An ArrowCreek, Golf vs. Non-Golf, Property Value Update (November 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that just happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the Articles of Incorporation, By-Laws and the Covenants, Conditions and Restrictions (CC&Rs)). Participation in the private club (i.e., HOA residents do not have a financial interest nor obligation to ‘The Club,’ which is not true for all Associations in Northern Nevada) is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 482 custom homes have or are being built. Approximately one third of the lots are directly adjacent to the golf course. This report contains the data that was available on November 26, 2021, from the Washoe County Assessor’s Records, these records appear to be two to three weeks behind posting, potentially due to COVID or reporting bottlenecks, as compiled and analyzed by the author.

During this past month the number of properties changing owners was at a nominal rate of 7 (seven) properties versus 6 (six) for prior months. This data appears to be in agreement with national publications and local real estate and banking professionals. We did not make the list of the hottest local markets per Kiplinger, the Wall Street Journal, or the S&P CoreLogic Case-Schiller national home price index (19.1% increase), BUT our year-over-year price gain of 34.1% certainly should have qualified us for the list. These seven (7) properties that changed owners over this past month had a total value of $8.8 Million! Two (2) of the properties were directly adjoining the ‘golf course.’ Currently ‘non-golf course homes’ enjoy a sales price advantage of 4.7% ($19.91 per square-foot) advantage over ‘golf course’ homes, with the advantage squarely noticed, as you’ll read below, in the value of custom homes.  This ‘advantage’ does not hold up for undeveloped land as the price, as you will also read shortly, is 1.3% higher for property adjoining the golf course.

Since December of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $360 per square foot and semi-custom homes a ‘floor’ of $330 per square-foot to grow from. With seven fully financed properties changing hands this past month, Granite Point I was the most active neighborhood.

On with THE FACTS:

a.) Seven (7) properties were recorded sold in ArrowCreek between 27 October and 19 November (per the Washoe County Assessor). This brings the total number of properties transferred over the past rolling year to 125 or 11.5% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community. Additionally, we are faced with a rising economy as the fall buying season is here and ‘investors’ see an increasing value within our community.

b.) One (1) home on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) was closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $405.35 per square foot. Based upon the statistical rolling average calculation (17 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data, which is what likely has taken place over past several months.), the price per square foot increased by $7.63 per square-foot due to the rolling year statistical calculation. The 12-month rolling average sales price decreased to $1,777,823.53, again based upon common statistical methods. One (1) additional vacant parcel was sold and the rolling average selling price for undeveloped property on the golf course now stands at $328,112.90 per acre.

c.) Five (5) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $425.26 per square foot, which is up by $11.59 per square foot, based on a sample size of 63 homes. The twelve-month rolling average sales price for non-golf course homes decreased to $1,497,499.54. No additional vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 1.3% below vacant golf course property at $323,885.17 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since December of 2020 prices have been steadily increasing across the ArrowCreek market and across the Washoe Valley in general. Additionally, it was noted that five years ago the nominal price per square foot was on the order of $200 as opposed to where it is today. One of the stunning features of this chart is the absolute difference between non-golf and golf related homes. An interesting observation was provided recently that may account for some or most of this difference. The observation was from a Damonte Ranch resident who belongs to ‘The Club.’ “I get all the ‘amenities’ of ArrowCreek with my golf membership without the ‘high cost’ of owning a home there.” Something to ponder…

2. Fall has arrived, and the housing market continues to be alive even though water resources are getting tight. For those desiring a secure, safe environment to raise a family or to have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained fairly constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. From the chart it is clear that home values have been steadily increasing since July 2020. Furthermore, values of Custom homes within Truckee Meadows, especially those in Reno and on the ArrowCreek golf course, have managed to exhibit nearly the same values along with ArrowCreek Semi-Custom homes, no matter the immediate environment they are located within.  Also, the value of Semi-Custom homes, of comparable home and land size, indicate that both Reno and Sparks offer greater value per square foot than ArrowCreek from a pure price perspective. ArrowCreek’s value appears to lie in our gated security, quality of adjacent schools and our other amenities which amounts to a premium of $70 per square-foot for our Semi-Custom homes. Obviously, this is not true for our Custom homes as we enjoy the same ambience, but there is little price difference.

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $410.59 per Square Foot
  • Semi-Custom Off-Course: $402.04 per Square Foot
  • Custom On-Course: $402.28 per Square Foot
  • Custom Off-Course: $463.00 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $414.41 per square foot (Median price $1,724,500). The average days on the market was 49 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling in the same price range without a lot of differentiation. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $315.73 per square foot (Median price $850,000) with a time-on-market of 28 days. Median prices rose across the Reno market by 25.1% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 39.8% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The average price for these Sparks homes is $255.24 per square foot (Median price $875,000) with an average of 35 days on the market. Median prices rose across this market by 19.7% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 47.2% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: ArrowCreek Custom homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential Area of ArrowCreek) has little or a negative effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising and the data compiled in this report.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is that only a third of the homes and lots are on the golf course and 39% of owners are actually members of ‘The Club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not.

