June 20 2016 Property Value Update from Washoe County Assessor Records

This report is a little late to publication due to some intervening medical issues. However, we’re all back in harness and have some terrific data to report. Without further ado here are the June UPDATED ‘FACTS’ from the Washoe County Assessor Records since the May 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. However, as you read this report you will see that prices have definitely improved during the past month for properties within our community, both on the golf course and off the golf course.’

a.) Eleven (11) properties were recorded sold in ArrowCreek between 13 May and 21 June 2016 (According to the Washoe County Assessor), up from 7 in our previous report. This brings the total number of properties transferred this calendar year to 38 and over the past twelve months to 82 or 7.6%. A relatively low turn-over rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community.

b.) Three (3) of the properties were on the golf course (the property boundaries actually touch the golf course, not just have a ‘view’ of it). Two (2) were homes that sold for 17% less than the rolling 12 month average for May of $942,738. However, the true selling price, again measured over the past twelve months, decreased to$236.95 per square foot. A slight decrease of $.34 per square foot from May’s value. An additional lot, on the course, was sold for $170,616 per acre. The average selling price for undeveloped property on the golf course now stands at $235,087.41 per acre for the 12 month rolling average.

c.) Eight (8) properties were sold that are not connected to the golf course since the May report. This proportion is in line with the number of properties ‘on the course’ versus those ‘not on the course.’ Six (6) homes sold above the rolling average, while one (1) sold significantly below the average. As a consequence, the average selling price of $232.98 per square foot reflected a definite upward trend of $6.29 per square foot or a 2.8% increase from the May value. The sales price 12 month rolling average was $806,685. One undeveloped lot was transferred during this time period. The rolling 12 month average selling price stands at $176,674.72 per acre.

d.) ArrowCreek homes have moved to a market rate that remains above that for Demonte Ranch and D’Andrea. So the rise in values appears to reflect the desirability of living within our community.

e.) There were two lots sold but a premium remains if the lot has a common boundary with the golf course (33%). This value between the two categories, in general, appears to be following market trends. However, there’s little explanation for the $58,412 per acre difference between the vacant lot purchase prices, as the difference does not show up in the closing home sales prices. However, it is worth noting 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 twelve 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’s clear from the chart below that ArrowCreek had a ‘soft patch’ between February and April that continued for homes not on the golf course thru May. With spring sales all of our values have risen above those of a year ago. The market continues to strengthen and that bodes well for our community.

AC June16 DolPerSqFt

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. As the spring selling season is upon us, perhaps we are definitely seeing a boost to our unique community.

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 Point development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners and buyers.

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

By Ron Duncan

Updated from the May 20, 2016 posting May Fact Update From the Washoe County Assessor Records

Updated from the April 27, 2016 posting April Fact Update From the Washoe County Assessor Records

…which updates the March 25, 2016 posting March Fact Update From the Washoe County Assessor Records

…which updates the 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.

5 Responses to June 20 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

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