ArrowCreek411

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

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

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

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

On with THE FACTS:

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

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

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

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

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

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

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

• For the past month the ArrowCreek rolling averages are:
• Semi-Custom On-Course: $294.41 per Square Foot
• Semi-Custom Off-Course: $303.19 per Square Foot
• Custom On-Course: $351.00 per Square Foot
• Custom Off-Course: $339.85 per Square Foot

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

• • • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $343.81 per square foot (Median price $2,450,000). The average days on the market is 77 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling between $7.19 higher and $3.96 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $272.46 per square foot (Median price $900,000) with a time-on-market of 7 days. Again, ArrowCreek Semi-Custom home averages are $22 per square foot above those in the Reno market. Median prices rose across the Reno market by 20.1% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 7.4% higher.

• • • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $220.72 per square foot (Median price $824,894) with an average of 14 days on the market. ArrowCreek Semi-Custom home averages are $74 to $82 higher per square foot. Median prices rose across this market by 10.1% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 11.1% over the same time period.

• • • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

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

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

By Ron Duncan
April 05, 2021

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

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

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

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

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

On with THE FACTS:

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

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

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

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

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

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

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

• For the past month the ArrowCreek rolling averages are:
• Semi-Custom On-Course: $269.72 per Square Foot
• Semi-Custom Off-Course: $289.82 per Square Foot
• Custom On-Course: $338.94 per Square Foot
• Custom Off-Course: $327.85 per Square Foot

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

• • • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $340.33 per square foot (Median price $2,465,000). The average days on the market is 119 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling at a discount of between $1.50 and $12.50 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $270.15 per square foot (Median price $811,029) with a time-on-market of 59 days. Again, ArrowCreek Semi-Custom home averages are $20 per square foot above those in the Reno market. Median prices rose across the Reno market by 17% during the comparable past year, as you can see from the chart, while ArrowCreek combined average prices were 12.2% higher.

• • • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $219.71 per square foot (Median price $639,900) with an average of 21 days on the market. ArrowCreek Semi-Custom home averages are $50 to $70 higher per square foot. Median prices rose across this market by 13.7% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 8.9% over the same time period.

• • • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

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

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

By Ron Duncan
March 07, 2021

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

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. the Non-Residential Area as documented in the CC&Rs). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the premise that homes on a course are worth more is a ‘belief’ not based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 445 custom homes have or are being built. This report contains the data that was available on 02 February from the Washoe County Assessor’s Records as compiled and analyzed by the author.

The vagaries of the housing market have caught up with the ArrowCreek community. There were thirteen (13) properties changing owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) do not now exhibit a premium to custom homes on the course (further discussion of this point is below). In the meantime, Semi-Custom homes not on the course sold at a 6.8% premium to those directly abutting the golf course. In addition, ArrowCreek Semi-Custom homes are continuing to be 12% less expensive than those in Reno and 25% more expensive than similar homes in Sparks. It should be noted that these statistics are compiled for equivalent lot and home sizes. As you’ll see in the charts below, ArrowCreek homes attached to the golf course experienced a significant increase in the previous month which caused these homes to significantly exceed the price of homes not on the golf course. This appears to be due, in part, to the small sample size, as only 13 homes of this type changed hands over the past year. This makes any change to value exaggerated. An example this month is a home that sold for $440 a square foot. This shifted the average by $9 per square foot to the upside. The available data, even with this ‘known’ aberration, shows ArrowCreek custom homes selling at a discount to similar Reno homes by 16%. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that the views, security and outstanding schools available to ArrowCreek residents, 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, add to the value of our homes.

The ArrowCreek Home Owners Association (ACHOA) strives to enhance sales and values of our ArrowCreek homes.

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

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $290 per square foot and semi-custom homes a ‘floor’ of $260 per square-foot to grow from. With thirteen fully financed properties changing hands this past month, the Granite Point I and Bella Terra neighborhoods were most active.

