Finally, the purchase must take place by April 30, 2020.  However, if you have entered into a binding contract before that date, you must close escrow by June 30, or you will lose this credit.

The economic downturn of the last 12-18 months has left many businesses and homeowners struggling to stay afloat.  For those with real estate holdings, home sales have largely slumped across the United States, where an abundance of unsold properties continue to dot the landscape.

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500, in an effort to revitalize the housing market.

The tax credit has since been increased and extended through The Worker, Homeownership and Business Assistance Act of 2009, signed into law on November 6, 2009.  The Act extends and expands the tax credit allowed by previous acts.

The new Act extends the deadline for qualifying home purchases from Nov. 30, 2009 to April 30, 2010.  Additionally, if a buyer enters into a binding contract by April 30, the buyer has until June 30 to settle on the purchase.

The maximum credit amount remains at $8,000 for a first-time homebuyer, that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

The Act also extends to homeowners who have been in a primary residence for five years or more and are looking to purchase a different primary residence.  This is a "long-time resident" credit of up to $6,500.  To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight year period ending the date of purchase of a new home as a primary residence.

The new law also raises the income limits for people who purchase homes after November 6, 2009.  the full credit will be available to taxpayers with modified adjusted gross incomes (MAGI) up to $125,000 or $225,000 for joint filers.  Those with MAGI between $125,000 and $145,000 or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.  Those with higher incomes do not qualify.

For those who have been on the fence about purchasing a home, these tax credits could be the incentive needed.  Buyers with qualifying purchases in 2010 have the option of claiming the credit on either their 2009 or 2010 tax returns.

The Obama administration has released long-awaited guidelines for a program that will provide incentives for loan servicers and homeowners to engage in short sales when borrowers who are eligible for the Home Affordable Mondification Program (HAMP) don't qualify for a loan mod.

The new guidelines prohibit loan servicers from demanding that real estate brokerages reduce the commission stated in the listing agreement as a condition of approving a short sale, a practice that has upset many real estate agents.

Troubled borrowers interested in exploring a short sale will also be allowed to receive preapproved short-sale terms prior to the property listing, and servicers must agree to fully release them from future liability if the sale goes through.

The program was announced in May, but legal concerns held up issuing the guidelines. The incentive program also includes paymentss to second-lien holders that typically don't respond or cooperate with short sales.

Troubled borrowers who agree to a short sale or deed-in-lieu of foreclosure will receive up to $1,500 to assist with their relocation expenses.  Loan servicers and investors who sign off on payments to subordinate lien holders will earn up to $1000 for successfully completing a short sale or deed-in-lieu.

Second-lien holders, or subordinate lien holders are limited to recovering no more than $3,000 from the sale proceeds.  The lien holders that reject the cap can participate in a short sale outside the program.

Read more here https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

Our residential resale housing market remains strong as we move into the typically slower holiday season.  Although there has been a slight seasonal decline with decreases in month-over-month sales, the numbers continue to show a strong year-over-year increase in sales volume.  Median sales prices only slightly dropped continuing the flat pricing trend that we have seen over the past six months.  We anticipate steady sales moving through the holidays and into the first quarter 2010, with buyers responding to the extension and expansion of the home-buyer tax credit and exceptionally affordable interest rates.

SALES:

November ended the month with 451 sold transactions, down 18% from the prior month.  Sales were up 70% over the same period last year (2008).  Historically, this was a record high number of closed transactions for the month of November.

Sales Mix:

• Bank Owned unit sales were down in November to 153 as compared to 181 in October.  Bank Owned sales represent 34% of the sales, up from 33% in October.
• Short Sales were at 130 in November, down from 134 reported in October.  Short Sales represent 29% of the mix in November as compared to 24% in October.
• No Special Condition (None) sales decreased in November to 141 compared to 198 in October.  Sales reported as "No Special Condition" represented 31% of the sales, down from 36% reported in October.

MEDIAN PRICE:

• November 2009 median price was down 3% to $175,000 compared to $180,000 in October 2009.
• Median price is defined as the mid-point, half of the sales for the time frame (November) are below and half are above.

PENDING:

• There were 472 new Active Pending sales reported for the month of November, down 28% from the prior month.
• 78% of November pendings are distressed (short sale and bank owned)

LISTINGS:

• 507 new listings were taken in November compared to 614 in October, a 17% decrease
• The percentage of "Distressed" new listings was up 6%.  65% of new November listings were distressed, 206 Short Sales, 126 Bank Owned.

