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

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. It has come to the author’s attention that some members of the ArrowCreek community do not comprehend the financial diversity of our community. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county. It consists of 506 semi-custom homes, typically for middle and upper middle-income individuals, and 579 custom home sites, for upper middle and high net worth individuals, of which 327 custom homes have or are being built. As an observer can see, we are a very financially diverse community. This report contains the data that was available on 1 November from the Washoe County Assessor Records. Yes, it is amazing what happens when an election rolls around – the records are being kept up to date.

The vagaries of the housing market have definitely caught up with the ArrowCreek community. An additional five (5) properties changed owners during this reporting period. This is a significant drop from the previous two months where we had ten properties changing hands. Custom homes on the Golf Course (Non-Residential area) now exhibit a -4.3% premium to custom homes not on the course. In the mean time, semi-custom homes not on the course are -0.5%  lower than those abutting the course. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that smaller homes are selling better than larger homes and that ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not – an individual choice of freedom versus other gated communities.

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

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

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report, you will see that prices began to trend together after a spike in property values for properties on the golf course in the Spring of 2017. What this trend indicates is that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $283 per square foot region. With only five properties in four neighborhoods changing hands this past month, the “hottest” neighborhood was Sundance.

On with THE FACTS:

a.) Five (5) properties were recorded sold in ArrowCreek between 28 September and 22 October 2018 (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 108 or 9.9% turnover rate for our community. This remains a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) One (1) property on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) was closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $283.61 per square foot. This is an increase of $2.16 per square foot from September’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price decreased to $1,117,526.32, again based upon statistical methods. None of the sold properties were lots on the golf course.  The rolling average selling price for undeveloped property on the golf course now stands at $292,136.06 per acre.

c.) Four (4) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $282.95 per square foot, which is up by $1.97 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $958,253.16. One of these properties was sold as a ‘vacant’ lot, even though a home exists on the property, during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, stands 55% below vacant golf course property at $188,617.56 per acre.

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

2. Summer is over and the housing market has turned soft. 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 strong. A balanced marketing approach focused on our amenities should go a long way toward creating a better environment for all homeowners and buyers.

Continuing with the Commentary from previous months: the author received queries about semi-custom and custom homes both on and off the golf course and their relative selling prices. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $257.52 per Square Foot
Semi-Custom Off-Course: $256.29 per Square Foot
Custom On-Course: $302.59 per Square Foot
Custom Off-Course: $315.64 per Square Foot

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

    • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $274.59 per square-foot (Median price $1,100,000) with an average of 150 days on the market. As noted above, you can see our ArrowCreek comparable custom homes are selling $28- 41 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 $217.12 per square-foot (Median price $567,997) with a time on market of 75 days. Again, ArrowCreek semi-custom home averages are around $39 – 40 higher per square-foot. Median prices rose across the Reno market by 6.5% during the comparable past year while ArrowCreek combined average prices were 9.2% 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 $184.00 per square-foot (Median price $559,500) with an average of 78 days on the market. ArrowCreek semi-custom home averages are around $72 – 74 higher per square-foot. Median prices rose across this market by 10% during the comparable past year. For the ArrowCreek community, the semi-custom homes rose 9.8%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has little effect on prices because ArrowCreek homes are selling at roughly 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 3, 2018

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

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

Reminder for ArrowCreek Budget Town Hall Tonight

ACHOA TOWN HALL OCTOBER 9 6PM – OWNER INPUT ON THE DRAFT 2019 BUDGET WITH POTENTIAL INCREASE

Date: Tuesday October 9, 2018
Time: 6:00 PM
Place: ACHOA Residents’ Center

Please join the ArrowCreek HOA Board Budget Committee for the ACHOA Owner Town Hall to talk about the Draft 2019 Budget with potential $8/month increase. The increase is to cover inflationary costs of about 3%; particularly, increases in staff salaries to be competitive with the tight labor market conditions, higher utilities and costs of materials.

Click here to view/print the Draft Budget Committee Presentation for the Town Hall.

The Budget Committee would like to hear from you before providing a final budget to the Board for approval. We hope you can attend. You can also email comments to ACservice@associasn.com. Thank you!