On with THE FACTS:

a.) Thirteen (13) properties were recorded sold in ArrowCreek between 15 December and 25 January (per the Washoe County Assessor, who appears to be current in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 100 or 9.2% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a rising economy as the spring buying season is just around the corner.

b.) Two (2) 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 $321.69 per square foot. Based upon the statistical rolling average calculation (only 13 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data to false values. Which is what took place this past month.) the price per square foot increased by $9.76 per square foot. The 12-month rolling average sales price increased to $1,437,642.35, again based upon statistical methods. Two additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course now stands at $288,402.42 per acre.

c.) Five (5) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes decreased to $309.07 per square foot, which is up by $1.69 per square foot, based on a sample size of 56 homes. The twelve-month rolling average sales price for non-golf course homes decreased to $1,185,103.57. Four (4) vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing at 15% below vacant golf course property at $250,059.01 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 has finally arrived and the housing market continues to show signs of life. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be over-looked.

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

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. In the chart it is not clear whether the price increases shown by the realtor databases, and the ArrowCreek data, are accurate or reflect a calculation error based upon sample size. There was a similar increase blip in this timeframe last year as well. In any event, ArrowCreek custom home prices have remained fairly stable. It can also be observed that Semi-Custom homes in ArrowCreek have maintained a reasonable competitive value position within the Truckee Meadows.

• For the past month the ArrowCreek averages are:
• Semi-Custom On-Course: $269.72 per Square Foot
• Semi-Custom Off-Course: $287.95 per Square Foot
• Custom On-Course: $337.67 per Square Foot
• Custom Off-Course: $325.90 per Square Foot

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

• • • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $395.04 per square foot (Median price $2,222,500). This value is highly suspect as the month-to-month increase would appear to be unbelievable and may be due to a statistical error and/or a small sample size variation. The average days on the market is 98 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling at a discount of between $57 and $70 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $317.51 per square foot (Median price $812,497) with a time-on-market of 77 days. Again, ArrowCreek Semi-Custom home averages are now well below those in the Reno market. Median prices rose across the Reno market by 32% 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 $222.32 per square foot (Median price $704,975) with an average of 10 days on the market. ArrowCreek Semi-Custom home averages are $47 to $65 higher per square foot. Median prices rose across this market by 14.5% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes rose 5.8% over the same time period.

• • • Saddlehorn – In reviewing the records for this development, the sample size was too small to obtain meaningful information.

Commentary: I was surprised again this month by the price appreciation in the Reno/Sparks area versus our ArrowCreek community, which is certainly observable from the above chart. Our homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks and it should be recognized that our base values from a year ago were well below those for other portions of the Truckee Meadows. It is also apparent from the data that smaller homes are selling better than larger homes. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

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

By Ron Duncan
February 03, 2021

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

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

The vagaries of the housing market have caught up with the ArrowCreek community. There were four (4) properties changing owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) do not now exhibit a premium to custom homes on the course (further discussion of this point is below). In the meantime, Semi-Custom homes not on the course sold at a 5% premium to those directly abutting the golf course. In addition, ArrowCreek Semi-Custom homes are continuing to be 2.4% less expensive than those in Reno and 42% more expensive than similar homes in Sparks. It should be noted that these statistics are compiled for equivalent lot and home sizes. As you’ll see in the charts below, ArrowCreek homes attached to the golf course experienced a significant increase in the previous month which then aligned them with the price of homes not on the golf course. This appears to be due to the small sample size, as only 14 homes of this type changed hands over the past year. This makes any change to value appear to be exaggerated. The available data shows ArrowCreek custom homes selling at a discount to similar Reno homes by 3.4%. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that the views, security and outstanding schools available to ArrowCreek residents, 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, add to the value of our homes.

The ArrowCreek Home Owners Association (ACHOA) strives to enhance sales and values of our ArrowCreek homes.

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

1. Custom ArrowCreek homes appear to have established a ‘floor’ of $290 per square foot and semi-custom homes a ‘floor’ of $260 per square-foot to grow from. With only four fully financed properties changing hands this past month, the Granite Point I neighborhood was most active.

On with THE FACTS:

a.) Four (4) properties were recorded sold in ArrowCreek between 23 November and 7 December (per the Washoe County Assessor, who appears to be about two weeks behind in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 93 or 8.6% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a slowing economy as the fall buying season is past and with shelter in place governmental restrictions mandated due to the threat posed by the COVID-19 virus.

