Questions About Property Value Conclusions

This comment was submitted on 2015/07/14 at 10:40 am but it went into the ArrowCreek411 Spam Filter for some unknown reason. It was originally in reply to Kerry McKinney’s comment on June 27, 2015, but it would also be valid for the updates to that post that Bob Smith originally responded to:

Original Posting of Assessor’s Records for ArrowCreek

Updated Posting of Assessor’s Records for ArrowCreek – for Bob Smith Response

Latest Posting of Assessor’s Records for ArrowCreek

The points made are the same – only the number of sales changed between the postings.

Other References:
June 2015 Study on Golf Course Closure Impacts On Home Values in Northgate and D’Andrea
Demographic Survey Results

==========From Bob Smith========

Mr. McKinney, here are some other facts you may wish to consider.

Ron,

I am not sure what you are trying to convey in this post. Point # 1 is somewhat straight forward – data on houses that sold in ArrowCreek from December 2014 and June 2015 indicate that houses with boundaries, that do not touch the golf, course sold at a 3.9% premium. Is your inference here that property collocation with the golf course does not add value to the price/sq ft? Were you able to consider the many other variables (views and views of the golf course, upgrades etc) that drive price/sg ft?

For your point # 2, I am not sure why you’re recommending adding these new amenities given the data from the ArrowCreek demographic survey. The ArrowCreek demographic survey indicates that only 4% were in favor of walking trails and only 2% wished to have bicycle trails. I saw no mention of exercise stations in the wish list of new amenities for ArrowCreek. According to the survey, 68% of the respondents use the Residency center two or fewer times per month. My household is in the 4% category and it is unusually to have waiting times for any of equipment.

In point #3 you state that the ArrowCreek demographic survey indicates that only 21% of Arrowcreek residents identify with golf. My reading of the survey is different. Question #7 asked – “Why did you move to Arrowcreek – 37.5% indicated golf. For question #9 the response indicated that 32% used the golf course. For question # 14 respondents indicated by 49.4% that they enjoyed golf as a summer activity.

Given that the ArrowCreek survey was conducted in the March/April time frame when club membership was ~200 and given now that the club membership has increased to ~475, and the Club value proposition has increased measurably, maybe the 21% you refer to has increased.

Thanks to you and your wife for expending the effort with the 411 web site. It does provide a good forum for ArrowCreek communication.

Regards
Bob Smith

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2 Responses to Questions About Property Value Conclusions

  1. Kerry McKinney says:

    I agree. I think it is fair to say that everyone at ArrowCreek wants the golf course to be successful. The issue seems to be only: At whose expense?

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  2. Ronald Duncan says:

    Bob,
    Welcome to the conversation and I’ll certainly try and answer your questions.
    1.) Is your inference here that property collocation with the golf course does not add value to the price/sq ft? RESPONSE: Yes. Numerous statements have been made over the past 9 months or so that properties on a golf course command a significant premium over those not on a golf course. it’s not clear where that myth was created, perhaps Florida or Southern California, but it certainly doesn’t appear to apply to Reno, Nevada.
    2.) Were you able to consider the many other variables (views and views of the golf course, upgrades etc) that drive price/sg ft? RESPONSE: No as those variables don’t show up in a Government authenticated database. In fact, Washoe County was sued for taxing ‘views’ at Incline Village, and lost. So, views, which are excellent throughout ArrowCreek are not considered.
    3.) For your point # 2, I am not sure why you’re recommending adding these new amenities given the data from the ArrowCreek demographic survey. RESPONSE: The Demographic Survey was the first time the ACHOA Board became aware that the community was larger than the ten+ people who routinely attended Board meetings. The analysis of Question 15 in the survey had a ‘Par Course (Fitness Trail)’ as the fifth item that the community would like to have.
    4.) Point #3 you state that the ArrowCreek demographic survey indicates that only 21% of Arrowcreek residents identify with golf. My reading of the survey is different. RESPONSE: Difference is good. However, only 20% of residents responded that they had a ‘Golf Membership.’ it’s certainly possible that the percentage who belong to The Club at ArrowCreek has increased. However, the national figures indicate that the percentage who identify with golf has remained constant. No one wants the club to succeed more than the members of CNA. The member lists from the club include a high percentage of Non-ArrowCreek residents. So one should be cautiously optimistic about success.
    Ron Duncan

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