An ArrowCreek Property Value Update (October 2020 from Washoe County Assessor Records)

Welcome to the ArrowCreek monthly property value update for a High Desert, Semi-Rural community in Washoe County, Nevada, that happens to contain a PRIVATE Golf Course (A.K.A. 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.

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

An ArrowCreek Property Value Update (September 2020 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 (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.

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

An ArrowCreek Property Value Update (August 2020 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 (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.

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 2020 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. 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.

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

Crossbow Court Connect Neighborhood Center and Garden

*** UPDATED 30 July 2020 to fix broken links and acknowledge July 24 Board of Adjustment meeting. ***

Have you noticed grading going on at the corner of Crossbow and Arrowcreek Parkway? Oh, yes, and the For Sale sign is down….

According to the application, the planned Connect Neighborhood Center is a 16,015 square foot neighborhood center designed as a destination to promote wellness for all ages. Connect will house mindful movement and functional fitness studios (for adults and children), personal coaching and co-working spaces, coffee/tea and nutritious takeaway meals, retail, training and demonstration facilities, and a meditation and community garden.

The proposed project was presented and unanimously approved at the regularly scheduled South Truckee Meadows/Washoe Valley Citizen Advisory Board (CAB) on June 11, 2020 (via ZOOM). The two parcels of land that will be the new Connect Center, Garden and parking lot are described in WSUP20-009w with details and photos about the center. Various Washoe County Board meetings have been cancelled due to COVID-19 so it does not appear to be completely approved yet. The report prepared for the cancelled July 8 board meeting was removed from the county website. The report was updated with new meeting date and posted for the July 24 meeting. The July 24 meeting minutes are not yet posted on the county website.

According to the application, Connect already offers Hunsberger students meditation and mindfulness services and plans to reach out to Sage Ridge and Marce Herz students in the future.

These conceptual drawings are in the application package. The South elevation is the Arrowcreek Parkway (back) view of the building. The North elevation is the front of the building. The concept blends nicely with the new Marce Herz Middle School.

Posted in 89511, ArrowCreek411, Connect Neighborhood Center | Leave a comment

An ArrowCreek Property Value Update (June 2020 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. 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 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 438 custom homes have or are being built. This report contains the data that was available on 2 July from the Washoe County Assessor’s Records.

The vagaries of the housing market have caught up with the ArrowCreek community. Twelve (12) properties changed owners during this reporting period. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 9.8% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are selling and exhibiting a 10% premium to those abutting the course. In addition, ArrowCreek Semi-Custom homes are 2% more expensive than those in Reno. 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 July 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. With twelve fully financed properties changing hands this past month, the most active neighborhood was Bella Terra.

On with THE FACTS:

a.) Twelve (12) properties were recorded sold in ArrowCreek between 14 May and 24 June (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 69 or 6.4% 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 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 spring 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 $300.90 per square foot. Based upon the statistical rolling average calculation the price per square foot increased by $5.29 per square foot. The 12-month rolling average sales price increased to $1,382,800.00, 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.) Eight (8) properties were sold that are not connected to the golf course. The rolling average selling price for off-course homes increased to $306.81 per square foot, which is up by $2.13 per square foot. The twelve-month rolling average sales price for non-golf course homes decreased to $1,213,372.73. The rolling 12-month average selling price for vacant land, not on the golf course, stands 3.7% below vacant golf course property at $253,296.86 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 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 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 held a positive position. It can also be observed that Semi-Custom homes in ArrowCreek that are not on the golf course have maintained a 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 market. It’s also apparent that custom homes in the Reno market are very competitive with our custom homes on the golf course.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: : $243.86 per Square Foot
Semi-Custom Off-Course: $268.28 per Square Foot
Custom On-Course: $316.46 per Square Foot
Custom Off-Course: $347.56 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 $306.13 per-square-foot (Median price $1,399,000) with an average of 167 days on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling at $10 to $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 $261.34 per square-foot (Median price $795,000) with a time-on-market of 88 days. Again, ArrowCreek Semi-Custom home averages are $17 lower for homes on the golf course and are $7 higher per-square-foot for homes not on the golf course. Median prices rose across the Reno market by 13.2% during the comparable past year while ArrowCreek combined average prices were 0.8% 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 $200.96 per-square-foot (Median price $630,000) with an average of 56 days on the market. ArrowCreek Semi-Custom home averages are $43 to $67 higher per-square-foot. Median prices rose across this market by 1.8% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by 4.6%.

