SF Unreal Estate – Will the Money Be Comin’ Over The Mountain?

Asking Price: $1,895,000
Selling Price: $3,000,000 … and not a golf course in sight!

“It’s psychological, almost a game.” – Alan Canas

A home at 541 10th Ave. in San Francisco’s Inner Richmond sold in April for $3 million, which was $1.1 million over asking.

A home at 178 Sea Cliff Ave. in San Francisco sold in April for $11 million, which was $4.7 million or 75 percent over the $6,298,000 list price.

A small home at 410 Marion Ave. in Palo Alto sold last month for $2.7 million, almost $1 million over asking.

A lot of these deals are cash. Where will the seller go with pockets full of cash? How done are they with California? Many Bay Area Californians are escaping to Oregon, Washington, and, oh my gosh, Nevada. In the Reno area we are already tight with a low supply of housing on the market. . . . and the Tesla Gigafactory is opening in about a year so those workers will be coming. . . and the million square foot Switch “SuperNAPserver farm employees will be coming. . .

“Right now we still have huge amounts of wealth being created in the Bay Area and pouring into the Bay Area,” Patrick Carlisle said. “For a lot of people, it’s funny money. They went from being worth millions to tens of millions or hundreds of millions.”

“This property was very nice, but at the same time, it was not sold according to logic,” said listing agent Edward Romanov. “It was sold because of the emotions involved.”

“Throwing an extra million at a home that captures their heart is no big deal.” – Kathleen Pender



SF home-buying ‘insanity’ means paying $1 million over list price

By Kathleen Pender, San Francisco Chronicle on June 24, 2015

Bravo’s reality show “Million Dollar Listing San Francisco” debuts July 8, but I already have an idea for a spinoff — “Million Dollar Over Listing.” It would feature homes in the Bay Area that sold for at least $1 million more than the list price.

There were at least 10 such sales in San Francisco over the past year, 14 in Santa Clara County and five in San Mateo County, according to Multiple Listing Service data. They ranged from teardowns to mansions. …more…

Posted in ArrowCreek, ArrowCreek411, Home Sales, Home Values, Real Estate Value, San Francisco Unreal Estate | Tagged , , , , , , , , , , , , , | Leave a comment

FACT Update From the Washoe County Assessor Records

Here are some UPDATED ‘FACTS’ from the Washoe County Assessor Records since the June 4, 2015 blog:

  1. ArrowCreek properties are selling at a premium to those in Sparks and the North Valley.

    a.) Forty four (44) properties were sold in ArrowCreek between 17 December 2014 and 9 June 2015 (This according to the Washoe County Assessor).

    b.) Eleven (11) of those properties were on the golf course (the property boundaries actually touch the golf course, not just have a ‘view’ of it). Eight (8) of those were homes with an average selling price of $220.19 per square foot. Three (3) were vacant lots with an average selling price of $190,117.78 per acre.

    c.) Thirty three (33) properties sold that are not connected to the golf course. Twenty six (26) of those properties were homes with an average selling price of $229.18 per square foot. Seven (7) properties were vacant lots with and average selling price of $130,056 per acre.

    d.) Homes that do not have a boundary with the golf course are selling at a 3.9% premium to homes actually on the golf course.

    e.) Vacant lots, however, are selling at a 46.18% premium if they have a common boundary with the golf course.
  2. The ACHOA (all of US) currently own 502 acres of vacant land. We haven’t implemented any of the hiking trails or exercise stations on our land or improved the Residents Center.
  3. Only twenty one (21%) percent of our community identify with ‘golf.’ (Based upon the ACHOA sponsored UNR Demographic survey which reflects the National trend)
  4. The ACHOA Board is spending an awful lot of resources, especially legal hours at $275 per hour, to continue to look for a way to acquire the golf course should the Friends of ArrowCreek offer it for sale.

  5. Given ALL of the above ‘FACTS,’ do we really need another 525 acres? Especially when we’ve done nothing to enhance the property we already own.

    Let’s focus our energy on improving the amenities we currently have and expand those amenities by using our already available acreage. Let’s stop the wasteful energy and expenses of trying to purchase another 525 acres, NOW!

    By Ron Duncan


    Updated from 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.

