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Reno Homes-Condos-New Homes For Sale Update 3/15

Ron’s update/rambling:

Market is white hot on all price points up to about 600,000. now, not sure how much the bubble will inflate this time but flippers/increasing prices should be OK until at least the end of the summer. Buy and Holder’s are still good to buy but return is much less now than my original buy signal in 2011. The herd is still loving real estate which is a little of a concern. Complacency, exuberance and over-hyping of jobs and businesses coming to town currently so be careful. A lot of this is a politically driven agenda to lure unsuspecting California businesses and individuals to town that don’t know our boom-bust history and back log of foreclosures due to politicians making them illegal. Remember, it was less than ten years ago when the E-Dawner’s et al were banging the Apple, Amazon and Aces stadium drumbeat and Apple was a blowout, Amazon violates human rights and pays terrible wages and the stadium is in default.

Not sure if these 20 something/millenials alleged start upper’s downtown and trendy trust funded restaurants fueled by the 11,000 people in Washoe County not paying their mortgages are going to save downtown/improve midtown but I sure hope they do. Speaking of alleged trust funder’s; this Siegel guy seems to be buying up the town, he is the new Fernando in town (the guy who lost his butt on Montage and other downtown projects), hopefully his hunch is right. He is smart to focus on rentals as most of these new jobs are priced out of these bubble prices and will be renters. Koch brothers spending 10 million in town rumor still not confirmed.

Not that I am negative BTW, as I have 3 homes in contract personally myself and building a home, I just want you guys to be aware, this seems very 2006 ish. My biggest concern isn’t even in Reno frankly, it is terrorist attacks, not just the usual blow things up but also a cyber attack which could render banking, utilities, dams, nuclear power plants etc. useless/damaging and may have a run on the banks, stock market correction/real estate etc. Hardly a day goes by now without a major hack. There are skyscrapers full of hackers in Russia, China and other countries in a full cyberwar against the U.S. and our money-identity. Make sure you have your credit frozen and yourself and family on google alerts! If you are still banking online and paying bills, buying online etc. you may want to re-think it. The bank has their own protections in place by the way where you may lose all your money in the case of a bank hack which most people don’t realize. IRA’s, stocks and 401 K’s have even less protection. This is why I still like the gold, lithium and fracking desert towns as a hedge as we hedged back in 2007. Elko still overbought though, maybe Kevin Jones will make a cameo this meeting for an eastern Nevada update.

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