An ArrowCreek Property Value Update (October 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the golf club is purely optional for all interested parties. This is not your ‘typical’ golf community as it caters to a broad spectrum of indoor and outdoor interests. In addition, the financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. We are not part of the City of Reno, even though that is our mailing address. ArrowCreek consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper-middle and high net worth individuals. To date, 457 custom homes have been built or are being built. As an observer can see, we are a very financially diverse community spanning a large area of roughly 25 square miles below Mount Rose. This report contains the data that was available on 26 October from the Washoe County Assessor. The Assessor’s web site is now operating two to three weeks behind closures.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. During this past month, only 3 properties changed ownership with one of those being attached to the golf property. As you’ll see in the charts below, ArrowCreek homes and property have continued to gain in value and are definitely a premier area within the Truckee Meadows. However, the lofty prices in ArrowCreek have not appreciated like those of Reno and Sparks/De’Andrea. The summer buying/selling season is clearly closed and winter is settling in. So, ‘What are the value propositions for ArrowCreek properties?’ given that our community is now 20 years old. Key ‘take-aways’ from the ‘facts’ and the realtor forum held on 1 October, are that smaller homes are selling better than larger homes, especially if they are in the $600,000 to $700,000 range, and that ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities that own and must maintain golf courses within their gates. Furthermore, it appears that our ‘value proposition’ of being a gated, family-oriented community with excellent nearby schools, is being recognized by the real estate community, although some realtors would like to see improvements to our welcoming landscape. Broader marketing should help the entire community with an emphasis on the use of the southeast connector, Blue Ribbon awarded Hunsberger Elementary and the construction of Marce Herz Middle School just outside our main entrance.

Within the ArrowCreek Home Owner Association (ACHOA), initiatives are underway to enhance sales and values (a most positive step). 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, for the next 20 years.

Since November 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 been on parallel paths since the fall of 2018. This trend indicates that homes in ArrowCreek appear to be settling into a growth pattern in the $300 per square foot region. There are nineteen neighborhoods in our community. With only three properties in three neighborhoods changing hands, there wasn’t a ‘hottest’ neighborhood.

On with THE FACTS:

a.) Three (3) properties were recorded sold in ArrowCreek between 3 October and 11 October 2019 (per the Washoe County Assessor, who appears to be running a month behind in reporting closed sales but is being hampered by Title Companies furnishing data). This brings the total number of properties transferred over the past rolling year to 68, down from 71 in our last report, or 6.3% turnover rate for our community. The turn-over rate remains very low, in the single digits, that may be attributed to general satisfaction with living in our gated community and/or a positive perspective on our amenities with an emphasis on the secure stable environment offered within ArrowCreek, or a decreased interest based upon our price position and/or advertising of our community.

b.) One (1) property 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 $307.87 per square foot. This is an increase of $2.58 per square foot from September’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,269,486.11, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course currently stands at $295,636.54 per acre (no change from last month).

c.) Two (2) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes decreased to $292.87 per square foot, which is down by $1.80 per square foot over last month. The twelve-month rolling average sales price for non-golf course homes decreased to $1,113,704.03. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 21.3% below vacant golf course property at $243,661.81 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. Before misinterpreting the meaning of this chart, you should read further to where custom homes and semi-custom homes are compared. Custom homes not on the golf course are actually doing better than customs on the course. However, that is reversed for semi-custom homes.

2. Fall is here, and winter is rapidly approaching. The housing market has firmed significantly. Lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. Property impinging upon the Non-residential area/golf course is currently drawing a 5.1% premium to property not impinging ‘the course.’ 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. The following chart portrays the trend lines for Custom and Semi-Custom homes within our community.

For the past 2.5 months the averages are:
Semi-Custom On-Course: $267.25 per Square Foot
Semi-Custom Off-Course: $258.95 per Square Foot
Custom On-Course: $333.71 per Square Foot
Custom Off-Course: $353.43 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) 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 equivalent homes in Reno are selling, on average, for $272.95 per-square-foot (Median price $1,100,000) with an average of 171 days, or 5.7 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $61 to $80 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 $219.80 per square-foot (Median price $595,000) with a time-on-market of 87 days, or 2.9 months. Again, ArrowCreek Semi-Custom home averages are around $39 – $47 higher per-square-foot. Median prices rose across the Reno market by 8.8% during the comparable past year while ArrowCreek combined average prices were 5.8% higher.

    • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. There are no equivalent custom homes in the Sparks market. The median price for these Sparks homes is $189.29 per-square-foot (Median price $567,500) with an average of 97 days on the market, or 3.2 months. ArrowCreek Semi-Custom home averages are around $70 – 78 higher per-square-foot. Median prices rose across this market by 5.4% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 2.4%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that sales points are driving the market. Also apparent from the data is that the ‘private’ golf course (a.k.a. The Non-Residential area) has not affected sales or price point.

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 and participate in its many activities. 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. Additionally, the communities that are deemed ‘direct competition’ don’t appear to enjoy full disclosure of risks to prospective buyers. Furthermore, it does not appear that it is the ‘age’ of our homes is damping sales, so much as the price differential between our community and surrounding communities.

By Ron Duncan
November 4, 2019

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 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the golf club is purely optional for all interested parties. This is not your ‘typical’ golf community as it caters to a broad spectrum of indoor and outdoor interests. In addition, the financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper middle and high net worth individuals, of which 457 custom homes have or are being built. As an observer can see, we are a very financially diverse community spanning a large area, roughly 25 square miles, below Mount Rose. This report contains the data that was available on 7 October from the Washoe County Assessor. The Assessors web site wasn’t updated from mid-July until mid-September due to a change in their operating software.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. During these past 2.5 months, 13 properties changed ownership with six of those being attached to the golf property. As you’ll see in the charts below, ArrowCreek homes, and property, has continued to gain in value and is definitely a premier area within the Truckee Meadows. The summer buying/selling season is clearly coming to a close. So, ‘What are the value propositions for ArrowCreek properties?’ Given that our community is now 20 years old. Key ‘take-aways’ from the ‘facts,’ and the realtor forum held on 1 October, are that smaller homes are selling better than larger homes, especially if they are in the $600,000 to $700,000 range, and that ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities that own and must maintain golf courses within their gates. Furthermore, it appears that our ‘value proposition’ of being a secure, family-oriented community, with excellent schools, is being recognized by the real estate community, although the realtors would like to see improvements to our welcoming landscaping. Broader marketing should help the entire community with an emphasis on the use of the southeast connector, Blue Ribbon awarded Hunsberger Elementary and the construction of Marce Herz Middle School just outside our main entrance.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). 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, for the next 20 years.

Since October 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 been trending together since the fall of 2018. This trend indicates that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $300 per square foot region. There are nineteen neighborhoods in our community. With thirteen properties in nine neighborhoods changing hands this past 2.5 months, Painted Vista neighborhood was the “hottest.”

On with THE FACTS:

a.) Thirteen (13) properties were recorded sold in ArrowCreek between 11 July and 10 September 2019 (per the Washoe County Assessor, who appears to be running a month behind in reporting closed sales but is being hampered by Title Companies furnishing data). This brings the total number of properties transferred over the past rolling year to 71 or 6.5% turnover rate for our community. The turn-over rate remains very low, in the single digits, that may be attributed to general satisfaction with living in our gated community and/or a positive perspective on our amenities with an emphasis on the secure stable environment offered within ArrowCreek or a decreased interest based upon our price position and/or advertising of our community.

b.) Six (6) 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 $305.29 per square foot. This is a decrease of $5.84 per square foot from July’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,261,819.64, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course now stands at $295,636.54 per acre.

c.) Seven (7) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes decreased to $294.67 per square foot, which is down by $4.57 per square foot over last month. The twelve-month rolling average sales price for non-golf course homes increased to $1,154,840.41. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 24.4% below vacant golf course property at $237,594.50 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.

2. Fall is here. The housing market has firmed significantly. Lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. Property impinging upon the Non-residential area/golf course is currently drawing a 3.6% premium to property not impinging ‘the course.’ From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. 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. The following chart portrays the trend lines for Custom and Semi-Custom homes within our community.