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
July 5, 2020

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

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

An ArrowCreek Property Value Update (May 2020 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. 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 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 435 custom homes have or are being built. This report contains the data that was available on 4 May from the Washoe County Assessor’s Records.

The vagaries of the housing market have caught up with the ArrowCreek community. Six (6) properties changed owners during this reporting period. This is the same as last month as two of the changes were done without recording a dollar value. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 13% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are selling and exhibiting a 12% premium to those abutting the course. In addition, ArrowCreek semi-custom homes are 11.6% more expensive than those in Reno. 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 May 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. With only five fully financed properties changing hands this past month, the most active neighborhood was Painted Vista.

On with THE FACTS:

a.) Five (5) properties were recorded sold in ArrowCreek between 24 April and 20 May (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 65 or 6.0% 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 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 spring 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 $295.61 per square foot. Based upon the statistical rolling average calculation the price per square foot decreased by $7.52 per square foot. The 12-month rolling average sales price increased to $1,374,018.18, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course stands at $256,494.16 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 decreased to $304.68 per square foot, which is down by $5.25 per square foot. The twelve-month rolling average sales price for non-golf course homes decreased to $1,239,157.49. The rolling 12-month average selling price for vacant land, not on the golf course, stands 1.3% below vacant golf course property at $253,296.86 per acre.

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

2. Spring is here 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 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 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 held a positive position. It can also be observed that Semi-Custom homes in ArrowCreek that are not on the golf course have maintained a 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 market. It’s also apparent that custom homes in the Reno market are very competitive with our custom homes on the golf course.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: : $242.45 per Square Foot
Semi-Custom Off-Course: $270.98 per Square Foot
Custom On-Course: $307.42 per Square Foot
Custom Off-Course: $347.74 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 $301.72 per-square-foot (Median price $1,334,497) with an average of 185 days on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling at $6 to $46 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 $251.78 per square-foot (Median price $729,900) with a time-on-market of 91 days. Again, ArrowCreek Semi-Custom home averages are $9 lower for homes on the golf course and are $19 higher per-square-foot for homes not on the golf course. Median prices rose across the Reno market by 10.8% during the comparable past year while ArrowCreek combined average prices were 1.2% 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 $204.48 per-square-foot (Median price $629,995) with an average of 73 days on the market. ArrowCreek Semi-Custom home averages are $38 to $66 higher per-square-foot. Median prices rose across this market by 1.5% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by 5.1%.

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. Nationally, Median home prices rose 8% year over year to $280,000 in March, despite a decline in sales of 8.5%. The supply of homes on the market is down 10.2%.

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
May 07, 2020

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

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

An ArrowCreek Property Value Update (April 2020 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. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper middle-income individuals, and 578 custom home sites, typically for upper middle and high net worth individuals, of which 435 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 26 April from the Washoe County Assessor’s Records.

The vagaries of the housing market have caught up with the ArrowCreek community. Four (4) properties changed owners during this reporting period. This is a slight decrease from the previous months. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 15% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are virtually identical, price wise, to those abutting the course. In addition, ArrowCreek semi-custom homes are 11.6% more expensive than those in Reno. 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 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.

Since April 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. With only four homes changing hands this past month, there isn’t a ‘hottest’ neighborhood.

On with THE FACTS:

a.) Four (4) properties were recorded sold in ArrowCreek between 18 March and 9 April (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 69 or 6.4% turnover rate for our community. This remains a low rate, 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. Additionally, we may be faced with a slowing economy as the spring buying season commences 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 $303.13 per square foot. Based upon the statistical rolling average calculation the price per square foot increased by $6.90. The 12-month rolling average sales price increased to $1,330,030.00, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course still stands at $270,076.19 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 $309.93 per square foot, which is up by $3.79 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $1,241,499.00. The rolling 12-month average selling price for vacant land, not on the golf course, stands 2.5% below vacant golf course property at $263,415.35 per acre.

