Reno Real Estate Market Explodes; Land, Homes Skyrocket

The Reno, Nevada real estate market is so high these days that your average house, with a $50,000.00 downpayment, will cost $3,500 a month.

(PRWEB) September 12, 2005 -- People say that the Reno Real Estate Market is about to bust at any moment. They say it will leave thousands with properties they suddenly can't afford, and banks will crash because they are left holding the bag. Then there are those who don't listen such talk and point to the steady increase in new home starts in Reno and Las Vegas, and homes on the MLS that are listed one day, and sold the next.

What used to be called a nice $200,000 house in Reno Nevada is now a million dollars. Land that was just $25,000 an acre a few months ago is now more than $100,000. Some experts blame the price explosion on migrations from San Francisco and Las Vegas. Maggie Curtis of the web site: www.RenoRealEstateMarket.com said in an interview, "Those markets have gotten so bad that even a little one bedroom condo on top of a grocery store are going now for $500,000." "I have been a consumer advocate for the last three years and I have watched the Reno real estate market grow...and it is amazing that homes that were affordable a few years ago are now more than a million bucks." The number of million dollars homes for sale in Reno is astounding. The problem is the lack of anything affordable.

A huge portion of Reno Nevada News readers surveyed said, "Something has to be done about this housing crunch or all the regular folks" [like Maggie Curtis who lives in Reno Nevada will have to find another place to live. You would think that the City of Reno and it's "Downtown Council" would do something about the lack of affordable housing in Reno. Curtis went on to say "I would wager to say that there are enough $300,000 condos downtown now; there are enough million dollar Montrose homes for sale; there are enough luxury homes in Reno! Now can you please take a few thousand acres of that lovely Nevada Sagebrush and build a few hundred thousand dollar homes again? I would love to be a home owner."

Maggie Curtis is Editor in Chief of www.RenoRealEstateMarket.com

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