For the past 2.5 months the averages are:
Semi-Custom On-Course: $260.61 per Square Foot
Semi-Custom Off-Course: $259.25 per Square Foot
Custom On-Course: $333.71 per Square Foot
Custom Off-Course: $350.03 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 equivalent homes in Reno are selling, on average, for $281.27 per-square-foot (Median price $1,400,000) with an average of 158 days, or 5.3 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $52 to $69 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 $227.98 per square-foot (Median price $624,900) with a time-on-market of 84 days, or 2.8 months. Again, ArrowCreek Semi-Custom home averages are around $31 – $33 higher per-square-foot. Median prices rose across the Reno market by 10.7% during the comparable past year while ArrowCreek combined average prices were 5.9% higher.

    • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. There are no equivalent custome homes in the Sparks market. The median price for these Sparks homes is $185.21 per-square-foot (Median price $549,900) with an average of 86 days on the market, or 2.9 months. ArrowCreek Semi-Custom home averages are around $74 – 75 higher per-square-foot. Median prices rose across this market by 6.7% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 1.2%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that sales points are driving the market.. Also apparent from the data is that the ‘private’ golf course (a.ka The Non-Residential area) has not affected sales or price point. However, prices have moderated to the point where it doesn’t matter whether a custom home is ‘on the course’ or not, the price is the same, at least for this reporting period.

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 and participate in its many activities. 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. Additionally, the communities that are deemed ‘direct competition’ don’t appear to be disclosing their current legal risks to prospective buyers.

By Ron Duncan
October 11, 2019

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 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the golf club is purely optional for all interested parties. This is not your ‘typical’ golf community as it caters to a broad spectrum of indoor and outdoor interests. In addition, the financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper middle and high net worth individuals, of which 456 custom homes have or are being built. As an observer can see, we are a very financially diverse community spanning a large area, roughly 25 square miles, below Mount Rose. This report contains the data that was available on 30 July from the Washoe County Assessor.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. During this past month, 8 properties changed ownership with only none of those being attached to the golf property. As you’ll see in the charts below, ArrowCreek homes, and property, has continued to gain in value and is definitely a premier area within the Truckee Meadows. The summer buying/selling season is clearly upon us! So, ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of the ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being a secure, family-oriented community, with excellent schools, is being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector, Blue Ribbon awarded Hunsberger Elementary and the construction of Marce Herz Middle School just outside our main entrance.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). 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 August 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 been trending together since the fall of 2018. This trend indicates that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $300 per square foot region. There are nineteen neighborhoods in our community. With eight properties in six neighborhoods changing hands this past month, the Desatoya 1 and Monte Sol neighborhoods tied as the “hottest.”

On with THE FACTS:

a.) Eight (8) properties were recorded sold in ArrowCreek between 25 June and 19 July 2019 (per the Washoe County Assessor, who appears to be current in closed sales but is being hampered by Title Companies furnishing data). This brings the total number of properties transferred over the past rolling year to 79 or 7.2% turnover rate for our community. The turn-over rate remains very low, in the single digits, that may be attributed to general satisfaction with living in our gated community and/or a positive perspective on our amenities with 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 $311.13 per square foot. This is a increase of $2.07 per square foot from June’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,201,763.89, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course now stands at $341,399.07 per acre.

c.) Seven (7) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $299.24 per square foot, which is up by $.39 per square foot over last month. The twelve-month rolling average sales price for non-golf course homes increased to $1,131,329.83. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 69.6% below vacant golf course property at $201,212.39 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.

2. Summer is finally here. The housing market has firmed significantly. Lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. Property impinging upon the Non-residential area/golf course is currently drawing a 4% premium to property not impinging ‘the course.’ From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. 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. The following chart portrays the trend lines for Custom and Semi-Custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $276.99 per Square Foot
Semi-Custom Off-Course: $261.13 per Square Foot
Custom On-Course: $338.45 per Square Foot
Custom Off-Course: $348.25 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’ – homes in Reno are selling, on average, for $274.93 per-square-foot (Median price $1,100,000) with an average of 122 days, or 4.1 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $64 to $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 $222.88 per square-foot (Median price $600,000) with a time-on-market of 65 days, or 2.2 months. Again, ArrowCreek Semi-Custom home averages are around $38 – $54 higher per-square-foot. Median prices rose across the Reno market by 13.3% during the comparable past year while ArrowCreek combined average prices were 10% 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 $191.07 per-square-foot (Median price $579,900) with an average of 88 days on the market, or 2.9 months. ArrowCreek Semi-Custom home averages are around $70 – 86 higher per-square-foot. Median prices rose across this market by 12% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 6.6%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has affected sales. This has had a moderate effect on prices for homes impinging on the Non-Residential area. However, prices have moderated to the point where it doesn’t matter whether a custom home is ‘on the course’ or not, the price is the same, at least for this reporting period.

