February Real Estate Update

The Carson Valley saw a similar number of single-family residential homes sold as compared to last year at this time. The median sales price however increased substantially to $580,000 with an average day on market of 73. Last year the median sales price was $399,000 with an average day on market of 89. Nearly half of February sales occurred in the Downtown areas of Minden-Gardnerville and the Johnson Lane community. March is starting off strong with 17 sales on the books outpacing February thus far. I’d be happy to sit down with you and discuss what your home is worth if you’re considering a move this year. Be safe!

Single Family Sales Have Declined

Single family sales have declined thus far this year in the Carson Valley. We have only had 71 home sales this year as compared to 90 in 2020. This is quite a change as compared to Douglas County up at the Lake where sales have more than doubled this year. Lack of inventory is the likely culprit as there are only 34 properties currently on the market starting at a price point of $228,000. To learn more about our local communities visit www.CarsonValleyCommunities.com.

Valley Knolls Subdivision

Valley Knolls Subdivision

The Valley Knolls Subdivision has begun some construction and grading work, according to Douglas County’s Public Information Officer Melissa Blosser.

The Valley Knolls Development is located in north Douglas County at the east end of Topsy Lane. It will have up to 178 single family units and 96 triplex units.

The development was approved in 2018 and also included a community center and recreational facilities; however, it is unclear if these buildings are still planned.

Building of the Valley Knolls Development should begin in a few months, said Blosser.

Learn more about our local communities by visiting our Communities page.

January Real Estate Update

January 2021 sales started off to a slow start compared to 2020 in the Carson Valley.  Total sales declined from 61 units in 2020 to only 43 last month.  The largest drop in sales occurred in the Downtown areas of Minden/Gardnerville.  The good news for current homeowners was the median sales price increase from $457,000 in January 2020 to $520,000 last month.  Days on market for those looking to sell declined from 108 days last January to 79 days last month.  Unfortunately for those looking to purchase I expect the upward price trend to continue into 2021.  For assistance in your area call Robert Stiles at 775-309-8454.

RUHENSTROTH

Located four miles south of Gardnerville, this area is known for being horse friendly. You won’t need a trailer to take off riding here. Many of the homes have private well and septic systems, but most are connected to natural gas. Home prices in 2020 have ranged from $379,000 to $865,000 with lot sizes averaging 1 to 5 acres. Learn more about our local communities by visiting our community link.

Nevada Open Houses

NV REALTORS®

Nevada’s Governor announced a plan to commence all in-person showings and open houses of single family and multi-family residences currently occupied and on the market for sale, effective at 12:01 a.m. on October 1, subject to the following limitations:

  1. Showings and open houses of properties may not take place with the occupant present.
  2. Showings of properties are limited to one prospective buyer and one real estate professional for both the seller and prospective buyer at a time. For the purposes of this provision, “a prospective buyer” includes the buyer and the buyer’s spouse, domestic partner, business partner, or family members.
  3. Sellers conducting an open house are responsible for ensuring that there will not be more than one prospective buyer viewing a property at any given time. This may require having an individual present to properly meter prospective buyers entering an open house.
  4. Sellers are encouraged to utilize appointments for in-person showings and open houses to the greatest extent practicable.
  5. Real estate professionals are encouraged to utilize three-dimensional interactive property scans, virtual tours, and virtual staging to the greatest extent possible.
  6. Real estate professionals are encouraged to avoid in-person transactions and services to the greatest extent practicable.
  7. Real estate professionals must require all participants at in-person showings and open houses to wear face coverings at all times pursuant to Directive 024 and must follow CDC guidelines for in-person showings and open houses.
    Some additional guidelines recommended by the CDC and Nevada REALTORS® are as follows:
    • All visitors maintain 6ft;
    • Real estate professionals have available gloves and hand sanitizer for use and remind clients to not touch surfaces when viewing property as well as wipe down surfaces as frequently as possible.

Chichester Estates Update

Chichester Estates Update

Chichester Estates has had 33 homes sold within its community this year. Last year through the same time period (1/1 – 9/26) we had 30 sales. Homeowners will be happy to know the median sales price also increased from $374,500 to $387,000 this year. If you’re looking to sell, the average days on market is 48 as compared to 63 last year. Chichester Estates has a homeowners association with annual dues of only $60. This money goes to pay their management company which oversees their CC & R’s.

