ROB'S REPORT
SUMMERLIN, L AS VEGAS, & HENDERSON JUNE 2021
#3093RedArrow
3093 RED ARROW DRIVE
RED ROCK COUNTRY CLUB | $5,750,000
8,724 Square Feet | 5 Bedrooms | 6 Bathrooms | Custom Two-Story
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A lifestyle like no other awaits at this custom two-story mansion in the 24-hour guard gated community of Red Rock Country Club. Safely tucked behind a secondary gate in The Estates, this property boasts breathtaking views of the nearby mountains, the 14th tee of the private Mountain golf course, double fairways, and a cascading waterfall feature. Beyond the hedgelined drive and custom-cast facade of this palatial estate, discover incredible spaces: a grand foyer and living room with 25’ ceilings, a true entertainer’s kitchen, a game room that opens to the pool deck, an immaculate owner’s suite, and much more.
Dear Friends, You may have seen some recent headlines about a decline in home sales and new mortgage applications. Does this mean the Las Vegas real estate market is cooling down? If you look at the data in today’s newsletter, you’ll see that the market is still white-hot, but there are two main reasons why the media is citing a decline in sales and mortgage applications.
2714 RED ARROW DRIVE | RED ROCK COUNTRY CLUB
First, inventory is low. There were 375 guard gated homes for sale in May 2021 compared to 622 in May 2020, a decrease of 39.7%. When inventory is low, buyers have a harder time finding a home that meets their needs. Plenty of luxury buyers are out there, just waiting for the right property to come along. So yes, there has been a decline in home sales, but only because there are fewer homes on the market changing hands.
Second, prices are high. Home prices have been appreciating significantly this year. Now is the opportune time to sell for top dollar, but some sellers have gone overboard with their pricing. Much of this overpriced inventory is not being looked at seriously. Combined with low inventory, rocketing prices are causing some buyers to sit on the sidelines, which explains at least some of the decline in new mortgage applications. Even though sales volume is down, I don’t believe this is the beginning of a changing market. May showed a 12% decline in closed sales compared to April, but closed sales were up 192% year over year. Likewise, pending sales were up 58.6% year over year. If you want to take advantage of this pent-up demand and maximize your sales price, now is a great time to sell! If the home you’re selling was your primary residence for two out of the last five years, you may qualify for up to $500,000 in taxfree profit as a married couple and $250,000 as an individual. Make sure you talk to your CPA about the details. Sincerely, Rob Jensen Broker / President 702.605.7480 B.143770
FOR THE MONTH OF| APRIL 2017 SOLD PROPERTIES GUARD GATED FOR THE MONTH OF MAY 2021 PRICE
P/SF
10117 Summit Canyon Drive
6,210
$2,400,000
$386
Canyon Fairways
9612 Grand Isle Lane
4,447
$1,525,000
$343
Corta Bella
8804 Quadro Court
4,710
