Reno Fine Homes Blog

The slow real estate market is taking its toll on the once almost immune Luxury Home Market segment.  Previously luxury home sales remained substantially constant despite downturns in the non-luxury market.  This was due to several factors:

·         Blimps in the economy have had less impact on the wealthy

·         Real estate has proven to be a good long term investment and a good place to diversify one’s portfolio

·         Lifestyle remains an important consideration for this market segment

However, the present impact on the economy has now crept up to this price segment.  As shown on the following chart, the number of million dollar plus home sold in Washoe County decreased 57% from Q1, 2007 to Q1, 2008.

Read the rest of this entry »

Technorati Tags: buyer's market, maureen loeb, maureen o'grady, million dollar homes, price decrease, reno luxuy real estate, washoe county real estate

I gave an update on this topic in late November. (see http://renofinehomesblog.com/2007/11/25/clubcorp-purchase-of-arrowcreek-country-club-moves-forward/) I stated that the main issue holding up this deal was a lawsuit filed by 14 of the country club’s equity members.  In December ClubCorp, Terra Brook (the current owner of ArrowCreek Club) and 13 of the 14 litigants settled their suits.  However, there was 1 hold out from the original 14.  My understanding is that a verbal agreement has been reached with the remaining litigant so that the purchase can move forward. Obviously ClubCorp wil still have to complete their due diligence before a final deal can be executed. 

This is a big win for the country members and the community as  whole.  ClubCorp is a top notch golf  course oeprator and currently owns (or manages) some of the finest courses in the country including Hilton Head, Firestone Country Club, and Barton Creek Country Club. They have a very strong reciprocal program within their extensive network where members can play by paying cart fees only (and a small annual program fee). 

ClubCorp has an outstanding reputation in the golf community; this change should bring more members and home buyers to the ArrowCreek community.

Technorati Tags: ArrowCreek country club, ClubCorp, golf course, golf course purchase, incline village, luxury, reno real estate, reno realty blog

Today Foreclosures.com lists 1766 residential properties (1 – 4 units) that are in the pre-foreclosure stage in Washoe County, Nevada.  As I wrote in my Jan. previous post, this is a wonderful opportunity to get a great deal. Many incorrectly think that foreclosures mostly affect the entry level market, when in fact, they affect all price levels.  For example, of the 1766 Washoe County pre-foreclosures, 61 are in zip code 89511 located in South Reno, of which 31 (51%) have a stated market value of > $500K.  Five homes are in the $1M - $2M range, of which 3 are in ArrowCreek.

In Incline Village there are 28 homes in the pre-foreclosure stage, of which 14 have a stated market value of > $500K. 

Reno overall  has 1054 homes in the pre-foreclosure stage (wow!),  of which 57 have a market value of > $500K. They are scattered across the high end neighborhoods.

If you are considering buying a luxury home in Washoe County now is an excellent time to do so. 

Technorati Tags: great deals in Renoreal estate, maureen loeb, maureen o'grady, reno foreclosures, reno home buying, reno real estate, washoe county foreclosures

We are fortunate to live in scenic Northern Nevada which offers fabulous city, mountain, lake and golf course views.  I’m often asked how much as these views worth when buying or selling real estate. To take a stab at this question, I analyzed 2007 MLS sales data (through 12/27/2007) for 3 of the most popular golf course communities: Somersett, ArrowCreek, and Montreux.  The results vary by community, but overall golf course locations are still valued by buyers.

Somersett showed the biggest delta in average home price at a whopping 30%. However, much of this can be attributed to custom vs. semi-custom homes.  The lot premium for price per square foot was 9% for homes with golf course frontage.

ArrowCreek had the largest premium for price per square foot with a 12% delta.  I was really struck by the overall average sales price of $1,029,684. Of the 99 homes currently listed for sale in ArrowCreek, 44 are priced at $1 million or less.  The market for the semi-custom homes continues to be very slow in ArrowCreek.

Golf course premiums had little effect in Montreux.  There was a 3% increase in sales price for golf course homes, but a negative 2% price per square foot.  However, since 65% of the homes had golf course frontage, the impact was minimal.

So, what does this all mean?  If you’re planning to buy a golf course home, you should try to keep the price under the golf course premium. Since it’s a buyer’s market, you should be able to find a home with where the seller is willing to negotiate.  If you’re planning to sell a golf course home, you can factor the premium into your asking price; however, given the high levels of inventory, don’t expect to find buyers willing to pay it now.

Other views?  Over the next month I plan to do a similar analysis for city and mountain views.  If you need the information sooner, please let me know, and I’ll prepare a specific analysis for your neighborhood.

Data courtesy of NNRMLS

Technorati Tags: arrowcreek golf course homes, golf course homes, lot premiums, maureen loeb, maureen o'grady, montreux golf course homes, reno luxuy real estate, Somersett, somersett golf course homes

There are currently 63 lots listed for sale in ArrowCreek.  Lot 126 located at 10305 Window Rock Trail is the only water view lot available.  It is located on the 10^th green of the Legend Golf Course and has panoramic city, mountain, and golf course views.  Priced at $467,000, it is $100,000 less than other premium view lots. Additionally, home plans designed by renowned architect, Steve Miles, have been created for this lot and are available.