For more information on this community or others within the Carson Valley contact Robert Stiles, REALTOR®, Broker NV.B1001136 at 775-309-8454. Visit our website at https://www.carsonvalleycommunities.com/.

NV Governor Reverses Course

In a disappointing move this evening, Governor Sisolak extended the eviction moratorium. (See the Original Directive #25 here)

This extension would continue the prohibition on evictions based on non-payment of rent. Other types of evictions such as those due to damage, crime or danger to a tenant or other occupant, were lifted August 1, and are not affected by this recent extension. Nevada REALTORS® recognizes the hardship that this places on landlords. 

The extremely short time notice given thrusts landlords planning a valid eviction for non-payment into a skidding halt. Further, while tenants have had access to financial relief from many sources, landlords have gone over 5 months in some cases without seeing rent from the very tenants who are receiving the government relief.
 
Open houses and in-person showings of tenant-occupied properties are still prohibited.
 

Guidance for Landlords under Directive 025 – FAQs

Seal of NV

On June 25, 2020, Nevada Governor Steve Sisolak entered a Declaration of Emergency Directive 025, which lifts the statewide moratorium on evictions and foreclosures during the State of Emergency in phases. This guidance for landlords is intended to help explain Directive 025 unless otherwise prohibited by federal law.


1. Is the Lease Addendum and Promissory Note voluntary?
A: Entering into the Lease Addendum and Promissory Note for residential Rental Arrearages is voluntary but strongly encouraged because it can establish a payment plan for unpaid rent.

  1. I entered into the Lease Addendum and Promissory Note with my tenant. The tenant did not pay one of the scheduled payments as required by the Lease Addendum. What happens next?
    A: You have the option of initiating an eviction action under Nevada Law, pursuing a monetary judgment for the balance of the remaining amount due in accordance with the agreement, or both.
  2. I filed an eviction action against my tenant before Directive 008 went into effect. What happens to that case?
    A: It depends on whether or not you filed an answer, and we recommend you consult with an attorney for legal advice regarding your rights under Directive 025. However, we strongly encourage you to enter into the Lease Addendum and Promissory Note.
  3. What are the eligibility requirements to enter into the Lease Addendum and Promissory Note for Rental Arrearages with my tenant Due to COVID-19?
    A: It is voluntary and all tenants and landlords are eligible. You and your tenant are strongly encouraged to negotiate and enter into a Lease Addendum and Promissory Note.
  4. When can I evict my tenant if he/she is still in the rental property and his/her lease has expired?
    A: You can summarily evict your tenant if he/she is still in the rental property and his/her lease has expired starting August 1, 2020. You cannot use this eviction as a pretext to evict your tenant for nonpayment of rent that became due since Directive 008 went into effect, which can be done starting September 1, 2020.
  5. When can I evict my tenant if he/she is a tenant at will?
    A: You can summarily evict your tenant if he/she is tenant at will starting August 1, 2020. You cannot try to use this eviction as a pretext to evict your tenant for nonpayment of rent that became due since Directive 008 went into effect, which can be done starting September 1, 2020.
  6. When can I evict my tenant if he/she is committing what is known as a “nuisance”?
    A: You can summarily evict your tenant if he/she is committing a “nuisance” under Nevada law starting August 1, 2020. If you are a landlord or tenant experiencing any difficulty with this Directive, please file a complaint with the Nevada Attorney General’s Office at ag.nv.gov
  7. When can I foreclose on a residential mortgage?
    A: You can begin foreclosure proceedings on September 1, 2020.
  8. When can I evict for nonpayment of rent?
    A: You can summarily evict your tenant for non-payment of rent beginning September 1, 2020. We strongly encourage you to enter into a Lease Addendum and Promissory Note well before then.
  9. Do I have to allocate the money my tenant gave me to current rent or past due rent first?
    A: No. However, we strongly encourage you to enter into a Lease Addendum and Promissory Note and allocate rent according to the terms of the agreement.
  10. What if my tenant is up to date on rental payments, but fails to make a payment that he/she
    agreed to under the Lease Addendum and Promissory Note?
    A: If your tenant fails to make a payment according to the terms in the Lease Addendum and Promissory Note, you can still proceed with the remedies listed in the Lease Addendum and Promissory Note.
  11. When can I begin charging late fees or imposing other penalties for nonpayment of rent?
    A: Starting September 1, 2020, you can begin charging late fees or imposing other penalties for any nonpayment under the terms of the lease or rental agreement. However, you are prohibited from charging late fees or imposing other penalties for nonpayment of rent during the time 008 was in effect (from March 30, 2020 through August 31, 2020).
  12. I began a summary eviction action against my tenant prior to March 30, 2020, and the tenant filed an answer. What happens now?
    A: Starting August 1, 2020, the court may continue adjudicating your case if the summary eviction action was because of one of the following reasons:
     Your tenant is still in the rental property and his/her lease expired (NRS 40.250);
     Your tenant is a tenant at will (NRS 40.251(1)(a)(3));
     You alleged your tenant assigned or sublet your property in violation of the lease agreement, or committed waste, unlawful business practices, nuisance, or violated controlled substance laws (NRS 40.2514); and
     You alleged your tenant violated the lease agreement (NRS 40.2516).
  13. I brought an unlawful detainer action, or “formal eviction,” against my tenant prior to March 30, 2020. What happens now?
    A: Even if your tenant did not file an answer, starting July 1, 2020, the court can continue adjudicating your unlawful detainer action only if the reason for eviction was because the property was sold or foreclosed (NRS 40.255(1)-(4)).
  14. When will the moratorium end for those staying at hotels, inns, motels, motor courts,
    boardinghouses or lodging houses?
    A: For those staying in transient lodging (hotels, inns, motels, motor courts, boarding houses or lodging houses), eviction or other appropriate removal proceedings may begin on June 25, 2020.
  15. When will Directive 025 and Directive 008 completely terminate?
    A: Directive 025 and Directive 008 will terminate in its entirety on August 31, 2020 at 11:59pm.
    If you are a landlord or tenant experiencing any difficulty with this Directive, please file a
    complaint with the Nevada Attorney General’s Office at ag.nv.gov

