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Category Archives: Housing

Under Deconstruction: University of Nevada South Neighborhoods

09 Thursday Jan 2020

Posted by Paul Kiser in About Reno, Business, College, Economy, Education, Generational, Government, Higher Education, History, Housing, Life, Nevada, Politics, Pride, Reno, Universities, University of Nevada

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Board of Regents, College, higher ed, higher education, housing, I-80, Interstate Highways, John Evans, neighborhood, neighborhoods, Reno, University of Nevada

A Different Type of 20/20 Plan 

The neighborhoods of the University of Nevada in Reno start 2020 with 20 structures recently demolished or moved and 20 more standing vacant, waiting for their demise. Not all of it is directly connected to expansion by the University, but houses in some of Reno’s oldest subdivisions are vanishing for university-related business.

The end is near for neighborhoods on the U of Nevada southside

For the last few years, structures adjacent to the university, primarily houses, have been torn down. The neighborhood on the west side of Virginia Street has seen significant changes and now the southern neighborhood has become a part of the makeover.

Southern Loss:  Under the shovel of progress

Southeast – University of Nevada Engineering Building

In 2018, the University began tearing down nine houses on the west side of Evans Street. These homes adjacent to the southeast edge of the campus were part of the University Heights subdivision but most of them have been owned by the University for many years. A large new building for the College of Engineering is replacing the nine homes. A tenth home remains standing at the curve of Evans on the southeastern corner of the campus.

University Heights subdivision homes replaced by Pennington Engineering Building (Home marked with the yellow line remains standing but is owned by the university.)

The College of Engineering has grown significantly in the past decade (1,595 students) but that growth has slowed to an increase of only 170 students in the past four years (Fall 2015 to Fall 2019.) University administrators have stated that the new Pennington Engineering building is too accommodate the growth.

The New Pennington Engineering Building in University Heights 

Evans Northeast Addition – Abandoned and Boarded

CCC-Reno LLC purchase of Evans Northeast Addition subdivision

In 1906, Elizabeth Evans, widow of John ‘Newt’ Evans, filed for the Evans Northeast Addition subdivision. Most of the homes were not built until the 1930s; however, many were torn down in the early 1970s because of the construction of Interstate 80 (I-80.) Only one small block remains of the subdivision north of I-80 and west of the railroad tracks. That block is bounded by Record Street to the east, Evans Street to the north and west, and 9th Street to the south.

Homes of the Evans Northeast Addition neighborhood

On 5 March 2018, Capstone Collegiate Communities (CCC-Reno LLC,) a company located in Birmingham, Alabama, purchased all of the remaining properties. According to Washoe County Assessor data, the purchase for the homes (excluding the commercial property) was 180% of the current (Jan 2020) Zillow.com estimated value. The Alabama buyer paid over $5.5 million for all nine properties.

Acquisitions by Capstone Collegiate Communities, an Alabama corporation

After purchasing the properties, Capstone attempted to have several public roads abandoned by the city to expand the property. One of the proposed options was to close Evans Avenue. This would have effectively eliminated access to the eastern side of the University for those coming from I-80 and would have eliminated the most direct access to I-80 from the neighborhoods east of the university.

Fortunately, that plan never came to a vote by the Reno City Council; however, Capstone did secure more land by convincing the City Council to abandon a small right turn lane and its adjacent island.

Although Capstone Collegiate Communities have owned the properties for almost two years, it has been reported that they do not intend to begin construction until the Summer of 2021. It is unclear when the existing structures will be demolished. 

Evans North Addition – One of Reno’s Oldest Neighborhoods

For many years, the University has expressed frustration with the look of the motels and properties of the block between the campus and I-80. They expressed a desire to expand into that block and create a gateway to the University.

The house at 843 Lake Street was built in 1932. One of 23 properties now owned by U of NV

The irony is that this neighborhood was one of the first planned neighborhoods in Reno, and at one time it was known as one of the nicest neighborhoods. Known as ‘Professor’s Row,’ many homes were demolished in the 1970s to make way for I-80. This attracted the small hotels to fill in the block along Virginia Street that became unsightly as they aged.

One of the post-Interstate hotels on Virginia Street that is now slated to be destroyed.

It is also a twist of fate that the University is now seeking to eliminate the subdivision known as the Evans North Addition. This subdivision was established in 1879, by John ‘Newt’ Evans and his brother. John Evans was also the person who helped to convince the legislature to move the University of Nevada from Elko to Reno in 1885, and who also sold the land to the University.

U of NV Parking Garage and Business Building

Through purchases and donations, the University has acquired 23 properties to build a new parking garage and Business building. Construction is planned to begin later this year.

University of Nevada acquisitions for the parking structure and Business building

College of Business has also experienced significant student enrollment since 2009 (+1501 students;) however, the growth has slowed in the past four years with only 216 more students than in the Fall of 2015. The current building was built in 1982 and will be 40 years old in 2022.