Two initiatives that are currently being considered by the ACHOA Board of Directors are an enhancement to landscaping along the entry to our community, requiring a ’loan’ of half a million dollars and a second more insidious effort to raise dues to fund reserves at a 70% level. Both of these initiatives can impact fixed income residents. The community should be managed to maintain our high desert look and feel and not to impose a burden on fellow residents who enjoy our current environment. From the data in this report, neither of these initiatives will enhance our home values.

The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools, and recreational opportunities. More people will come to ownership in ArrowCreek as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
November 28, 2021

For previous postings of the ArrowCreek property value updates: click here.

 

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (October 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that just happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the Articles of Incorporation and the Covenants, Conditions and Restrictions (CC&Rs)). Participation in the private club (i.e. HOA residents do not have a financial interest nor obligation to ‘The Club,’ which is not true for all Associations in Northern Nevada) is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 479 custom homes have or are being built. Approximately one third of the lots are directly adjacent to the golf course. This report contains the data that was available on October 30, 2021 from the Washoe County Assessor’s Records, these records appear to be two to three weeks behind potentially due to COVID or reporting bottlenecks,  as compiled and analyzed by the author.

During this past month the number of properties changing owners was at a nominal rate of 6 (six) properties versus 6 (six) for last month. This data appears to be in agreement with national publications and local real estate and banking professionals. We did not make the list of the hottest local markets per Kiplinger, the Wall Street Journal or the S&P CoreLogic Case-Schiller national home price index (19.1% increase), BUT our year-over-year price gain of 30.1% certainly should have qualified us for the list. These six (6) properties that changed owners over this past month had a total value of $7.0 Million! None of the properties were directly adjoining the ‘golf course.’ So, currently ‘non-golf course homes’ enjoy a sales price advantage of 3.9% ($15.95 per square-foot) advantage over ‘golf course’ homes, with the advantage squarely noticed, as you’ll read below, in the value of custom homes.  This ‘advantage’ does not hold up for undeveloped land as the price, as you will also read shortly, is 8.7% higher for property adjoining the golf course.

Since November of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $340 per square foot and semi-custom homes a ‘floor’ of $310 per square-foot to grow from. With six fully financed properties changing hands this past month, there wasn’t a most active neighborhood.

On with THE FACTS:

a.) Six (6) properties were recorded sold in ArrowCreek between 13 September and 8 October (per the Washoe County Assessor). This brings the total number of properties transferred over the past rolling year to 133 or 12.3% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the fall buying season is here and ‘investors’ see an increasing value within our community.

b.) One (1) home on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) was closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $397.72 per square foot. Based upon the statistical rolling average calculation (18 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data, which is what likely has taken place over past several months.), the price per square foot increased by $14.24 per square-foot due to the rolling year statistical calculation. The 12-month rolling average sales price increased to $1,789,611.11, again based upon statistical methods. No additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course stands at $344,099.35 per acre.

c.) Four (4) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $413.67 per square foot, which is up by $8.61 per square foot, based on a sample size of 62 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,506,862.44. One additional vacant lot was sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 8.7% below vacant golf course property at $316,479.18 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market and across the Washoe Valley in general. Additionally, it was noted that five years ago the nominal price per square foot was $200 as opposed to where we are today.

2. Fall has arrived, and the housing market is very much alive even though water resources are getting tight. For those desiring a secure, safe environment to raise a family or to have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. From the chart it is clear that home values have been steadily increasing since July 2020. Furthermore, values of custom homes within Truckee Meadows, especially those in Reno and on the ArrowCreek golf course, have managed to exhibit nearly the same values, no matter the immediate environment they are located within. However, it came as a shock this month when the value of ArrowCreek semi-custom homes, on the golf course, nearly matched the value of custom homes on the course. Also, the value of Semi-Custom homes, of comparable home and land size, indicate that both Reno and Sparks offer greater value per square foot than ArrowCreek from a pure price perspective. ArrowCreek’s value appears to lie in our gated security, quality of adjacent schools and our other amenities which amounts to a premium of $70 per square-foot for our Semi-Custom homes. Obviously, this is not true for our Custom homes as we enjoy the same ambience, but there is little price difference.

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $405.53 per Square Foot
  • Semi-Custom Off-Course: $388.84 per Square Foot
  • Custom On-Course: $394.72 per Square Foot
  • Custom Off-Course: $452.99 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $406.95 per square foot (Median price $1,750,000). The average days on the market was 49 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling in the same price range without a lot of differentiation. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $312.40 per square foot (Median price $870,000) with a time-on-market up seven days from last month to 28 days. Median prices rose across the Reno market by 25.2% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 35.7% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The average price for these Sparks homes is $253.19 per square foot (Median price $875,000) with an average of 14 days on the market. Median prices rose across this market by 21% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 42% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential Area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising and the data compiled in this report.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is that only a third of the homes and lots are on the golf course and 39% of owners are actually members of ‘The Club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not.

