Cheap Condos in Reno---Why? (Sparks, Carson City: for sale, real estate, apartments)

[jborodave]

I'm 62, and I'd like to move somewhere that is scenic and close to hiking/outdoor activities. Having been to Reno a number of times (but not for about 10 years), I was looking at real estate sites that list a whole bunch of condos for sale (and even some single-family homes) for prices that are just cheap! Lots of condos starting in the $30,000-40,000 range.

Does anyone there know for certain why the condos are going that cheap? Yes, I understand that the economy is what it is, and that Nevada has been hit hard by the housing bubble that burst---but even so, I couldn't buy a condo this cheap here in Arkansas (which is way below the national average in real estate prices).

My guesses are that people are leaving town to look for work elsewhere and selling at any price; a lot of these are vacation condos that people are 'dumping,' these condos are in horrible shape because the condo associations have let them 'fall apart,' or these are all in the drug/crime-infested neighborhoods. Possibly a combination of these...or other reasons?

Can someone who lives in Reno---and possibly in a condo---tell me what the reason is for the glut of low-priced condos on the market? I'm still going to be doing some more checking, but this looks promising to me.

Thanks!

[jwaters943]

Where are you seeing these type of prices? I've seen rental investment units for sale along Sutro as well as Neil Road for this cheap. These are 2 of the worst neighborhoods in the entire region. They aren't really condos, but dated 20-30 year old apartments with no garages or significant amenities. For a decent condo you're looking at spending at least $100k. For a nice condo I'd say you'd be looking at spending at least $150k, if not more. And these prices are for small 1 or 2 bedroom units. For larger and/or premium condos in a desirable area (e.g. Double Diamond/Damonte Ranch, or even one of the downtown highrises), you'll be paying even more.

[jborodave]

Thanks for your reply. I've been looking on realtor.com, and after your post, I looked a little further at the info and photos, and I'm sure that (despite whatever neighborhood they're in) most of these are just what you've stated---old apartments that have 'turned condo,' and need lots of work. I'm not really looking to get into a situation like that at my age. Thanks again.

[Clarks]

Parts of Reno and Sparks are inexpensive, for a reason. The neighborhoods have become overrun with what some people would think are people they do not wish to live among.

Your desire to live near hiking and outdoor activities is highly commendable. Consider Sun Valley, carefully. You can buy cheap there and be unhappy, or you can buy cheap there and be happy.

Please don't settle for a condo or apartment, humans were not designed to live like coral in a reef.

Take a look at some of the outlying communities, like Fernley or Doyle.

Or, are you truly brave? Elko, some of the grandest landscapes on the planet, and these days most of the women do have all their teeth.

[jaunespinoza]

I've seen some of those condos selling for as low as 19,000. I've heard some of them have serious slippage, cracking issues. I always liked Reno, but the Nevada economy is in shambles and getting worse.

[Tiger Beer]

I don't know about RENO in particular...but generally, condos have a 'maintanence fee' imposed on the condo owners.

I think it is because of the foreclosures, but many of the owners no longer own their condos, and when you have condos with fewer owners owning the units, it drives up the maintenance fee for everyone else still there.

I've heard of many condos with so few condo owners in them, that it drives up the maintenance fee to insane levels. So perhaps the people who are selling those condos figure that if they can sell it quickly to someone else, they could probably rent cheaper than paying those maintenance fees every month.

[Chichappens]

Reno has nothing really going for it. I visit a lot. Lots of Meth drug users there and Carson City. They tried to clean up Downtown Reno and still working hard at it also I think Nv and FL are the 2 states hit hardest by the recession unemployment and forclosure.

[jwaters943]

If you judge Reno by our downtown then you're really missing the bigger picture. Reno has pros and cons, just like anyplace else. Only you can decide if the pros/cons line up w/ your own personal ideals and/or preferences.

[Clarks]

Very few Renoites go downtown. Reno has great neighborhoods and great people. There is a lot of wealth in Reno.

[VerdeOjos5]

Originally Posted by jwaters943

Where are you seeing these type of prices? I've seen rental investment units for sale along Sutro as well as Neil Road for this cheap. These are 2 of the worst neighborhoods in the entire region. They aren't really condos, but dated 20-30 year old apartments with no garages or significant amenities. For a decent condo you're looking at spending at least $100k. For a nice condo I'd say you'd be looking at spending at least $150k, if not more. And these prices are for small 1 or 2 bedroom units. For larger and/or premium condos in a desirable area (e.g. Double Diamond/Damonte Ranch, or even one of the downtown highrises), you'll be paying even more.

really? you might be mistaken cause that would be awesome if I could get that price for mine. But on zillow.com my townhouse is worth $117K. There are several in my neighborhood for sale under 100K. These I would guess for the OP are foreclosures or short sales. I bought mine for 233K unbeknownst to me at the peak of the market in 2006, put 20% down but still 90K underwater if i would sale it for what the others in my neighborhood are going. And I love where I live. I live in a completely decent place, ive been here for 3 years and never had problems. It is in the North Valleys. My place is 2/1 but some of the ones for sale are 3/2 with more square footage and 2 car garages, still selling for cheap!

There are homes out there for under 150K, not just condos! keep looking.