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

2. Spring is here 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 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 priceswith 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 definitely tended down in price over this past month, while those in ArrowCreek held a more positive position. It can also be observed that semi-custom homes in ArrowCreek have virtually the same value regardless of whether they are on the golf course or not. Meanwhile the value of custom homes not on the golf course, in ArrowCreek, continue to improve in value versus a constant value line for those on the golf course.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: $268.10 per Square Foot
Semi-Custom Off-Course: $267.81 per Square Foot
Custom On-Course: $315.87 per Square Foot
Custom Off-Course: $363.13 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 $291.98 per-square-foot (Median price $1,231,000) with an average of 186 days on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling at$24 to $71 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 $239.99 per square-foot (Median price $677,000) with a time-on-market of 76 days. Again, ArrowCreek Semi-Custom home averages are around $28 higher per-square-foot. Median prices rose across the Reno market by 9.5% during the comparable past year while ArrowCreek combined average prices were 3.5% 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 $200.74 per-square-foot (Median price $600,000) with an average of 60 days on the market. ArrowCreek Semi-Custom home averages are around $67 higher per-square-foot. Median prices rose across this market by 4.4% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by -.05%.

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
April 30, 2020

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

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

An ArrowCreek Property Value Update (March 2020 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. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper middle-income individuals, and 578 custom home sites, typically for upper middle and high net worth individuals, of which 435 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 27 March from the Washoe County Assessor’s Records.

The vagaries of the housing market have caught up with the ArrowCreek community. Six (6) properties changed owners during this reporting period. This is a slight decrease from the previous months. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 12% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are virtually identical, price wise, to those abutting the course. In addition, ArrowCreek semi-custom homes are 8.2% more expensive than those in Reno. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being secure, family oriented, and with excellent schools, is being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a 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.

Since March of 2019 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report, you will see that prices began to parallel each other after a spike in property values for properties on the golf course in the winter of 2019 that continued until October 2019, when they dropped down to a steadier value per square foot. What this trend indicates is that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $300 per square foot region. With six properties in five neighborhoods changing hands this past month, the “hottest” neighborhood was The Reserve.

On with THE FACTS:

a.) Six (6) properties were recorded sold in ArrowCreek between 21 February and 9 March (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 70 or 6.4% turnover rate for our community. This remains a low rate, 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. Additionally, we may be faced with a slowing economy as the spring buying season commences with shelter in place governmental restrictions mandated.

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 $296.23 per square foot. Based upon the statistical rolling average calculation the price per square foot increased by $5.42. The 12-month rolling average sales price increased to $1,294,085.29, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course still stands at $270,076.19 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 $306.14 per square foot, which is up by $2.53 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $1,232,844.21. One additional property was transferred. The rolling 12-month average selling price for vacant land, not on the golf course, stands 2.5% below vacant golf course property at $263,415.35 per acre.

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

2. Spring is rapidly approaching 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 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. It should be noted that Reno Custom homes have now exceeded the price per square foot of ArrowCreek Custom homes on the golf course. Additionally, Semi-Custom homes are now in direct competition with ArrowCreek Semi-Custom homes. The value proposition of ArrowCreek definitely needs to be enhanced to maintain our premier position within the Truckee Meadows.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: $260.39 per Square Foot
Semi-Custom Off-Course: $266.02 per Square Foot
Custom On-Course: $315.79 per Square Foot
Custom Off-Course: $354.70 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 $316.06 per-square-foot (Median price $1,299,000) with an average of 192 days on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling at only $39 per-square-foot higher for homes not on the golf course and pennies less for homes on the golf course. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $243.19 per square-foot (Median price $687,495) with a time-on-market of 82 days. Again, ArrowCreek Semi-Custom home averages are around $17 – $23 higher per-square-foot. Median prices rose across the Reno market by 7% during the comparable past year while ArrowCreek combined average prices were -2.2% 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 $205.70 per-square-foot (Median price $579,055) with an average of 69 days on the market. ArrowCreek Semi-Custom home averages are around $55 to $61 higher per-square-foot. Median prices rose across this market by 7.1% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by -.05%.

