Reno Sparks Real Estate Today

Relief For Underwater Homeowners Current On Payments

First off the program only applies to borrowers whose loans are held by Fannie Mae and Freddie Mac. The good news is Fannie and Freddie hold a huge number of loans in the Reno Sparks area.  You can look up Fannie Loans here http://www.fanniemae.com/loanlookup/ and Freddie Loans here www.freddiemac.com/mymortgage The loans must have been sold to one of the two corporations prior to April 1, 2009. After that, though, the rules have been relaxed considerably.

The old HARP was limited to borrowers whose homes were worth no less than 125% of what they owe on their mortgages. Now, beginning Dec. 1, that restriction has been removed, so there is no ceiling whatsoever, at least for loans with traditional 30-year fixed-rate mortgages and even less common 15-year fixed loans.

For everyone else, there are still ceilings on the loan-to-value ratio. For fixed-rate loans with a term greater than 30 years, the maximum LTV is 105%. Ditto for adjustable-rate mortgages with initial fixed-rate periods of five or more years or ARMs with terms longer than 30 years.

 

Beyond that, you can’t have been late with your house payment at any time during the previous six months and late no more than once in the previous seven to 12 months. Also, to be eligible, borrowers must benefit in the form of lower monthly mortgage payments or a more “stable” loan product, such as moving from an adjustable-rate mortgage to one with fixed payments. But if your payment increases by more than 20%, you must re-qualify for the new loan under the following rules: You must have a credit score of at least 620 and your debt-to-income ratio cannot exceed 45%. Also, lenders are required to verify your income and assets.

Another important change: The standard waiting period has been removed for borrowers who declared bankruptcy or have a foreclosure blotting their credit records.

Zillow.com has a great HARP eligibility tool you might want to check out. You can try it here http://www.zillow.com/mortgage-calculator/harp-eligibility/

 

 

Something We Haven't Seen In About 5 yrs.

This picture was recently taken in the East Sparks Foothills in the D'Andrea area. After roughly 5 years, this ghost town of developed building lots has come to life.  New model homes are being built. Foundations, framing, roofing, stucco, landscaping, trucks, and everything else that comes with a new subdivision. 

My first thought when I saw the activity starting up was why?  Why build more new homes when we still have a bunch of standing inventory, foreclosures, and short sales to work through. Why add more?   

After thinking about it more I realized, shouldn't someone buying a home today be able to buy a new one if they want?  Are all homebuyers forced to "clean up the mess" that was left behind by the market melt down and only buy distressed homes.  I say no. 

New construction is a good sign. I've found new builders are usually ahead of the market by 6 months to a year. Back in late 2005 early 2006 when the market was trying to come to grips with the new reality, builders were slashing prices and giving crazy "incentives." Free trips, landscaping, plasma tv's, and I even saw one builder giving away a Hummer H3. This was a clear sign the market was in trouble. 

Builders invest millions of dollars in new projects. They have to be confident the markets are going to get better and buyers with actually buy these homes. 

I believe this is one more sign that better days are ahead for the Reno Sparks real estate market. 

 

City Of Sparks Signs Off On 2 New Subdivisions- D'Andrea & Kiley Ranch Area

About 4 years after the dump trucks and bulldozers left a subdivision ghost town behind, a new subdivision will begin in the D'Andrea area of east Sparks. Some argue it is to soon to start building again but I must admit it's nice to see activity back in a once bustling area. In addition a new subdivision has been approved in the Kiley Ranch area in Spanish Springs. Details below. 

The city's signed off on a final subdivision map for Garda @ D'Andrea, generally on the eastern end of South D'Andrea Parkway. The subdivision will create 24 lots on about 7.5 acres. Motorists will get to the subdivision from South D'Andrea. The zoning is designated as "planned development." LW D'Andrea LLC is the developer.

The work will be a continuation of the D'Andrea Phase III planned development and is northeast of South D'Andrea.

Earlier, the city had approved a separate project, a 110-lot single-family residential subdivision on about 21.5 acres southeast of the intersection of Kiley Ranch Parkway and Sparks Boulevard. The site is north of Eagle Pass Road and west of Henry Orr Parkway and north of Village 41 of the Kiley Ranch North planned development.

 

 

 

Flying J, To Be or Not to Be

You may have read the recent post concerning Flying J Truck Stops presenting to the local Planning Commission to acquire a Special Use Area for their property in northwest Reno at the Robb Drive exit.  This requested change was denied by the Planning Commission at that recent meeting.  I think the over 1000 signatures presented to the commission by concerned citizens spoke loud and clear.  A major kudos to all those involved in collecting signatures.  Many thought there was an automatic appeal to the city council but this is not the case.  Flying J did have a chance to appeal but the deadline for that appeal was June the 30th.  I have checked with several sources in the city government and as of today, July 1st, no appeal was filed.  They may be planning a different route to gain approval to build their truck stop but the attempt to get a change made to the McQueen Neighborhood Master Plan has failed.  Keep an eye out on this blog for updates on this ongoing dilemma facing residents of NW Reno and concerned citizens throughout the Truckee Meadows.