Two initiatives that are currently being considered by the ACHOA Board of Directors are an enhancement to landscaping along the entry to our community, requiring a ’loan’ of half a million dollars and a second more insidious effort to raise dues to fund reserves at a 70% level. Both of these initiatives can impact fixed income residents. The community should be managed to maintain our high desert look and feel and not to impose a burden on fellow residents who enjoy our current environment. From the data in this report, neither of these initiatives will enhance our home values.

The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to ownership in ArrowCreek as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
October 31, 2021

For previous postings of the ArrowCreek property value updates: click here.

 

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (September 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the the Covenants, Conditions and Restrictions (CC&Rs)). Participation in the private club (i.e. HOA residents do not have a financial interest nor obligation to ‘The Club,’ which is not true for all Associations in Northern Nevada) is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 469 custom homes have or are being built. Approximately one third of the lots are directly adjacent to the golf course. This report contains the data that was available on September 26, 2021, from the Washoe County Assessor’s Records as compiled and analyzed by the author.

During this past month the number of properties changing owners was at a nominal rate of 6 (six) properties versus 6 (six) for last month. This data appears to be in agreement with national publications and local real estate and banking professionals. We did not make the list of the hottest local markets per Kiplinger, the Wall Street Journal or the S&P CoreLogic Case-Schiller national home price index (19.1% increase), BUT our year-over-year price gain of 32.1% certainly should have qualified us for the list. These six (6) properties that changed owners over this past month had a total value of $7.0 Million! None of the properties were directly adjoining the ‘golf course.’ So, currently ‘non-golf course homes’ enjoy a sales price advantage of 5.3% ($21.58 per square-foot) advantage over ‘golf course’ homes, with the advantage squarely noticed, as you’ll read below, in the value of custom homes.  This ‘advantage’ does not hold up for undeveloped land as the price, as you will also read shortly, is 12.1% higher for property adjoining the golf course.

Since October of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $330 per square foot and semi-custom homes a ‘floor’ of $280 per square-foot to grow from. With six fully financed properties changing hands this past month, there wasn’t a most active neighborhood.

On with THE FACTS:

a.) Six (6) properties were recorded sold in ArrowCreek between 16 August and 16 September (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 133 or 12.3% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the summer buying season is here and ‘investors’ see an increasing value within our community.

b.) No homes on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) were closed during this reporting period from late June to the end of September. The rolling average selling price for homes on the golf course now stands at $383.48 per square foot. Based upon the statistical rolling average calculation (19 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data, which is what likely has taken place over past several months.), the price per square foot increased by $.23 per square-foot due to the rolling year statistical calculation. The 12-month rolling average sales price increased to $1,768,018.42, again based upon statistical methods. No additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course stands at $356,232.51 per acre.

c.) Five (5) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $405.06 per square foot, which is up by $15.93 per square foot, based on a sample size of 61 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,463,312.44. One additional vacant lot was sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 12.1% below vacant golf course property at $317,895.13 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market and across the Washoe Valley in general. Additionally, it was noted that five years ago the nominal price per square foot was $200 as opposed to where we are today.

2. Fall has arrived, and the housing market is very much alive even though water resources are getting tight. For those desiring a secure, safe environment to raise a family or to have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. From the chart it is clear that home values have been steadily increasing since July 2020. Furthermore, values of custom homes within Truckee Meadows, especially those in Reno and on the ArrowCreek golf course, have managed to exhibit nearly the same value, no matter the immediate environment they are located within. However, the value of Semi-Custom homes, of comparable home and land size, indicate that both Reno and Sparks offer greater value per square foot than ArrowCreek from a pure price perspective. ArrowCreek’s value appears to lie in our gated security, quality of adjacent schools and our other amenities which amounts to a premium of $70 per square-foot for our Semi-Custom homes. Obviously, this is not true for our Custom homes as we enjoy the same ambience, but there is little price difference.

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $370.32 per Square Foot
  • Semi-Custom Off-Course: $380.27 per Square Foot
  • Custom On-Course: $388.18 per Square Foot
  • Custom Off-Course: $446.02 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $400.49 per square foot (Median price $1,750,000). The average days on the market was 42 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling in the same price range without a lot of differentiation. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $306.95 per square foot (Median price $850,000) with a time-on-market up four days from last month to 21 days. Median prices rose across the Reno market by 26% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 32% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The average price for these Sparks homes is $249.29 per square foot (Median price $797,500) with an average of 24 days on the market. Median prices rose across this market by 21.2% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 40% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential Area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising and the data compiled in this report.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes and lots are on the golf course and 39% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to ownership in ArrowCreek as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
October 1, 2021

For previous postings of the ArrowCreek property value updates: click here.

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (August 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private club (i.e. HOA residents do not have a financial interest nor obligation to ‘The Club’) is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 469 custom homes have or are being built. Approximately one third of the lots are directly adjacent to the golf course. This report contains the data that was available on August 28, 2021, from the Washoe County Assessor’s Records as compiled and analyzed by the author.