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 and participate in its many activities. 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
August 6, 2019

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 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the golf club is purely optional for all interested parties. This is not your ‘typical’ golf community as it caters to a broad spectrum of indoor and outdoor interests. In addition, the financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper middle and high net worth individuals, of which 456 custom homes have or are being built. As an observer can see, we are a very financially diverse community spanning a large area, roughly 25 square miles, below Mount Rose. This report contains the data that was available on 28 June from the Washoe County Assessor.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. During this past month 5 properties changed ownership with only none of those being attached to the golf property. As you’ll see in the charts below, ArrowCreek homes, and property, has continued to gain in value and is definitely a premier area within the Truckee Meadows. The summer buying/selling season is clearly upon us! So, ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of the ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being a secure, family-oriented community, with excellent schools, is being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector, Blue Ribbon awarded Hunsberger Elementary and the construction of Marce Herz Middle School just outside our main entrance.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). 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 July 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 been trending together since the spring of 2018. This trend indicates that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $295 per square foot region. There are nineteen neighborhoods in our community. With five properties in four neighborhoods changing hands this past month, the Bella Terra neighborhood stood out as the “hottest.”

On with THE FACTS:

a.) Five (5) properties were recorded sold in ArrowCreek between 24 May and 21 June 2019 (per the Washoe County Assessor, who appears to be current in closed sales but is being hampered by Title Companies furnishing data). This brings the total number of properties transferred over the past rolling year to 78 or 7.2% turnover rate for our community. The turn-over rate remains very low, in the single digits, that may be attributed to general satisfaction with living in our gated community and/or a positive perspective on our amenities with 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 $309.06 per square foot. This is a decrease of $.18 per square foot from May’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,175,514.71, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course now stands at $341,399.07 per acre.

c.) Four (4) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $298.85 per square foot, which is up by $5.02 per square foot over last month. The twelve-month rolling average sales price for non-golf course homes increased to $1,090,109.00. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 68% below vacant golf course property at $203,546.32 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.

2. Summer is finally here. The housing market has firmed significantly. Lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. Property impinging upon the Non-residential area/golf course is currently drawing a 3.4% premium to property not impinging ‘the course.’ From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. 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. The following chart portrays the trend lines for Custom and Semi-Custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $276.99 per Square Foot
Semi-Custom Off-Course: $264.74 per Square Foot
Custom On-Course: $337.57 per Square Foot
Custom Off-Course: $342.71 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 $282.81 per-square-foot (Median price $1,155,000) with an average of 131 days, or 4.4 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $55to $60 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 $219.43 per square-foot (Median price $629,975) with a time-on-market of 71 days, or 2.4 months. Again, ArrowCreek Semi-Custom home averages are around $45 – $58 higher per-square-foot. Median prices rose across the Reno market by 16.1% during the comparable past year while ArrowCreek combined average prices were 11.6% 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 $192.95 per-square-foot (Median price $595,450) with an average of 67 days on the market, or 2.2 months. ArrowCreek Semi-Custom home averages are around $72 – 84 higher per-square-foot. Median prices rose across this market by 15.6% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 10.3%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has affected sales. This has had a moderate effect on prices for homes impinging on the Non-Residential area. However, prices have moderated to the point where it doesn’t matter whether a custom home is ‘on the course’ or not, the price is the same, at least for this reporting period.

