Thank you to those of you who have been following my weekly posts of 5 homes that closed escrow last week. New readers, I’m glad you’re joining us. You may know that I’ve been reporting on a specific price range rather than focusing on a defined neighborhood or area. It’s been enlightening even for me to see the variety of homes that sell at specific price points. This week I’m moving into our luxury price range at $800,000 and frankly, the total number of sales are beginning to dwindle. That is, I had to look-back almost 3 weeks to complete this week’s report. Enjoy.
Reno / South Caughlin Ranch
List Price $790,000 / Sold Price $785,000
This home consists of 4,970 SF, 6 bedrooms, 4 baths and a 3 Car Garage. Built in 1995 it’s in very good condition and offers nice views. Great public school, park and trail just a couple of blocks away. With fair housing in mind licensees are advised against using the term “family oriented”. Since I’m informing not advertising, I can safely say this house is very family oriented. The home was on the market for 31 days.
Reno / Manzanita Estates
List Price $819,000 / Sold Price $785,000
This home consists of 2775 SF, 4 bedrooms, 3 baths and 3 car garage. It was built in 1995 and offers a very contemporary, great-room floor plan with high-end fixtures. Importantly, it’s a single level design with nice curb appeal and filtered views. This home was on the market for 164 days and somewhat stigmatized by the adjacent new construction. Otherwise I’m sure it would have sold more quickly.
Reno / Northwest Suburban
List Price $850,000 / Sold Price $820,000
This home consists of 3251 SF, 4 bedrooms, 3 baths, 3 car garage. Built in 2004, this is a unique location in relationship to the price point. It’s a custom home with lots of bells and whistles including a one-acre lot and 960 SF garage (aaargh!). I’m sorry I didn’t get the chance to see/show this listing, it clearly has some very distinctive features that don’t translate to the page well. Total days on market = 42.
Reno / Southwest Vistas
List Price $775,000 / Sold Price $775,000
This home consists of 2540 SF, 4 bedrooms, 3 baths, 3 car garage. Built in 2003 this high-end production home checks a lot of boxes; single level, luxury fixtures, in-ground pool/water feature and drop-dead city views. Homes like this often confound competing high-end sellers. The conversation goes like this, “Okay, the house could use a little updating, but my home is custom-built, won’t buyers realize it’s not a tract home?” Well, this home was on the market for 36 days and sold for over $300 per square foot.
Reno / Lakeridge
List Price $800,000 / Sold Price $780,000
This home consists of 2,974 SF, 4 bedrooms, 3 baths and a 3 car garage. Surprise! It’s a single level home with updated fixtures and it’s in move-in condition. Oh! And it’s located in what many consider the most convenient neighborhood in town. Built in 1999 this classic SW Reno home is on a very quiet street with a ½ acre, nicely landscaped lot. The home was on the market for 121 days.
A quick glance at our local MLS reveals that at this moment there are 36 homes available in this price range, in Reno & Sparks. These 5 homes represent all the reported sales within that same price range over the past 30 days. This indicates that at the current pace of sales we have 7.6 months of inventory, priced between $750,000 - $850,000 and on market right now. On the other hand, the homes I’ve highlighted went up for sale, negotiated a contract and navigated escrow in an average of 78 days. What do they have in common? #1 Turn-key condition #2 Updated fixtures #3 Single level (excluding the first home on Elkcreek which was quite distinctive in its’ bedroom and bath count). If you found this post interesting, tune in next week when I’ll be highlighting 5 homes that sold for $900,000. To search previous posts and price points visit 5 homes that sold for $700,000. Until next week, Cheers!