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 $311.93 per square foot. Based upon the statistical rolling average calculation (only 15 homes are in the calculation. This creates a situation where a single sale above or below the average skews the data to false values.) the price per square foot decreased by $25.32 which counters the increase of last month’s $22.62 per square foot. The 12-month rolling average sales price decreased to $1,305,994.67, again based upon statistical methods. No additional vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course still stands at $300,537.66 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 $307.38 per square foot, which is up by $0.55 per square foot, based on a sample size of 55. The twelve-month rolling average sales price for non-golf course homes increased to $1,201,196.36. No additional vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, still stand at 20% below vacant golf course property at $250,373.65 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 has arrived very dry and the housing market continues to show signs of life. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be over-looked.

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

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. This past month some homes in Sparks were comparable to ArrowCreek custom homes in both acreage and size. As a consequence, we will begin tracking this comparison next month. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. In the chart it is not clear whether the price increases shown by the realtor databases, and the ArrowCreek data, are accurate or reflect a calculation error based upon sample size. There was a similar increase blip in this timeframe last year as well. In any event, ArrowCreek custom home prices have remained fairly stable. It can also be observed that Semi-Custom homes in ArrowCreek have maintained a reasonable competitive value position within the Truckee Meadows.

• For the past month the ArrowCreek averages are:
• Semi-Custom On-Course: $269.72 per Square Foot
• Semi-Custom Off-Course: $283.12 per Square Foot
• Custom On-Course: $327.27 per Square Foot
• Custom Off-Course: $326.03 per Square Foot

• • We also received a request from one of our readers for a comparison of the ArrowCreek values with those in D’Andrea (Sparks market), Somersett (Reno market) and Saddlehorn (to be included next month). 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 $369.54 per square foot (Median price $2,050,000). This value is highly suspect as the month-to-month increase would appear to be unbelievable and may be due to a statistical error and/or a small sample size variation. The average days on the market is 275 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling at a discount of $42 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $283.17 per square foot (Median price $860,000) with a time-on-market of 115 days. Again, ArrowCreek Semi-Custom home averages are about the same as those in the Reno market. Median prices rose across the Reno market by 33.7% during the comparable past year while ArrowCreek combined average prices were 5.5% 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 $229.77 per square foot (Median price $799,747) with an average of 85 days on the market. ArrowCreek Semi-Custom home averages are $47 higher per square foot. Median prices rose across this market by 15% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes remained at 8%.

Commentary: I was surprised again this month by the price appreciation in the Reno/Sparks area versus our ArrowCreek community, which is certainly observable from the above chart. Our homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks and it should be recognized that our base values from a year ago were significantly above those for other portions of the Truckee Meadows. It is also apparent from the data that smaller homes are selling better than larger homes. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

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

By Ron Duncan
January 03, 2021

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

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. Non-Residential Area). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the premise that homes on a course are worth more is a ‘belief’ not based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe County in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 445 custom homes have or are being built. This report contains the data that was available on 05 December from the Washoe County Assessor’s Records as compiled and analyzed by the author.

The vagaries of the housing market have caught up with the ArrowCreek community. There were ten (10) properties changing owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) do not now exhibit a premium to custom homes on the course (further discussion of this point is below). In the meantime, Semi-Custom homes not on the course are selling and exhibiting the same characteristics as those abutting the course. In addition, ArrowCreek Semi-Custom homes are continuing to be 2.9% less expensive than those in Reno and 28.1% more expensive than similar homes in Sparks. It appears that the data for Reno custom home sales mimics the statistical data for ArrowCreek custom homes, specifically those on the ‘golf course.’ As you’ll see in the charts below, ArrowCreek homes attached to the ‘golf course’ experienced a significant increase this past month (a 7.7% increase). This appears to be due to the small sample size, only 14 homes of this type changed hands over the past year. This makes any change to value appear to be exaggerated. The available data shows ArrowCreek custom homes selling at a discount to similar Reno homes by 3.4%. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that the views, security and outstanding schools available to ArrowCreek residents, 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, add to the value of our homes.

