Chance Gates' Blog

If the ground shaking doesn’t scare you away here are a few of the amenities at Sommersett.

Great Room:  Basically a place to lounge and take it easy.  Has a fireplace, wireless network and an outdoor deck that overlooks the Canyon Nine Golf Course.

Media Room:  Has a 52” flat screen complimented by a state of the art audio and video system.

Aerobics Studio: Has cardio kick boxing, body sculpting, spinning, yoga and pilates classes.

Cardio-Weight Studio:  Comes with elliptical trainers, exercise bike, treadmills and a variety of Paramount strength training equipment.

Sports Court:  Has three basketball hoops, hardwood floors, community stage and NEC projector and pull-down screen.

Kids Corner:  Was designed to entertain children ages three to six.

Teen Club: Entertaining environment for teens with video games, board games and a pool table.

Arts and Crafts Studio:  This has ceramics kiln and two potter’s wheels.

Massage:  Shea butter body wrap, salt scrub or hot stone massages.

Locker Facilities:  Include day lockers, restrooms, showers, diaper changing tables, and cedar lined saunas.

Two Pools:  One an interactive pool with a 98 foot water slide.  The other one is a three lane junior Olympic pool.

Two Spas:  An adult-only and one for the entire family.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  You can email me @  chance at ballard-company.com or http://www.myspace.com/chancegates

The addition of a new Super Walmart in North Valleys, along with another long-planned retail center, will boost retail offerings to the tens of thousands of residents north of Reno who have had to drive farther into town to shop.

Walmart will begin construction in the first quarter of 2011 on a 150,000-square-foot store, its sixth Super Walmart in the Truckee Meadows, says Delia Garcia, senior manager of public affairs and government relations.

The new store on Sky Vista Way will serve residents of North Valleys, Lemmon, Golden and Sun valleys, Stead, Red Rock, Cold Springs, and the California towns of Portola, Quincy, Graeagle, Herlong and Doyle.

The store also redraws service areas for Walmart shoppers in those communities, many of whom shop at the company’s Northtowne Lane store for general merchandise, or its Seventh Street Supercenter in west Reno.

“In this part of Nevada, folks are underserved for groceries and general merchandise, and this gives Walmart an opportunity to serve customers closer to home and reach more customers,” Garcia says.

The North Valley’s Walmart, which has yet to go to bid, should be open by the end of 2011, Garcia adds. Walmart expects to employ about 300 full- and part-time workers at the store, and hiring will start about three months before the store opens.

Jobseekers can apply online at job-center kiosks at existing Walmart locations. In addition to the 16.5-acre site being readied for Walmart, an investment group is preparing three acres of addition retail space in the area, says Kelly Bland, senior vice president of the retail properties group with NAI Alliance.

Depending on interest, the space could be developed into individual pads or line-shop space, Bland says. The high-volume traffic generated by Walmart makes a perfect fit for mid-size anchor tenants such as Kohl’s, Ross, or Office Depot, he adds.

“The dynamic is changing. Walmart is a wider draw than the immediate neighborhoods, and any type of tenant that will be there will be very well received,” Bland says. “Walmart will be able to draw more people into that center than the other three (centers in the area) are attracting right now.”

Despite high vacancy rates throughout submarkets in Reno and Sparks, Bland says retailers and residents have been clamoring for additional shopping choices in the North Valleys for a long time.

“Walmart has been looking at North Valleys for several years, and we finally were able to work out a deal with them that made sense for everybody. They have been wanting to open up out there for a while now.”

After more than two years of delay, construction of the 33,000-square-foot Three Flags Center between Lemmon and Golden valleys also is expected to break ground next week, says Brendan Egan, co-owner of 6 Development with partner Jack Dolan.

The development company already has leases signed with Dollar Tree, Big-O Tires and an independently branded sports bar, and 6 Development is in final negotiations with a national fast-food franchise. The Three Flags Center will open to 100 percent occupancy — a rarity for any retail center in northern Nevada.

“On a brand-new project that is pretty good,” Egan says. “That speaks to the quality of the North Valleys. The tenants we are dealing with have wanted to be in that area for two years now and think it is a great location. It has been an underserved market for a long time.”

Ken Mattison, vice president with the retail division of Grubb & Ellis NCG, says the North Valleys will experience the region’s next big explosion of new housing similar to that in Spanish Springs/Sparks in the early part of the decade.

There are 12,000 houses mapped for construction in the greater North Valley’s area, Mattison says. The current population is about 40,000. “It’s only been two years since you could get your oil changed there,” Mattison says.

“There is no major clothery, no family restaurant. There are huge needs up there. Vacancy is very slim in North Valleys, and the reason is that demand is good.”

Dennis Banks Construction is readying two other sites in the area, one at the corners of Silver Lake Boulevard and Red Rock Road, the other at North Hills Boulevard and Golden Valley Road.

Each site will be prepped for approximately 10,000 to 14,000 square feet of retail development. Grubb and Ellis will handle leasing at the sites.
 http://www.nnbw.com/ArticleRead.aspx?sto…

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

The question that keeps arising when a client approaches me about buying a home is “what information should I have ready for when I apply for a loan?”.

So to help people out who are getting ready to enter the Reno/Sparks real estate market here is a checklist for you.