During this past month the number of properties changing owners was at a nominal rate of 6 (six) properties versus 4 (four) for last month. This data appears to be in agreement with national publications and local real estate and banking professionals. We did not make the list of the hottest local markets per Kiplinger, the Wall Street Journal or the S&P CoreLogic Case-Schiller national home price index (19.1% increase), BUT our year-over-year price gain of 29% certainly should have qualified us for the list. These six (6) properties that changed owners over this past month had a total value of $8.6 Million! None of the properties were directly adjoining the ‘golf course.’ So, currently ‘non-golf course homes’ enjoy a sales price advantage of 1.5% ($5.88 per square-foot) advantage over ‘golf course’ homes, with the advantage squarely noticed, as you’ll read below, in the value of custom homes.  This ‘advantage’ does not hold up for undeveloped land as the price, as you will also read shortly, is 12.2% higher for property adjoining the golf course.

Since September of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $330 per square foot and semi-custom homes a ‘floor’ of $280 per square-foot to grow from. With six fully financed properties changing hands this past month, there wasn’t a most active neighborhood.

On with THE FACTS:

a.) Six (6) properties were recorded sold in ArrowCreek between 16 July and 17 August (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 137 or 12.6% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the summer buying season is here and ‘investors’ see an increasing value within our community.

b.) No homes on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) were closed during this reporting period from late June to the end of August. The rolling average selling price for homes on the golf course now stands at $383.25 per square foot. Based upon the statistical rolling average calculation (20 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data, which is what likely has taken place over past several months.), the price per square foot increased by $11.83 per square-foot due to the rolling year statistical calculation. The 12-month rolling average sales price increased to $1,739,617.50, again based upon statistical methods. No additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course stands at $344,708.22 per acre.

c.) Five (5) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $389.13 per square foot, which is up by $11.07 per square foot, based on a sample size of 61 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,439,839.52. One additional vacant lot was sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 12.2% below vacant golf course property at $307,329.43 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market and across the Washoe Valley in general.

0821 Home Value Trends

 

2. Summer has arrived, and the housing market is very much alive even though water resources are getting tight. For those desiring a secure, safe environment to raise a family or to have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. From the chart it is clear that home values have been steadily increasing since July 2020. Furthermore, values of custom homes within Truckee Meadows, especially those in Reno and on the ArrowCreek golf course, have managed to exhibit nearly the same value, no matter the immediate environment they are located within. However, the value of Semi-Custom homes, of comparable home and land size, indicate that both Reno and Sparks offer greater value per square foot than ArrowCreek from a pure price perspective. ArrowCreek’s value appears to lie in our gated security, quality of adjacent schools and our other amenities which amounts to a premium of $70 per square-foot. Obviously, this is not true for our custom homes as we enjoy the same ambience, but the price difference is not apparent.

0821 Home Type Values

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $370.32 per Square Foot
  • Semi-Custom Off-Course: $369.29 per Square Foot
  • Custom On-Course: $387.56 per Square Foot
  • Custom Off-Course: $421.90 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $388.38 per square foot (Median price $1,850,000). The average days on the market was 35 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling in the same price range without a lot of differentiation. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $300.18 per square foot (Median price $877,500) with a time-on-market up three days from last month to 17 days. Again, ArrowCreek Semi-Custom home averages are about $65 to $69 per square foot above those in the Reno market. Median prices rose across the Reno market by 25% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 33% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The average price for these Sparks homes is $246.62 per square foot (Median price $849,000) with an average of 28 days on the market. ArrowCreek Semi-Custom home averages are about $118 higher per square foot. Median prices rose across this market by 21.5% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 38% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential Area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising and the data compiled in this report.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes and lots are on the golf course and less than 50% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to ownership in ArrowCreek as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
August 31, 2021

For previous postings of the ArrowCreek property value updates: click here.

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (July 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private golf club (i.e. HOA residents do not have a financial interest or obligation to ‘The Club’) is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 469 custom homes have or are being built. Approximately one third of the lots are directly adjacent to the golf course. This report contains the data that was available on July 31, 2021, from the Washoe County Assessor’s Records as compiled and analyzed by the author.

During this past month the number of properties changing owners dropped from a high of 26 (twenty-six) to 4 (FOUR). This data appears to be in agreement with national publications and local real estate and banking professionals. We did not make the list of the hottest local markets per Kiplinger or the Wall Street Journal BUT our year-over-year price gain of 26.5% certainly should have qualified us for the list. These four (4) properties that changed owners over this past month had a total value of $5.3 Million! None of the properties were directly adjoining the ‘golf course.’ With this division, homes ‘on the golf course’ show only a negative 1.8% advantage to those not on the course which amounts to a $6.64 per square foot advantage for homes not on the golf course. This ‘advantage’ does not hold up for undeveloped land as the price, as you will read shortly, is 11.6% higher for property adjoining the golf course.

Since August of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $330 per square foot and semi-custom homes a ‘floor’ of $280 per square-foot to grow from. With four fully financed properties changing hands this past month, the Granite Pointe I neighborhood was the most active.