The ArrowCreek Home Owners Association (ACHOA) strives to enhance sales and values of our ArrowCreek homes. The latest initiative included a 2020 update to the ACHOA Strategic Plan. 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, while maintaining the semi-rural, high desert nature we have come to love.

Since December 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 home prices reached an inflection point last November and December (2019) with homes not abutting the golf course becoming more valuable than homes on the golf course. This also began a trend where ArrowCreek homes established a ‘floor’ of $290 per square foot to grow from. This ‘trend’ was significantly breached this past month and appears to have been lowered to the area around $285 per square foot. With ten fully financed properties changing hands this past month, Monte Sol and Winding Ridge neighborhoods were most active.

On with THE FACTS:

a.) Ten (10) properties were recorded sold in ArrowCreek between 26 October and 23 November (per the Washoe County Assessor, who appears to be about two weeks behind in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 91 or 8.4% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a slowing economy as the summer buying season is past and with shelter in place governmental restrictions mandated due to the threat posed by the COVID-19 virus.

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 $317.25 per square foot. Based upon the statistical rolling average calculation (only 14 homes are in the calculation. This creates a situation where a single sale above the average skews the data to false vales.) the price per square foot increased by $22.62 per square foot. The 12-month rolling average sales price increased to $1,342,137.14, again based upon statistical methods. One vacant parcel was sold and the rolling average selling price for undeveloped property on the golf course stands now at $300,537.66 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 $306.83 per square foot, which is up by $5.09 per square foot, based on a sample size of 53. The twelve-month rolling average sales price for non-golf course homes increased to $1,199,620.75. Three additional vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing at 20% below vacant golf course property at $250,373.65 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 has arrived very dry and the housing market continues to show signs of life. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be over-looked.

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

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. In the chart it’s not clear whether the price increases shown by the realtor databases are accurate or reflect a calculation error. There was a similar increase blip in this timeframe last year as well. In any event, ArrowCreek custom home prices have remained fairly stable. It can also be observed that Semi-Custom homes in ArrowCreek have maintained a reasonable competitive value position within the Truckee Meadows.

• For the past month the ArrowCreek averages are:
• Semi-Custom On-Course: $280.50 per Square Foot
• Semi-Custom Off-Course: $280.52 per Square Foot
• Custom On-Course: $327.27 per Square Foot
• Custom Off-Course: $326.03 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 homes in Reno are selling, on average, for $338.11 per square foot (Median price $1,650,000). This value is highly suspect as the month-to-month increase would appear to be unbelievable and may be due to a statistical error on the part of the data source. The average days on the market is 220 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling at $12 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $288.97 per square foot (Median price $799,000) with a time-on-market of 108 days. Again, ArrowCreek Semi-Custom home averages are $8 per square-foot LOWER. Median prices rose across the Reno market by 32% during the comparable past year while ArrowCreek combined average prices were 6.3% higher.

• • • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $241.42 per square foot (Median price $735,000) with an average of 71 days on the market. ArrowCreek Semi-Custom home averages are $39 higher per square foot. Median prices rose across this market by 14.6% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 8%.

Commentary: I was surprised again this month by the price appreciation in the Reno/Sparks area versus our ArrowCreek community, which is certainly observable from the above chart. Our homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks and it should be recognized that our base values from a year ago were significantly above those for other portions of the Truckee Meadows. It is also apparent from the data that smaller homes are selling better than larger homes. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

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

By Ron Duncan
December 06, 2020

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

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. Non-Residential Area). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course, which is likely different for some other communities, and, as you’ll observe, the premise that homes on a course are worth more is a ‘belief’ not based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe county in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 444 custom homes have or are being built. This report contains the data that was available on 04 November from the Washoe County Assessor’s Records as compiled and analyzed by the author.

The vagaries of the housing market have caught up with the ArrowCreek community. There were eleven (11) properties changing owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 4.2% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are selling and exhibiting a 4.7% premium to those abutting the course. In addition, ArrowCreek Semi-Custom homes are 3.7% less expensive than those in Reno and 20.3% more expensive than similar homes in Sparks. Over this past month there appears to be either a significant error in Realtor supplied data or a truly significant event that makes ArrowCreek Custom homes a real steal. The available data shows ArrowCreek custom homes selling at a discount to similar Reno homes by 15.5%. As you’ll see later in this report, Reno Custom homes have significantly increased in value compared to similar homes in ArrowCreek. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that the views, security and outstanding schools available to ArrowCreek residents, 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, add to the value of our homes.