$1,050,000
$223
Eagle Rock
408 Proud Eagle Lane
3,666
$980,000
$267
425 Grand Augusta Lane
3,722
$1,275,000
$343
10213 Prestancia Avenue
5,236
$1,900,000
$363
1920 Alcova Ridge Drive
4,130
$1,575,000
$381
1959 Alcova Ridge Drive
3,402
$975,000
$287
11407 Cedar Log Court
3,455
$1,150,000
$333
2006 Country Cove Court
4,107
$1,350,000
$329
2162 Country Cove Court
4,107
$2,000,000
$487
3198 Dove Run Creek Drive
4,079
$1,400,000
$343
11705 Glowing Sunset Lane
5,730
$2,750,000
$480
2471 Hollow Rock Court
3,455
$1,075,000
$311
2080 Orchard Mist Street
4,062
$1,250,000
$308
2577 Red Arrow Drive
4,961
$2,200,000
$443
2714 Red Arrow Drive
5,444
$2,925,000
$537
3085 Soft Horizon Way
3,823
$1,550,000
$405
2817 Turtle Head Peak Drive
4,683
$2,070,000
$442
11104 Black Fire Opal Drive
2,228
$1,200,000
$539
3090 Conservation Court
3,703
$2,200,000
$594
2710 Nevada Agave Lane
3,869
$1,450,000
$375
2971 Raywood Ash Drive
3,102
$1,200,000
$387
11 Boulder Rock Circle
4,384
$2,475,000
$565
4227 Garnet Hills Court
4,340
$4,000,000
$922
4 Meadowhawk Lane
6,410
$5,100,000
$796
73 Meadowhawk Lane
5,409
$2,260,000
$418
22 Midnight Ridge Drive
5,775
$3,400,000
$589
29 Owl Ridge Court
4,888
$2,325,000
$476
22 Promontory Ridge Drive
14,070 $7,200,000
$512
11454 Ruby Falls Way
5,047
$3,000,000
$594
60 Tapadero Lane
4,179
$2,295,000
$549
Tournament Hills
1517 Champion Hills Lane
8,119
$8,000,000
$985
The Vineyards
1401 French Merlot Court
3,663
$1,200,000
$328
Willow Creek
2817 Middle Earth Street
3,612
$925,000
$256
8912 Canyon Springs Drive
5,263
$1,420,000
$270
2013 Eagle Trace Way
6,302
$1,899,000
$301
8912 Rainbow Ridge Drive
1,788
$600,000
$336
8940 Rainbow Ridge Drive
3,146
$1,100,000
$350
2308 Whispering Hills Circle
4,323
$1,000,000
$231
9103 Alta Drive, #306
2,137
$715,500
$335
The Palisades
SUMMERLIN
Red Rock Country Club
Reverence
The Ridges
Canyon Gate
LAS VEGAS
One Queensridge Place
Queensridge
Southern Highlands
Spanish Hills
ADDRESS
COMMUNITY
LAS VEGAS
SF
Bellacere
Spanish Trail
Ten Oaks Tuscan Cliff s
Anthem Country Club
HENDERSON
COMMUNITY
Ascaya The Fountains Legacy Estates
MacDonald Highlands
Roma Hills Seven Hills Rapallo
SF
PRICE
P/SF
48 Innisbrook Avenue
ADDRESS
6,485
$2,650,000
$409
65 Princeville Lane
5,011
$1,350,000
$269
8462 Turtle Creek Circle
3,010
$710,000
$236
8487 Turtle Creek Circle
3,262
$720,000
$221
1604 Silver Oaks Street
4,276
$875,000
$205
11381 Lago Augustine Way
4,893
$1,455,000
$297
4038 Villa Rafael Drive
4,617
$1,350,000
$292
4087 Villa Rafael Drive
3,643
$1,099,000
$302
8 Belfair Court
3,962
$1,305,000
$329
10 Bloomfield Hills Drive
6,550
$2,500,000
$382
49 Brandermill Drive
4,255
$1,425,000
$335
9 Candlewyck Drive
3,374
$1,157,500
$343
6 Canoa Hills Drive
3,592
$1,000,000
$278
3 Clear Crossing Trail
3,216
$880,000
$274
21 Club Vista Drive
3,942
$1,600,000
$406
8 Creeping Bend Court
1,905
$626,000
$329
7 Desert Highlands Drive
2,772
$850,000
$307
46 Desert Highlands Drive
3,037
$975,000
$321
2 El Macero Court
3,216
$835,000
$260
14 Emerald Dunes Circle
1,268
$499,998
$394