Sincerely,
The ArrowCreek HOA
Budget & Finance Committee
For questions regarding the ArrowCreek HOA or the information in this email, please contact Associa Sierra North at acservice@associasn.com. Or by phone at 775-626-7333. Thank you.

Posted in AC411, ACHOA, ACHOA Budget, ACHOA Town Hall Meeting, ArrowCreek, ArrowCreek 411, ArrowCreek HOA, ArrowCreek411 | Tagged , , , , , | Leave a comment

Post-Schellbourne Fire Notes About Alert Systems

The Schellbourne Fire scar is what remains of the incident a week ago Wednesday, Sept 26, 2018. The “scare” was that some ArrowCreek residents received alerts to be prepared for possible evacuation on their landlines (call) and cell phones (call and text) yet others were not. Many residents were watching in groups at the end of their streets while busily texting other neighbors who were at work. The spottiness of alerts was very noticeable.

To get alerts, the easiest action to take is to sign up for Code Red on the Washoe County Emergency Regional Alerts website no matter what else you might think is in place. You can also sign up for other alerts on the website.

While on the topic of alerts, did you get the “Presidential Alert” on your cell phone yesterday, October 3rd, around 11:18 in the morning? Our household did. If you did not, check out Didn’t Get The Presidential Alert Test On Your Phone? Here’s Why or The US government doesn’t seem to know why some people didn’t get its presidential alert. It was the first broad field test of the system. It was not the finished product. You can provide feedback via instructions in either article.


This action was recorded live from Nambe Drive in ArrowCreek. The firefighters drop fire retardant to prevent the Schellbourne Fire from spreading on the west side of Reno, Nevada, on September 26, 2018. The clip is best viewed without sound. (Sounds are from nail guns in use from builders across the street. Female voice “Ooo” is when the retardant gets dropped. The commentary doesn’t add anything.) The fire did burn up to the retardant but no further. No structures were lost. The fire was caused by a bird arcing a power line. The fire was 100% contained on September 28, 2018.

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

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 Truckee Meadows community members. It has come to the author’s attention that some members of the ArrowCreek community do not comprehend the financial diversity of our community. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county. It consists of 506 semi-custom homes, typically for middle and upper middle-income individuals, and 579 custom home sites, for upper middle and high net worth individuals, of which 327 custom homes have or are being built. As an observer can see, we are a very financially diverse community. This report contains the data that was available on 29 September from the Washoe County Assessor Records. Yes, it is amazing what happens when an election rolls around – the records are being kept up to date.

The available data shows that we continue in the in the thick of the market with an additional ten (10) properties changing owners during this reporting period. This is at the same level as last month and still going strong, likely reflecting the economy as a whole. Custom homes on the Golf Course (Non-Residential area) now exhibit only a 0.2% premium to custom homes not on the course. In the mean time, semi-custom homes not on the course are a 0.5%  higher than those abutting the course. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ One of the key ‘propositions’ is that ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities.

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

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

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report, you will see that prices begun to trend together after a spike in property values for properties on the golf course in the spring of 2017. What this trend indicates is that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $278 per square foot region. With ten properties in five different neighborhoods changing hands this past month, the “hottest” neighborhood was The Reserve.

On with THE FACTS:

a.) Ten (10) properties were recorded sold in ArrowCreek between 24 August and 20 September 2018 (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 105 or 9.7% turnover rate for our community. This remains a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) 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 $281.45 per square foot. This is an increase of $0.11 per square foot from August’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,125,421.05, again based upon statistical methods. One of the sold properties was a lot on the golf course.  The rolling average selling price for undeveloped property on the golf course now stands at $292,136.06 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 $280.98 per square foot, which is up by $7.30 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $956,365.19. Four of these properties were lots sold during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, stands 55.6% below vacant golf course property at $187,779.36 per acre.

