Work has resumed on the Mayberry Villas residential project in west Reno, and prices are $150,000 below their level a year ago.
Work on the 24-home gated community developed by Homecrafters Ltd. of Reno came to a halt last fall after the failure of the project's lender, Colonial Bank.
Heritage Bank of Nevada now is financing the development.
The current starting price of $325,000 for homes in the subdivision is down from $475,000 a year ago, said Bill Kearney, owner of Kearney Realty, the sales broker for the project. Homes range from 2,084 to 2,682 square feet.
The project designed by KTGY, an architectural firm headquartered in Irvine, Calif., is at McCarran Boulevard and Mayberry Drive.