ArrowCreek Home Owners 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 2020 update to the ACHOA Strategic Plan. 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, while maintaining the semi-rural, high desert nature we have come to love.

Since November 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 home prices reached an inflection point last November and December (2019) with homes not abutting the golf course becoming more valuable than homes on the golf course. This also began a trend where ArrowCreek homes established a ‘floor’ of $290 per square foot to grow from. This ‘trend’ was significantly breached this past month and appears to have been lowered to the area around $285 per square foot. With eleven fully financed properties changing hands this past month, Desert Canyon and Winding Ridge neighborhoods were most active.

On with THE FACTS:

a.) Eleven (11) properties were recorded sold in ArrowCreek between 22 September and 23 October (per the Washoe County Assessor, who appears to be about three weeks behind in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 86 or 7.9% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we are faced with a slowing economy as the summer buying season is past and with shelter in place governmental restrictions mandated due to the threat posed by the COVID-19 virus.

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 $294.63 per square foot. Based upon the statistical rolling average calculation the price per square foot decreased by $4.19 per square foot. The 12-month rolling average sales price increased to $1,301,328.00, again based upon statistical methods. One vacant parcel was sold and the rolling average selling price for undeveloped property on the golf course stands now at $277,107.70 per acre.

c.) Eight (8) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $301.74 per square foot, which is up by $1.46 per square foot. The twelve-month rolling average sales price for non-golf course homes decreased to $1,182,978.85. Three additional vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing at 8.65% below vacant golf course property at $255,041.47 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 and the housing market continues to show signs of life. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture 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 definitely weakening. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. In the chart it’s not clear whether the price increases shown by the realtor databases are accurate or reflect a calculation error. There was a similar increase blip in this timeframe last year as well. In any event, ArrowCreek custom home prices have remained fairly stable. It can also be observed that Semi-Custom homes in ArrowCreek have maintained a reasonable competitive value position within the Truckee Meadows.

• For the past month the ArrowCreek averages are:
• Semi-Custom On-Course: $262.06 per Square Foot
• Semi-Custom Off-Course: $274.29 per Square Foot
• Custom On-Course: $306.47 per Square Foot
• Custom Off-Course: $319.26 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 homes in Reno are selling, on average, for $370.26 per square foot (Median price $1,795,000). This value is highly suspect as the month-to-month increase would appear to be unbelievable and may be due to a statistical error on the part of the data source. The average days on the market is 183 days. As noted from above, you can see our ArrowCreek comparable Custom homes are selling at $51 to $64 per square foot LOWER. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $278.45 per square foot (Median price $849,000) with a time-on-market of 96 days. Again, ArrowCreek Semi-Custom home averages are $4 to $16 per square-foot LOWER. Median prices rose across the Reno market by 31.9% during the comparable past year while ArrowCreek combined average prices were 1% 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 $223.00 per square foot (Median price $735,000) with an average of 59 days on the market. ArrowCreek Semi-Custom home averages are $39 to $51 higher per square foot. Median prices rose across this market by 15.8% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes increased by 3.2%.

Commentary: I was surprised this month by the price appreciation in the Reno/Sparks area versus our ArrowCreek community, which is certainly observable from the above chart. Our homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks and it should be recognized that our base values from a year ago were significantly above those for other portions of the Truckee Meadows. It is also apparent from the data that smaller homes are selling better than larger homes. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

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

By Ron Duncan
November 05, 2020

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

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course (A.K.A. Non-Residential Area). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course and, as you’ll observe, the premise that homes on a course are worth more is a ‘belief’ not based on factual data from Northern Nevada. Our community is financially diverse having been created that way by the designer of the community and Washoe county in 1997. It consists of 506 Semi-Custom homes, typically for middle and upper middle-income individuals, and 577 Custom home sites, typically for upper middle and high net worth individuals, of which 444 custom homes have or are being built. This report contains the data that was available on 27 September from the Washoe County Assessor’s Records as compiled and analyzed by the author.