MONTHS SUPPLY OF INVENTORY (Unsold Inventory divided by Sales per Month)

• As of November 30th, there was 6.5 months of inventory based on the 30-day November sales rate.  For the sixth consecutive month the Months Supply of Inventory (MSI) has been balanced.
• The National Association of Realtors describes a balanced market as between 5 and 7 months supply.
• Unsold Inventory includes all Actives and Active pendings

CONCLUSIONS:

• November 2009 had the highest number of recorded closings for a November.  This is partially attributed to the expiration of the deadline on the First-Time Home buyers Tax Credit.
• The median price remains relatively flat.
• Short Sale closings continue to increase as a percentage of the total market mix.
• The volume of Short Sales closings year-over-year has increased by 154% (November 2008= 53 Short Sales, November 2009=130 Short Sales
• The median home price is in line with the median household income in recent months for the first time since 2002.

IMPORTANT INFORMATION:

• As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
• HUD issued Mortgagee Letter #09-52 which states Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to: a) take advantage of declining market conditions and b) to purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.

Monthly Market Talk, November 2009 is a report by Reno/Sparks Association of Realtors.

The residential housing market has been strong since early summer. Typically sales slow down during the holidays. and we are seeing a decrease in month-over-month sales, but the numbers continue to show a strong year-over-year increase in sales volume.  Median sales prices slightly dropped continuing the flat pricing trend that we have seen over the past six months. We anticipate steady sales moving through the holidays and into the first quarter of 2010, with buyers responding to the extension and expansion of the home buyer tax credit and exceptionally affordable interest rates.

SALES:  November ended the month with 49 sold transactions as compared to 62 for October, a 21% decrease over the previous month and an 88% increase over the same period last year (2008).

SALES MIX:  Bank ownedunit sales remained steady with November at 26 compared to 26 in October.  Bank owned sales represent 53% of the sales, up from 41% reported in October.  Short sales increased to 14 in November up from 12 in October, 29% of the mix in November as compared to 19% in October. No Special Condition (None) sales decreased in November to 7 as compared to 18 in October.  Sales reported as "No Special Condition" represented 14% of the sales, as compared to 28% reported in October.

MEDIAN PRICE: The median price in November 2007 was $209,900, November 2008 was $151,750 (-28% change) and November 2009 $90,000 (-41% change). November 2009 median price decreased to $90,000 a 22% decrease compared to October 2009.

LISTINGS: 59 new listings were taken in November compared to 70 in October, a 16% decrease.  The percentage of "Distressed" new listings increased to 64%, up 2% from October.  The number of Bank Owned listings continues to decline from is its high of 38 in June to 20 in November.

MONTHS SUPPLY OF INVENTORY: As of November 30, 2009, Fernley increased to 5.2 months of inventory based on a 90-day sales rate.  This is the ninth month in 2009 Fernley's Months Supply of Inventory has been below what is describes as a balanced market, the Months Supply of Inventory (MSI) returned to balanced.  The National Association of REALTORS describes a balanced market as between 5 and 7 months supply.

CONCLUSIONS:

• November closings were down from October but volume remains at 2005 levels.
• The median price dropped 22%. Of the reported 49 sales, 28 (43%) had a reported sold price under $100,000.
• Short Sale and Bank Owned closings increased as a percentage of the total market mix, and Special Conditions None decreased over the prior month.
• The median home price is in line with the median household income in recent months for the first time since 2002.

REMEMBER:

• First-Time Home Buyer Tax Credit of up to $8000 is extended until April 30, 2010
• Expanded tax credit to grant up to $6500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
• HUD issued Mortgagee Letter #09-52 states Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence to:  a) take advantage of declining market conditions, and (b) purchase, at a reduced price, a  similar or superior property within a reasonable commuting distance.

Content taken from Reno/Sparks Association of Realtors report.

This fable, primarily the work of longtime editorial page editor Bruce Bledsoe, is a Christmas tradition at the Reno Gazette-Journal. 

Now is the time for the family to reach into its Christmas stocking and see the gifts of the world. They gather around, full of anticipation, as Father reaches in and pulls out the first thing he comes upon.  But as the world's first gift emerges, their faces fall.  "What's this?" they cry.  American servicemen and women at war again, this time fighting in Iraq and Afghanistan.  "Oh, dear.  That's not exactly what we were looking for.  We've seen this gift so many times before, though we've wished to never see it again.  Try once more and see if we can find something more traditional".

Uncle Fred steps forward.  "Here comes something with children," he says.  "Let's see what is is."  It's the mother of an Israeli student killed in a Palestinian suicide bombing.  And here's the mother of a Palestinian teenager killed when Israel retaliated.  In the most holy of lands, there is but an uneasy peace this season.

We've seen this gift many times before, too.  And the family cries:  This is depressing.  This will never do.  Not at Christmastime.  Daughter's eyes fill with tears.  "Where's Christmas?" she wails.  "Hush," says mother, taking the child in her arms.  "Have faith, Dear.".

Trembling, Mother reaches in.  And out comes more victims of hatred and senseless violence:  schoolchildren shot dead by their classmates, youngsters killed by parents for misbehaving, or simply for being children.