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

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

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

Continuing with the Commentary from previous months: the author received queries about semi-custom and custom homes both on and off the golf course and their relative selling prices. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $257.52 per Square Foot
Semi-Custom Off-Course: $256.32 per Square Foot
Custom On-Course: $298.85 per Square Foot
Custom Off-Course: $311.38 per Square Foot

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

  • Reno market ‘in general’ – Custom homes in Reno are selling, on average, for $269.03 per square-foot (Median price $1,049,500) with an average of 145 days on the market. As noted above, you can see our ArrowCreek comparable custom homes are selling $29- 69 per square-foot higher. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek semi-custom homes are selling for $218.19 per square-foot (Median price $574,497) with a time on market of 66 days. Again, ArrowCreek semi-custom home averages are around $38 – 39 higher per square-foot. Median prices rose across the Reno market by 5.2% during the comparable past year while ArrowCreek combined average prices were only 6.0% higher. Perhaps the increase in value was not as fast in ArrowCreek because the homes are already higher values in the first place.

  • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the semi-custom homes in ArrowCreek. The median price for these Sparks homes is $188.55 per square-foot (Median price $570,000) with an average of 70 days on the market. ArrowCreek semi-custom home averages are around $68 higher per square-foot. Median prices rose across this market by 7.8% during the comparable past year. For the ArrowCreek community, the semi-custom homes rose 10.2%.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has little effect on prices because ArrowCreek homes are selling at roughly 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
October 3, 2018

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

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

Arrowcreek Middle School Agenda Item Tomorrow, Sept 18, 2018

Republished from Nextdoor with permission from author Lisa Ciorciari (AC411 added links)

This is from the WCSD Building website. We need as many people at this meeting as we can get. Please consider attending or calling or emailing your support. Thank you!

“Important Update: We still hope to have this school open for start of school in 2020, but to have a chance at that we need the Washoe County Commission to approve a permit on September 18 (Item 10 on the agenda).

There was some public opposition at a recent meeting, and the decision on our permit application was delayed. The County Commission is taking up the issue again on September 18 and we hope you will attend this important meeting and make your voice heard. If the County Commission does not approve our permit on September 18, the school opening will be delayed until 2021 or later.

The meeting is September 18 in the Washoe County Commission Chambers at the County Complex, (1001 E. 9th Street, Bldg. A). The meetings begin at 10am, we do not know yet when this agenda item will be heard.

If you cannot attend this meeting in person, we encourage you to make your comments known by emailing or calling the county commissioner for your area. You can easily find your commissioner and their contact information here: https://www.washoecounty.us/bcc/

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The ArrowCreek Sept-Oct 2018 Newsletter Is Out!

The Sept-Oct 2018 issue of the ArrowCreek newsletter has been distributed via email to the owners who have provided their email addresses to Associa. Hard copies get mailed to owners who have not provided email contact information. It is also posted on the newsletter page on ArrowCreek411: ArrowCreek Newsletters for your convenience. The link is also under ArrowCreek Links on the right hand side of any ArrowCreek411 page.

The newsletter contains a lot of interesting and important information plus a heartwarming story of two little deer.

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

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 Truckee Meadows community members. This report contains the data that was available on 28 August from the Washoe County Assessor Records. Yes, it is amazing what happens when an election rolls around – the records are being kept up to date.

The available data shows that we continue in the in the thick of the market with an additional eleven (11) properties changing owners during this reporting period. This is at the same level as last month but still going strong. Custom homes on the Golf Course (Non-Residential area) now exhibit only a 2.8% premium to custom homes not on the course. In the mean time, semi-custom homes not on the course are enjoying a 1% premium to those abutting the course. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ One of the key ‘propositions’ is that ArrowCreek owners’ have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities.

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

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

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report, you will see that prices begun to trend together after a spike in property values for properties on the golf course in the spring of 2017. What this trend indicates is that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $278 per square foot region. With eleven properties in nine different neighborhoods changing hands this past month, the “hottest” neighborhood was Sun Dance.

On with THE FACTS:

a.) Eleven (11) properties were recorded sold in ArrowCreek between 26 July and 17 August 2018 (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 105 or 8.9% turnover rate for our community. This remains a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) One (1) property on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) was closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $281.34 per square foot. This is an increase of $6.30 per square foot from July’s value, based upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,115,100.00, again based upon statistical methods. No additional lots on the course were sold. The rolling average selling price for undeveloped property on the golf course still stands at $248,799.74 per acre.

c.) Ten (10) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $273.68 per square foot, which is up by $4.11 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $905,985.26. No additional lots were sold during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, stands 27.1% below vacant golf course property at $195,777.17 per acre.