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 and participate in its many activities. 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
July 5, 2019

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 (May 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the golf club is purely optional for all interested parties. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper middle and high net worth individuals, of which 428 custom homes have or are being built. As an observer can see, we are a very financially diverse community spanning a large area, roughly 25 square miles, below Mount Rose. This report contains the data that was available on 29 May from the Washoe County Assessor.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. During this past month, 5 properties changed ownership with only one (1) of those being attached to the golf property. As you’ll see in the charts below, for the first time the value of custom homes on the golf course equal those not on the course. This certainly gives the appearance that new buyers feel confident in the stability of the Non-Residential area and our ArrowCreek Community and they are willing to invest their funds along with all the rest of us. The spring buying/selling season is clearly upon us! So, ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of the ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being a secure, family oriented community, with excellent schools, is being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector and the construction of a new Junior High School just outside our main entrance.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). 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 June 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 been trending together since the spring of 2018. This trend indicates that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $295 per square foot region. There are nineteen neighborhoods in our community. With five properties in five neighborhoods changing hands this past month, no one neighborhood stood out as the “hottest.

On with THE FACTS:

a.) Five (5) properties were recorded sold in ArrowCreek between 30 April and 15 May 2019 (per the Washoe County Assessor, who appears to be current in closed sales but is being hampered by Title Companies furnishing data). This brings the total number of properties transferred over the past rolling year to 89 or 8.2% turnover rate for our community. The turn-over rate remains a relatively low, still in the single digits, that may be attributed to general satisfaction with living in our gated community and/or a positive perspective on our amenities with 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 $309.24 per square foot. This is a decrease of $.99 per square foot from April’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price decreased to $1,175,208.33, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course still stands at $336,234.08 per acre.

c.) Four (4) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $293.83 per square foot, which is up by $10.27 per square foot over last month. The twelve-month rolling average sales price for non-golf course homes increased to $1,056,449.52. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 75% below vacant golf course property at $192,580. 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.

2. Spring is here, at last. The housing market has firmed significantly. Lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. Property impinging upon the Non-residential area/golf course is currently drawing a 9.1% premium to property not impinging ‘the course.’ From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. 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. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $276.99 per Square Foot
Semi-Custom Off-Course: $260.75 per Square Foot
Custom On-Course: $335.04 per Square Foot
Custom Off-Course: $335.54 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 $287.03 per-square-foot (Median price $1,155,000) with an average of 142 days, or 4.7 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $48 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 $215.71 per square-foot (Median price $599,900) with a time-on-market of 82 days or 2.7 months. Again, ArrowCreek Semi-Custom home averages are around $45 – $61 higher per-square-foot. Median prices rose across the Reno market by 13.5% during the comparable past year while ArrowCreek combined average prices were 8.5% 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 $191.61 per-square-foot (Median price $596,497) with an average of 66 days on the market or 2.2 months. ArrowCreek Semi-Custom home averages are around $65 – 84 higher per-square-foot. Median prices rose across this market by 12.1% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 11.5%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has affected sales. This has had a moderate effect on prices for homes impinging on the Non-Residential area. However, prices have moderated to the point where it doesn’t matter whether a custom home is ‘on the course’ or not, the price is the same, at least for this reporting period.

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 and participate in its many activities. 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
May 30, 2019

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 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the golf club is purely optional for all interested parties. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper middle and high net worth individuals, of which 428 custom homes have or are being built. As an observer can see, we are a very financially diverse community spanning a large area, roughly 25 square miles, below Mount Rose. This report contains the data that was available on 11 May from the Washoe County Assessor’s Records.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. During this past month 11 properties changed ownership with seven (7) of those being attached to the golf property. This certainly gives the appearance that new buyers feel confidence in the stability of the Non-residential area and are willing to invest their funds in adjoining properties. The spring buying/selling season is clearly upon us! So, ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of the ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being a secure, family oriented community, with excellent schools, is being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector and the construction of a new Junior High School just outside our main entrance.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). 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 May 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 been trending together since the winter of 2017-2018. This trend indicates that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $295 per square foot region. We have nineteen neighborhoods. With eleven properties in eight neighborhoods changing hands this past month, the “hottest” neighborhoods were Chantalaine, Sundance and Monte Sol.

On with THE FACTS:

a.) Eleven (11) properties were recorded sold in ArrowCreek between 20 March and 30 April 2019 (per the Washoe County Assessor, who appears to be current in closed sales). This brings the total number of properties transferred over the past rolling year to 88 or 8.1% turnover rate for our community. The turn-over rate remains a relatively low, still in the single digits, that may be attributed to general satisfaction with living in our gated community and/or a positive perspective on our amenities with an emphasis on the secure stable environment offered within ArrowCreek.

b.) Seven (7) 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 $310.23 per square foot. This is an increase of $15.21 per square foot from March’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,185,514.71, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course still stands at $336,234.08 per acre.

c.) Four (4) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes decreased to $283.56 per square foot, which is down by $0.86 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $1,013,469.91. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 75% below vacant golf course property at $192,580. 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.

