As REALTORS, one of the most common questions we get is, "So, what's going on in the real estate market?"
Usually, the person asking wants to know how the latest news will affect him or her. Sometimes, he or she is looking to buy a home and wants to get a sense of the market. Otherwise, the person asking the question is a potential seller, trying to figure out his or her position. Often, it’s a fellow community member who wants some insight on local headlines or news.
And, there’s nothing that sparks this question more than the presence of construction crews in key development areas.
According to the Center for Regional Studies at the University of Nevada, Reno, there are more than 33,000 new residential units that are either approved or currently under construction. There are many smaller new home developments under way around town, such as Pine Bluff in Caughlin Ranch by Homecrafters, Heartwood Estates in Wingfield Springs and Parc Foret in Montreux. For this article, we wanted to focus on some of the larger new developments and where they are located.
Victorian Square
Silverwing Development is turning Victorian Square into a walkable, master planned community in the heart of Sparks in the next five to seven years. This new development includes more than 1,500 new housing units, 60,000 square feet of retail/commercial space and a renovated Galaxy Luxury 14-Plex Theater. For more information, visit fountainhousesparks.com or thebridgesvs.com.
Spanish Springs
Most development within the City of Sparks portion of Spanish Springs is already approved through Planned Unit Developments, even if it's not built yet. Several large projects of new homes are not approved but are likely to come forward in the next few years. Growth is likely to slow down until adequate sewer capacity is funded & larger sewer lines are constructed.
Verdi
Two large housing projects are planned for Verdi over the next few years in a 783-acre mixed-use development project. Meridian 120 near Boomtown-Garson Road by Reno Land, Inc. is planned to include 273 single-family homes. Nearby, D.R. Horton is planning 324 homes at West Meadows Estates off Highway 40.
Parklane
After breaking ground in August of 2017, this new master-planned community in central Reno is underway. Developer Reno Land, Inc. is currently working on reconfiguring the main sewer line for drainage. The 45.6-acre community is planned to have restaurants, a grocery store, 1,619 apartments, 45,000 square feet of office space, 85,800 square feet of retail space and a one-acre park.
Rancharrah
The first homes planned for the site of Bill Harrah’s former family ranch went up for sale in June of 2017. This 141-acre master-planned community project is planned to include 691 units and two commercial parcels.
These are just a few of the many developments planned for the Northern Nevada region in the upcoming years. So, next time you want to know about the state of the local market, check with a Dickson agent!
