For those of you who missed the Rib Festival in Sparks- Reno, you can still catch some ribs at the Somersett Ribs and Reds dinner from 4-8 this Saturday at Somersett Town Square.  Tickets are $65.00 per and includes wine.  Tickets are available there or at the Whispering Vine Wine Co. 

I know from experience at the Reno-Sparks Rib Cookoff that you can spend that much pretty quick with the overpriced ribs at the Rib Cookoff, and that is waiting until the last couple of hours of it when it is half price.

 Speaking of Somersett, Toll Brothers at Sonterra has a 5,729 square foot home for only $819,000.  At that price, even with the Somersett-Verdi earthquakes, wind, speculative buying, foreclosures, jumbo loan crisis etc. haunting the area, I would be ok with clients sticking a little toe back into the Somersett market.

I remember my first Somersett home, I camped out (stayed in the bed of my truck) to purchase it.  I believe it was in the mid 300s, it spiked to around 500K and I got stopped out by my model.  In other words; my model was showing 62% non owner occupied in that area at that time and the tolerance in my model at the time was 11%.  Even though I wanted to ride it a little more, I generally go by what my model says.  It went up a little more but has traced back to original Developer prices or so.

 Speaking of computer models to buy and sell real estate, I have tweeked my foreclosure and short sale parameters to weigh heavier in various areas to avoid them for the time being.  Until I see a 33 % drop in foreclosures in certain areas, I stay out.  It has been just the opposite as many areas are still seeing an increase (in foreclosures and short sales).

 Have a good day,

Ron Bell,

Reno Realtor selling Reno real estate

Filed under: SOMERSETT