The vagaries of the housing market have caught up with the ArrowCreek community. There were nine (9) properties changing owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 2.5% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are selling and exhibiting a 3.3% premium to those abutting the course. In addition, ArrowCreek Semi-Custom homes are 7.4% more expensive than those in Reno and 29% more expensive than similar homes in Sparks. Over this past month, ArrowCreek Custom homes are currently selling at a ‘premium’ of 8.4% to those in Reno. As you’ll see later in this report, Reno Custom homes have decreased in value compared to similar homes in ArrowCreek. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that the views, security and outstanding schools available to ArrowCreek residents, 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, add to the value of our homes.

ArrowCreek Home Owners 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 2020 update to the ACHOA Strategic Plan. 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, while maintaining the semi-rural, high desert nature we have come to love.

Since October 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 home prices reached an inflection point last November and December (2019) with homes not abutting the golf course becoming more valuable than homes on the golf course. This also began a trend where ArrowCreek homes established a ‘floor’ of $290 per square foot to grow from. This ‘trend’ was significantly breached this past month and appears to have been lowered to the area around $285 per square foot. With nine fully financed properties changing hands this past month, the Monte Sol neighborhood was most active.

On with THE FACTS:

a.) Nine (9) properties were recorded sold in ArrowCreek between 21 August and 9 September (per the Washoe County Assessor, who appears to be about three weeks behind in documenting closed sales). This brings the total number of properties transferred over the past rolling year to 81 or 7.5% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we may be faced with a slowing economy as the summer buying season is here with shelter in place governmental restrictions mandated due to the threat posed by the COVID-19 virus.

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 $298.82 per square foot. Based upon the statistical rolling average calculation the price per square foot increased by $5.72 per square foot. The 12-month rolling average sales price decreased to $1,266,371.33, again based upon statistical methods. Three vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course stands now at $255,662.18 per acre.

c.) Five (5) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $300.28 per square foot, which is up by $1.18 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $1,185,840.00. Two additional vacant lots were sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing at 7.25% below vacant golf course property at $238,378.46 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 and the housing market continues to show signs of life. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture 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 definitely weakening. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. In the chart it can be observed that the Custom home sales in Reno have turned down in price over this past month, while those in ArrowCreek have moved sideways. It can also be observed that Semi-Custom homes in ArrowCreek, that are not on the ‘golf course,’ have maintained a reasonable value position.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: : $264.29 per Square Foot
Semi-Custom Off-Course: $272.94 per Square Foot
Custom On-Course: $311.38 per Square Foot
Custom Off-Course: $319.27 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 homes in Reno are selling, on average, for $300.86 per square foot (Median price $1,395,000) with an average of 189 days on the market. As noted from above, you can see our ArrowCreek comparable Custom homes are selling at $11 to $18 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 $250.00 per square foot (Median price $775,000) with a time-on-market of 84 days. Again, ArrowCreek Semi-Custom home averages are $14 higher, for homes on the ‘golf course’ and are $73 higher per-square-foot for homes not on the ‘golf course.’ Median prices rose across the Reno market by 29.7% during the comparable past year while ArrowCreek combined average prices were 0.4% lower.

• • • 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 $222.19 per square foot (Median price $775,000) with an average of 35 days on the market. ArrowCreek Semi-Custom home averages are $42 to $51 higher per square foot. Median prices rose across this market by 14.5% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by 4.3%.

Commentary: I was surprised this month by the price appreciation in the Reno/Sparks area versus our ArrowCreek community, which is certainly observable from the above chart. Our homes continue to be in the top two quartiles of Reno and the Semi-Custom homes are in the top quartile of Sparks and it should be recognized that our base values from a year ago were significantly above those for other portions of the Truckee Meadows. It is also apparent from the data that smaller homes are selling better than larger homes. In addition, the data suggests that the ‘private’ golf course (a.k.a. The Non-Residential area of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

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

By Ron Duncan
September 29, 2020

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

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community that happens to contain a PRIVATE Golf Course (A.K.A. Non-Residential Area). Participation in the private golf club is purely optional for all interested parties. The origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course and, as you’ll observe, the premise that homes on a course are worth more is a fantasy. Our community is financially diverse having been created that way 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 individuals, and 578 Custom home sites, typically for upper middle and high net worth individuals, of which 444 custom homes have or are being built. This report contains the data that was available on 1 August from the Washoe County Assessor’s Records.

