![]() The new agreement slows down the schedule, and significantly decreases the scope of the West Park project. The East Park and 6 trailheads have been completed under the original agreement, but sales have not generated the funds to complete West Park and the final trailhead by the scheduled deadline. As each house is built in Somersett, Reno collects a Parks fee, which is then rebated to the developer for construction of agreed upon parks and amenities. Somersett met City Hall this week, with the adoption of a new Parks Agreement for the project. Good news for the developer, bad news for the HOA who was budgeting for the additional dues. Instead of paying HOA dues on lots they couldn’t sell, they de-annexed all of Village 10, then re-annexed only 34 lots. Pulte is running out of room in Village 9, and was facing annexing the 101 lot Village 10 into the project (the last and largest of the original Sierra Canyon project). The way the CCRs are written, once the first house in a "Village" is completed, all the lots in that village start paying HOA dues. Pulte pulled a little bait and switch at Sierra Canyon this week. I’ve never seen this before, or even the right of first refusal clause in many developer purchase agreements ever being invoked. What makes this noteworthy is that the developer, Barone-Tanamera, bought their unit back at the Trustee’s Sale for $72,251. The buyer used a 30 year fixed mortgage for $136,000 and put $100,000 and still went into default. That increase in the number of NOSs is scary.ĩ00 South Meadows Parkway #1413 in Tanamera was purchased in July 2006 for $236,000. TDs edged up to 313 from 294 in August and 298 in July. NOSs were 725, up 40% from 519 in August and 573 in July, the 3rd highest monthly total ever recorded in Washoe County. NODs for September were 729, up from 682 in August and 674 in July, the highest level since March. Guy is a Certified Negotiation Expert (CNE ®).Guy is a Certified Residential Specialist.Guy Johnson Named a Top Trulia Agent for 2014.Guy Johnson Appointed to Keller Williams 2016 Associate Leadership Council.Home Buying Guide from the Nevada Housing Division. ![]() ![]()
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