A Community with Two Personalities – November 2016 Property Value Update from Washoe County Assessor Records

This report for the November UPDATED ‘FACTS’ from the Washoe County Assessor Records last posted on October 26, 2016 in A Community with Two Personalities – October 18 2016 Property Value Update from Washoe County Assessor Records. It clearly shows that we need to better emphasize the top qualities of our community to maintain and raise our collective property values. We are definitely in the ‘winter’ selling season, only two properties changed owners this past month, compared to three for this same time period last year. Additionally, the local media, both TV and Newspaper, are noting a general leveling out of the housing market, if not a slow down in home buying activity.

Since the beginning of 2016 and over the past twelve (12) months:

1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. However, as you read this report you will see that prices have improved for properties on the golf course, with an appreciation of 9.2% over this past year, while prices for homes not on the golf course have basically held even with a small decline of 0.6% over the same period.

The facts:

a.) Two (2) properties were recorded sold in ArrowCreek between 20 October and 22 November 2016 (Per the Washoe County Assessor). This brings the total number of properties transferred this calendar year to 76 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 or an absence of a more aggressive marketing plan(s).

b.) Neither of the properties was on the golf course (the property boundaries actually touch the golf course, not just have a ‘view’ of it). However, the true selling price, again measured over the past twelve months, increased to$250.93 per square foot. An increase of $0.54 per square foot from October’s value due to the rolling average calculation. No additional lots, on the course, were sold. The rolling average selling price for undeveloped property on the golf course still stands at $295,810.86 per acre.

c.) Two (2) properties were sold that are not connected to the golf course. The homes ranged in value from $630,000 to $805,000. The rolling average rose to $232.16 per square foot, was up $0.44 per square foot. This increase amounted to a 0.2% increase in the selling price, not very significant and basically flat. The 12 month rolling average sales price declined, due to the mix of sales prices, to $809,572. No undeveloped lots were transferred during this time period. The rolling 12-month average selling price still stands at $188,955.11 per acre.

d.) No lots were sold, but a premium remains if the lot has a common boundary with the golf course (57%). This value between the two categories, in general, appears to be following market trends. However, there’s little explanation for the $106,855 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.

e.) The figure below shows the value trends over the past twelve months. As noted in the opening paragraph, homes on the golf course have appreciated very nicely over the past year. In the meantime, homes not on the golf course have tread water and reflect more typical upper end homes throughout the Truckee Meadows.

2016-ac-nov-dolpersqft

2. The housing market in Northern Nevada for existing homes continues to follow economic trends. As the winter selling season is upon us, 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 October 26, 2016 posting of the A Community with Two Personalities – October 18 2016 Property Value Update from Washoe County Assessor Records

…which updates the October 11, 2016 posting of the A Tale of Two Communities – September 20 2016 Property Value Update from Washoe County Assessor Records

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

…which updates 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.

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