Posted in ArrowCreek, Golf, Home Sales, Home Values, Truth | Tagged , , , , , , , , , , , , , , | 2 Comments

ArrowCreek HOA – IMPORTANT FIRE ALERTS FOR THIS WEEKEND FROM THE TMFPD

ACArrow

RE: IMPORTANT FIRE ALERTS FOR THIS WEEKEND FROM TMFPD

Dear AC Residents,

The below message is being forwarded to you from Chief Moore of the Truckee Meadows Fire Protection District (TMFPD):

This is an important update on our expected fire weather and fire resource status for this weekend. There will be a fire weather watch issued this weekend. Saturday is worst case.

BLM will be staging a task force in our area this weekend and Deputy Chief Leighton requested BLM stage 5 of their engines at Station 17 Spanish Springs. The task force will consist of 10 engines, 1 dozer, 2 helicopters and 1 fixed winged aircraft. If dry lightning results in fire starts, they will disperse to wherever the need is, but we will also have them available as mutual aid resources. Volunteer resources will also mobilize.

Saturday temperatures will be very hot with 103 degrees expected. The worst case for dry lightning and adverse fire weather will be Saturday from about 2 pm into the evening. Saturday storms will produce strong outflow winds of up to 50 MPH. T-storms can be expected on Sunday but will be wet. The bad news is that Sunday storms will be fast moving, so if a fire starts as a result of lightning, the rain may or may not be useful in suppressing a fire start, but could help keep the fire localized until we can deploy resources.
 
 Storms today and Friday are expected mostly north of I-80 up to Susanville and Gerlach. Smoke from the Washington fire may infiltrate into the TM basin on Friday as transport winds will direct the smoke to the TM basin.
 
 Thunderstorms are also expected to continue into next week.
 
Please call my mobile number with any questions.
 
Charles A. Moore, Fire Chief
775.328.6123 Direct
775.313.8903 Mobile
 
Truckee Meadows Fire Protection District
1001 East 9th Street, Building D – 2nd Floor
Reno, Nevada   89512

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If you have signed up for ArrowCreek HOA emails, you received this notice yesterday.
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If you didn’t do so yet, click here.
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Posted in ACHOA, ArrowCreek, ArrowCreek HOA, ArrowCreek411, TMFPD | Tagged , , , , , , , , | Leave a comment

Please Sign Up for ArrowCreek HOA Email Distribution!

Email allows the ArrowCreek HOA to distribute information to you more quickly and efficiently.  By Nevada law, the ArrowCreek HOA must have a signed form on file in order to send you certain information via email in lieu of US mail.  You could call Jeanne Tarantino at 775-334-7403 or email her at jtarantino@associasn.com to have her send a form. You can also download the form here. If you complete the attached form and mail it back to Jeanne, she can get you set up in the Association’s email data base right away.  Please note that correspondence regarding your individual account will still be sent to you via US mail, but general correspondence, newsletters, notices and updates are what is sent via email.  Often times the HOA sends brief updates via email that are not sent via US Mail.  I hope you will consider signing up for this program.

Several neighbors have indicated that they have not seen HOA newsletters or other HOA mailings. If you haven’t been getting HOA information via mail for whatever reason, hopefully, by returning this form, you will now be better informed!

If you have any questions, please contact Jeanne!  Thank you!

Posted in ArrowCreek, ArrowCreek HOA, HOA | Tagged , , , , , , , | 5 Comments

Leisure Investment Properties Group 2015 Golf Investor Sentiment Survey

The Leisure Investment Properties Group of Marcus & Millichap publishes an annual Golf Investor Sentiment Survey for golf asset owners, managers, prospective buyers, appraisers, lenders and other consultants in order to continue providing their clients with the most unique, prescient and predictive market research in the golf industry.

LIPG found that despite concerns regarding the golf industry as a whole, investors remain confident in their ability to gain market share and improve operations in 2015.

Unlike most golf market research, their survey focuses on owners’ investment strategies and future expectations, rather than the past operational performance of their golf course or courses.

The following report contains analyses of several of the most intriguing themes deduced from the survey results and accompanying survey data. Several of these and other survey topics will be explored in greater depth in LIPG’s upcoming Golf & Resort Investment Report – 1st Half 2015.