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

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

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

Continuing with the Commentary from previous months: the author received queries about semi-custom and custom homes both on and off the golf course and their relative selling prices. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $251.08 per Square Foot
Semi-Custom Off-Course: $254.09 per Square Foot
Custom On-Course: $306.10 per Square Foot
Custom Off-Course: $299.78 per Square Foot

• We also received a request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea (Sparks market) and Somersett (Reno market). We were unable to obtain that information this month and hope to have that comparison again next month.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. It is very apparent from the data that smaller homes are selling better than larger homes. Also apparent from the data is that the ‘private’ golf course (a.k.a The Non-Residential area) has little effect on prices because ArrowCreek homes are selling at roughly comparable non-gated community homes in the Truckee Meadows based upon real estate advertising.

It has also come to the author’s attention that 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 30, 2018

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

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

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

This report contains the data that was available on 26 July and supplemented by a county assessors data update during the week of 30 July from the Washoe County Assessor Records, yes, it’s amazing what happens when an election rolls around. Perhaps the late update was due to focusing on the upcoming election versus paying attention to the job at hand.

The available data shows that we continue in the Summer buying/selling season in a BIG way with an additional ten (10) properties changing owners during this reporting period. This is down by 47% from last month, but still going strong. Custom Homes on the Golf Course (Non-Residential area) now exhibit a 3.5% premium to custom homes not on the course. In the mean-time, semi-custom homes not on the course are enjoying a 4% premium to those abutting the course. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ One of the key ‘propositions’ is that ArrowCreek owners’ have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities.

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

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

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices begun to trend together after a spike in property values for properties on the golf course in the spring of 2017. What this trend indicates is that custom homes in ArrowCreek appear to be settling into a growth pattern beginning in the $272 per square foot region. With ten properties in eight different neighborhoods changing hands this past month, the “hottest” neighborhood was The Reserve.

On with THE FACTS:

a.) Nineteen (19) properties were recorded sold in ArrowCreek between 25 April and 21 June 2018 (per the Washoe County Assessor, who now appears to be current in closed sales.). This brings the total number of properties transferred over the past rolling year to 104 or 9.6% turn-over rate for our community. This remains a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community and/or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.

b.) 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 $292.02 per square foot. This is an increase of $1.19 per square foot from May’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price decreased to $1,159,925.93, again based upon statistical methods. One additional lot on the course was sold. The rolling average selling price for undeveloped property on the golf course now stands at $256,599.80 per acre a decrease of $114.22 per acre.

c.) Seventeen (17) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $264.23 per square foot, which is up by $1.86 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $893,195.03. Three (3) additional lots were sold during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, stands 29.6% below vacant golf course property at $198,060.98 per acre.

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

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

Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. From the sheer volume of property transfers during this reporting period it is clear that the demand for a secure property environment is strong. A balanced marketing approach should focus on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan by using our already available acreage and funding. With that we should see a better environment for all home owners and buyers.

Continuing with the Commentary from previous months: the author received queries about semi-custom and custom homes both on and off the golf course and their relative selling prices. The following chart portrays the trend lines for custom and semi-custom homes within our community.

For the past month the averages are:
Semi-Custom On-Course: $240.87 per Square Foot
Semi-Custom Off-Course: $250.86 per Square Foot
Custom On-Course: $306.10 per Square Foot
Custom Off-Course: $295.48 per Square Foot

Because of a past request from one of our readers for comparison of the ArrowCreek values with those in D’Andrea (Sparks market) and Somersett (Reno market), we’ve been sharing that data. However, we were unable to obtain that information this month and hope to have that comparison again next month.

Commentary: ArrowCreek homes are definitely in the top two quartiles of Reno and the semi-custom homes are in the top quartile of Sparks. The ‘value proposition’ for our unique community should continue to focus on professionals who value security, good schools and recreational opportunities. More people will come to the ArrowCreek ‘experience’ as Nevada businesses gather top talent with competitive salaries.

By Ron Duncan
August 5, 2018

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

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New School Bus Route for ArrowCreek Starts This Monday, 8/6/2018

…helping to get the word out…..received this message from the ACHOA via Associa…..

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ArrowCreek 2018 Summer Picnic

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