News 9-30-07 Townhome Updates

Sorry for the lack of updates the past week and subsequent monster posting of updates today, but I had an extremely rough week to say the least fighting with stubborn computers. First an update on a stalled but now on track project on Dickerson Road I first outlined here. The models are almost fully framed and they are now pouring the curbs and preparing to install the streets. The development (with working name of Truckee River Townhomes) will apparently go by the name of "Upstream - Riverside. City Side. Townhomes." The initial offerings range from 1258 sf ($243K) to 1604 sf ($287K) for building two. They are also offering the 6 models in building one (which really appear to be three distinct models) at sizes from 1258 sf to 1693 sf and prices from $248K to $313K on a "lease back" basis - prices good thru the end of September. I haven't seen any renderings on this yet, but the units should only share roofs and foundation, and not share any walls, and is along the Truckee River near the end of Dickerson Road off 2nd street. in other townhome news, Silverstar Communities web site says that Grant's Landing's sales office is now open Friday through Sunday, 12:00-5:00pm with pre-construction pricing available for a limited time. Still no word on a ground breaking date, nor the fate of Nightingale Manor across from Washoe Med.

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Posted by: Aileen May - 9/30/2007 8:52:12 PM
Thank you so very much for all your time and energy in providing all this helpful information. We are trying to make a decision about Reno and your information is invaluable.Orange Co. CA

Posted by: Ken - 10/24/2007 11:07:23 AM
Overpriced townhomes as usual from TCI. Buyer beware. Another dormitory for UNR??? That's what the Rancho San Rafael development has become!!

Posted by: clancy - 11/5/2007 8:37:48 PM
What was the stall in construction?

Posted by: Ken - 11/12/2007 10:25:23 PM
Many reasons for such a delay. Possibly a lack of illegals? With so many ICE raids, TCI could be a bit nervous. Their Rancho San Rafael townhome development could have used a few ICE raids! As a side note, the original Dickson agents representing the builder at RSR are long gone, sales are pathetic, and many of the original buyers are getting out. The UNR renters have ruined it for the FEW resident-owners still living there. Be it college parties, loud noise, speeding, egging townhomes, drug dealers, a genuine meth lab, etc, RSR townhomes has seen it all. I doubt the sales office will admit to any of these issues.

Posted by: Logan - 7/17/2008 9:38:25 PM
As an active member on the HOA board at Rancho San Rafael, I find the TCI group to be helpful and proactive. They build a unique quality product that I have enjoyed as an investment and vacation home. Personally I can state that I am an original owner in 2 of the 3 phases and have found it to be a solid purchase. Ultimatly, it is not the builder that has selects the renters but rather that home owner. That is where the problem, if any lies. And regardless the third phase appears to be 95% or so owner occupied.

Posted by: Ken - 8/7/2008 5:16:52 PM
Hello, I'm extremely familiar with the RSR community, all three phases. Unfortunately, it is many times the investor who ruins it for the REAL owner-occupied. I find it totally disgusting how RSR has become a pure rental, dormitory-style community. I wouldn't be surprised if the entire development was concocted because of the close proximity to UNR. We'll never know for sure, but I wouldn't be surprised. It was very frustrating to see a meth lab in Phase I, only then to see the tenants, despite an arrest, to be allowed to stay. I guess the rent is more important to the investor? As far as a solid investment, that is an overstatement to say the least. With values already down approximately 30% from the highs, another 20%, likely given this horrible decline, will surely result in many more foreclosures and short sales. These units were never considered to be great resale opportunities. Maybe there is some solace in knowing that the once planned Phase IV is history.

Posted by: Ken - 8/10/2008 9:53:45 PM
A follow-up to Logan's claim that approximately 95% of Rancho San Rafael Phase III is owner-occupied. Many of us are well aware that despite what the assessor's site may say, it is very common for an address to give the impression that it's occupied by the owner, but in reality, that's not the case. So, putting this aside, and going by what the assessor's site says, RSR Phase III has, at most, 39% owner occupancy. Confirm if you wish. It isn't helping matters with the developers and their relatives owning about THREE DOZEN townhomes in the entire development.

Posted by: Logan - 8/18/2008 10:25:49 PM
It does not appear that the tax assessors website seperates each phase out as an individual community. I believe that is why you are coming up with 39%. I have to say though, that I find your negative demeanor alarming and malicous. If there was a meth lab in phase I as stated, would'nt the tenants be in jail and not back in their home? Call me a skeptic but I tend to classify reports and claims of that nature under GOSSIP and not fact. Such as the report for the real estate agents. Upon review I see that Dickson Realty has been the broker of record for the past 4 years. In addition before you critize the small builder/ developer maybe it would be wise to think about the alternative. Corporate - National builders who dont care about the area, the local people, and what happens to the city once they develop the land - take the money back to their corporate headquarters. Corporations that throw parties that cost millions of dollars, charge off expenses to holding companies and then let their shareholders pick up the pieces. So I am not sure what your point is... It sounds like you may be better off using your energy to work in allegiance with the HOA as oppossed to ranting and raving into internet space.

Posted by: UHPERB - 8/18/2008 10:28:04 PM
Additionally, while PHASE IV may gone; my understanding is that there is VI phases planned for the Rancho San Rafael.

Posted by: Ken - 8/22/2008 8:38:34 AM
A quick answer to Logan's comments: The meth lab in Phase I was a FACT. There was a raid by RPD, Washoe Sheriff, possibly UNR police. I know the exact address. I know for certain of at least one arrest. The tenants have since vacated the unit but were allowed to stay there for roughly 18 months before moving into another rental in the community, obviously the arrest and drug activity weren't enough to motivate the landlord. With regards to the assessor's site, yes, they do not differentiate between phases. My calculation is based on the STREETS located in the phase. Knowing the streets will give you 39%. My comments are all based on fact. My problem is the disinformation that seems to be so prevalent in the housing industry.

Posted by: Logan - 8/24/2008 9:37:31 PM
Ken, have you tried to work with the HOA? I know that Associated Management and EBMC work with the development and the homeowners - maybe it would be worth your time to run for officer of the HOA next year? I know ALL HOA's could use committed individuals such as yourself to be a part of the board and the solutions. Just a thought...

Posted by: Ken - 8/31/2008 9:40:29 PM
Logan, thank you for the compliment, but no thanks to serving on the Board. Without giving anything away, I can tell you I'm VERY familiar with Eugene Burger, the company handling Phase I, and they are familiar with me. My name is known to the property manager. Based on my personal experience, it comes as no shock why TCI has AMI managing Phases' II and III. EBMC is a bit of a farce to put in mildly... one disappointment after another.