Significant Findings for the “Golf Investor Sentiment Survey 2015” were

  • The most popular region for golf ownership of those surveyed was the Southeastern United States
  • Only 5% of investors believe that public rounds played or average rates at their golf course(s) will decrease
  • 90% think that private membership counts and average dues rates will increase or stay the same in 2015
  • The most important valuation metric for golf assets for those surveyed is EBITDA Multiple / CAP Rate
  • 72% of all participants are confident that the U.S. Economy will improve in 2015

Here is the survey: LIPG Golf Investor Sentiment Survey 2015

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How does this have anything to do with The Club at ArrowCreek? Is The Club at ArrowCreek a good investment? The Friends of ArrowCreek might be interested in checking this free service out:

In addition to industry-wide market research, such as this report, the LIPG also offers clients individualized advisory services. Feel free to contact our team for a Strategic Analysis of your golf asset(s) at no cost. This analysis takes into account your property’s financial performance, competitive market positioning, demographics and other factors to determine the owner’s best course of action moving forward.

Each Strategic Analysis ends with a personalized recommendation which may include bringing in professional management, adding capital improvements to grow revenue, refinancing or selling the golf asset. This recommendation is created with each individual client’s short and long-term investment goals in mind.

Combined with an accurate and current market valuation, this advisory report provides owners with the data necessary to make informed business decisions moving forward.

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This Survey Methodology and Participation
Breakdown of Responses by Participant Type: Owners & Managers = 39.7% | Prospective Buyers = 16.6% | Other = 43.7%

Golf Investment Index (GII) is a weighted score based on participant responses to the survey questions, although not all questions were used in the Index calculation.

The survey was administered online over a period of 2-3 months. Invited participants included verified golf course owners, managers, prospective investors, consultants, etc. The “Other” participant category referenced in this report includes appraisers, lenders, attorneys and other consultants. The survey was administered to a statistically significant sample size according to established market research benchmarks.

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Leisure Investment Properties Group | Marcus & Millichap Real Estate Investment Services 4030 West Boy Scout Blvd., Suite 850 | Tampa, FL 33607

Posted in ArrowCreek, FOA, Golf, Golf at ArrowCreek, Golf Industry, Leisure Investment Properties Group, The Club at ArrowCreek | Tagged , , , , , , , , , , , , , | Leave a comment

Residents Prefer Parks and Trails Over Golf, SLC Study Says

By Katie McKellar (kmckellar@deseretnews.com), SLC Deseret News article linkSLCQuote

SLC Mayor Press Release
SLC Survey Results
Our Own ArrowCreek Demographic Survey

SALT LAKE CITY — Poll results are in, and they’re reaffirming city leaders’ decision to close at least two city golf courses: Glendale and Jordan River Par-3.

Two surveys contracted by Mayor Ralph Becker’s office indicate that Salt Lake City residents want open space, parks and trails, but aren’t as interested in golf.

City Councilman Kyle LaMalfa, whose district encompasses Glendale, said the results illustrate how Salt Lake residents’ recreation preferences are changing.

RepurposeGC

“I think Salt Lake, as progressive as we are about many things, is way behind the times for trails,” LaMalfa said. “Cities like Logan, Ogden, Provo, Orem and St. George are way ahead, and the results of this poll suggest that it’s time to get Salt Lake City up to snuff with regards to our urban trails.”

SLCParksTrails

The City Council was presented the findings this week as it considers whether to place a recreation bond on the ballot in November to help fund repurposing of the courses’ green space.

It’s still undecided how much residents would be asked to pay if voters approve the bond, but the mayor’s staff will be using the poll’s results to assemble a package for City Council consideration in July, LaMalfa said.

Together, the surveys reached roughly 1,500 residents. A telephone poll conducted June 1-8 reached 406 residents, equally representing all seven City Council districts, and presented findings with a 5 percent margin of error.

The rest of the information was collected in May at a series of town hall meetings where residents were allowed to vote more than once and attend multiple meetings.

When residents were asked in the telephone survey, “What would you do with repurposed Glendale Golf Course and Jordan River Par-3,” only 6 percent answered “keep the golf courses,” according to the results.

In response to the same question, 31 percent said “parks and playgrounds,” 13 percent said “open or green spaces,” 5 percent said “sports fields and facilities,” and 19 percent said “don’t know or no opinion.”

According to Lindsey Ferrari of Wilkinson Ferrari & Co., which helped with the polling, 26 percent said “other” and produced answers that leaned toward multiuse spaces and recreational facilities, including swimming pools and climbing walls.

