When you think about a piece of property with a Reno zip code, you probably think casino right away. The popular picture of Reno is a city of lights and activity, entertainment and gambling. We often don't stop to consider the fact that all those Reno businesses are owned by Reno residents, and those residents have to have somewhere to live. The city's no different than Downtown Toronto real estate in that regard; there are just as many residential districts as there are business districts. Let's take a look at some things to consider when it comes to real estate in Reno.

Variety

If there is one thing that can be guaranteed about a real estate market in a city whose main economic activity is tourism, it is that there will be a huge variety in the number of homes on the market. This is certainly true of Reno, where you will find suburbs reminiscent of the Waterloo Ontario real estate listings as well as secluded vacation spots similar to the gated communities of California.

Those high end communities are usually the result of interest in real estate on the part of the rich tourists who travel here each year for the fun and the sun. Areas such as Crystal Bay, Washoe Valley, and Verdi are seeing massive development, with mansions worth millions of dollars being built.

On the other hand, middle class lifestyles will also find a place to settle down in Reno as well. There are many quieter, more modest neighborhoods which have everything the average family could ask for. Traffic is reasonable and city services are well above the norm, thanks to the huge amounts of money which come into the area from outside.

Downtown Reno has recently been the subject of a big speculation boom, as several casinos have moved operations to Las Vegas, leaving their buildings empty. These buildings are the perfect place for developers to create units along the lines of Toronto lofts and other types of condominiums. Recent developments include The Residences at Boardwalk Towers.

Prices

Nevada has been one of the hardest hit states as far as the real estate market crash goes, but Reno has weathered the storm fairly well. The high end houses still tend to be sold for more than purchase price.

Middle class homes in the suburbs have also managed to hold their prices, with average listings just below $370,000; that's comparable to Leslieville real estate. That's good news for those new to the area, as prices are bound to go up here when the economy recovers, and Reno has proved it has the base which can support rapid growth.

The real bargains in the city today will probably be the new condo developments. With downtown rejuvenation a relatively new goal, these units are not being sold with the fervor we see with Liberty Village condos and other developments to the north. However, the popularity of Reno is still huge and sooner or later, these units are going to be sold as second homes to the people who like to make Reno their vacation spot. Investing in a unit now may pay off big time in the near future.