Your Residence History:

_____  Your previous addressed for the past two years

_____  The length of time you’ve lived in each place

_____  If you currently rent, your landlord’s name and address (12months)

Your Employment History:

_____  The names and addresses of all your employers for the last two years

_____  The dates you worked at each place of employment

_____  If there have been any gaps in your employment and why

All Outstanding Loans and Credit Cards:

_____  The creditor’s name and address

_____  Your account number

_____  The current total balance you owe and months left to pay

_____  The amount of the monthly payment

Savings, Checking or Investments Accounts

_____  The name and address of each financial institution

_____ Your account number

_____  The current balance or value

Real Estate You Currently Own ( For Each Property)

_____The property address

_____  The estimated market value

_____  The outstanding loan balance(s), the name and address of  the                     mortgage company(s) and your account number(s)

_____ The amount of the monthly payment ( including taxes, insurance and                    HOA dues)

_____  The amount of your monthly rental income (if applicable)

Personal Propert You Own:

_____  The net cash value of your life insurance

_____  The make, year, and value of your automobiles

_____ The value of your furniture, jewelry, or other personal property

Read more at http://chancegates.com/tag/mortgage/

Current homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500. It seems less is known about the repeat buyer credit. This incentive was added when the original $8,000 tax credit for qualified first-time buyers, which expired Nov. 30, was extended.

Houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Buyers earning more than the maximum are not eligible for the credit. If a binding written contract to purchase is in effect April 30, the purchaser will have until July 1, 2010 to close.

The 2009 credit for first-timers helped jump-start the sagging home market in the summer and fall, data show. Walt Molony, a National Association of Realtors (NAR) spokesman, said two million existing-home sales in 2009 could be attributed to the $8,000 first-time buyer credit. Although it is too early to measure the credit’s effect on sales so far this year, Molony said NAR chief economist Lawrence Yun believes it will add 1.5 million sales to the tally.

The repeat-buyer credit was added to appease builders, who said the original did not offer enough time to purchasers of new houses, which take at least six months to build, to close on them. New homes accounted for only 7% of the tax-credit-based sales, Molony said.

The National Association of Homebuilders’ Donna Reichle said, “We hear builders saying they are getting inquiries, but that’s all so far. According to our economists, it’s way too early,” Reichle said. “If you look back at the passage of the original $8,000 credit and impact on housing starts, it took a couple of months, and that was in the spring as well.”

Moody’s Economy.com chief economist Mark Zandi says the credit will boost sales “modestly,” however, by 300,000, with one-third trade-up buyers. “I don’t expect the credit to be extended again,” Zandi said. “Each time it is extended, it becomes less effective and thus more costly.”

David Krieger, senior vice president and general manager of Coldwell Banker Preferred in Philadelphia, says he believes that “a very large increase in our listing inventory in January is a result of the $6,500 credit.” Still, the $8,000 first-time credit remains the chief reason his company’s home sales were 33% higher last month than in January 2009, he said.

Typically, repeat buyers are better off financially than first-timers, so a lot of repeat buyers realize from the start they don’t qualify for the credit, Weichert Realtors agent Alec Schwartz said. “What they do realize, and what is getting more sellers to list, is that they understand that there are plenty of first-time buyers who qualify for the $8,000 credit out there, and they have a much better chance of selling their house and buying a new one than before,” said Schwartz, Liv Mansfield’s agent.

This is also true in the region’s new-home market, said Wayne Norris, regional sales manager for Hanley Wood Market Intelligence. “Builders have experienced increased activity in recent months” attributable to the $6,500 credit and “the fact that many potential buyers were able to sell their houses” to those taking advantage of the first-time buyer credit,” he said. The sense of urgency to make the tax-credit deadline and fears of rising interest rates will push new-home sales higher in the spring, Norris said.

(c) 2010, The Philadelphia Inquirer.

In the Reno/Sparks real estate market, I’m finding most of the  houses being sold for less than $200,000  are getting multiple  offers submitted on the property.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted.  I can be reached by email at  chance at ballard-company.com or http://www.myspace.com/chancegates

Hidden Valley is located in the Southeast Area of Reno.  It is strictly a residential community with a few condos around the Golf Course, otherwise all single family dwellings. A down side is there are no services, such as grocery stores, gas stations,  within the boundaries of Hidden Valley.  The upside is traffic into the area is mainly residents.

A major shopping center is located about just minutes away. The area does have two golf courses

:Rosewood Lakes - a public course

Hidden Valley-  private course.

Hidden Valley does have an elementary school as well as County Park which was recently outfitted with all new play equipment. There are equestrian trails and a gazebo with a BBQ which you can reserve to hold private picnics or gatherings.  The dog park is fully fenced, and comes with  plenty of water and doggie bags.

Many of the homes in Hidden Valley are constructed on large lots, close to .50 acre. Many have RV access and parking.  Some of the homes in Hidden Valley  have no HOA dues. Some of the newer homes built surrounding the original Hidden Valley development do have HOA fees but are what I call reasonable – $45 month or so for now.

Hidden Valley does host several annual events:  An Easter Egg Hunt, a community picnic, a pumpkin growing contest, a holiday Christmas Parade of lights and a winter dinner and dancing social which is held for residents at the Country Club.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates