An ArrowCreek Property Value Update (May 2018 from Washoe County Assessor Records)

This report with the May UPDATED ‘FACTS’ from the Washoe County Assessor Records since last posted for April, 2018, in An ArrowCreek Property Value Update (April 2018 from Washoe County Assessor Records), shows that we have transitioned into the Spring buying/selling season with an additional five properties changing owners during this reporting period. This is down by 50% from last month. Custom Homes on the Golf Course (Non-residential area) now exhibit a 12.8% premium to custom homes not on the course. In the meantime, semi-custom homes continue to sell at about the same price regardless of their position in the community. This, of course, leads to the question of ‘The value proposition for ArrowCreek properties?’ One of the key ‘propositions’ is that ArrowCreek owners’ have the option to join ‘The Club at ArrowCreek’ or not to join. This is an individual choice of freedom not given other gated communities.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step given the latest values). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a strategic planning initiative, which has yielded a concept that has received rave reviews. These initiatives are intended to enhance and maintain ArrowCreek as a premier people and family oriented community collocated with a private golf club, identified as a Non-Residential area in the governing documents.

Since April of 2018 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices have improved for properties on the golf course, with an average appreciation rate of 12.5% over this past year, while prices for homes not on the golf course have appreciated by 6.8% over the same period. With five properties in five different neighborhoods changing hands this past month, there wasn’t a “hottest” neighborhood.

On with THE FACTS:

a.) Five (5) properties were recorded sold in ArrowCreek between 13 and 27 April 2018 (per the Washoe County Assessor, who appears to be running a month late as the data was extracted on 23 May and the last ‘sale’ recorded was 27 April). This brings the total number of properties transferred over the past rolling year to 98 or 9.0% turn-over rate for our community. This remains a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) Three (3) properties 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 $290.83 per square foot. This is a decrease of $2.30 per square foot from April’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,160,107.14, again based upon statistical methods. No additional lots on the course were sold. The rolling average selling price for undeveloped property on the golf course still stands at $256,714.02 per acre.

c.) Two (2) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $262.37 per square foot, which is up by $2.51 per square foot. The twelve-month rolling average sales price increased to $882,710.13. No additional lots were sold during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, stands 9.7% below vacant golf course property at $234,050.67 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being cost per square-foot.

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. We continue to see a boost to our unique community with the Spring selling season underway.

Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. However, it is very clear that some market driven change in the perception of our 21 community neighborhoods occurred in the May/June 2017 time period, to the benefit of some and detriment of others. A balanced marketing approach focused on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners 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. The author’s concern was that there wouldn’t be a significant enough turn-over sample to give a meaningful value. However, with that caveat presented, the following statistics are updated and portrayed in the following chart:

For the past month the averages are:
Semi-custom On-course: $240.27 per Square Foot
Semi-custom Off-course: $246.66 per Square Foot
Custom On-course: $328.76 per Square Foot
Custom Off-course: $286.63 per Square Foot

We also received a request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea (Sparks market) and Somersett (Reno market). 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 $264.30 per square-foot (Median price $1,034,750) with an average of 168 days on the market. As noted above, you can see our ArrowCreek comparable custom homes are selling $22- 64per 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 $210.32 per square-foot (Median price $528,944) with a time on market of 24 days. Again, ArrowCreek semi-custom home averages are around $30 – 36 higher per square foot. Median prices rose across the Reno market by 8.4% during the comparable past year while ArrowCreek combined average prices were only 9.6% higher. Perhaps the increase in value was not as fast in ArrowCreek because the homes are already higher values in the first place.
  • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the semi-custom homes in ArrowCreek. The medium price for these Sparks homes is $192.78 per square-foot (Median price $589,900) with an average of 72 days on the market. Median prices rose across this market by 11.7% during the comparable past year. For the ArrowCreek community, the semi-custom homes rose 7.3%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. The ‘value proposition’ for our unique community should continue to focus on 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 24, 2018

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

Art and Wine for Pine

This is for a good cause for our children who attend Pine Middle School!

Posted in AC411, ArrowCreek, ArrowCreek 411, ArrowCreek411, Pine Middle School | Tagged , , , , | Leave a comment

An ArrowCreek Property Value Update (April 2018 from Washoe County Assessor Records)

This report with the April UPDATED ‘FACTS’ from the Washoe County Assessor Records since last posted for March, 2018, in An ArrowCreek Property Value Update (March 2018 from Washoe County Assessor Records), shows that we have transitioned into the Spring buying/selling season with an additional eleven properties changing owners during this reporting period. This is the same as last month. Custom Homes on the Golf Course (Non-residential area) continue to exhibit a 15.9% premium to custom homes not on the course. In the mean-time, semi-custom homes continue to sell at about the same price regardless of their position in the community. This, of course, leads to the question of ‘What is the value proposition for ArrowCreek properties?’

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step given the latest values). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a strategic planning initiative, which has yielded a concept that has received rave reviews. These initiatives are intended to enhance and maintain ArrowCreek as a premier people and family oriented community collocated with a private golf club, identified as a Non-Residential area in the governing documents.

Since March of 2018 and over the past twelve (12) months:

1. ArrowCreek properties properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices have improved for properties on the golf course, with an average appreciation rate of 15.4% over this past year, while prices for homes not on the golf course have increased by 5.4% over the same period. With eleven properties in eight different neighborhoods changing hands this past month, the “hottest” neighborhood was Painted Vista.

On with THE FACTS:

a.) Eleven (11) properties were recorded sold in ArrowCreek between 19 March and 9 April 2018 (per the Washoe County Assessor, who appears to be running late as the data was extracted on 24 April and the last ‘sale’ recorded was 9 April). This brings the total number of properties transferred over the past rolling year to 96 or 8.8% turn-over rate for our community. This remains a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) One (1) property 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 $293.13 per square foot. This is an increase of $2.58 per square foot from March’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,151,653.85, again based upon statistical methods. No additional lots on the course were sold. The rolling average selling price for undeveloped property on the golf course still stands at $256,714.02 per acre.

c.) Ten (10) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $259.86 per square foot, which is up by $4.82 per square foot. The twelve-month rolling average sales price increased to $878,736.91. Two (2) additional lots were sold during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, stands 9.7% below vacant golf course property at $234,050.67 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being cost per square-foot.

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. We continue to see a boost to our unique community with the Spring selling season underway.

Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. However, it is very clear that some market driven change in the perception of our 21 community neighborhoods occurred in the May/June 2017 time period, to the benefit of some and detriment of others. A balanced marketing approach focused on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners 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. The author’s concern was that there wouldn’t be a significant enough turn-over sample to give a meaningful value. However, with that caveat presented, the following statistics are updated and portrayed in the following chart:

For the past month the averages are:
Semi-custom On-course: $237.55 per Square Foot
Semi-Custom Off-course: $242.54 per Square Foot
Custom On-course: $340.77 per Square Foot
Custom Off-course: $286.63 per Square Foot

We also received a request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea (Sparks market) and Somersett (Reno market). 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 $264.16 per square-foot (Median price $1,093,875) with an average of 194 days on the market. As noted above, you can see our ArrowCreek comparable custom homes are selling $22-76 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 $200.52 per square-foot (Median price $534,975) with a time on market of 68 days. Again, ArrowCreek semi-custom home averages are around $38 higher per square foot. Median prices rose across the Reno market by 7.9% during the comparable past year while ArrowCreek combined median prices were only 6.1% higher. Perhaps the increase in value was not as fast in ArrowCreek because the homes are already higher values in the first place.
  • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the semi-custom homes in ArrowCreek. The medium price for these Sparks homes is $184.92 per square-foot (Median price $559,000) with an average of 82 days on the market. Median prices rose across this market by 12.3% during the comparable past year. For the ArrowCreek community, the semi-custom homes only rose 6.1%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. The ‘value proposition’ for our unique community should continue to focus on 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 3, 2018

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

Posted in 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 2018 from Washoe County Assessor Records)

This report with the March UPDATED ‘FACTS’ from the Washoe County Assessor Records since last posted for February, 2018, in An ArrowCreek Property Value Update (February 2018 from Washoe County Assessor Records), shows that we have transitioned into the Spring buying/selling season with an additional eleven properties changing owners during this reporting period. Custom Homes on the Golf Course show a 15.8% premium to custom homes not on the course.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step given the latest values). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a strategic planning initiative, which has yielded a concept that has received rave reviews. These initiatives are intended to enhance and maintain ArrowCreek as a premier people and family oriented community collocated with a private golf club, identified as a Non-Residential area in the governing documents.

Since February of 2018 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices have improved for properties on the golf course, with an average appreciation rate of 10.3% over this past year, while prices for homes not on the golf course have increased by 4.7% over the same period. With eleven properties in ten different neighborhoods changing hands this past month, the “hottest” neighborhood was Winding Ridge.

On with THE FACTS:

a.) Eleven (11) properties were recorded sold in ArrowCreek between 6 February and 16 March 2018 (per the Washoe County Assessor, who appears to be running late as the data was extracted on 26 March and the last ‘sale’ recorded was 16 March). This brings the total number of properties transferred over the past rolling year to 88 or 8.1% turn-over rate for our community. This is a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) (1) property 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 $290.55 per square foot. This is an increase of $2.88 per square foot from February’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,126,222.22, again based upon statistical methods. No additional lots on the course were sold. The rolling average selling price for undeveloped property on the golf course stands at $256,714.02 per acre.

c.) Ten (10) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $255.04 per square foot, which is up by $1.12 per square foot. The twelve-month rolling average sales price increased to $877,352.39. One (1) additional lot was sold during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, still stands 1.5% higher than vacant golf course property at $260,622.35 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being cost per square-foot.

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. We are seeing a boost to our unique community with the Spring selling season underway.

Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. However, it is very clear that some market driven change in the perception of our 21 neighborhood community occurred in the May/June 2017 time period, to the benefit of some and detriment of others. A balanced marketing approach focused on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners 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. The author’s concern was that there wouldn’t be a significant enough turn-over sample to give a meaningful value. However, with that caveat presented, the following statistics are updated and portrayed in the following chart:

For the past month the averages are:
Semi-custom On-course: $240.15 per Square Foot
Semi-Custom Off-course: $236.56 per Square Foot
Custom On-course: $337.36 per Square Foot
Custom Off-course: $284.21 per Square Foot

We also received a request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea (Sparks market) and Somersett (Reno market). 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 $264.16 per square-foot (Median price $1,093,875) with an average of 194 days on the market. As noted above, you can see our ArrowCreek comparable custom homes are selling $20-73 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 $200.52 per square-foot (Median price $534,975) with a time on market of 68 days. Again, ArrowCreek semi-custom home averages are around $40 higher per square foot. Median prices rose across the Reno market by 7.9% during the comparable past year while ArrowCreek combined median prices were only 3.7% higher. Perhaps the increase in value was not as fast in ArrowCreek because the homes are already higher values in the first place.
  • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the semi-custom homes in ArrowCreek. The medium price for these Sparks homes is $184.92 per square-foot (Median price $559,000) with an average of 82 days on the market. Median prices rose across this market by 12.3% during the comparable past year. For the ArrowCreek community, the semi-custom homes only rose 6.8%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. Marketing of our unique community should continue to focus on 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 3, 2018

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

Posted in 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 (February 2018 from Washoe County Assessor Records)

This report with the February UPDATED ‘FACTS’ from the Washoe County Assessor Records since last posted for January, 2018, in An ArrowCreek Property Value Update (January 2018 from Washoe County Assessor Records), shows that we are in the Winter buying/selling season with an additional six properties changing owners during this reporting period. Custom Homes on the Golf Course show a 13.1% premium to custom homes not on the course.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step given the latest values). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a strategic planning initiative, which has yielded a concept that has received rave reviews. These initiatives are intended to enhance and maintain ArrowCreek as a premier people and family oriented community collocated with a private golf club, identified as a Non-Residential area in the governing documents.

Since January of 2018 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices have improved for properties on the golf course, with an average appreciation rate of 7.6% over this past year, while prices for homes not on the golf course have increased to 4.6% over the same period. With six properties in five different neighborhoods changing hands this past month, the “hottest” neighborhood was Bella Terra.

On with THE FACTS:

a.) Six (6) properties were recorded sold in ArrowCreek between 19  January and 16 February 2018 (per the Washoe County Assessor, who appears to be running late as the data was extracted on 26 February and the last ‘sale’ recorded was 16 February). This brings the total number of properties transferred over the past rolling year to 84 or 7.7% turn-over rate for our community. This is a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) Three (3) properties 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 $287.67 per square foot. This is a decrease of $5.03 per square foot from January’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price decreased to $1,110,745.00, again based upon statistical methods. No additional lots on the course were sold. The rolling average selling price for undeveloped property on the golf course stands at $256,714.02 per acre.

c.) Three (3) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $253.92 per square foot, which is up by $2.92 per square foot. The twelve-month rolling average sales price increased to $847,682.00. No lots were sold during this reporting period.  The rolling 12-month average selling price for vacant land, not on the golf course, still stands 6.3% higher than vacant golf course property at $274,001.62 per acre.

d.) The figure below shows the value trends over the past twelve months with the vertical scale being cost per square-foot.

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. The winter selling season is fading but we are seeing a boost to our unique community.

Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. However, it is very clear that some market driven change in the perception of our 21 neighborhood community occurred in the May/June 2017 time period, to the benefit of some and detriment of others. A balanced marketing approach focused on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners 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. The author’s concern was that there wouldn’t be a significant enough turn-over sample to give a meaningful value. However, with that caveat presented, the following statistics are updated and portrayed in the following chart:

For the past month the averages are:
Semi-custom On-course: $237.97 per Square Foot
Semi-Custom Off-course: $236.21 per Square Foot
Custom On-course: $337.36 per Square Foot
Custom Off-course: $293.13 per Square Foot

We also received a request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea (Sparks market) and Somersett (Reno market). Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com Western Title company executive summary and Chase International)

  • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $260.66 per square-foot (Median price $1,081,500) with an average of 218 days on the market. As noted above, you can see our ArrowCreek comparable custom homes are selling $32-76 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 $205.98 per square-foot (Median price $543,997) with a time on market of 77 days. Again, ArrowCreek semi-custom home averages are around $30 higher. Median prices rose across the Reno market by 10.6% during the comparable past year while ArrowCreek combined median prices were only 6.1% higher. Perhaps the increase in value was not as fast in ArrowCreek because the homes are already higher values in the first place.
  • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the semi-custom homes in ArrowCreek. The medium price for these Sparks homes is $181.25 per square-foot (Median price $524,900) with an average of 78 days on the market. Median prices rose across this market by 13.8% during the comparable past year. For the ArrowCreek community, the semi-custom homes only rose 6.1%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. Marketing of our unique community should continue to focus on 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
February 27, 2018

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

Posted in 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 , , , , , , , , , , , , , , , , , , , , , , , | 2 Comments

An ArrowCreek Property Value Update (January 2018 from Washoe County Assessor Records)

This report with the January UPDATED ‘FACTS’ from the Washoe County Assessor Records since last posted for December, 2017, in An ArrowCreek Property Value Update (December 2017 from Washoe County Assessor Records), shows that we are in the Winter buying/selling season with an additional seven properties changing owners during this reporting period, which is only one sale short of what changed hands last year. Custom Homes on the Golf Course show a 15.2% premium to custom homes not on the course.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step given the latest values). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a strategic planning initiative, which has yielded a concept that has received rave reviews. These initiatives are intended to enhance and maintain ArrowCreek as a premier people and family oriented community collocated with a private golf club, identified as a Non-Residential area in the governing documents.

Since December of 2017 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices have improved for properties on the golf course, with an average appreciation rate of 11.9% over this past year, while prices for homes not on the golf course have increased to 3.6% over the same period. With seven properties in seven different neighborhoods changing hands this past month, no one neighborhood could be singled out.

On with THE FACTS:

a.) Seven (7) properties were recorded sold in ArrowCreek between 4 December 2017 and 4 January 2018 (per the Washoe County Assessor, who appears to be running late as the data was extracted on 24 January and the last ‘sale’ recorded was 4 January). This brings the total number of properties transferred over the past rolling year to 84 or 7.7% turn-over rate for our community. This is a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) One (1) property 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 $292.70 per square foot. This is an increase of $2.45 per square foot from December’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price decreased to $1,212,000.00, again based upon statistical methods. No additional lots on the course were sold. The rolling average selling price for undeveloped property on the golf course stands at $256,714.02 per acre.

c.) Six (6) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $251.00 per square foot, which is up by $4.43 per square foot. The twelve-month rolling average sales price increased to $839,344.13. One (1) of the six properties sold during this reporting period was a lot. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 6.3% higher than vacant golf course property at $274,001.62 per acre.

d.) The figure below shows the value trends over the past twelve months.

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. The winter selling season is fading but we are seeing a boost to our unique community.

Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. However, it is very clear that some market driven change in the perception of our 21 neighborhood community occurred in the May/June 2017 time period. Going forward let’s focus our energy on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners and buyers.

Continuing with the Commentary from previous months: the author received a query about semi-custom and custom homes both on and off the golf course and their relative selling prices. The author’s concern was that there wouldn’t be a significant enough turn-over sample to give a meaningful value. However, with that caveat presented, the following statistics are updated:

Semi-custom On-course: $244.79 per Square Foot
Semi-Custom Off-course: $236.58 per Square Foot
Custom On-course: $340.61 per Square Foot
Custom Off-course: $288.75 per Square Foot

We had a new request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea and Somersett. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com)

  • D’Andrea – rose 14.3% over the past year with a median price of $359,000 and a cost per square foot of $188. This is slightly better than ArrowCreek homes on the Golf course and significantly better than homes off the golf course.
  • Somersett- rose 15.8% over the past year with a median price of $440,000 and a cost per square foot of $208. Again, this is better than the appreciation of our homes.

By Ron Duncan
January 30, 2018

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

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

An ArrowCreek Property Value Update (December 2017 from Washoe County Assessor Records)

Happy New Year!

This report with the December UPDATED ‘FACTS’ from the Washoe County Assessor Records since last posted for November, 2017, in An ArrowCreek Property Value Update (November 2017 from Washoe County Assessor Records), shows that we are in the Winter buying/selling season with an additional six properties changing owners during this reporting period. Custom Homes on the Golf Course show a 14.3% premium to customs not on the course.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step given the latest values). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a strategic planning initiative, which has yielded a concept that has received rave reviews. These initiatives are intended to enhance and maintain ArrowCreek as a premier people and family oriented community collocated with a private golf club, identified as a Non-Residential area in the governing documents.

Since November of 2017 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices have improved for properties on the golf course, with an average appreciation rate of 12.8% over this past year, while prices for homes not on the golf course have flattened back to an increase of 1.4% over the same period. With six properties changing hands this past month, the ‘hottest’ neighborhood was The Reserve.