Seven Changes of the Paycheck Protection Program Flexibility Act of 2020

On June 3, the U.S. Senate passed the PPP Flexibility Act of 2020, which places a more rigorous requirement to spend a minimum of 60 percent of the loan proceeds on payroll costs in order to qualify for loan forgiveness. Previously, this requirement was 75 percent of the forgiveness amount. The bill does not alter many other rules of forgiveness, including the FTE reduction or salary/wage reduction calculations, affiliation rules, certification of economic uncertainty, and the necessity of loan request.

Here are the seven most notable changes to the PPP:

  1. The maturity of loans is extended to a minimum of five years. This provision applies only to loans entered into on or after the date that the bill is enacted.
  2. As mentioned above, borrowers are required to spend at least 60 percent of the loan proceeds on payroll costs in order to be eligible for loan forgiveness.
  3. The Covered Period extends to the earlier of (i) 24 weeks from the date of disbursement of PPP loan funds to the borrower, or (ii) December 31, 2020. Existing borrowers with loan origination dates prior to enactment of this Act can elect to keep their Covered Period at eight weeks from the date of loan fund disbursement.
  4. The time period employers have to rehire former employees (or hire new ones in their place) and restore salary levels is extended to December 31, 2020 from June 30, 2020.
  5. For the purposes of determining loan forgiveness, consideration of the employment level of a company is prohibited as long as the borrower, in good faith, can document that the company was unable to: 
    1. Rehire individuals that were employees of the eligible recipient on February 15, 2020; AND
    2. Hire someone of similar qualifications as a former employee by December 31, 2020; OR
    3. Return to the same level of activity the business was operating at before February 15, 2020, due to their compliance with guidelines or requirements related to the pandemic issued by the CDC, the Department of Health and Human Services, or the Occupational Safety and Health Administration (OSHA).
  6. Payments of interest and principal are deferred until the SBA remits—to the lender—the amount of forgiveness granted to the borrower, provided the borrower applies for PPP loan forgiveness within 10 months of the end of the covered period.
  7. Companies receiving PPP loan forgiveness will no longer be ineligible for the delay of payment of employer payroll taxes.