RTC Steps in for the University

Virginia Street has been the focus of discussion as the motels in that area have been the source of crime and visual unattractiveness for the city and the University. Last Fall the Regional Transportation Commission (RTC) announced that they had purchased three of the five properties along Virginia Street between the University and I-80. The intent of the purchases is to create a transit hub, primarily for the benefit of the University.

RTC has the power to use eminent domain; therefore, the other two properties will either have to negotiate a fair price or face a legal battle that they will likely lose. The motels on the east side of Virginia have been abandoned and a construction fence placed around them.

Unrelated to the RTC project, two additional structures have been demolished at 9th and Sierra Streets, including a vacant sorority house; however, there has been little, if any, public announcement of the future of these properties. 

The Death Blow

The loss of these neighborhoods was really initiated by the construction of Interstate 80 in the 1970s. Quiet historical homes nestled at the foot of the University were no match for a major interstate artery through the middle of their neighborhood. If the alignment of the Interstate had been along the same route as the existing Highway 40 it might have given the Evans’ subdivisions an opportunity to survive. We will never know.

But now the last evidence of some of Reno’s original neighborhoods will be swept away. Unfortunately, hindsight is always 20/20.

Impotent Taxation: Why Nevada Can’t Have Nice Things

16 Monday Apr 2018

Posted by Paul Kiser in About Reno, All Rights Reserved, Business, Conservatives, Crime, Donald Trump, Economy, Education, Entertainment, Ethics, Government, Government Regulation, Higher Education, History, Honor, Housing, jobs, labor, Life, Management Practices, Nevada, parenting, Politicians, Politics, Pride, Public Image, Public Relations, Real Estate, Recreation, Reno, Taxes, Travel, United States, Voting

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Education, gaming, mining, Nevada, property tax, schools, taxation, taxes, underfunded, Washoe County School District

Nevada, as a community is not pretty. In fact, it is probably the ugliest State in the nation when it comes to the ‘American Dream.’ Don’t tell that to one of the few citizens (25%) born in the State. Hardcore Nevadans are almost cult-like in the fondness of a State of mostly sagebrush and blowing sand. What Nevada can’t figure out is that it takes money to run a State, and that requires taxes. Nevada doesn’t believe in taxes, they believe in being a failure.

Proud to be the worst…at everything

Nevada Sucks And Has the Rankings to Prove It

Nevada ranks #3 in violent crimes per capita. In education, Nevada is the worst State according to USA Today. Of the best States with the best quality of life, Nevada ranks 43 out of 50, and in the area of social environment, it ranks dead last. Nevada has the 46th worst in the unemployment rate. These aren’t a new downward trend in rankings. Nevada is consistently at the bottom of these rankings.

Nevada is a State everyone points at as the example of what not to do. Companies don’t want to move to Nevada because of the crime, poor education, bad quality of life, which makes unemployment higher.

Nevada Taxation:  Where Rich People Come For a Free Ride

Nevada can’t figure out that it has a taxation problem. More taxes, better schools, lower crime, better quality of life, etc. But Nevada isn’t run by citizens. Nevada is run by the beasts of mining and casinos. It is sad to see how normal citizen rush to defend the monster that feeds on them.

Mining is digging up Nevada’s one-time resources and taking them out of State. Mineral corporations account for over $3 billion dollars of Nevada’s gross domestic product, but mining’s contribution to the State revenues is only one percent. For comparison, Nevada’s cigarette tax contributes four percent to the State budget.

Gaming is the 363 kg gorilla of Nevada politics but pays minimal taxes. The ‘Gaming Tax’ is a tax levied on the winnings of their customers. The ‘Live Entertainment Tax’ is added to the cost of admission. The ‘Room Tax’ is added to the hotel invoice to the customer. The gambler/customer pays the tax, not the casino.

Casino owners like Sheldon Adelson don’t pay income or corporate taxes. They are reaping the money, but not supporting the State of Nevada.

Nothing Else Works

Nevada is the State of blind voters and boot-licking politicians. It is a State that will do anything to avoid fixing the real problem if the solution would impact corporations or the wealthy. The State is has tried everything but the one solution that is obvious:  raise taxes on corporations and the wealthy.

The Silver State is likely to be hit by a perfect storm of economic destruction. The upcoming recession will catch Nevada completely unprepared. Housing prices far exceed the wage-earning potential of the middle class. As jobs collapse, housing will collapse. Underfunded schools, law enforcement, and government services will only get worse.

There is no positive response Nevada will be able to make to an economic downturn. Nevada will become a third world State and the politicians will respond by doing the wrong thing…cutting desperately needed taxes on corporations and the wealthy.

This is why Nevada can’t have nice things.