On with THE FACTS:

a.) Six (6) properties were recorded sold in ArrowCreek between 16 November and 4 December 2017 (per the Washoe County Assessor, who appears to be running late as the data was extracted on 25 December and the last ‘sale’ recorded was 4 December). This brings the total number of properties transferred over the past rolling year to 85 or 7.8% turn-over rate for our community. This is a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) Four (4) properties 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 $290.25 per square foot. This is an increase of $3.89 per square foot from November’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price decreased to $1,103,954.48, again based upon statistical methods. Two (2) of these properties were lots on the course. The rolling average selling price for undeveloped property on the golf course stands at $256,714.02 per acre.

c.) Two (2) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $246.57 per square foot, which is up by $1.43 per square foot. The twelve-month rolling average sales price increased to $804,583.48. One (1) of the two properties sold during this reporting period was a lot. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 8.2% higher than vacant golf course property at $279,491.22 per acre.

d.) The figure below shows the value trends over the past twelve months.

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. The autumn selling season has faded but we are still seeing a boost to our unique community.

Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. Going forward let’s focus our energy on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners and buyers.

Continuing with the Commentary from previous months: the author received a query about semi-custom and custom homes both on and off the golf course and their relative selling prices. The author’s concern was that there wouldn’t be a significant enough turn-over sample to give a meaningful value. However, with that caveat presented, the following statistics are updated:

Semi-custom On-course: $244.79 per Square Foot
Semi-Custom Off-course: $232.58 per Square Foot
Custom On-course: $339.50 per Square Foot
Custom Off-course: $290.88 per Square Foot

We had a new request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea and Somersett. Having obtained the appropriate reports from the real estate community, here is what was learned. (Data extracted from altosresearch.com)

  • D’Andrea – rose 14.3% over the past year with a median price of $359,000 and a cost per square foot of $188. This is slightly better than ArrowCreek homes on the Golf course and significantly better than homes off the golf course.
  • Somersett- rose 15.8% over the past year with a median price of $440,000 and a cost per square foot of $208. Again, this is better than the appreciation of our homes.

OPINION:

The biggest ‘threat’ to the three above communities’ home values comes from the ‘new’ tax bill working its way through Congress. The “Limitation on Mortgage Interest” as a deduction, for homes sold above $750,000, could have potential buyers shying away from our community. Couple that with property taxes being disallowed above $10,000, and you’ve got a real threat.

If you want to let OUR lawmakers in either the House or Senate know how you feel about this threat, here is what you can do about it ASAP. Call either 1 (866)338-1015 or 1 (866)220-0044. These two telephone numbers are the TOLL FREE U.S. Capitol Switchboard numbers for YOUR lawmakers (until 2018 or 2020). Press the number 1 for YOUR senator or number 2 for YOUR house representative. Next, enter your five (5) digit zip code. Press from the list of lawmakers you want to talk to in their office during the weekday or on the weekends.

By Ron Duncan
January 02, 2018

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

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

Attention Waste Management Customers! This is NOT “Garbage Mail”

Attention Waste Management Customers! This is NOT “Garbage Mail” …..ahem… well… in a way it is. Do NOT throw this envelope away without opening it! It contains your Excess Waste stickers for 2018. We got ours today. So many people missed them last year that we wanted to warn you to look for them in the mail.

It is a bright yellow business envelope. It has these words on the front:
IMPORTANT: 2018 Waste Management excess waste stickers enclosed.

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Be Happier! You Can Do It!

Be happier! You can do it! It will make everyone around you happier as well!

Posted in AC411, ArrowCreek 411, ArrowCreek411, Caring for Self, Make Me Happy | Tagged , , , , , | Leave a comment

Wildcreek Location for New High School on Agenda to be Presented on 12/12/17

The next Washoe County Board of Commissioners meeting will be December 12, 2017 at 8:30 a.m. See location details and meeting agenda here.

This is what is posted there as of 12/07/17.

This is the Wildcreek presentation posted there as of 12/07/17.

Posted in AC411, Washoe County, Washoe County Board of Commissioners, Washoe County School District, WCSD | Tagged , , , , , , , , | Leave a comment