Councilwoman Lisa Adams said she has been contacted by constituents who worried the questions were phrased in a way that excluded golf as an option, but said she was confident the surveys allowed for open-ended answers.

City officials said answers showed residents have a strong interest in adding new parks and recreation opportunities, including unpaved trails, urban farms, nature centers, mountain biking parks, and engagement in water-related sports such as kayaking along Jordan River.

Residents also want the city to take better care of existing facilities by maintaining parks, implementing sustainable principles, and switching to secondary water for irrigation wherever possible.

In fact, residents’ answers even showed they’d be willing to help pay for the investments.

When the telephone survey asked, “How much would you be willing to pay per month to support this bond?” the largest group, 32 percent, said $10 or more, the highest option the survey provided. Other answers were spread out among lower numbers, but 21 percent said $4 to $6, and 13 percent said they would pay nothing.

“There appears to be a groundswell of community support, and there’s every reason to keep this moving forward,” LaMalfa said.

Adams pointed out that many of the protesters who attended a rally last weekend to keep the Glendale Golf Course open were not Salt Lake City residents.

LaMalfa said judging from his constituents’ feedback, the survey results seem to accurately reflect their wishes and their interest in golf. He said while Salt Lake City welcomes visitors, it’s residents’ voices should have more weight when considering changes to their neighborhoods.

“It’s hard to feel strongly about supporting the golf system with Salt Lake City taxpayers’ money when the primary beneficiaries are people who live outside of Salt Lake City,” LaMalfa said. “When it comes to trying to create a recreation bond to benefit Salt Lake City residents, those residents should be the only people we listen to.”

The City Council will decide by Aug. 18 whether to place the bond on the Nov. 3 ballot.

Posted in Parks and Trails | Tagged , , , , , , , , , , , | 7 Comments

ArrowCreek Demographic Survey Right In Line With National Homebuyer Wish List

News and comment about golf development and construction all over the planet in the World Golf Report blog by Robert J. Vasilak

…interesting paragraph found in Vital Signs from April 24, 2015, that correlates with our own ArrowCreek Demographic Survey – (Look on page 8 of the ArrowCreek report):

Although some U.S. home builders continue to believe that golf courses can boost sales of residential real estate, others are having better luck with less expensive forms of open space, such as parks and community gardens. “Doing a golf course these days for a master-planned residential community is a disaster,” the CEO of a Texas-based development group told the Dallas Morning News. “It’s expensive to build them and expensive to maintain them. And [they’re] way down on the list of what people want to see in a community.” So what’s at the top of the wish list for today’s home buyers? Answer: Hiking trails.

. . . Hiking trails . . . Walking Paths . . . hmmmm.

From Robert’s on-line bio –
For the past 20 years or so, Robert J. Vasilak has provided development-related research services to many of the best-known golf companies on the planet. He’s been the managing editor of a Washington, DC-based business magazine, and he’s written for Esquire, the Washington Post, Golfweek, and other publications.

In 2008, he created the first (and still only) publication dedicated exclusively to international golf development, called the World Edition of the Golf Course Report.

Some of the material on his blog originally appeared in the World Edition, in a slightly different form. For more information about the World Edition, or to receive a free issue, send an e-mail at WorldEdition@aol.com or call 301/680-9460. Vasilak also publishes the U. S. Golf Course Report, which reports on golf development and construction in the United States.

Posted in ArrowCreek, ArrowCreek Survey, Demographics | Tagged , , , , , , , | Leave a comment

Opportunity to Tour UNR’s Earthquake Simulator

Nevada Lab Shakes it Up for a Good Cause: Saving Lives

Where: UNR Earthquake Engineering Laboratory
When: July 08, 2015
What Time: Networking: 5:30-6:00 pm / Program: 6:00-7:30 pm

While earthquakes of incomprehensible magnitudes – 7s, 8s, and above on the Richter scale – happen only periodically in history, they occur with relative frequency on campus at the University of Nevada, Reno.

Or at least, simulations of such earthquakes occur. They’re happening in the Nevada Earthquake Engineering Lab, which houses the largest shake table array in the United States.

“Each of the four shake tables can carry a 50-ton payload, making it possible to carry out experiments on large-scale buildings and bridges to make them safer and remain useable following a strong earthquake,” said Ian Buckle, Professor and Director of Nevada’s Center for Civil Engineering Earthquake Research.