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) 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
April 02, 2020

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

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

An ArrowCreek Property Value Update (February 2020 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. The financial diversity within the ArrowCreek community was put in place by the designer of the community and the county in 1997. It consists of 506 semi-custom homes, typically for middle and upper middle-income individuals, and 578 custom home sites, typically for upper middle and high net worth individuals, of which 435 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 27 February from the Washoe County Assessor’s Records.

The vagaries of the housing market have caught up with the ArrowCreek community. Eight (8) properties changed owners during this reporting period. This is an increase from the previous months. Custom homes not on the Golf Course (Non-Residential area) now exhibit a 13% premium to custom homes on the course. In the meantime, Semi-Custom homes not on the course are virtually identical, price wise, to those abutting the course. In addition, ArrowCreek semi-custom homes are 1.3% more expensive than those in Reno. This, of course, leads to the question of ‘What are the value propositions for ArrowCreek properties?’ Key ‘take-aways’ of these ‘facts’ are that smaller homes are selling better than larger homes and ArrowCreek owners have the option to join ‘The Club at ArrowCreek’ or not to join – an individual choice of freedom versus other gated communities. Furthermore, it appears that our ‘value proposition’ of being secure, family oriented, and with excellent schools, is not being recognized by the real estate community. Broader marketing should help the entire community with an emphasis on the use of the southeast connector.

ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, and a 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.

Since February of 2019 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report, you will see that prices began to parallel each other after a spike in property values for properties on the golf course in the winter of 2019 that continued until October 2019, when they dropped down to a steadier value per square foot. What this trend indicates is that homes in ArrowCreek appear to be settling into a growth pattern beginning in the $297 per square foot region. With eight properties in six neighborhoods changing hands this past month, the “hottest” neighborhoods were Painted Vista and Bella Terra.

On with THE FACTS:

a.) Eight (8) properties were recorded sold in ArrowCreek between 23 January and 19 February (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 69 or 6.4% turnover rate for our community. This remains a low rate, 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. Additionally, we may be faced with a slowing economy before the spring buying season commences.

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 $290.81 per square foot. Based upon the statistical rolling average calculation the price per square foot increased by $1.92. The 12-month rolling average sales price increased to $1,256,375.00, again based upon statistical methods. The rolling average selling price for undeveloped property on the golf course now stands at $270,076.19 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 $303.61 per square foot, which is up by $5.03 per square foot. The twelve-month rolling average sales price for non-golf course homes increased to $1,191,328.22. One additional property was transferred. The rolling 12-month average selling price for vacant land, not on the golf course, stands 3.5% above vacant golf course property at $279,947.18 per acre.

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

2. Spring is rapidly approaching 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 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. It should be noted that Reno Custom homes have now exceeded the price per square foot of ArrowCreek Custom homes on the golf course. Additionally, Semi-Custom homes are now in direct competition with ArrowCreek Semi-Custom homes. The value proposition of ArrowCreek definitely needs to be enhanced to maintain our premier position within the Truckee Meadows.

For the past month the ArrowCreek averages are:
Semi-Custom On-Course: $259.69 per Square Foot
Semi-Custom Off-Course: $265.20 per Square Foot
Custom On-Course: $315.70 per Square Foot
Custom Off-Course: $357.83 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 $320.66 per-square-foot (Median price $1,375,000) with an average of 226 days on the market. As noted above, you can see our ArrowCreek comparable Custom homes are selling at only $37 per-square-foot higher for homes not on the golf course and about $5 less for homes on the golf course. Data for separate ArrowCreek average time on market was not available. Reno homes comparable to ArrowCreek Semi-Custom homes are selling for $258.97 per square-foot (Median price $765,000) with a time-on-market of 98 days. Again, ArrowCreek Semi-Custom home averages are around $1 – 7 higher per-square-foot. Median prices rose across the Reno market by 13.3% during the comparable past year while ArrowCreek combined average prices were 2.7% higher.

    • Sparks market ‘in general’ – The top quartile in the Sparks market actually compares with the Semi-Custom homes in ArrowCreek. The median price for these Sparks homes is $198.31 per-square-foot (Median price $597,500) with an average of 70 days on the market. ArrowCreek Semi-Custom home averages are around $61 to 73 higher per-square-foot. Median prices rose across this market by 8.6% during the comparable past year. For the ArrowCreek community, the Semi-Custom homes declined by -1.7%.

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) 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 03, 2020

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