The Sparks Marina Experience

I have a confession to make. I have lived in Sparks a better part of my life, I drive by the Sparks Marina almost daily, and I have never taken the time to walk around it and check it out. I’ve looked at the homes on the Marina and been to the restaurants and shops, but that is about it.

My wife and I have a new puppy that is full of energy and loves water. A friend of ours told us about the fenced in dog area and said their dogs love it. I thought what the heck we should check it out. Besides, the same walk around the neighborhood gets old after a while.

I must say I was impressed.

The entire Marina area was very well done, and clean. The dog park was great. Fully fenced and room to run. There were several people throwing balls in the water for their dogs to fetch. Dogs of all shapes and sizes were running around and having fun. Outside the dog park and on the paths, there were plenty of people around walking, jogging, and biking so we felt safe.

If you don’t know the history of the Sparks Marina, here is a quick overview. The Sparks Marina was once just a gravel pit, owned and operated by Helms Construction from 1968 to 1995. Helms Construction eventually gave the Gravel Pit site to the city of Sparks. The city needed to do some clean up of the area due to some contamination by some fuel storage tanks near by. In the mean time city officials were trying to decide what to do with the area. Along came the flood of 1997 and the “pit” filled with water and became a small lake. Mother Nature made the decision easy, and the Sparks Marina was born. The city of Sparks should be commended on the development.

If you haven’t had a chance to visit this not-so-hidden gem is Sparks, you should.  

100 best places to live and launch

Population: 210,055
Pro: Direct road and rail connections to the East and West coasts
Con: The city's expansion is limited by surrounding mountain ranges

Reno and its neighbor, Sparks, boast a thriving warehouse distribution industry, thanks to Nevada's low taxes and the cities' location astride Interstate 80, one of the main East-West trucking corridors.

Ski resorts and casinos around Reno-Sparks have seen heavy investment in recent years, and there are specific tax incentives for the renewable energy industry. In 2007, Reno issued 4,000 new business licenses. Culture vultures benefit from the presence of the Nevada Opera, as well as the local symphony and chamber orchestra. Traffic is minimal: the only reason to drive slowly is to soak up the beautiful scenery. -Malika Zouhali-Worrall

For More Information on this story, please click the link below.

http://money.cnn.com/magazines/moneymag/bplive/2007/states/NV.html

Center gives youths a place to relax, socialize

GUY CLIFTON
RENO GAZETTE-JOURNAL
Posted: 3/14/2008

LARRY D. JOHNSON COMMUNITY CENTER
hours: The center is open from 8 a.m. to 8 p.m. Monday through Friday, 9 a.m. to 5 p.m. on Saturdays and 10 a.m. to
4 p.m. Sundays.
Details: 353-2376 or
www.sparksrec.com

Sparks High School sophomore Jose Reyes looked up from his pool game just long enough to perfectly describe the Larry D. Johnson Community Center.

"It's fun," said Reyes, 15.

Since it officially opened on May 1, the Larry D. Johnson center has been nothing short of a bona fide success.

"It's everything we thought it would be," said Stan Sherer, Sparks Parks and Recreation director.

The 11,000-square-foot building has quickly filled voids in a number of areas, offering additional meeting space for community groups, a fitness room, and a

1,900-square-foot teen center that is managed by the Boys and Girls Club of the Truckee Meadows.

"I think it's been very, very positive," said Mike Wurm, executive director of the Boys and Girls Club. "We've found some great kids in that neighborhood. We're right next door to Sparks High School, and now we're attracting Sparks Middle School kids, the Dilworth kids. It's one of those situations where the more people know about it, the more response we're getting."

'A cool place'

Sparks High sophomore Connor Riggs said the facility offers a friendly atmosphere and a nice place to get away for recreation, studying or relaxing.

"It's a cool place to hang out on the weekends if you don't have anything to do," he said.

Sparks Mayor Geno Martini mentioned the opening of the facility as one of the city's successes for the year in his recent State of the City address.

"I'm really proud of it," Martini said.

The desire for a community center in west Sparks has been on the city's wish list for some time.

"It's a facility we've needed in this community for 15 or

20 years," Sherer said.

It is the first such facility in Sparks since Alf Sorensen Community Center opened in 1982. Built on city-owned property in Ardmore Park, it is named in memory of Larry Johnson, a Sparks police officer who was killed in the line of duty on

May 22, 1995.

The present building is only the first of three planned phases, city officials said.

Phase 2 will provide 7,000 square feet of additional space for an entry vestibule, lobby, larger aerobics classroom, dividable multipurpose room, additional restrooms and support space. The third phase will include a gymnasium and locker rooms.

"We look forward to future phases so we can expand our services," Sherer said.

Funding is key

Future expansions will be dependent upon available funding.

The city received a boost in the 2007 legislature when a bill sponsored by state Sens. Bernice Mathews and Maurice Washington was approved and signed by Gov. Jim Gibbons, which set aside $156,391 for future phases of the center.

