by Ron Duncan
Last Tuesday (July 28) evening an ACHOA Communication Committee sponsored Realtor Forum was held at The Club at ArrowCreek at 5:30 PM. (I’m sorry for those who have to work for a living who missed it.) The seven realtors were very candid in their remarks and answers to audience questions. Although the setting at The Club was with a backdrop of the golf course, they all made it clear that golf was not a primary driver to property values. In fact, to an individual they cited, price, views, manned gated security and amenities for the price. Other key points of the forum were:
- With respect to home values, ArrowCreek seems to have gotten ahead of the curve on pricing. There are 30 properties currently listed in ArrowCreek (AC) and that equates to roughly a 30 month supply.
- The Realtors mentioned that the appointments and construction of the AC community is now ‘aged’ in place and may not have the features that more recent construction is employing. Many of our homes are ten to fifteen years old and may need upgrades to compete in today’s market at the price being asked.
- The ‘Tesla/Panasonic effect’ is not likely to create a large demand in AC as most of the jobs are technician level and the workers will most likely choose Sparks, Fernley, or other cities in Lyon and Douglas Counties for homes – or perhaps Double Diamond with the new SouthEast Connector parkway under construction.
- HOA dues are among the lowest in Washoe County. Buyers look at what they get for the money they pay and our amenities, the residents center, the pool, the tennis facilities, the children’s play areas, the gym facilities, are all valued assets for the price.
- Uncertainty within a development puts off buyers. They all said they could deal with whatever the property owners decide with respect to the golf course. The key is to make a decision and the Realtors will deal with it no matter which way it goes.
- A Californian then brought up what California mandates of people who reside in a fire zone, no matter who owns the property. The facts are that in Nevada the prevention and mitigation of fire hazards is the sole responsibility of the property owner (this according to a letter read by a Nevadan from the Washoe County Fire Marshall).
This was a very good meeting and should likely be put on every six months, or so, to keep us current on what’s happening in the property market. Other than the fact that there are a lot of properties currently on the market (This hurts prices.) and there’s the uncertainty surrounding the golf club, we’re in a very good place and attractive community.