On with THE FACTS:

a.) Four (4) properties were recorded sold in ArrowCreek between 30 June and 8 July (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 148 or 13.7% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the summer buying season is here and ‘investors’ see an increasing value within our community.

b.) No homes on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) were closed during this reporting period from late June to the end of July. The rolling average selling price for homes on the golf course now stands at $371.42 per square foot. Based upon the statistical rolling average calculation (23 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data, which is what likely has taken place over past several months.), the price per square foot did not change. The 12-month rolling average sales price remained at $1,670,509.57, again based upon statistical methods. No additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course stands at $326,285.26 per acre.

c.) Four (4) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $378.06 per square foot, which is up by $8.37 per square foot, based on a sample size of 66 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,397,975.32. No additional vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 11.6% below vacant golf course property at $292,468.66 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market.

0721 Home Value Trends

2. Summer has arrived, and the housing market is very much alive even though water resources are getting tight. For those desiring a secure, safe environment to raise a family or to have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. From the chart it is clear that home values have been steadily increasing since July 2020. Furthermore, values of custom homes within Truckee Meadows, especially those in Reno and on the ArrowCreek golf course, have managed to exhibit nearly the same value, no matter the immediate environment they are located within. However, the value of Semi-Custom homes, of comparable home and land size, indicate that both Reno and Sparks offer greater value per square foot than ArrowCreek from a pure price perspective.

0721 Home Type Values

 

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $362.86 per Square Foot
  • Semi-Custom Off-Course: $358.60 per Square Foot
  • Custom On-Course: $374.45 per Square Foot
  • Custom Off-Course: $396.08 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $379.31 per square foot (Median price $1,774,999). The average days on the market was 28 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling in the same price range without a lot of differentiation. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $293.66 per square foot (Median price $838,497) with a time-on-market doubling from last month to 14 days. Again, ArrowCreek Semi-Custom home averages are about $65 to $69 per square foot above those in the Reno market. Median prices rose across the Reno market by 23.1% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 26.5% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $241.87 per square foot (Median price $919,500) with an average of 21 days on the market. ArrowCreek Semi-Custom home averages are about $118 higher per square foot. Median prices rose across this market by 21% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 34% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential Area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising and the data compiled in this report.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes and lots are on the golf course and less than 50% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to the ArrowCreek ‘experience’ as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
August 03, 2021

For previous postings of the ArrowCreek property value updates: click here.

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (June 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private golf club (i.e. HOA residents do not have a financial interest or obligation to ‘The Club’) is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 468 custom homes have or are being built. Approximately one third of the lots are directly adjacent to the golf course. This report contains the data that was available on June 29 2021 from the Washoe County Assessor’s Records as compiled and analyzed by the author.

During this past month more properties changed owners, twenty-six (26), than we’ve seen in the six years since we’ve been tracking changes. This data appears to be counter to a Kiplinger post of “Sales are slowing.” We did not make the list of the hottest local markets per Kiplinger or the Wall Street Journal BUT our year-over-year price gain of 27% certainly should have qualified us for the list. These twenty-six (26) properties that changed owners over this past month had a total value of $33.6 Million! Seven (7) properties were directly adjoining the ‘golf course.’ With this division, homes ‘on the golf course’ show only a 0.4% advantage to those not on the course which amounts to a $1.73 per square foot difference. This ‘advantage’ holds up for undeveloped land as the price, as you will read shortly, is 11.6% higher for property adjoining the golf course.

Since July of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $330 per square foot and semi-custom homes a ‘floor’ of $280 per square-foot to grow from. With twenty-six fully financed properties changing hands this past month, the Winding Ridge neighborhood was the most active.

On with THE FACTS:

a.) Twenty-six (26) properties were recorded sold in ArrowCreek between 14 May and 24 June (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 146 or 13.5% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the summer buying season is obviously here and ‘investors’ see an increasing value within our community.

b.) Six (6) homes on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) were closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $371.42 per square foot. Based upon the statistical rolling average calculation (23 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data, which is what likely has taken place over past several months.) the price per square foot increased by $19.53 per square foot. The 12-month rolling average sales price increased to $1,670,509.57, again based upon statistical methods. One (1) additional vacant parcel was sold and the rolling average selling price for undeveloped property on the golf course stands at $326,285.26 per acre.

c.) Twelve (12) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $369.69 per square foot, which is up by $29.35 per square foot, based on a sample size of 64 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,389,646.03. Five (5) vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 11.6% below vacant golf course property at $292,468.66 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market.

0621 Home Value Trends

 

2. Summer has arrived, and the housing market is very much alive even though water resources are getting tight. For those desiring a secure, safe environment to raise a family or to have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. From the chart it is clear that home values have been steadily increasing since July 2020. Furthermore, values of custom homes within Truckee Meadows, especially those in Reno and on the ArrowCreek golf course, have managed to exhibit nearly the same value, no matter the immediate environment they are located within. However, the value of Semi-custom homes, of comparable size, indicate that both Reno and Sparks offer greater value per square foot than ArrowCreek from a pure price perspective.

