February 24 2016 FACT Update From Washoe County Assessor Records

Here are February UPDATED ‘FACTS’ from the Washoe County Assessor Records since the Jan 21, 2016, ArrowCreek411 posting January Fact Update From the Washoe County Assessor Records.

For those who continue to believe that property on the golf course is worth more than property NOT on the golf course, here are the FACTS. Since the beginning of the year:

  1. ArrowCreek properties continue to sell in the premium class within Washoe and Douglas Counties as previously reported in our January update.

    a.) Six (6) properties were recorded sold in ArrowCreek between 1 January and 29 January 2016 (According to the Washoe County Assessor).

    b.) Two (2) of those properties were on the golf course (the property boundaries actually touch the golf course, not just have a ‘view’ of it). One (1) of those was a home that sold for $967,000 with a rolling average selling price of $227.28 per square foot over the past 12 months. This is an increase of $.17 per square foot from January’s value. One additional lot was sold at $261,669 per acre, and the average lot selling price of $218,017.38 per acre, again using a year’s worth of data to track trends, is an increase in the average of 5.3% over January’s pricing.

    c.) Four (4) properties were sold that are not connected to the golf course since the first of the year. All four (4) of those properties were homes with an average selling price of $233.67 per square foot with an average selling price of $783,537. This represents a decrease of $2.06 per square foot from the January report. No additional lots have been transferred during this time period. The average selling price remains at $154,878.51 per acre for bare lots.

    d.) Homes that do not have a boundary with the golf course continue to sell at a premium and appear to be more stable than those on the golf course. Both values appear to be following the market trends where upper end home values are trending downward or stay on the market for an extended period of time (this is true in both Douglas and Washoe counties).

    e.) There was one lot sold but a premium remains if the lot has a common boundary with the golf course. This value between the two categories in general, appears to be following market trends. However, there’s little explanation for the $60,180 difference between the vacant lot purchase prices, as the same difference does not show up in the closing home sales prices.

    f.) The trends for our property values indicate that over the past eight months of tracking, the values of homes off the golf course are fairly stable, with the gap between homes on and off the course showing an decreased margin. Note, however, that both values are clearly above what they were when we started tracking the values back in May 2015.

  2. Prop_Trends_AC022416

  3. The primary mission of the ACHOA Board is to maintain, or assist in, increasing property values within our subdivision. It’s clear from the chart of ArrowCreek Home Values that indeed our properties are worth more today than they were in May 2015. In fact, it would certainly appear that values of homes ‘on the course’ have appreciated at a greater rate than those ‘off the course.’

Going forward let’s focus our energy on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Pointe development plan by using our already available acreage and funding.

If you wish to support The Club at ArrowCreek, you are urged to become either a full golf or social member. In addition, the FOA LLC is certainly open to new investors.

By Ron Duncan

Updated from Jan 21, 2016 posting January Fact Update From the Washoe County Assessor Records

… which updates the Dec 22, 2015 posting December Fact Update From the Washoe County Assessor Records

… which updates the Nov 22, 2015 posting November Fact Update From the Washoe County Assessor Records

… which updates the Oct 19, 2015 posting October Fact Update: Here Are Facts

… which updates the Sept 21, 2015 posting September Fact Update: Here Are Facts

… which updates the Aug 22, 2015 posting August Fact Update: Here Are Facts

…which updates the July 27, 2015 posting July Fact Update: Here Are Facts

…which updates the June 26, 2015 posting June 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.

This entry was posted in 89511, ACHOA, ArrowCreek, ArrowCreek 411, ArrowCreek411, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

7 Responses to February 24 2016 FACT Update From Washoe County Assessor Records

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