Regional changes in Northern Nevada
June 5, 2017
The next five years will see major changes in northern Nevada that will create currently unforeseen real estate market changes. With the influx of major employers the economic position of northern Nevada will evolve in ways that are currently unknown. The demand for housing in the proximity of the jobs was projected to be more than what can be supplied. With enough need, however, the housing supply will be met by innovative development and building.
The anticipation of market changes has had some influence in the market already, primarily in the Dayton/Stagecoach/Silver Springs corridor where the USA Parkway will be opening in the next few months. That will create an easy access to the Tahoe Reno Industrial Center, thus throwing those communities into the mix for employee housing. Prices have been increasing in anticipation of the enhanced demand.
It is interesting to see how far the TRIC development ripple effect is reaching. We were recently discussing property value with an owner that had acreage just under two hours from TRIC. She had been told that because of the development up north she should hold on to her property for added value. While there will definitely be a ripple effect throughout the region as it does on water when a rock splashes in a pond, it diminishes the farther it gets from the point of creation. The outlying areas may enjoy some onesy-twosy sales from the activity, but probably not enough to have a dramatic impact on the market.
The area markets will be changed by the general influx of cash in the region. The velocity of that money moving through the communities will have a positive impact with positive results, perhaps initiating development where there is none now. The anticipated demand is such that entire new towns could be created and supported. Where will they be? Follow the water. Without water development won't happen. Where there is water in sufficient quantities to support large subdivision developments you may see significant changes.
Change can be good if done well. As changes are coming to your community, don't just say no to growth, help shape it so it will be a benefit to the community. Allow those people that are like-minded live in the area you love and enjoy for the reasons you love and enjoy it. Give your input to the government types that will be reviewing projects, talk to the developers if you can. Let them know your thoughts — your input might be what they need to create a better project for the community and themselves. Nothing like having the ideal development in the wrong neighborhood. They need to design according to where they are building, so don't hesitate to help them do the right thing. Everyone benefits in the long run.
Our advice: While the epicenter of the regional boom is in TRIC, the areas impacted go 360 degrees from that site. If you are trying to project development and market changes, look at water rights and location. Consider the two job family — one working in TRIC and the other for the state government in Carson City, or otherwise employed in Reno or Sparks. Those families won't want to be northeast of TRIC, rather southeast or northwest if possible. Put your regional glasses on and play planner. What would you do as a developer? What would you do as a city/county planner? Where is it going to go?
It is time to break out the crystal ball to see what is going to happen. Peer into the sphere and enjoy the crystal clear vision of the future, then buy/sell/invest accordingly. In 10 years our region will be significantly different. Plan appropriately for you and your family.
Recommended Stories For You
Trending In: Real Estate
- Squaw Valley ends record 2017 ski season
- Peppermill Reno named one of the Top 10 Best Casinos by USA TODAY
- Switch to expand into iconic Virginia Street Post Office building in downtown Reno
- 40 years later, Carson City bypass a reality
- College of Engineering poised to increase economic prosperity for Nevada