Average Reno Condo: $85,000!
I dare not forget the all too often overlooked real estate market segment in Reno--one to two bedrooms (sometimes three!) townhouses, otherwise known as condominiums.
Reno condo buyers would get an advantage in negotiations simply by knowing how the market is doing. And unfortunately (sellers) / fortunately (buyers) the market is not doing well.
Median Price Sold
(click image to enlarge)
Quick notes: home sold
Dec '06: $206,450
Dec '08: $89,000
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wow! that's more than 50%. I'm seeing condos here in Union city, Ca reaching bottom, of around $150k for a 2/1 with about 900 sqft and an HOA of $260. these units fixed up ($20k max) would rent for $1300/mth.
what's rent on an $85k condo? and hoa fee?
That's a good price for that size. That would have been nice if it bottomed here at that price too.
We topped around $280,000 so its more than 100% decline. Ouch. But it's getting better.
The rent and HOA varies:
--rent $700-$1,100
--HOA $200-$350