2. Spring/winter is here. The housing market has firmed significantly. Lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. Property impinging upon the Non-residential area/golf course is currently drawing a 9.1% premium to property not impinging ‘the course.’ From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. 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. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $274.79 per Square Foot
Semi-Custom Off-Course: $263.91 per Square Foot
Custom On-Course: $335.04 per Square Foot
Custom Off-Course: $321.52 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 $285.86 per-square-foot (Median price $1,160,000) with an average of 158 days, or 5.3 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $35-$49 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 $218.54 per square-foot (Median price $609,500) with a time-on-market of 86 days, or 2.9 months. Again, ArrowCreek Semi-Custom home averages are around $45 – $52 higher per-square-foot. Median prices rose across the Reno market by 14.5% during the comparable past year 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 $194.40 per-square-foot (Median price $590,000) with an average of 67 days on the market, or 2.2 months. ArrowCreek Semi-Custom home averages are around $80 higher per-square-foot. Median prices rose across this market by 12.6% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 10.7%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has affected sales. This has had a moderate effect on prices for homes impinging on the Non-Residential area.

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 and participate in its many activities. 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
May 11, 2019

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 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the private golf club is purely optional for all interested parties. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper middle and high net worth individuals, of which 428 custom homes have or are being built. As an observer can see, we are a very financially diverse community spanning a large area, roughly 25 square miles, below Mount Rose. This report contains the data that was available on 29 March from the Washoe County Assessor’s Records.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. In fact, the number of homes and properties sold/transferred directly impinging on the golf course has decreased over the past year to the point where only 15 homes have changed ownership. Five (5) properties changed owners during this reporting period. This continues a ‘poor’ winter selling season from November now through March. Custom homes on the Golf Course (Non-Residential area) now exhibit a -3.4% premium to Custom homes not on the course. In the meantime, Semi-Custom homes not on the course are -0.2% lower than those abutting the course (But the statistics suggest this is an anomalous condition). This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being a secure, family oriented community, with excellent schools, is being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector and the construction of a new junior High School just outside our main entrance.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). 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 2019 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 been trending together since the winter of 2017-2018. This trend indicates that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $290 per square foot region. We have nineteen neighborhoods. With five properties in five 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 15 February and 8 March 2019 (per the Washoe County Assessor, who appears to be current in closed sales). This brings the total number of properties transferred over the past rolling year to 97 or 8.9% turnover rate for our community. So, sales of ArrowCreek properties has declined by 4% over the past three months. The turn-over rate remains a relatively low, still in the single digits, that may be attributed to general satisfaction with living in our gated community and/or a positive perspective on our amenities with 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 $295.02 per square foot. This is a decrease of $4.61 per square foot from February’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price decreased to $1,177,733.33, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course still stands at $336,234.08 per acre.

c.) Four (4) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $284.38 per square foot, which is up by $3.30 per square foot. The twelve-month rolling average sales price for non-golf course homes decreased to $996,248.05. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 92% below vacant golf course property at $175,168.77 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.

2. Winter is here, the housing market is very soft, and lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. 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. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $266.75 per Square Foot
Semi-Custom Off-Course: $267.25 per Square Foot
Custom On-Course: $309.15 per Square Foot
Custom Off-Course: $319.69 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 $286.49 per-square-foot (Median price $1,215,000) with an average of 196 days, or 6.5 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $23-$33 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 $226.05 per square-foot (Median price $630,000) with a time-on-market of 119 days, or 4.0 months. Again, ArrowCreek Semi-Custom home averages are around $41 higher per-square-foot. Median prices rose across the Reno market by 16.0% during the comparable past year while ArrowCreek combined average prices were 6.2% 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 $191.10 per-square-foot (Median price $579,995) with an average of 97 days on the market, or 3.2 months. ArrowCreek Semi-Custom home averages are around $76 higher per-square-foot. Median prices rose across this market by 8.4% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 2.2%. However, individually for an ArrowCreek Semi-Custom, not on the golf course, the increase over the past year was 11.5%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has little effect on prices because ArrowCreek homes are selling at roughly the same level as 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 and participate in its many activities. 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
April 2, 2019

