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Arrowcreek Litigation update…

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A mere 1.6 million has been agreed upon to settle the Developer lawsuit in Arrowcreek.  Hmm, I wonder how much the Attorney’s got of that?  Of over a 30 million dollar loss of value in the Arrowcreek homes and Arrowcreek lots and a near Buyer boycott of Arrowcreek homes and Arrowcreek lots while they battled this out; as most lawsuits; the Attorneys probably made out and the plaintiffs got hosed.  Note; this was on top of the normal correction we had.  The classic about this suit was the HOA even kept the voting deadline open because they didn’t have enough Homeowners to join in the suit and they ponied up the rest (votes) out of the blue past the supposed deadline. 

Some of the same litigants who orchestrated the above suit have blown the first sale of the golf course to Club Corp (with litigation) but another buyer came around called Golden Gate Golf so it appears the Golf Course will stay green and open.  In other words, Arrowcreek is coasting in the litigation world with an all clear on the big lawsuits/problems that was hurting them.  hoa-legal-update.pdf

 I said it before and I will say it again; Terrabrook (the mean bad Arrowcreek Developer) nailed this community with their solar lighting, gyms, not one but three pools, tennis courts, golf courses, common area trails/bike trails etc. while leaving around 1/2 of it as open space.  They were into green building before it was trendy.  The thanks they got was a lawsuit from the Arrowcreek Homeowners.

 Similar to the litigious Condo Homeowners in Fallen Leaf, Fleur De Lis et al; these lawsuits are a no win; Buyers and banks want nothing to do with these silly fights.  When will people learn that most of these suits are scams.  The mostly retired Californians down at Fleur De Lis are suing over; get this; a fountain and a crack in the swimming pool and of course a side order of construction defect.  This has cost their values to plummet similar to Arrowcreek; 50-70%.  They of course are suing over a dime to get a penny while losing a quarter.

To come full circle, this is a great time to buy in Arrowcreek the homes I used to by in the 300s and sell in the 600s are now back in the 300s, 2 million dollar homes can be bought under a million (yes a  million less).  The Reno home market under 300,000 is red hot in Reno right now and that should create some move up momentum eventually.  Reno bank owned homes, Reno foreclosure homes and Reno short sale homes are hot!  Mom and Pop seller are not.

The health care industry is adding more and more of these high paid Doctors and Reno is now one of the top health care towns in the U.S. with its 3 new hospitals in Reno-Carson.  This should add more white collar buyers to higher priced homes, Doctors seem to not be running in packs as much and are now buying outside of Caughlin Ranch.

Go get yourself a home, this is a once in a lifetime opportunity, remember, I called the top in April of 2004, you can see it under local market category on this blog-site, I have called near bottom in selected areas in Reno, don’t wait.

Here is a funky video of Arrowcreek (I do it for SEO, sorry): http://www.youtube.com/watch?v=Jujv99ZN3Fk
Thanks Ron

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