Why Are Conservatives Anti-Society?

13 Tuesday Mar 2018

Posted by Paul Kiser in Aging, All Rights Reserved, Business, Conservatives, Discrimination, Donald Trump, Economy, Education, Ethics, Gender Issues, Generational, Government, Government Regulation, Gun control, Gun Extremists, Higher Education, History, Housing, labor, Nevada, Politicians, Politics, racism, Religion, Reno, Respect, Second Amendment, Taxes, United States, US History, Voting, Women

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anti-society, Conservatives, Donald Trump, GOP, Gun control, gun extremists, gun laws, guns, hu, Immigration, immigration laws, Republicans, society, taxes, Trumpsters, Women

The conservative agenda is not society friendly. It is designed to benefit few and ignore the rest. The ideology of conservatism is based on an idea of keeping what is perceived to be good and avoiding risk-taking in the future. It assumes that there will be winners and losers so life is about making sure they are the winners.

Fear and Hate are the Entrees for Conservatives

Religions As Safe Harbor For Conservatives

Religions are typically conservative because most religions are built on a paradigm of preserving past traditions. Even the Christian religion is filled with rules and rituals that preserve the thinking of the past and are resistant to change. This is why so many Christians identify themselves with conservative thinking.

The idea that everyone is worthy and equal is usually rhetoric in religions mixed with a condescending effort to help those less fortunate. Often religions and conservatives blame the less fortunate for their own problems. They are the losers and a conservative often consoles hu’s* conscience by making offerings or volunteering to help the less fortunate.

A Liberal Perspective is in Direct Conflict with a Conservative

A conservative, by definition, is focused on preserving what they believe with the assumption that any other belief is irrelevant. It is easy to understand why anyone who has a liberal perspective is worthy of ridicule to a conservative because liberals tend to have a less cynical view of humanity.

Conservatives are driven by fear and self-preservation, while liberals are driven by hope. Conservatives need to believe that they are under threat. Examples of conservative thought consumed by selfishness and fear are:

Taxes

All efforts in a society should be of direct benefit to the person paying taxes. Any money spent for the welfare of others is a target to conservatives and considered a waste of money. Conservatives often use rare examples of waste to ridicule spending for the benefit of less fortunate.

Gun Ownership

Conservatives use their fear of humanity to base a belief that a system of laws and impartial judgment are not effective. Conservatives believe that they should have the right to judge the actions of another person and execute them without trial. To the conservative, the term ‘defense’ justifies the instant execution of an unarmed person based on hu’s fear of that person.

Immigrants

Conservatives typically interchange hu’s racists beliefs with issues that target a particular race. Even though there is no significant immigration problem in the United States, conservatives manufacture a fear that immigrants are a threat. Immigration enforcement targets non-Caucasian races and typically ignore Caucasians.

Women

Historically women have endured a subservient role in society. Conservatives want to preserve that subservient role and consciously and unconsciously act as if women are a lesser gender. In religion, a fear of women has pushed them into a role of service to men and the church.

Conservatives Anti-Society

The problem with conservative ideology is that the fear and hate of non-conservatives places them as the adversary of society. It divides the population, often along the lines of race and power. In their mind, everything is an ‘us-versus-them’ battle regardless of a lack of evidence.

This attitude impacts the effectiveness of our society as the concept of a few winners is at the expense of the rest of the population. 

(*’Hu’s’ is a pronoun meaning ‘his’ and/or ‘hers.’)

Stock Market Symptom of Great Depression, Not Cause

05 Monday Feb 2018

Posted by Paul Kiser in About Reno, Business, Crisis Management, Economy, Ethics, Generational, Government, Government Regulation, History, Housing, Management Practices, Politicians, Politics, Real Estate, Taxes, The Tipping Point, United States, US History

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1929, Black Monday, Black Thursday, Black Tuesday, feeding frenzy, investors, stock market, Stock Market Crash

Investors seem to be the last to know that the economy is a disaster. It is true that the downturn in the stock markets can trigger negative reactions in the economy, but those reactions are an acknowledgment of existing problems, such as low wages, overextended on loans, etc. In every case of an economic downturn, the stock market was a symptom of the larger economic failures and not the cause of the downturn.

Marchers seeking jobs

Post-Great Depression Life

Investor Greed-Based Denial

Investors are notorious for lying to themselves. The primary motivation of an investor is to make more money and that motivation compromises his ability to make informed judgments. Most investors and the computer-based programs they use are focused on what the crowd is doing. Investors review and respond to company and industry issues, but even if the facts indicate a problem that might threaten the future of the stock value, most investors will follow the actions of the rest of the market over any contrary information.

Stock Market:  It’s About Buying Stupid

Stock markets are ruled by buyers. If most investors want to buy a stock the value goes up. If most investors don’t want to buy the stock the value goes down. Individual stock values are driven by buyers.

