Chad Lundquist/Nevada Appeal Carson City Realtor Kathy Tatro, stands in front of a five bedroom home at 1533 Chaparral priced at $1,275,000 on Tuesday afternoon
It has a prime location near the heart of the city, while maintaining seclusion with surrounding vegetation, open space and a private drive. This home, priced at $1.3 million, features a tennis court, stone fireplace and an exercise room. It has generated a lot of interest, but no offers yet.
More of Carson City's high-end homes are hitting the market this year. Now that the housing frenzy has slowed considerably, buyers have time to check out all their options.
Last year, four homes priced above $1 million sold in Carson City. Two months into the new year, nine are on the market.
"We've already got more (high-end homes) on the market this year than last," said Bob Fredlund, an agent with Coldwell Banker Best Sellers. "In February last year we probably only had 60 houses on the market. Now I've got 335 so far this year."
Will they all sell? Who is buying? A quick tour around Carson City with a local agent who sold two of those $1 million homes in 2005 reveals the anatomy of the local real estate market.
A buyers market
Only 65-70 homes were on the Multiple Listing Service in September 2004. A year later, 430 Carson City homes were on the market.
Kathy Tatro, a Realtor with Coldwell Banker Best Sellers, said these numbers show the end of a three-year seller's market. From 2001-03, buyers - many looking to cash in on the low mortgage interest rates - flooded the Carson City market. Many came from California pocketing a large cash out from a West Coast home. A small inventory and plenty of buyers led to bidding wars. Prices went up drastically.
The story is a little different in the dawn of 2006. This week, there are 48 homes on the market priced above $600,000. About 287 are under the $600,000 mark, according to the MLS.
"Some say that the real estate bubble has popped, but what I think is that this is a real positive thing for our economy," Tatro said. "Prices are leveling right now. There are more sellers and probably less buyers. But these buyers can take their time looking for what they really want."
It's a great time to be a buyer, she said. Many of the components that had driven up the market before are not in play now. Californians are getting frustrated with Nevada's rising costs and are heading farther east, such as Boise.
Fredlund said these high-end Carson City homes will sell to young professionals working in Carson City or Reno.
"We've got a lot of doctors and lawyers looking for homes," he said.
What's out there?
Here's a small taste of what Carson City has to offer high-end home buyers:
1533 Chaparral Drive
Central west side
Seller: Alan H. Adams family trust
Asking price: $1.3 million
Last sold: August 1995 for $500,000
The most impressive feature of this home is its exterior. A private drive circles a pond, Romanesque fountain and juniper bushes. The stately white siding, balcony, gray shutters and shingle roof are ideal for those who have always wanted to live in a mini Colonial home. The 2.85 acres include a tennis court, dog run and detached deck in the back yard. The owner also has a detached garage for the family cars - all six of them.
Though it has potential in the right hands, the interior decor is dated with dark green patterned kitchen wall paper, sparse lighting and thick carpeting. The home has five bedrooms and about 5,000 square feet.
The property has a lot of acreage in a part of the city popular with high-end buyers.
1751 Carson River Road
East side
Seller: P. Forrest and Anne Thorne
Asking price: $759,900
Last sold: Just the land. October 2002 for $124,000
This custom-built, two-bedroom, 3,000-square-foot home has 1.3 acres, perfect for horse lovers, which is exactly what the current owners are.
The home has a number of built-in features. The kitchen is fully equipped with all GE stainless steel appliances, including a warming drawer and wine cooler. A big screen TV is built into the master bedroom wall, right beside a Heat-N-Glo gas fireplace. The dining room has a cherry wood cabinet hutch with granite countertop.
The living room and kitchen nook overlooks the property and Buzzy's Ranch, which is slated as open space. But that could change.
The interior is well lit and, because of all the built-in features, is space efficient.
2064 W. Winnie Lane
Central west side
Seller: Shirley Sunde trust
Asking price: $2.3 million
Last sold: January 1998 for $480,000
Sitting on 2.35 acres is a five-bedroom, 8,867-square-foot home with a mountain view, pool, tennis courts, barn and four-car garage.
This house is the third highest priced in Carson City currently but beats the second highest priced home, 600 N. Richmond St. priced at $2.5 million, in the number of bedrooms, square footage and acreage.
In July 2001, 600 N. Richmond was sold for $1.6 million, one of the highest priced homes ever sold in Carson City.
That reign could come to an end this year. The current highest priced home, 5080 Hells Bells Road, is sitting on about 43 acres and priced at $3.5 million.
-- Contact reporter Becky Bosshart at bbosshart@nevadaappeal.com or 881-1212.