Here are UPDATED ‘FACTS’ from the Washoe County Assessor Records since the July 27, 2015 arrowcreek411.wordpress.com blog:
- ArrowCreek properties are still selling at a premium to those in Sparks and the North Valley.
a.) Fifty seven (57) properties were sold in ArrowCreek between 17 December 2014 and 14 August 2015 (This according to the Washoe County Assessor).
b.) Thirteen (13) of those properties were on the golf course (the property boundaries actually touch the golf course, not just have a ‘view’ of it). Ten (10) of those were homes with an average selling price of $230.13 per square foot. Three (3) were vacant lots with an average selling price of $190,117.78 per acre. (No change from last report.)
c.) Forty four (44) properties sold that are not connected to the golf course. Thirty five (35) of those properties were homes with an average selling price of $236.73 per square foot. Nine (9) properties were vacant lots with an average selling price of $156,109.19 per acre.
d.) Homes that do not have a boundary with the golf course are selling at a 2.9% premium, down from 3.3% last month, to homes actually on the golf course. As noted last month the gap is narrowing between the two categories.
e.) Vacant lots, however, are selling at a 21.8% premium if they have a common boundary with the golf course. This value has narrowed significantly over the past months report as well as market forces seem to be narrowing the difference between the two categories in general.
f.) The trends for our property values indicates that over the past three months the values of homes off the golf course are trending to match those on the golf course, as shown in the chart below, which is not good news. They are following market trends. There is no diffence between on or off the golf course.
- The ACHOA (all of US) currently own 502 acres of vacant land. We haven’t implemented any of the already approved hiking trails or exercise stations on our land or improved the Residents’ Center.
- Only twenty one (21%) percent of our community identify with ‘golf.’ (Based upon the ACHOA sponsored UNR Demographic survey which reflects the National trend)
- The ACHOA Board is spending an awful lot of resources, especially legal hours at $275 per hour, to continue to look for a way to acquire the golf course should the Friends of ArrowCreek offer it for sale.
Given ALL of the above ‘FACTS,’ do we really need this additional burden? Especially when we’ve done nothing to enhance the property we already own and no proof, only a belief, has been offered to justify the impact to home values, which appear to be following the market.
Let’s focus our energy on improving the amenities we currently have and expand those amenities by using our already available acreage. Let’s stop the wasteful energy and expenses of trying to purchase another 525 acres, NOW!
If you wish to support The Club at ArrowCreek, you’re urged to become a member.
By Ron Duncan
Updated from July 27, 2015 posting Fact Update: Here Are Facts…
…which updates the June 26, 2015 posting Fact Update: Here Are Facts…
…which updates the June 4, 2015 posting You Want Facts: Here Are Facts.
June 2015 Study on Golf Course Closure Impacts On Home Values in Northgate and D’Andrea.