March 21 2016 Property Value Update from Washoe County Assessor Records

Here are the March UPDATED ‘FACTS’ from the Washoe County Assessor Records since the Feb 24, 2016 posting. 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 the February update.

a.) Eight (8) properties were recorded sold in ArrowCreek between 11 February and 7 March 2016 (According to the Washoe County Assessor). This brings the total number of properties transferred this calendar year to 14 and over the past twelve months to 84 or 7.7% which is a fairly low turn-over rate.

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). Both were homes that sold for less than the rolling 12 month average of $920,635 . So, the true selling price, again measured over the past twelve months, equated to$229.91 per square foot. An increase of $2.63 per square foot from February’s value. No additional lots were sold. That leaves the average selling price at $241,807 per acre.

c.) Six (6) properties were sold that are not connected to the golf course since the February report. Five (5) of those properties were homes with an average selling price of $228.94 per square foot with an average selling price of $241,807. This represents a further decrease of $4.73 per square foot from the February report. An additional lot was transferred during this time period. The average selling price increased to $173,151 per acre, an increase of $18,273 per acre or approximately 12%.

d.) Homes that do not have a boundary with the golf course have moved to a market rate roughly equivalent to those on the golf course. So it would appear that the values are equalizing with the market for ArrowCreek. Both values appear to be following market trends where upper end home values are trending sideways or stay on the market for an extended period of time (this is true in both the Douglas and Washoe county markets).

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 $68,656 difference between the vacant lot purchase prices, as the difference does not show up in the closing home sales prices. It is worth noting, however, that there are a very limited number of ‘golf course’ lots versus those not on the golf course.

f.) The trends for our property values indicate that over the past nine months of tracking, the values of homes off the golf course were fairly stable, with the gap between homes on and off the course showing a decreased margin. It should be noted that with this latest data set, homes not on the golf course have declined below the value of a year ago. Homes on the golf course continue to be above the year ago values.

Mar16ACHomeValueTrends

One home off the course this month sold roughly $40 below the going rate per square ft for our ArrowCreek homes, so it significantly slanted the ‘off the course’ and total $/sq ft calculations. In fact, it would certainly appear that values of homes ‘on the course’ have appreciated at a greater rate than those ‘off the course.’

2. The primary mission of the ACHOA Board is to maintain, or assist in, increasing property values within our subdivision. 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 Feb 24, 2016 posting February Fact Update From the Washoe County Assessor Records

… which updates the 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 ArrowCreek, ArrowCreek 411, ArrowCreek411, Home Sales, Home Values, Land Re-Use, Land Use, Land Value Study, Property Value, Real Estate Value, Truth and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

8 Responses to March 21 2016 Property Value Update from Washoe County Assessor Records

  1. Pingback: A Community with Two Personalities – November 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

  2. Pingback: A Community with Two Personalities – October 18 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

  3. Pingback: A Tale of Two Communities – September 20 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

  4. Pingback: August 24 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

  5. Pingback: July 27 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

  6. Pingback: June 20 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

  7. Pingback: May 20 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

  8. Pingback: April 24 2016 Property Value Update from Washoe County Assessor Records | ArrowCreek411

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s