Reno Real Estate Prices Down!
WEDNESDAY, NOVEMBER 02, 2005
Just about everybody has taken to using the word "bubble" when talking about the housing market.
Among the optimists who have embraced the idea is a condominium developer in Miami who is running an advertisement for two new properties that shows a woman blowing an enormous chewing-gum bubble above the word "Boom!" And at the Mortgage Bankers Association, the chief economist, Doug Duncan, says he subscribes to the Don Ho way of thinking, referring to the singer's hit, "Tiny Bubbles."
But the pessimists are not surrendering the metaphor they started.
Robert Shiller, an economist whose book in 2000 predicted the stock market crash, has rereleased the book with a new cover warning of "the worldwide real estate bubble and its aftermath."
All of which leads to the question: Does the word "bubble" have any meaning anymore?
In some cases, the word indicates a market in which prices have gone up so far and so fast that they are destined to crash, as some thought might have been happening when a recent report showed that apartment prices in Manhattan had dropped 13 percent from July through September. Others use "bubble" to suggest that prices could drift along for years to come. They might trail inflation for as much as a generation, even if the nature of real estate, with its slow and infrequent transactions, prevents a Nasdaq-like collapse.
To many developers, brokers and bankers, not to mention homeowners, who all have a big stake in the boom, the word has come to symbolize a fabulous market that is likely to slow eventually. The 15 percent annual price jumps of recent years will gently ease into 5 percent or 8 percent increases, they say.
More Green Space for Reno
RENO, Nev. Planners aim to protect open space
Supporters say goal is to preserve public access to trails, wildlife corridors.
In what will give the Reno City Council more leverage in asking developers for public areas, city planners have revived their stalled efforts at writing a master plan for green space.
The end result could be better connections between neighborhood trails and those that venture into the hills around town, more bike paths and better protection for open space.
The goal is to help planners get amenities in new developments, said Reno Associate Planner Jessica Jones, heading the effort for the city.
The city hired a consultant to lead the project, created a working group of about 20 community members and hosted the first of two broad public meetings. The second meeting is scheduled Jan. 19 in the California Building at Idlewild Park.
Valerie Andersen, a member of several area clubs dedicated to open space and a part of the city's working group, said the plan will help ensure open space remains accessible as Reno continues annexing parts of Washoe County for development.
"I'm hoping to preserve public access to trails and also wildlife corridors and open space," Andersen said.
Enforcing the council's will about open space can be difficult because the policies aren't outlined clearly in the master plan, Jones said.
"With this policy document we'll be able to say you have to do this and this and this," she said, suggesting the city could require developers to tie into the regional trail system at specific places.
For Lori Wray, another member of the working group and president of Scenic Nevada, the biggest issue is protecting ravines and drainage ways for open space, something she's been fighting in her southwest Reno neighborhood for years.
"We just want developers to be sensitive to the flood plains that are in (the neighborhoods) and try and leave some open space," Wray said.
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