0621 Home Type Values

 

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $362.86 per Square Foot
  • Semi-Custom Off-Course: $347.72 per Square Foot
  • Custom On-Course: $374.45 per Square Foot
  • Custom Off-Course: $391.81 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $372.12 per square foot (Median price $1,896,500). The average days on the market was 31 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling in the exact same price range. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $288.28 per square foot (Median price $882,000) with a time-on-market of 7 days. Again, ArrowCreek Semi-Custom home averages are about $59 to $95 per square foot above those in the Reno market. Median prices rose across the Reno market by 28.5% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 27.4% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $236.84 per square foot (Median price $862,500) with an average of 17 days on the market. ArrowCreek Semi-Custom home averages are about $118.45 higher per square foot. Median prices rose across this market by 19.9% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 39.4% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential Area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising and the data compiled in this report.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes and lots are on the golf course and less than 50% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to the ArrowCreek ‘experience’ as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
July 02, 2021

For previous postings of the ArrowCreek property value updates: click here.

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

An ArrowCreek Property Value Update (May 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private golf club (i.e. HOA residents do not have a financial interest or obligation to ‘The Club’) is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 445 custom homes have or are being built. Approximately one third of the lots are directly adjacent to the golf course. This report contains the data that was available on June 4 2021 from the Washoe County Assessor’s Records as compiled and analyzed by the author.

There were seven (7) properties that changed owners over this past month; only two (2) were directly adjoining the ‘golf course.’ With this division, homes ‘on the golf course’ show only a 3.4% advantage to those not on the course which amounts to a $11.50 per square foot advantage. This ‘advantage’ holds up for undeveloped land as the price, as you will read shortly, is 6.5% higher for property adjoining the golf course.

Since June of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $330 per square foot and semi-custom homes a ‘floor’ of $280 per square-foot to grow from. With only seven fully financed properties changing hands this past month, the Winding Ridge and Granite Pointe I neighborhoods were most active.

On with THE FACTS:

a.) Seven (7) properties were recorded sold in ArrowCreek between 28 April and 7 May (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 137 or 12.6% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the spring buying season is obviously here.

b.) Two (2) homes on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) were closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $351.89 per square foot. Based upon the statistical rolling average calculation (only 20 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data, which is what likely has taken place over past several months.) the price per square foot increased by $12.12 per square foot. The 12-month rolling average sales price increased to $1,564,886, again based upon statistical methods. No additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course still stands at $311,547.66 per acre.

c.) Two (2) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $340.34 per square foot, which is up by $3.74 per square foot, based on a sample size of 61 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,274,464.69. Three (3) vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 6.5% below vacant golf course property at $292,491.07 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market.

0521 Home Value Trends

2. Spring has arrived and the housing market is very much alive. For those desiring a secure, safe environment to raise a family or to have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. From the chart it is clear that home values have been steadily increasing since August 2020. Furthermore values of custom homes within Truckee Meadows have managed to be synchronized, no matter the immediate environment they are located within. However, the value of Semi-custom homes, of comparable size, indicate that both Reno and Sparks offer greater value per square foot than ArrowCreek.

0521 Home Type Values

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $315.76 per Square Foot
  • Semi-Custom Off-Course: $318.18 per Square Foot
  • Custom On-Course: $367.37 per Square Foot
  • Custom Off-Course: $361.84 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $362.73 per square foot (Median price $2,100,000). The average days on the market is 28 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling in the exact same price range. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $283.08 per square foot (Median price $875,995) with a time-on-market of 7 days. Again, ArrowCreek Semi-Custom home averages are about $32 to $35 per square foot above those in the Reno market. Median prices rose across the Reno market by 10.8% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 13.9% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $231.08 per square foot (Median price $850,000) with an average of 28 days on the market. ArrowCreek Semi-Custom home averages are about $85 higher per square foot. Median prices rose across this market by 10.3% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 24.1% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential Area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising and the data compiled in this report.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes and lots are on the golf course and less than 50% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to the ArrowCreek ‘experience’ as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
June 04, 2021

For previous postings of the ArrowCreek property value updates: click here.

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (April 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 445 custom homes have or are being built. This report contains the data that was available on 4 May 2021 from the Washoe County Assessor’s Records as compiled and analyzed by the author.

There were eighteen (18) properties that changed owners over this past month; only one (1) was directly adjoining the ‘golf course.’ With this division, homes ‘on the golf course’ show only a 1% advantage to those not on the course which amounts to a $3 per square foot advantage. This ‘advantage’ holds up for undeveloped land as the price, as you will read shortly, is 6.8% higher for property adjoining the golf course.

Since May of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $330 per square foot and semi-custom homes a ‘floor’ of $280 per square-foot to grow from. With eighteen fully financed properties changing hands this past month, the Winding Ridge neighborhood was most active.

On with THE FACTS:

a.) Eighteen (18) properties were recorded sold in ArrowCreek between 26 March and 21 April (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 132 or 12.2% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the spring buying season is obviously here.

b.) One (1) home on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) was closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $339.77 per square foot. Based upon the statistical rolling average calculation (only 18 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data. Which is what took place this past month.) the price per square foot increased by $4.49 per square foot. The 12-month rolling average sales price increased to $1,519,040, again based upon statistical methods. No additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course still stands at $311,547.66 per acre.

c.) Six (6) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $336.60 per square foot, which is up by $13.26 per square foot, based on a sample size of 61 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,257,907.31. Eleven (11) vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 6.8% below vacant golf course property at $291,599.51 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market.