However, when investors realize that major economic factors and/or significant world events will have a negative impact on all stock values, the markets collapse. A market crash occurs when sellers of stocks can’t find any buyers at any price. That is why some market collapses have been stalled by a major investor buying up stock to prop up the values of the larger market.

Economic Factors of the Great Depression

The major underlying economic causes of the Great Depression were low wages, weak consumer buying, high consumer debt, and depressed agricultural prices. Despite these warning signs investors continued to speculate on higher and higher stock values. They figuratively ran off the cliff unaware that there was no ground underneath them.

1929 Stock Market Crash

The Dow Jones Industrials 1929 Crash

The irony is that investors had multiple warnings before the big crash on 29 October 1929. In March and May of that year, the stock markets experienced mini-crashes that were warned of economic dysfunction; however, by June investors were back to rampant speculation. By September the stock markets began to stumble leading to Black Thursday (24 October) and Black Monday (28 October) and finally Black Tuesday (29 October.) After that, no one held any delusions of the state of the economy.

Market Crash Indicators:  Rapid Advances, Wild Speculation 

It is consistent that rapid growth and high exchange volumes in the stock markets are the best predictors of an impending crash. As the key indicators warn of economic downturn investors seem to move into a frenzied state of buying and selling. This behavior suggests that investors are aware of the coming downturn and are attempting to pass around stock as fast as possible to make money at a high value, but then selling off the stock before its value collapses.

DJIA 10 years

2017 DJIA indicates a frenzied feeding event

2018 Looks Familiar

The economic situation of 2018 has many similarities to the 1929 pre-Depression environment. Wages have been stagnant for decades. Consumer debt is high and consumer savings is low. Multiple economic factors such as housing prices are out of touch with reality.

The scariest indicator predicting a downturn is the frenzied volume of shares being bought and sold. It indicates that investors are attempting to play ‘hot potato’ stocks in an attempt to harvest their value while the market is going up, but sell the stock quickly to avoid being caught before the stock market crashes. The current markets have no confidence in the future of our economy and that is more revealing than anything investors actually say in public.

[COUNT TO 500:  494th Article in PAULx]

Housing Prices Edge Closer to Catastrophe

04 Sunday Feb 2018

Posted by Paul Kiser in About Reno, Business, Crisis Management, Customer Service, Economy, Ethics, Generational, Government, Government Regulation, History, Housing, Real Estate, Taxes, The Tipping Point, United States

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2007-09 Recession, California, Colorado, Disaster, economy, home prices, Homes, housing, investment owner, Massachusetts, median home price, Nevada, owner-occupied, real estate, Recession, recession of 2018, United States

For the last twenty years, the United States has been building a tower of paper wealth. Over time the paper value of homes on the market has far outpaced inflation and wage growth. The current realty market has little connection to reality and we are on the brink of a housing catastrophe.

Price With No Reality Check

The real estate market is inherently flawed. Some claim that it is a perfect example of supply and demand, but that is not accurate. Real estate is the perfect example of a capitalistic market where common sense and ethics are overlooked because greed has blinded the people involved.

Prices exceed the bubble of 2007

Home Prices Heading Toward a Cliff

Housing prices are not governed by a person’s (or family’s) ability to pay. They are governed by a real estate professional who has a financial interest in driving the price up, and an owner that wants as much money as possible. The buyer taking all the risk and if the housing prices don’t continue upward, they lose.

So why would anyone buy a house when prices are already too high?

The ‘Investment’ Loophole

Historically, the one house, one owner or owner-occupied concept kept a check on housing prices. If the buyer couldn’t pay the mortgage, he or she would lose their home. That was a big risk. Today’s investment buyer risks little if anything if they can’t pay a second home mortgage. She or he may lose the home if the investment fails but is a loss of potential future revenue and not a personal crisis.

Investment housing creates artificial shortages because one owner can own multiple homes, removing those from the overall inventory. The lower the supply, the higher the price. In 2016, the number of owner-occupied homes in the United States was 63.6%. California’s owner-occupied rate is 55.3% and at $524,000, its median home price is over double compared to $206,300 for the United States.

Median home price in four cities compared to U.S. average

Another 2007?

The current median price for a home in the United States is higher than it was during the housing bubble in 2007. Any shock to the economy would erase the paper home value and flood the market with another round of investment homes being dumped on the market.

It is a crisis that is easy to anticipate, but no one does. When the next recession hits the United States will once again suffer through a massive drop in housing prices as multi-house owners dump their investment homes and walk away.

[COUNT TO 500: 493rd Article in PAULx]

Other Pages of This Blog

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  • Familius Interruptus: Lessons of a DNA Shocker
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  • Rules on Comments
  • Six Things The United States Must Do
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