Rancharrah

[EnduroEdge]

Originally Posted by Vic Romano

5. There is a small tract of 8 or 9 very unremarkable homes on small lots being built behind the commercial business along Kietzke. They are asking $600k for them. No way I'd live there.

After seeing this more closely, I still can't picture paying anywhere near a million for these places.

They are selling pretty steadily, and prices are increasing with each release.

Rancharrah is four tracts:

1. Custom lots
2. Latigo (Toll Bros)
3. Cantaro (Toll Bros)
4. Final phase on north side (Builder TBD)

All the custom lots are sold out and several have been built.

Latigo is on its final 10 lots (3 of which are models) plus scant standing inventory. Cantaro is open now with a grand opening in February and the first closings targeted for March. Half of the homes under contract are all cash.

I think Reno Land (and Toll Bros) was extremely smart in how they approached this. They sold the highest end properties first to create a draw and are now going to the smaller size homes.

The appeal of the development for some is the convenience of being able to walk to the Village, the setting and amenities of the Club (former Harrah residence) and the location within Reno (which some will view as a detriment, others as a plus). Plus its new, and new homes are mostly on the outskirts of Reno - which can be windy, a drive to the appealing shops, and a bit more blah.

The trails nearby at Bartley Ranch are desolate compared with Caughlin Ranch (still the best place for serial walkers like our family) but they did a good job connecting the Rancharrah to Wheatland Park and Bartley so you can put several miles in without hitting any roads.

The Club, closed to the public, has amenities that are typical of high end golf course communities - a restaurant, full service spa, three fitness areas, event/banquet areas (think glitzy wedding you can't wait to leave). All of this is brand new inside the former residence and it is very upscale. Club membership is capped at 600 and the community will have ~350 homes in it at buildout so hopefully the utilization is dialed in Goldilocks-style.

The Village shopping area, open to the public, combines some of Reno's best in one spot - Perenn, Dorinda's, Rolled Mountain, Centro, Süp, Hinoki, etc. Assuming COVID doesn't derail things of course.

Not for everyone, but certainly unique in Reno and as such will have long term value.