Building costs are at the lowest cost in years, so now is a great time to buy a lot and build your dream home.  Virtal Tour for this lot may be found at http://10305windowrocktrail.com/

Technorati Tags: ArrowCreek, best lot, city view, golf course, incline village, luxury, reno real estate, reno realty blog, water view

Year to date the prices in the Reno Luxury Real Estate Market have remained stable, and have shown a modest increase during 2007.  However, because of mounting inventory, and few sales, this situation should change within the next 12 to 18 months.

MARKET OVERVIEWThe current market conditions for the $1 million plus market in the Reno area are extremely challenging. The number of million plus homes for sale in the Reno area has more than tripled in the past year and a half. On Feb. 1, 2006 there were 96 million dollar plus homes for sale; today there are 298!

Only 22 homes have sold for million plus since Sept. 1, 2007. The following graph shows number of listings by price band for each time period as well as the homes sold by price band.

 As shown on the above chart, there are over 48 months of inventory (4 years!) in the $1M - $1.25M price band, and over 71 months of inventory ( almost 6 years!) in the $1.75M - $2M price band. This means that at the current absorption rate per month of homes sold it will take this long to burn off the current inventory. This is without adding new inventory to the mix (which is unlikely).Because of this mounting inventory the basic laws of Supply and Demand suggest that there is going to be major pressure on prices on those few homes that actually sell in the next 12 – 18 months.  Data is courtesy of my Broker at RE/MAX Realty Affiliates and NNRMLS.

Technorati Tags: buyer's market, Caughlin Ranch, million dollar homes, price decrease, reno luxuy real estate

ClubCorp has made an offer to purchase ArrowCreek Country Club from its present owner, Terrabrook. The majority of country club members support the transfer of ownership.  One issue that has hindered the negotiation is a lawsuit filed by 14 country club members attempting to block any sale.  It appears that this issue has been resolved, and that ClubCorp will move ahead with the purchase.  They are estimating a 60 day period to finalize it.

A major benefit for ArrowCreek golf club members is the opportunity to use other ClubCorp facilities paying only cart fees (for a small monthly fee).  They have some fabulous locations such as Hilton Head in South Carolina and Barton Creek in Austin, Texas.  This transaction should have a positive effect on real estate values and sales within the ArrowCreek community.

Technorati Tags: ArrowCreek country club, ClubCorp, golf course, incline village, luxury, reno real estate, reno realty blog

Posted by Marueen Loeb, Realtor with RE/MAX Realty Affiliates

There are 2 homes listed for sale in ArrowCreek that are exceptional buys. 

The 1^st is a semi-custom home in the Granite Pointe neighborhood located at 2963 Stonebridge Trail. It is highly upgraded (granite kitchen, Italian tile, water features, etc.) and has 5 bedroom, 4/12 baths. an is 3904 SF. The price was just reduced to $799,000 which makes his home an absolute steal.  The home just above it (2978 Roundrock Ct.) is the same floor plan and just sold in late September for $1,025,000.  Granted it has city views, but even factoring an additional $100K - $150K for the view lot, you’re still getting an incredible deal with the Stonebridge house.  The virtual tour for this home is at http://tours.tourfactory.com/tours/tour.asp?t=245191

The other home is a custom home located at 10300 Rainmaker Ct. This home is located in one of the most up-scale ArrowCreek neighborhoods where most of the homes are valued in the close $2 million range.  Also, the home is on a rare, 1.2 acre lot with the best view of Mt. Rose within ArrowCreek.  It backs up to the golf course and the Thomas Creek Trail area.  A new kitchen was recently added.  This home was just listed for $935,000 which is an incredible buy.  If you’re a Zillow fan you’ll be interested to know that Zillow Zestimate is $1,207,215 for this house. Subject to Short Sale (i.e. the sellers owe more than they can net) and contract must be accepted by Lender.

Give me a call at 775-232-9020 if you’d like to see one or both of these homes.

Technorati Tags: ArrowCreek, ArrowCreek country club, deal, golf course, incline village, luxury, reno real estate, reno realty blog

Posted by Maureen Loeb, REALTOR with RE/MAX Realty Affilates

You don’t have to move to California to own a fabulous estate.  Reno currently has 14 homes priced >$3 million dollars offered for sale on MLS.  5 are located in Caughlin Ranch neighborhoods, 4 are located in Montreux, 2 are located in Holcomb Ranch, and 1 each in Fieldcreek, Pleasant Valley, and SW Suburban.  Here’s a summary of the homes. (Data provided by NNRMLS.)

Technorati Tags: ArrowCreek real estate, Caughlin Ranch, Cauglin Ranch real estate, Montreux real estate, most expensive real estate, reno real estate, reno realty blog, Sadlehorn real estate

Posted by Maureen Loeb, REALTOR® with RE/MAX Central Realty

Of the 116 Million Dollar Plus homes sold in Washoe County thus far this year, 24, or 20.6% were sold at Montreux.  ArrowCreek and Old south Suburban tie for second place with 13 million dollar plus homes sold in both neighborhoods.  The following chart shows the number sold by neighborhood year to date for 2007.

Incline Villages leads the pack wit the highest price per square foot for million dollar plus homes sold at an average of $654.56/SF.  Montreux I sin second place with an average of $414.55/SF.  Lakeridge Shores was third with an average of $380.36/SF. The following chart shows the average price per square foot by neighborhood.

Check back for neighborhood spotlights coming soon!

Technorati Tags: ArrowCreek real estate, Caughlin Ranch, Cauglin Ranch real estate, Montreux real estate, most expensive real estate, reno real estate, reno realty blog, Sadlehorn real estate