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 2019 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for our High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course. Participation in the private golf club is purely optional for all interested parties. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper-middle-income families and individuals, and 579 custom home sites, typically for upper middle and high net worth individuals, of which 428 custom homes have or are being built. As an observer can see, we are a very financially diverse community spanning a large area below Mount Rose. This report contains the data that was available on 26 February from the Washoe County Assessor’s Records.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. In fact, the number of homes and properties sold/transferred directly impinging on the golf course has decreased over the past year to the point where there doesn’t exist a ‘statistical sample size. Thus, the statistics presented below for homes and properties on the golf course should be viewed with skepticism. Five (5) properties changed owners during this reporting period. This continues a ‘poor’ winter selling season from November through February. Custom homes on the Golf Course (Non-Residential area) now exhibit a -1.7% premium to custom homes not on the course. In the meantime, Semi-Custom homes not on the course are -4.8% lower than those abutting the course (But the statistics suggest this is an anomalous condition). This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being a secure, family oriented community, with excellent schools, is being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). 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 2019 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 been trending together since last winter after a spike in property values for properties on the golf course in the spring of 2017 that continued thru spring of 2018. What this trend indicates is that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $290 per square foot region. With five properties in four neighborhoods, we have nineteen neighborhoods, changing hands this past month, the “hottest” neighborhood was Granite Point I.

On with THE FACTS:

a.) Five (5) properties were recorded sold in ArrowCreek between 24 January and 14 February 2019 (per the Washoe County Assessor, who appears to be current in closed sales). This brings the total number of properties transferred over the past rolling year to 100 or 9.2% turnover 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.) 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 $299.630.60 per square foot. This is an increase of $9.03 per square foot from January’s value, based upon the statistical rolling average calculation ONLY, as no homes were closed during the month. The 12-month rolling average sales price increased to $1,192,214.29, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course stands at $336,234.08 per acre.

c.) Four (4) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes decreased to $281.08 per square foot, which is down by $0.96 per square foot. The twelve-month rolling average sales price for non-golf course homes decreased to $979,677.57. One of these properties was a lot for development. The rolling 12-month average selling price for vacant land, not on the golf course, now stands 92.5% below vacant golf course property at $174,656.19 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.

2. Winter is here, the housing market is very soft, and lenders are being very careful about approving mortgages. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be overlooked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture is hindsight, not necessarily foresight. From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. 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. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $275.84 per Square Foot
Semi-Custom Off-Course: $262.45 per Square Foot
Custom On-Course: $309.15 per Square Foot
Custom Off-Course: $314.55 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 $289.22 per-square-foot (Median price $1,250,000) with an average of 203 days, 6.8 months, on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling $20-$25 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 $226.50 per square-foot (Median price $629,900) with a time-on-market of 113 days, 3.8 months. Again, ArrowCreek Semi-Custom home averages are around $50-$88 higher per-square-foot. Median prices rose across the Reno market by 11.2% during the comparable past year while ArrowCreek combined average prices were 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 $189.92 per-square-foot (Median price $550,000) with an average of 88 days on the market, approaching 3 months. ArrowCreek Semi-Custom home averages are around $82 higher per-square-foot. Median prices rose across this market by 6.6% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased 12.9%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has little effect on prices because ArrowCreek homes are selling at roughly the same level as 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 and participate in its many activities. 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 12, 2019

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

Quick 3 Day Snow Link

Here is a handy link for checking the snow levels at your favorite ski resort or mountain …..in the Reno-Tahoe area or for anywhere in the world!


https://www.onthesnow.com/72hourdump_all.html

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Today (Feb 17, 2019) Is

 
 

Have fun! Stay warm! Stay safe!

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Finches Are Featured in the 2019 Great Backyard Bird Count

It is almost time for the 2019 Great Backyard Bird Count! You can participate!

Check out 2019 Great Backyard Bird Count Should Be Finchy and Fun.

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