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© Copyright
2006, IRED.com, Inc. Reno's Active Market Henry
Springs Reno, Nevada, is still the land of opportunity, not necessarily the land of open gambling like Las Vegas but they were founded on the same native phenomenon. They are both experiencing a healthy economy and growing real estate market. On the whole the state of Nevada recorded a 31.22 percent rise in home prices and a 6.7 percent job growth for the first quarter of 2005. Reno's economy has diversified with the great California migration. In 1990 26.3 of the work force in the county encompassing Reno was employed by casinos, today it is 18.1 percent. Older casinos, housing developments and malls branching outward with new business adding to diversity generally typify the center city of today. Reno is poised for restructuring with a growing population of transplants from the east and west coasts where the cost of living is comparatively higher. They can buy larger homes for a lot less while businesses can operate at reduced costs of 20 to 30 percent. Prices of homes in Reno increased 32.1 percent for the third quarter of 2005 from $270,500 to $357,400. Jim Perry, a Nevada Realtor says Reno is experiencing strong demand for homes in the $450,000 range. A steady migration of executives, workers and families are finding jobs in Reno and seeing fit to purchase homes. New Construction is growing at a steady pace to keep up with demand. Interest rates have remained low to spur on purchasing and even if interest rates rise an ever growing population will spur on sales and values could rise higher than previous gains that logged in around the 30 percent range. Reno is a growing market that is continuing to branch out like the newer sections of Las Vegas. Truckee is a city just 33 freeway miles from Reno where many residents enjoy a short commute to work, shops and entertainment in Reno. With Reno's downtown area being redeveloped many families and investors are finding prime locations like Truckee to buy homes or build residential developments. Truckee is close enough to Lake Tahoe to receive spill over from it and Reno. The weather and abundance of year round activities have made Truckee a great place for families and second home buyers to settle. In 2003 its neighborhoods surpassed the eight percent average growth that is only typical for California neighborhoods. Homes in the $500,000 range were moving very fast. Every year Reno draws a large amount of people for its weather, retirement and real estate. Reno just like Las Vegas is experiencing a renaissance. Reno's gaming operations have been on the decline for the past ten years. Smaller casinos like the Horseshoe and Gambler/Rocky's have closed with major players like Circus Circus, Harrah's and Silver Legacy continuing to do well. This cycle in Reno's history has left a rather unevenly developed downtown area with many abandoned buildings or utilized as temporary housing for transient workers but within the next year or more a wave of condo conversions and developments will find their way to Reno, northern Nevada. A slew of unutilized properties including the Comstock, Sundowner Hotel and Casino, that will metamorphosize into condominium developments called the Belvidere Towers, Palladio, Chamblee and River Walk Towers just to name a few of the condo developments. Reno has set its sites on attracting more retiring baby boomers with a wide range of styles for convenient living and affordability but as highway construction grows along with population, economy and its growth in terms of jobs and new business, it no doubt will reach some of its expected goals and perhaps surpass them.
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