2. Spring has arrived and the housing market is very much alive. For those desiring a secure, safe environment to raise a family or have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

We’ve all recently received a post card from Team Blair Tahoe. Most of her statistics are accurate and match what’s in this report. In fact, the highest price for a ‘custom’ home was indeed $628.08 per square foot. However, the lowest price for a ‘semi-custom’ home was $787,000, and the highest price was $485.69 per square foot. Additionally, 53 properties changed hands during the first four months of the year versus the reported 38. This is one of the first credible reports the author has seen from a realtor.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. It is worth noting that previous charts purported to show excessive price appreciation in both the Reno and Sparks markets. However, when pricing is considered in the same manner as ArrowCreek, new insight is gathered with respect to ‘normalized’ growth. In any event, ArrowCreek custom home prices have remained fairly stable. It can also be observed that Semi-Custom homes in ArrowCreek have maintained a reasonable competitive value position within the Truckee Meadows. However, it’s very clear, using ‘normalized’ values that both the Reno and Sparks markets began increasing at least four months prior to ArrowCreek’s values. You can also see that the Truckee Meadows values have ‘flattened’ out as ArrowCreek has continues to increase.

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $294.41 per Square Foot
  • Semi-Custom Off-Course: $314.06 per Square Foot
  • Custom On-Course: $357.21 per Square Foot
  • Custom Off-Course: $358.72 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $344.62 per square foot (Median price $1,895,000). The average days on the market is 56 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling  $13 per square foot higher. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $221.03 per square foot (Median price $849,000) with a time-on-market of 14 days. Again, ArrowCreek Semi-Custom home averages are about $13 per square foot above those in the Reno market. Median prices rose across the Reno market by 13.1% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 12.7% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $221.03 per square foot (Median price $849,000) with an average of 0 days on the market. ArrowCreek Semi-Custom home averages are about $20 higher per square foot. Median prices rose across this market by 19.8% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 18.6% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: I was surprised by the number of undeveloped properties that changed owners this past month (11). I was also surprised that when the prices were ‘normalized,’ the increases in value showed a clear trend from July 2020. ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes and lots are on the golf course and less than 50% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to the ArrowCreek ‘experience’ as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
May 06, 2021

For previous postings of the ArrowCreek property value updates: click here.

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (March 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not necessarily based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 445 custom homes have or are being built. This report contains the data that was available on 31 March from the Washoe County Assessor’s Records as compiled and analyzed by the author.

There were eighteen (18) properties that changed owners over this past month, only four (4) were directly adjoining the ‘golf course’ and those not on the course. With this division, homes ‘on the golf course’ show a 3.8% advantage to those not on the course which amounts to a $12 per square foot advantage. This ‘advantage’ holds up for undeveloped land as the price, as you will read shortly, is 14% higher for property adjoining the golf course.

Since April of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $310 per square foot and semi-custom homes a ‘floor’ of $260 per square-foot to grow from. With eighteen fully financed properties changing hands this past month, Monte Sol neighborhood was most active.

On with THE FACTS:

a.) Eighteen (18) properties were recorded sold in ArrowCreek between 26 February and 26 March (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 116 or 10.7% turnover rate for our community. This remains a low rate that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the spring buying season is obviously here.

b.) Two (2) homes on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) were closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $335.28 per square foot. Based upon the statistical rolling average calculation (only 18 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data. Which is what took place this past month.) the price per square foot increased by $12.62 per square foot. The 12-month rolling average sales price increased to $1,487,095.86, again based upon statistical methods. Two additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course now stands at $311,547.66 per acre.

c.) Nine (9) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $323.14 per square foot, which is up by $10.97 per square foot, based on a sample size of 56 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,219,309.75. Five (5) vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing 14% below vacant golf course property at $273,186.96 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market.

0321 Home Value Trends

2. Spring has arrived and the housing market is very much alive. For those desiring a secure, safe environment to raise a family or have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. It is worth noting that previous charts purported to show excessive price appreciation in both the Reno and Sparks markets. However, when pricing is considered in the same manner as ArrowCreek, new insight is gathered with respect to ‘normalized’ growth. In any event, ArrowCreek custom home prices have remained fairly stable. It can also be observed that Semi-Custom homes in ArrowCreek have maintained a reasonable competitive value position within the Truckee Meadows. However, it’s very clear, using ‘normalized’ values that both the Reno and Sparks markets began increasing at least four months prior to ArrowCreek’s values. You can also see that the Truckee Meadows values have ‘flattened’ out as ArrowCreek has continues to increase.