Second phase

At its April 14 meeting, the Sparks City Council will consider an agreement with Hershenow and Klippenstein Architecture to design the second phase.

"We also have Hershenow and Klippenstein Architects under contract to provide a solar study for installing solar panels on top of LDJ," said Brian Cason, capital projects coordinator for the city. "This includes a study of design issues related to the structural capacity and electrical capacity of the existing building along with determining all rebates, incentives and the overall cost of installing solar panels on the building."

Building costs for the second and third phases are estimated to be between $6 and $8 million, and it will probably take several years for the funding to be in place.

In the meantime, however, the facility is doing just fine.

"Sometimes I like to exercise," Jose Reyes said. "But mostly I just like to be here. It's a cool place."

Council To Discuss Legends Financing

The Sparks City Council will hold a special meeting Wednesday for an update on the financing of the Legends at Sparks Marina project.  The city has been in negotiations with Kansas City, Mo.-based RED Development, which intends to build the $1 billion retail-entertainment project at the east end of the Sparks Marina.

Wednesday's meeting is for council members to discuss the proposed financing agreement and give direction to city staff if necessary, said Adam Mayberry, the city's public information officer.

"Both sides, RED and the city, are continuing to work on the finer points to bring this financing package forward," Mayberry said.

RED Development representatives announced more than 20 tenants planned for the development during the Sparks Chamber of Commerce luncheon last week. Those are in addition to about the same number that had been announced previously.

The new tenants include Saks Off Fifth, Nike, Tommy Hilfiger, Ann Taylor, Banana Republic, the Gap; an IMAX theater; and restaurants Blowfish Sushi, Olive Garden, Grimaldi's Coal Brick-Oven Pizzeria, AT&T, Dickinson Theatres, Big Bang Dueling Piano Bar, Strasburg Children, Tuscanos Brazilian Grill, Hofbrauhaus, Best Buy, Deegie's Carma, Jones New York, Anne Klein, Easy Spirit, Nine West and Mountain Family RV.

A 240,000-square-foot Scheels sporting goods store is well along in construction and will open in October.  A 1,000-room hotel-casino will break ground this summer and is expected to open in 2010.  When finished, the project could draw 800,000 visitors a year to Northern Nevada and generate $600 million in taxable sales, said Dave Clafin, vice president of marketing for RED Development.

Much of the financing will be completed utilizing sales tax anticipated revenue (STAR) bonds, but the city will also issue tax increment bonds as well. The two sides have been negotiating over the amount of the tax increment bonds, among other items.

Martini Remains Optimistic Amid Difficult Economy In City Address

Sparks Mayor Geno Martini gives his annual State of the City address Wednesday in the Sparks City Council Chambers.

City workers and others listen Wednesday as Sparks Mayor Geno Martini gives his annual State of the City address in the Sparks City Council Chambers.

While acknowledging tough economic times, Sparks Mayor Geno Martini expressed optimism that a rebound is coming and urged city residents "to be hopeful and positive."

"All of us need to talk about the prosperity our nation, state and city have to offer in order to build confidence in our economy," Martini said Wednesday during his annual State of the City address.  However, he cautioned that a recovery won't come quickly.  "Many experts predict it will be the end of the year, or the beginning of next year, before a recovery in many aspects of industry, including the housing market," he said. "The best way to illustrate the fiscal challenges that lie ahead comes from the familiar words of a flight attendant -- 'Please fasten your seat belts, and prepare for a bumpy ride' -- only to come upon a soft landing."

He said the city has cut its budget by more than $8 million over the past three years and 30 positions on the city staff have either been eliminated or frozen.  Martini said public safety, roads and flood control are the city's top priorities.  He also said the city is working with the Reno officials on establishing a fair distribution of tax revenues in Washoe County and with state legislators on giving the city more control over the money it does receive.  He asked residents to get involved in the city's master plan update.

"We need your help to plan the future of our city," he said.

The mayor pointed to construction of the $1 billion Legends at Sparks Marina project as a reason for citizens to be optimistic.

"Last year, the abandoned Outlet Mall finally came down and ground was broken and graded to make room for a $1 billion, 130-acre project that will change the face of Sparks," he said.

The destination retail and entertainment center is expected to attract thousands of visitors each year and bring a huge economic boost to the city. A 1,000-room casino-resort planned for the property is expected to break ground this summer, he said.

Forester Hosts Yard, Tree Maintenance Workshops

Join Sparks Urban Forester, Michael Kelley, for a series of free workshops designed to assist homeowners with proper tree care and yard maintenance.

The first workshop will be held from 10 to 11:30 a.m. March 15 at the Larry D. Johnson Community Center, 1200 12th St. Kelley and his staff will provide tips and hands-on instruction on starting up sprinkler systems for spring, fertilizing, spring pruning and other things you need to know to get your landscape going.

Also, mark your calendar for more upcoming workshops: April 12: How to Build a Weedless Garden; and May 17: Right Tree, Right Place

Details: Call 353-7822 or e-mail recinfo@cityofsparks.us