Here is the report for the October UPDATED ‘FACTS’ from the Washoe County Assessor Records since the October 11, 2016 posting of A Tale of Two Communities – September 20 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.
Since the beginning of 2016 and over the past twelve (12) months:
1. ArrowCreek properties have moved to be in a competitive 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 while prices for homes, especially non-custom, not on the golf course have declined over the past five months, to values comparable to those in non-gated communities.
The facts:
a.) Fourteen (14) properties were recorded sold in ArrowCreek between 20 September and 18 October 2016 per the Washoe County Assessor. This brings the total number of properties transferred this calendar year to 74 and over the past twelve months to 88 or 8.1% turn-over rate for our community. This is 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.) One (1) of the properties was on the golf course (the property boundaries actually touch the golf course, not just have a ‘view’ of it). The home sold for 13% above last month’s average. However, the true selling price, again measured over the past twelve months, increased to $250.39 per square foot – An increase of $2.23 per square foot from September’s value. 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.) Thirteen (13) properties were sold that are not connected to the golf course. Eleven of these were homes that ranged in value from $610,000 to $1,350,000. This volume would appear to reflect a good value proposition for ArrowCreek. The rolling average rose to $231.72 per square foot, up $6.65 per square foot. This increase amounted to a 2.9% increase in the selling price. The 12 month rolling average sales price declined, due to the mix of sales prices, to $813,382. Two undeveloped lots were transferred during this time period. The rolling 12-month average selling price stands at $188,955.11 per acre, an increase of 0.2% over the past month.
d.) There were two lots 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.) 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 with proper marketing.
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 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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