0321 Home Type Values

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $294.41 per Square Foot
  • Semi-Custom Off-Course: $303.19 per Square Foot
  • Custom On-Course: $351.00 per Square Foot
  • Custom Off-Course: $339.85 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $343.81 per square foot (Median price $2,450,000). The average days on the market is 77 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling between $7.19 higher and $3.96 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $272.46 per square foot (Median price $900,000) with a time-on-market of 7 days. Again, ArrowCreek Semi-Custom home averages are $22 per square foot above those in the Reno market. Median prices rose across the Reno market by 20.1% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 7.4% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $220.72 per square foot (Median price $824,894) with an average of 14 days on the market. ArrowCreek Semi-Custom home averages are $74 to $82 higher per square foot. Median prices rose across this market by 10.1% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 11.1% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: I was surprised by the number of undeveloped properties that changed owners this past month (7). I was also surprised that when the prices were ‘normalized,’ the increases in value showed a clear trend from July 2020. ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes and lots are on the golf course and less than 50% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community that is not an HOA amenity, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to the ArrowCreek ‘experience’ as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
April 05, 2021

For previous postings of the ArrowCreek property value updates: click here.

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, D’Andrea, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Reno, Somersett, Sparks, Truth | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

An ArrowCreek Property Value Update (February 2021 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the belief that homes on a course are worth more is a ‘belief’ not based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 445 custom homes have or are being built. This report contains the data that was available on 28 February from the Washoe County Assessor’s Records as compiled and analyzed by the author.

There were twelve (12) properties that changed owners over this past month, evenly split between those directly adjoining the ‘golf course’ and those not on the course. With this division, homes ‘on the golf course’ show a 3% advantage to those not on the course which amounts to a $10 per square foot advantage. This ‘advantage’ does not holdup for undeveloped land as the price, as you will read shortly, is the same for both types of property.

Since March of 2020 and over the past twelve (12) months:

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $310 per square foot and semi-custom homes a ‘floor’ of $260 per square-foot to grow from. With twelve fully financed properties changing hands this past month, The Reserves neighborhood was most active.

On with THE FACTS:

a.) Twelve (12) properties were recorded sold in ArrowCreek between 28 January and 19 February (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 101 or 9.3% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the spring buying season is obviously here.

b.) One (1) home on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) was closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $322.66 per square foot. Based upon the statistical rolling average calculation (only 17 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data. Which is what took place this past month.) the price per square foot increased by $.97 per square foot. The 12-month rolling average sales price increased to $1,467,054.12, again based upon statistical methods. Four additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course now stands at $330,737.41 per acre.

c.) Two (2) homes were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $312.17 per square foot, which is up by $3.10 per square foot, based on a sample size of 53 homes. The twelve-month rolling average sales price for non-golf course homes increased to $1,197,411.32. Five (5) vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing at 1% above (virtually the same as undeveloped golf course property) vacant golf course property at $334,016.57 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being the cost per square foot. It should be noted that since July of 2020 prices have been steadily increasing across the ArrowCreek market.

2. Spring has arrived and the housing market is very much alive. For those desiring a secure, safe environment to raise a family or have abundant recreational opportunities, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture/figure is hindsight, not necessarily foresight. From the volume of property transfers during this reporting period it is clear that the demand for a secure property environment has remained constant. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. It is worth noting that previous charts purported to show excessive price appreciation in both the Reno and Sparks markets. However, when pricing is considered in the same manner as ArrowCreek, new insight is gathered with respect to ‘normalized’ growth. In any event, ArrowCreek custom home prices have remained fairly stable. It can also be observed that Semi-Custom homes in ArrowCreek have maintained a reasonable competitive value position within the Truckee Meadows. However, it’s very clear, using ‘normalized’ values, that both the Reno and Sparks markets at least four months prior to ArrowCreek’s began steadily increasing in value.

  • For the past month the ArrowCreek rolling averages are:
  • Semi-Custom On-Course: $269.72 per Square Foot
  • Semi-Custom Off-Course: $289.82 per Square Foot
  • Custom On-Course: $338.94 per Square Foot
  • Custom Off-Course: $327.85 per Square Foot
    • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Chase International)
      • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $340.33 per square foot (Median price $2,465,000). The average days on the market is 119 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling at a discount of between $1.50 and $12.50 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $270.15 per square foot (Median price $811,029) with a time-on-market of 59 days. Again, ArrowCreek Semi-Custom home averages are $20 per square foot above those in the Reno market. Median prices rose across the Reno market by 17% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 12.2% higher.
      • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $219.71 per square foot (Median price $639,900) with an average of 21 days on the market. ArrowCreek Semi-Custom home averages are $50 to $70 higher per square foot. Median prices rose across this market by 13.7% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 8.9% over the same time period.
      • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: I was surprised by the number of undeveloped properties that changed owners this past month (9). I was also surprised that when the prices were ‘normalized,’ the increases in value showed a clear trend from July 2020. ArrowCreek homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Reno and Sparks. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

Some owners of ArrowCreek believe they reside in a ‘golf community.’ Those words appear to emanate from those who have chosen to belong to the ‘private’ golf club. In their minds, it may be true; however, in fact, the truth is only a third of the homes are on the golf course and less than 50% of owners are actually members of ‘the club.’ Yes, we have a private golf club within our gated community, but we also enjoy the freedom to belong or not. The ‘value proposition’ for our unique community should continue to focus on attracting professionals who value security, good schools and recreational opportunities. More people will come to the ArrowCreek ‘experience’ as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
March 07, 2021

For previous postings of the ArrowCreek property value updates: click here.

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