Frantic, they all begin reaching in at once.  Out come brutal leaders building war machines, petty politicians seeking power, nation against nation, race against race, religion against religion, man against man.

Out the world's gifts come tumbling, eager to be free: hatred and prejudice, anger and despair, gluttony and pride, callousness and cruelty.

The family flees to a corner of the room and cringes, trembling and afraid.  But Great-Grandmother, who has stood the tide, steps forward, a comforting smile on her face.  "Easy now," she says.  "This is the way of the world, to be sure--the way is has always been.  And we have survived, haven't we?  I remember my 1932 stocking, filled with bread lines, starvation, want and weeping.  but full of good things, too--compassion, courage, determination..."

That's right, says Grandmother.  "I remember my 1942 stocking, when I was a little girl.  The world at war, sons fighting and dying in faraway lands, bullets and bombs, maiming and misery.  But, in spite of all of that, we gathered around the hearth and found comfort and love."

"That's right," says Mother.  "Vietnam dividing us, our sons and daughters taken away to die in the jungles of Southeast Asia or waste away in prison camps, soldiers returning to be greeted with hatred, not pride, Kent State, riots in the street, inner cities destroyed, and still we had each other."

"Yes, yes, yes," cries Great-Grandfather, almost dancing on his narrow old legs.  "Look at the mantle.  Can't you see?  The stocking is not empty by a long shot.  Reach in again.  Way down. Hurry!"

"I can feel them now," Daughter says, her mouth crinkling in delight.  Warm things, hopeful things. I see generosity and selflessness," says Father.  "I see people working in hospitals, and nursing homes, in flood and earthquake, in the streets and slums, in rain and snow.  I see food, and clothing, and toys--mounds of toys--collected for children in need.  I see people giving of themselves and asking nothing in return but grateful for the opportunity to be of service.  I see lovers smiling, strangers helping, children laughing.

"And I see churches full of people celebrating the birth of a baby in the Holy Land more than 2,000 years ago, singers singing His praise, worshippers giving thanks for the bounthy they have been blessed with."

"Look.  What is that?" asks Son.  "What is that light shining way down at the bottom of the stocking?  I can hardly reach it.  What is it, Great-Grandmother?"

"That is the spirit of Christmas," says Great-Grandmother.  "It lies at the very toe of the stocking because it does not come out easily.  It comes only to those who remember and seek, and who are not overwhelmed by the first gifts of the world. But is is always there, for those who are not afraid to reach down as far as they can, to the very bottom of things.  Truly, it will bless all who have the courage to seek it, for as longs as they may live."

And the fireplace brightened, and the faces of the family shone, and the light from that home spread outward like a beacon, as far as the eyes of God.

Mike Glass, Lyon County Assessor said that "after major reductions in assessed valuation figures last year on property in Lyon County, there will be more of the same for next year"

Mr. Glass presented the Lyon County Commissioners with information from single family residence sales through June 30, 2009, and value factors that would be used in determining the assessed valuations of land for fiscal year 2010-11.

The lower assessed valuation figures don't result in property tax bill reductions in that same amount as the state's growth cap on assessed values of 3 percent (residential) and 8 percent (commercial and multi-residential) has capped property tax increases in prior years when the assessed valuation based on land values was skyrocketing during the real estate boom years.  But it might be balancing out now.

Last year in most cases the assessed valuation figures were reduced, which was a high as 50 percent in Fernley.

Glass said his office was concluding the valuations for 2010-11 that would be used for the tax bills that go out next July. He explained the parameters they use for land values is to appraise land as if it were vacant, based on other comparable real estate sales, and then to add improvements to the land. 

Glass said the biggest impact will again occur in Fernley, noting of 683 single family residential properties sold, 258 were to private buyers and 425 went through foreclosure, which generally have lower sales prices.  As a result, he said there would be 40 percent reductions in the valuations, with that area having an improvement factor of 0.60 and land factors also of 0.60.

He said typically they would ignor foreclosure sales in determining land values, as they aren't accurate of true sale values, but there were too many in that prior year to ignore as they dominated the market.  Exact figures for valuations are not known yet, but they should be established by December 18th.

If you have any questions or need more information, please contact Lyon County Assessor's office at 775-463-6524

The 2nd annual "Shop With A Sheriff" was held Saturday, December 12th at the Fernley Wal*Mart.

The goal was to raise $1000 to take 10 children and let them spend $100 each.  I sponsored a child for $100, so I wanted to be there when the kids went shopping.

The red balloons tied to a shopping cart was the key indicator, along with a uniformed Deputy tagging along.  The children varied in age and there was at least one family member along to help the child with selections and advice.

Thanks to our Lyon County Sheriff's office for taking the time to help these children and giving back to our community.

AND a big thank you to all the people that donated money, we know times are tough for everyone.

Sheriff Allen Veil with the red balloons

A Deputy helping with decisions.

This young lady is looking at music.