ArrowCreek at a glance...
Proximity
232 miles from San Francisco (4 hrs.) 146 miles from Sacramento (2.5 hrs.) 25 miles from Lake Tahoe 25 miles from Carson City 12 miles from Downtown Reno 14 miles from Downtown Sparks (Victorian Ave.)
Attraction
Two championship golf courses: The Legend, The Challenge Arguably, South Reno's top gated community Heralded mountain views Proximity to both Downtown Reno and Incline Village, Lake Tahoe
Cons
10 Minutes from nearest freeway. Some problems regarding community management and leadership. Hard hit by Nevada's real estate recession that started in 2006. House prices are still on the negative slope, albeit not as bad as 2008-2010. Some people have mentioned about steep golf membership fees, but I believe they have drastically lowered it down and are currently running some promotions (Contact Drew Yardley, at (775) 850-4453.)
Five years ago, if you had half a million dollars in your pocket it could buy you a cute 3-4 bedroom home in ArrowCreek; between 2,000 - 3,000 Sq. Ft. at a decent location in the community. In short, nothing spectacular. Now, the same amount of money will buy you:.33 acres, 4,106 Sq. Ft., 4 bedrooms, 4 baths, 2 large walk-in closets, Roman bathtub, butler pantry, fully landscaped, and a olympic size swimming pool (kidding). The world changed the past five years out here in the West; mostly for good, as homes have come down to "affordable level."
Don't think for a moment that the ArrowCreek market has reached a price bottom. It hasn't; and I don't know how long we have to wait. After seven years of being immersed in Reno real estate I discovered something: people simply yearn to get a bird's eye view on what's happening but they will do what they want to do -- and that's fine, it's their money. That's essentially what I'm trying to do here -- to let you know what's happening and so far, it hasn't been a walk in the park for this luxury community. It's still struggling but it doesn't mean that it won't get back on its feet come hell or high water.
ArrowCreek Market Information, Reno South Suburban 89511:
(Note: this are the latest numbers posted on June 2011)
Median Price Sold: $470,000 Median Price Sold (June 2009): $525,000 Number of homes for sale: 150 Number of homes sold: 18 Months Supply of Inventory: 4.6 months Months Supply of Inventory (2009): 9.6 months
Note:MSI simple means the amount of time it would take to get rid of inventory at the current rate of sales. So if ArrowCreek stops producing new homes to sell, at the current demand it will take 4.6 months to sell the current inventory of homes.
Percentage of Homes คอนโด ราคาถูก Owned: 66.4% Percentage of Homes Rented: 24.7% Percentage of Homes Vacant: 8.9% Lowest priced home: $214,900 (just outside ArrowCreek) Highest priced home: $1,845,000
150 homes are currently for sale in ArrowCreek. Two years ago at the same month, it was 227. If you look at the past year's numbers, supply in the past few years has been low for the area. This is due to the lack of market confidence of many home owners -waiting for sunny skies. This could be a good opportunity for smart sellers who can put themselves ahead of the pack. Sellers cannot afford to be behind the market, I've seen it happen Time and Time again -- sellers who were oblivious to the market's messages paying a steep price running in tens of thousands of dollars. It pays to follow the market even as little as 30 minutes a week.
Hope this report gives you a better understanding on what's happening in the ArrowCreek real estate market.
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