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A real estate gamble in Reno, Nevada might be just the bet for you in the current beleaguered housing market. With foreclosures topping out at 20% of the available home sales in Reno, and short sales at 30%, one of the top realtors in the Reno-Sparks metropolitan area says you're sure to get more for your dollar now. Hopeful signs of recovery were seen in the March, 2009 pending sales statistics that were the highest since July, 2005. Add Reno's high quality of life, breathtaking natural beauty, and sophisticated style that back up its claim to be "The Biggest Little City in the World," and Reno might be a sweet bet for the future.

Priced from ultra-luxurious homes at $4 million to modest houses and condos well under $100,000, Reno has something for everyone. Urban to suburban style living, and world-famous Lake Tahoe as a playground, living in Reno means four seasons of fun in this laid-back western town with big city sparkle.

Top investment choices for home buyers are in central downtown Reno along the Truckee River Walk, a popular community attraction where you can kayak and run the rapids in the heart of town. Redevelopment projects abound in central Reno, and condos are plentiful. Eclectic architectural styles reflect the adaptive re-use of older buildings. Prices range from $50,000 to $2 million. The close proximity to the vibrant West Street Market, services, shopping, dining, bars, and entertainment make this neighborhood sought after by a diverse clientele.

The Wells Avenue Bungalow District is one of the best neighborhoods for first time home buyers. The historic craftsman style brick or shingle bungalows built from the 1900s to1930s are very desirable, and give the neighborhood a quaint, down-sized retro ambiance that is sure to become polished into upscale chic. Prices start around $100,000. A master plan for the Wells Avenue District has just been completed, and according to the local press, dedicated volunteers recently planted 100 trees along the streets and would like to get the area designated as an "historic bungalow district" by the city.

Another great neighborhood for investment is Old Northwest Reno. It features modest, older homes from the 1920s-40s, 1950s ranches, and 1960s-70s bi-levels set on wide lawns with mature landscaping and large trees. Prices range from below $100,000 to $500,000. This revitalized neighborhood attracts buyers who have been priced out of costlier areas. Close to the University and the gorgeous Rancho San Rafael trails, the Old Northwest neighborhood is up-and-coming due to a new generation of buyers that appreciate the charm of mid-century American residential architecture.

Nestled in the foothills of the Sierra Nevada, Reno has culture, commerce, arts, good public schools, recreation, the University of Nevada campus, and grassroots community involvement. It's a great place to live, and it might be just the right time to take a chance on one of Reno's best-buy neighborhoods.

Learn more about this author, Cynthia Warso.
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