The vagaries of the housing market have caught up with the ArrowCreek community. There were fifteen (15) properties changing owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 4% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are selling and exhibiting a 3% premium to those abutting the course. In addition, ArrowCreek Semi-Custom homes are 5.4% more expensive than those in Reno and 39% more expensive than similar homes in Sparks. ArrowCreek Custom homes are currently a ‘bargain’ to those in Reno, selling at a discount of 7.6%. As you’ll see later in this report, Reno Custom homes are increasing in value faster than similar homes in ArrowCreek. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that the views, security and outstanding schools available to ArrowCreek residents, 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, add to the value of our homes.

ArrowCreek Home Owners 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 2020 update to the ACHOA Strategic Plan. 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, while maintaining the semi-rural, high desert nature we have come to love.

Since September 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 home prices reached an inflection point last November and December (2019) with homes not abutting the golf course becoming more valuable than homes on the golf course. This also began a trend where ArrowCreek homes established a ‘floor’ of $290 per square foot to grow from. This ‘trend’ was significantly breached this past month and appears to be lowered to the area around $285 per square foot. With fifteen fully financed properties changing hands this past month, the Indigo Run neighborhood was most active.

On with THE FACTS:

a.) Fifteen (15) properties were recorded sold in ArrowCreek between 20 July and 20 August (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 75 or 6.9% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we may be faced with a slowing economy as the summer buying season is here with shelter in place governmental restrictions mandated due to the threat posed by the COVID-19 virus.

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 $293.10 per square foot. Based upon the statistical rolling average calculation the price per square foot increased by $6.50 per square foot. The 12-month rolling average sales price increased to $1,271,112.14, again based upon statistical methods. Two vacant parcels were sold and the rolling average selling price for undeveloped property on the golf course stands now at $250,737.66 per acre.

c.) Eleven (11) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $299.10 per square foot, which is up by $3.99 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $1,181,916.67. An additional vacant lot was sold, making the rolling 12-month average selling price for vacant land, not on the golf course, standing at 6.4% higher than vacant golf course property at $267,862.92 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 here and the housing market is showing signs of life. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture 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 definitely weakening. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. In the chart it can be observed that the Custom home sales in Reno are trending upward in price over this past month, while those in ArrowCreek have moved sideways. It can also be observed that Semi-Custom homes in ArrowCreek, that are not on the ‘golf course,’ have maintained a reasonable value position.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: : $264.29 per Square Foot
Semi-Custom Off-Course: $272.21 per Square Foot
Custom On-Course: $304.63 per Square Foot
Custom Off-Course: $317.12 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 homes in Reno are selling, on average, for $336.53 per square foot (Median price $1,648,995) with an average of 199 days on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling at $19 to -$32 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 $254.47 per square foot (Median price $825,000) with a time-on-market of 86 days. Again, ArrowCreek Semi-Custom home averages are $9.80 higher, for homes on the ‘golf course’ and are $17.70 higher per-square-foot for homes not on the ‘golf course’. Median prices rose across the Reno market by 25.5% during the comparable past year while ArrowCreek combined average prices were 1.25% lower.

• • • 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 $218.78 per square foot (Median price $671,000) with an average of 48 days on the market. ArrowCreek Semi-Custom home averages are $46 to $53 higher per square foot. Median prices rose across this market by 9.2% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by 3.2%.

Commentary: ArrowCreek homes continue to be 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 of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

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

By Ron Duncan
September 3, 2020

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

Welcome to the ArrowCreek monthly property value update for a 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 origins of this report were based on a heated discussion of the value of homes on a golf course versus those not on a golf course and, as you’ll observe, the premise that homes on a course are worth more is a fantasy. Our community is financially diverse having been created that way 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 individuals, and 578 Custom home sites, typically for upper middle and high net worth individuals, of which 439 custom homes have or are being built. This report contains the data that was available on 1 August from the Washoe County Assessor’s Records.

