Photo: Wikimedia Commons
New York City people, I have a polite warning and great news!Get out of the house bubble that likely will crash.
Get your house sold, pocket the difference and move your whole extended family to Reno, Nevada.
You could live in Spanish Springs, Wingfield Springs, or in the North Valleys for 60-80 dollars per square foot.
And I am talking about 2000-3500 square foot houses that are nice, some with massive yards, some on or near golf courses.
And if you want a new house, you can buy for well under 150 dollars per square foot at D’Andrea golf course. I kid you not.
And remember, New Yorkers, Reno is not a suburb of Las Vegas. It has lots to do without being too hot in the summer like Vegas.
You are only a hop, skip and jump from San Francisco and only a hop and a skip to Sacramento. Plus there are awesome cultural happenings in Reno and in awesome Lake Tahoe. Reno is big with arts and you have entertainment headliners as well.
I see a few New York licence plates roaming around the city and parked close to where I live. These folks obviously like Reno. They “get” it. Here is a list of my favourite places in greater Reno that you may want to Google:
1. Spanish Springs is a little valley a few hundred feet higher than Reno to the east. It is very nice, with planned communities selling dirt cheap NOW! And the thing about Spanish Springs is that you can be a horsey person or just be a golfer in a gated community with the front lawn taken care of by the homeowners association. Spanish Springs is a part of Sparks but is separated by a little range of hills and feels set apart from the Reno/Sparks basin, which sits at the 4100-4300 foot level.
2. Wingfield Springs is built around the Red Hawk golf resort and is in Spanish Springs at the far east end. It has a cool outdoor sports complex for the kids and the golf courses, one by Hale Irwin, are world class. One is a mountain course and the other is a Lakes course. Wingfield is a steal. The area crashed at the height of building. But because it is so nice, even Reno people don’t think of buying there, which is crazy. You can get a house built after 2000 for 70 dollars a square foot. Some of the neighborhoods are gated.You need to act NOW.
3. Cold Springs is in the north valleys. It is farther from downtown Reno than the first two. However, it is nice with great big houses and big yards. And you can drive to awesome golf at Graeagle which is an hour away, and you aren’t too far from Lake Almanor, like Lake Tahoe but less expensive. Cold Springs has some access to the forest and off road bike sports nearby.
4. Caughlin Ranch is pronounced “Collin Ranch” and is a premier and beautiful neighbourhood just off I-80. The green belts in the ranch are absolutely beautiful. Houses are priced higher than in the first three but still a steal for a New Yorker on a housing hunt. The beauty of the place is sure to impress the most cynical New Yorker. Caughlin Ranch starts at the base of the Sierras and is built up almost to the tree line. There are great views of the city from Caughlin Ranch shopping centre. Try Moxies for a good meal and awesome view. The salmon is always fresh and always satisfying.
5. Galena Forest, Montreaux, and Arrow Creek are in the foothills of the Sierras and some of the houses are in the forest itself. This is a really beautiful area, close to Mt Rose ski resort and also close to Lake Tahoe, just over the mountain. There have been some major price declines but you may want to see how the pattern of prices moves in the next few months.
Reno is a very beautiful city if you know how to look away from the tourist areas. The casinos are fun, but the beauty of these neighborhoods is what makes the city a great place to live. Most tourists, frankly, have no clue how nice the place is. And the housing crash, the Air Race crash, the biker incident have all left people with the feeling that the city is a wild and woolly place. I assure you it isn’t.
A New Yorker can buy a huge house, pocket the difference, and move the muti generational family out here for cost reduction and for healthy air too! And don’t forget, there are no state income taxes in Nevada!
For more information check out these links:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.