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15055 Crimson Drive - Reno, Nevada 89523
VIRGINIA FOOTHILLS

15055 Crimson Drive * Reno Nevada

Virginia Foothills - Reno Nevada. This three bedroom home sits on a huge lot. Front yard has nice fall colors and the back yard is big enough for a patio, deck, garden, and pond. This wonderful home has three bedrooms, two bathrooms; one with whirlpool jets, and ceiling fans in every room. New additions include a new sprinkler system, raised ceilings, open floor plan, laundry room, new walls, high speed DSL internet and day room. Home currently occupied with long time tenants paying $1350 per month. 24 hours notice needed prior to showing.

The kitchen inside the home at 15055 Crimson Drive is gigantic. It comes with brand new energy efficient appliances by Hotpoint: New Refrigerator, Gas Oven, Microwave, and Dishwasher. New Kitchen Cabinets, Spanish Tile Flooring, and Fan. This kitchen has space for large dining room table.
Book an appointment to see this Reno Nevada Home Today.
Kelly (775) 851-7512   Price $439,000
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Downtown Condo Price: $169,000
1 Bdr:
1 Bath
Map
Century 21 Goldcrest
Views
Mountains
City
591 SQ ft
Built: 1968
Association
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Reno Real Estate
Reno Real Estate
Reno Condo For Sale List price: $99,000 
2 Bdr:
Large Size
Two Story
home interior
2 Baths
Carport
Available Now
909
SQ ft
Built: 1984
Unit
#19
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Reno Real Estate
Reno Real Estate
Reno Foothills List price: $389,000.00 
3 Bdr:
Large Lot
Map
Reno Real Estate For Sale
2 Baths
2 Car Garage
LLAMAS?
1,800
SQ ft
Built: 1971
Gourmet
Kitchen
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Reno Real Estate
Reno Real Estate
Verdi Luxury Home List price: $1,595,000
5 Bdr:
2 Story
Map to Home
home interior
5 1/2 Baths
4 Car Garage
Available Now
6103 SQ ft
Built: 2001
Pool
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Reno Nevada News - Real Estate Feature
Reno Homes For Sale

by Zane Durant
Reno Nevada News * February 4, 2006

First Time Home Buyers
Most With No Money Down

RENO As Reno Nevada housing prices soared last year, an eye-popping 43% of first-time home buyers purchased their homes with no-money-down loans, according to a study released Tuesday by the National Association of Realtors. The trend is potentially ominous. The Reno real estate market is cooling in some areas, and rates on adjustable-rate loans are creeping up. As a result, some no-money-down buyers could owe more than their homes are worth.

Heres the breakdown:: The median first-time home buyer scraped together a down payment of only 2% on a $150,000 home in 2005, ($3000) the NAR found.

Already, home prices in many areas are declining, and the "For Sale" signs are hanging in front yards longer. There's now at least a 50% risk that prices will decline within two years in 11 major metro areas, including San Diego; Boston; Long Island, N.Y.; Los Angeles; and San Francisco, according to PMI Mortgage Insurance's latest U.S. Market Risk Index.

"In a number of areas, particularly on the coasts, they have a high risk of price declines in the next two years," says Mark Milner, chief risk officer of PMI.

Red-hot home building, acquisitions, remodeling and refinancing in recent years helped drive the economy and raise fears of a real estate bubble. Dean Baker of the Center for Economic and Policy Research says that if housing prices fall at least 10%, it could be even more damaging than the collapse of the high-tech stock bubble in 2000.

"If we do get a spike in mortgage rates, and a modest decline (in the housing market) turns into a rout, there's almost no bottom to that," Baker says. "That's a crash scenario."

Baker and other economists are concerned that many lenders have pushed a series of creative but potentially dangerous loans to help more Americans afford a home. The traditional 30-year loan with a fixed rate remains the most popular way of financing, according to the Mortgage Bankers Association. But about one-third of homeowners take out riskier loans, such as interest-only or flat-minimum-payment mortgages.

"These non-traditional loans transfer risk to the borrower," Milner says.

NAR President Thomas Stevens says he isn't worried that nearly half of first-time home buyers put no money down, but adds, "If the number was higher than that, I'd be concerned."


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