In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) published a final rule which establishes a new condominium approval process. The polices become effective October 15, 2019. FHA’s new rule introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing; extends the recertification requirement for approved condominium projects from two to three years; and allows more mixed-use projects to be eligible for FHA insurance. “Condominiums have increasingly become a source of affordable, sustainable homeownership for many families and it’s critical that FHA be there to help them,” said U.S. Housing and Urban Development Secretary Ben Carson. The vast majority (84 percent) of FHA-insured condo buyers have never owned a home before. While there are more than 150,000 condominium projects in the U.S., only 6.5 percent are approved to participate in FHA’s programs. As a result of FHA’s new policy, it is estimated that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing annually. Source: Forbes
The community of Saratoga Springs Estates has been quite busy over the past year. There have been 28 sales with a median sales price of $499,000. Days on market has averaged 79. There are currently 6 active listings as of September 29, 2019 with two more properties in escrow. Saratoga Springs has a Homeowners Association which is currently managed by Incline Property Management. Dues cover common area maintenance and are currently $240 annually. For more information contact Robert Stiles, REALTOR® at 775-309-8454.
There were 30 sales in Downtown Minden/Gardnerville over the last 30 days. The Labor Day time period is typically the last big hurrah for many selling property. School has begun and most families will stay put till the end of the year or next summer. The median sales price was $389,500 with the average time on market of 75 days. Contact Robert Stiles, REALTOR® for Chase International to discuss your home sale at 775-309-8454.
Here’s the latest Carson Valley Community update for our local real estate market. Sales activity listed below is for the dates between the 4th of July and Labor Day weekend. The Johnson Lane area had 15 sales during the time period. Prices ranged between $395,000 and $870,000. This is quite a departure from last year when the area had 25 sales. The Ranchos had 28 sales as compared to 23 last year during the same time period. Prices ranged between $279,000 and $595,000. It should be noted the Dresslerville area saw a substantial decline in the number of sales this summer by over 50% while the Downtown Minden and Gardnerville areas saw a total of 40 residential sales. This includes Chichester Estates, Heybourne Meadows and the La Costa At Monte Vista communities. The number of sales Downtown stayed steady with prices ranging from $285,000 to $596,000. The Ruhenstroth area had only two sales during the time period. The Pinenut area closed five. The north Minden areas of Sunridge, and Indian Hills had 16 sales as compared to 22 last year. Prices have ranged from $250,000 to $570,000. Lastly the Foothill and Genoa Lakes areas have seen an increase of over 50% in sales this summer. Lack of inventory has obviously been an issue in some communities. To obtain a value on what your home is worth give me a call at 775-309-8454. Thank you. Robert Stiles, REALTOR® Chase International
This year marks the 20th Anniversary of the Elks National Soccer Shoot Program; the Tahoe/Douglas Elks’ youth soccer shoot takes place on Sept. 7 from 9 a.m.-1 p.m. at Lampe Park in Gardnerville.
The shoot is open to all players and divided into four age groups: 7 and under, 8-9, 10-11, and 12-13. First, second, and third place winners in each age category are awarded a medal, and first-place winners also receive a soccer ball. Participation is free.
The contest coincides with picture day for the local chapter of the American Youth Soccer Organization; players are invited to compete in the shoot following their team photos.
The final day to secure reservations for the Tahoe/Douglas Elks fourth annual Low County Shrimp Boil is Sept. 11. This event takes place Sept. 21 at the Lodge, 1227 Kimmerling Road in the Gardnerville Ranchos.
Doors open at 5 p.m. for social hour, followed by a Cajun-style supper. Cost is a $20 per person donation.
Mail checks to the Tahoe/Douglas Elks Lodge #2670, P.O. Box 143, Minden, Nevada 89423-0143. For information, call Dan at (775) 745-5619.
Bingo happens twice at the Elks Lodge this September; first on Friday the 6 and again on Friday the 20. Doors open at 5 p.m. with warm ups at 6; regular games get underway at 6:30. Players must be 21 and older.
A variety of snacks and beverages are available for purchase; coffee and pretzels are complimentary.
Proceeds from Elks events benefit a number of local programs for seniors, youth, and veterans.
Reprinted from Record-Courier August 29, 2019
I went to Canyon Creek Estates yesterday to check out this new construction coming on the market in September. The residence sits on just under 3 acres. It has 3 bedrooms + a bonus room, and 3.5 baths at approximately 3300 SF. The builder will come out soon with an asking price but it shouldn’t be over $1,500,000. It offers lovely views of Jacks Valley with the master bedroom located on the opposite side from the secondary bedrooms. Canyon Creek Estates is a gated community with HOA dues just under $450 quarterly for common area maintenance. Contact Robert Stiles, REALTOR® at Chase International for more information. 775-309-8454 NV BS.1001136
I have a client looking for a 3000 to 4000 square foot, single story home within the Carson Valley. They have a large motor home so if a 14′ tall garage by 50′ is not available they need the land to be able to add one. My clients also like their privacy and would prefer a few acres away from the neighbors. Price to be under $1,500,000. Call me at 775-309-8454 if you have something I could preview for them. As of August 27th I have reviewed everything on the market. Thank you. Robert Stiles, REALTOR® Chase International BS 1001136 NV
Located on 1.84 acres this updated 3 bedroom, 2 bath home offers panoramic views. The kitchen was recently updated and I expect to have this on the market in September once a new septic system has been installed. Price to be in the mid to lower $200’s. Call me at 775-309-8454 for more details. Robert Stiles, REALTOR® Chase International
SB 151 had been heralded by proponents as a landmark tenants rights bill for working families across Nevada. However Nevada REALTORS® (NVR) stressed there would be negative impacts on tenants in the form of higher security deposits and more stringent timelines in leases. Now there are reports across the state that NVR predictions are already coming to fruition. Several property management companies are sending letters to thousands of local renters threatening to remove grace periods that allowed tenants to pay their rent up until the third day of the month. The companies blamed the new bill for the time changes.
SB 151, which was passed by the Nevada Legislature and signed into law by the Governor earlier this year does have some positives. It extended the time renters have to fight back against landlord eviction. It went from four and a half days to seven judicial days.
SB 151 also capped late fees at 5 percent of the monthly rent. It gave tenants 24 hours from the time they were notified of an eviction before having to vacate, and allowed tenants five days after eviction to return and retrieve personal belongings left behind.
Proponents in Clark County say evictions are down since the bill took effect July 1. Statistics pulled from the court show there were 2,075 eviction filings in July, down from 2,704 in June and 2,968 last July.
However the booming economy and rising rents are placing a strain on seniors with fixed incomes. Nevada’s law allows for “summary evictions” that can be far faster and offer much less recourse for tenants than other states’ laws allow. NVR says the association is looking out for both landlords and tenants. However they would like an acknowledgement that landlords are not always the bad guy.