The vagaries of the housing market have caught up with the ArrowCreek community. There were six (6) properties that changed owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 12.4% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are selling and exhibiting a 9.7% premium to those abutting the course. In addition, ArrowCreek Semi-Custom homes are 1.3% more expensive than those in Reno and 15.4% more expensive than similar homes in Sparks. As you’ll see later in this report, Reno custom homes and Sparks semi-custom homes are increasing in value faster than similar homes in ArrowCreek. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that the views, security, outstanding schools available to ArrowCreek residents, 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, adds to the value of our homes.

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 2020 update to the ACHOA Strategic Plan. 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, while maintaining the semi-rural, high desert nature we have come to love.

Since August 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 home prices reached an inflection point last November and December (2019) with homes not abutting the golf course becoming more valuable than homes on the golf course. This also began a trend where ArrowCreek homes established a ‘floor’ of $290 per square foot to grow from. This ‘trend’ was significantly breached this past month and appears to be lowered to the area around $285 per square foot. With six fully financed properties changing hands this past month, no one neighborhood was most active.

On with THE FACTS:

a.) Six (6) properties were recorded sold in ArrowCreek between 24 June and 21 July (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 64 or 5.9% turnover rate for our community. This remains a very low rate, in the single digits, that may be attributed to a general satisfaction with living in our gated community, or the higher prices of properties and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek. Additionally, we may be faced with a slowing economy as the summer buying season is here with shelter in place governmental restrictions mandated due to the threat posed by the COVID-19 virus.

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 $286.60 per square foot. Based upon the statistical rolling average calculation the price per square foot decreased by $14.30 per square foot. Likely due to a foreclosure. The 12-month rolling average sales price decreased to $1,249,214.17, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course stands now at $262,684.27 per acre.

c.) Five (5) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes decreased to $295.11 per square foot, which is down by $11.70 per square foot. The twelve-month rolling average sales price for non-golf course homes decreased to $1,166,863.41. The rolling 12-month average selling price for vacant land, not on the golf course, stands 9.9% higher than vacant golf course property at $291,621.79 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 here and the housing market is showing signs of life. For those desiring a secure, safe environment to raise a family, ArrowCreek should not be over-looked.

Do keep in mind that everyone’s selling price is based upon his or her own set of circumstances and the above picture 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 definitely weakening. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the commentary from previous months: the author received queries about Semi-Custom and Custom homes both on and off the golf course and their relative selling prices with respect to those found in Reno and Sparks. The following chart portrays the trend lines for Custom and Semi-Custom homes within this broader community. In the chart it can be observed that the home sales outside of ArrowCreek are trending upwards in price over this past month, while those in ArrowCreek had a significant down-turn. It can also be observed that semi-custom homes in ArrowCreek, that are not on the ‘golf course,’ have maintained a reasonable value position. In the meantime, if one wanted value, it’s clear that semi-custom homes on the ‘golf course’ present a better value than those in the Reno semi-custom market. It’s also apparent that ArrowCreek custom homes on the ‘golf course’ offer a better value that Reno custom homes.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: : $243.86 per Square Foot
Semi-Custom Off-Course: $267.51 per Square Foot
Custom On-Course: $300.85 per Square Foot
Custom Off-Course: $338.24 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 homes in Reno are selling, on average, for $323.57 per square foot (Median price $1,497,500) with an average of 189 days on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling at -$23 to $15 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 $252.36 per square foot (Median price $799,995) with a time-on-market of 92 days. Again, ArrowCreek Semi-Custom home averages are $8.5 lower, for homes on the ‘golf course’ and are $15 higher per-square-foot for homes not on the ‘golf course’. Median prices rose across the Reno market by 20.8% during the comparable past year while ArrowCreek combined average prices were 4.6% lower.

• • • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $221.58 per square foot (Median price $707,499) with an average of 64 days on the market. ArrowCreek Semi-Custom home averages are $22 to $46 higher per square foot. Median prices rose across this market by 10.7% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by 4.8.

Commentary: ArrowCreek homes continue to be 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 of ArrowCreek) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

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

By Ron Duncan
August 7, 2020

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