August 24 2016 Property Value Update from Washoe County Assessor Records

Here is the report for the August UPDATED ‘FACTS’ from the Washoe County Assessor Records since July 27, 2016 posting. Since the beginning of the year and over the past twelve (12) months:

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 for properties on the golf course while prices for non-custom homes not on the golf course have continued to decline over the past month.

a.) Six (6) properties were were recorded sold in ArrowCreek between 8 July and 8 August 2016 (According to the Washoe County Assessor), holding steady in the low double digits. This brings the total number of properties transferred this calendar year to 54 and over the past twelve months to 87 or 8.0% turn-over rate for our community. A relatively low 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 78% above, while the third property sold for 4.6% below the rolling 12 month average for July of $890,825. However, the true selling price, again measured over the past twelve months, increased to $246.18 per square foot. An increase of $8.71 per square foot from July’s value. No additional lots, on the course, were sold. The average selling price for undeveloped property on the golf course still stands at $290,418.52 per acre for the 12 month rolling average.

c.) Three (3) properties were sold that are not connected to the golf course. One (1) home sold below the rolling average for July. This drove the declining rolling average further below the golf course property values with the average price dropping to $227.81 per square foot. As a consequence, the average price dropped by $2.27 per square foot or a continuing 1% decrease from the July value. The sales price 12 month rolling average was $819,438. Two (2) undeveloped lots were transferred during this time period. The rolling 12 month average selling price stands at $185,529.87 per acre, an increase of 7.3% over the past month.

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

e.) There were four lots sold but a premium remains if the lot has a common boundary with the golf course (56%). This value between the two categories, in general, appears to be following market trends. However, there’s little explanation for the $104,888 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.) As charted in the figure below, the trends for our property values indicate that over the past twelve months of tracking, the values of homes off the golf course have declined at a fairly consistent rate. In the meantime, homes on the golf course have appreciated significantly over the past year. It’s also clear from the chart below that ArrowCreek had a ‘soft patch’ between November and April that continued for homes not on the golf course thru May. The market continues to strengthen and that bodes well for our community.

AC Aug24 DolPerSqFt

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. As the fall 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 July 27, 2016 posting of the July Fact Update From the Washoe County Assessor Records

…which updates the June 20, 2016 posting of the June Fact Update From the Washoe County Assessor Records

…which updates the May 27, 2016 posting May Fact Update From the Washoe County Assessor Records

…which updates 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.

4 Responses to August 24 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. KMcK says:

    Thanks, Ron. We look forward to reading this every month. Good job.

    Kerry McKinney

    Like

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