“In many cases, new construction technologies are developed involving smart materials and devices that greatly improve the resilience of our community to earthquakes.”

The laboratory is a new, 44,000-square-foot facility completed in June, 2014. Attendees of NCET’s Tech Wednesday at the Nevada Earthquake Engineering Lab will have the rare opportunity to tour the facility, including the 9,600-square-foot test floor. They will see the shake tables up close and visit the control room.

“High-caliber students and scholars come from round the world to study in this world-class facility, because it is one of a kind,” Buckle said. “Its national and international ranking also attracts and helps retain first-class faculty to teach and conduct research in the Department of Civil and Environmental Engineering of the College of Engineering.”

The Network for Earthquake Engineering Simulation is online at the http://nees.unr.edu website. Lots of photos!

* $15 – NCET members
* $25 – non-members
* $10 – Children under 18 accompanied by parent or adult guardian

REGISTER HERE

NCET events have been selling out! RSVP early so you don’t miss this great event.

NCET members receive substantial discounts on NCET events and your membership pays for itself quickly. Join NCET now and save!

The fine print:

* We encourage you to pay in advance as there’s a $10 service charge if you pay at the door.
* No-shows will be charged the full amount of the reservation unless cancelled at least 48 hours before the event.

For more information, contact NCET at (775) 453-0130 or info@NCET.org.

Posted in Earthquake Simulator, Reno, University of Nevada - Reno, UNR, UNR Earthquake Lab | Tagged , , , , , , | Leave a comment

Top Reno Area Residential Water Usage

As forewarned in our Truckee Meadows Water Authority bills last month, the Reno Gazette Journal has an extensive exposé on water usage during the drought we are currently experiencing.

Here is the article on Residential Water Users in Reno by Jeff DeLong.

Kelly Ann Scott, RGJ Editor’s note about the series: here

Join the RGJ Water Savers Club

Saving Water During Drought: Do We Do Enough?

Naughty List of Top Metered and Flat Rate Water Users by Address

What can you do to help save water: TMWA Requests 10% Water Useage Reduction

Fish
Image from the drought stricken Washoe Lake in June 2015 by Andy Barron.

Posted in Conserving Water, Reno, Reno Gazette Journal, Truckee Meadows Water Authority, Water Conservation | Tagged , , , , , , , , , , , , , , , | Leave a comment

FOA Altruism? Where are the Facts?

Some folks have expressed admiration toward the Friends of ArrowCreek (FOA) for making a major contribution to preserving our ArrowCreek property values – by purchasing the golf course (GC). One GC member suggested that golfers have been subsidizing the value of our ArrowCreek homes for years and asked if it isn’t time for the rest of ArrowCreek residents to do their fair share.

…Which got me thinking: how many of the 34 FOA contributors are golfers or own property abutting the GC? I’m not buying into their motive being altruistic. The recent UNR survey suggests that less than 25 % of residents golf. So, they expect the vast majority of property owners to subsidize an expensive hobby? With the argument being that doing so maintains the lush green, park like nature of ArrowCreek and thus preserves our property values?

I’m not buying that one. A set of concerned residents recently released a UNR study that seriously questions the urban legend relationship between golf courses and property values. I would suggest that the health of our local and national economies play more of a role in our property values than a GC.

But accept, for a moment, this claim that a GC does indeed preserve, perhaps increases, our property values. No proponent of the HOA buying the GC has yet to answer the burning question: at what price? When do annually increasing HOA dues to subsidize the deficits of operating a GC start to become so expensive that property values start declining? How many special assessments for a new roof, irrigation replacement, greens replacement, etc will residents tolerate as potential buyers shy away from the mess in ArrowCreek?

These buzz words about being “visionary” and “controlling our own destiny” resonate well in corporate America. We are a not for-profit HOA. The ever increasing cost of subsidizing a money pit won’t come from other people’s money. It will come from our wallets.

While the Board spends our money on surveys and attorneys trying to figure out how to get around the restrictions imposed on the HOA owning and operating (an attempt at ) a for-profit business, keep in mind the following: The FOA owns the GC. If successful, perhaps FOA will sell to an investor. If unsuccessful, perhaps FOA will sell to an investor. This is America – allow capitalism to work.

By Wayne Krachun

Posted in ArrowCreek, FOA, Friends of ArrowCreek, Golf at ArrowCreek, Reno | Tagged , , , , , , , , | 1 Comment