11 Greely Club Trail
6,003
$2,000,000
$333
105 Grosse Pointe Place
8,292
$3,275,000
$395
21 Morninglow Pass
3,848
$1,050,000
$273
5 Old Marsh Court
4,025
$1,152,000
$286
8 Paradise Valley Court
7,526
$3,050,000
$405
28 Pine Hollow Drive
4,544
$1,425,000
$314
6 Shade Valley Lane
3,592
$1,100,000
$306
45 Stonemark Drive
3,208
$1,150,000
$358
18 Wade Hampton Trail
3,772
$1,730,000
$459
20 Winding Road
2,733
$785,000
7 Talus Court
10,871 $8,200,000
$754
$287
2204 Chatsworth Court
4,289
$1,050,000
$245
2001 Doral Place
6,508
$1,625,000
$250
185 Inveraray Court
4,803
$1,300,000
$271
194 Inveraray Court
5,065
$1,600,000
$316
613 China Doll Place
6,422
$2,800,000
$436
1724 Cypress Manor Drive
3,220
$925,000
$287
1456 MacDonald Ranch Drive
9,889
$3,125,000
$316
1375 Quiet River Avenue
5,575
$1,700,000
$305
794 Bolle Way
3,865
$1,650,000
$427
773 Latina Court
5,094
$2,200,000
$432
1286 Imperia Drive
4,647
$1,350,000
$291 $349
9103 Alta Drive, #1502
5,635
$3,900,000
$692
2684 Ponte Vecchio Terrace
6,217
$2,170,000
324 Onyx Crest Street
4,053
$995,000
$245
1523 Villa Rica Drive
6,011
$2,400,000
$399
9400 Queen Charlotte Drive
3,497
$790,000
$226
1580 Villa Rica Drive
11,032 $3,000,000
$272
9729 Royal Lamb Drive
2,791
$719,000
$258
1584 Villa Rica Drive
7,160
$2,249,000
$314
9716 Winter Palace Drive
6,748
$2,200,000
$326
1602 Villa Rica Drive
8,166
$4,850,000
$594
48 Augusta Canyon Way
18,210 $7,750,000
$426
1617 Villa Rica Drive
4,973
$2,600,000
$523
11877 Oakland Hills Drive
4,681
$2,200,000
$470
24 Olympia Chase Drive
4,155
$1,935,000
$466
40 Olympia Chase Drive
6,250
$2,695,000
$431
72 Olympia Chase Drive
4,119
$2,150,000
$522
14 Pink Dogwood Drive
3,904
$1,187,500
$304
51 Quintessa Circle
12,095 $8,800,000
$728
5086 Rustic Ridge Drive
4,708
$2,575,000
$547
4960 Spanish Vista Lane
4,292
$1,120,000
$261
Seven Hills - Terracina/ Venezia
No closed sales for the month of May in Aventura, Mountain Trails, Country Club Hills, Country Rose Estates, Eagle Hills, The Summit, Regency at the Lakes, and Hillsboro Heights
HOW’S THE MARKET? | GUARD GATED SALES STATISTICS - MAY PRICE RANGE
FOR SALE
UNDER CONTRACT
SOLD
EXPIRED
ABS* RATE (MONTHS)
$500K-$749K
15
27
25
4
1.3
$750K-$999K
26
38
27
3
1.9
$1M-$1.49M
27
49
41
1
2.2
$1.5M-$1.99M
24
24
14
0
2.7
$2M-$2.49M
18
9
17
0
1.7
$2.5M-$2.99M
14
7
8
0
4.2
$3M-$3.99M
20
10
6
0
5.5
$4M+
55
12
8
1
6.1
*ABS(orption) rate is the length of time (in months) that it takes to sell current inventory. This is calculated by adding homes FOR SALE and homes UNDER CONTRACT and dividing the total by the average number of monthly sales for the last 2 months. Source: Multiple Listing Service (MLS), 05/31/21. We add pending and contingent sales to the active listings; otherwise, they'd be counted twice as sales or might even fall out of escrow.
MARKET TRENDS | MAY
MAY '21
CLOSED SALES
MONTHLY & YEARLY
05/31/21
UNDER CONTRACT
05/31/21
ACTIVE LISTINGS
146 176 375
Over APR '21
-12%
-15.8%
-9.6%
Over MAY '20
+192%
+58.6%
-39.7%
APR '21
165
209
415
MAY '20
50
111
622
#900PontChartrain
900 PONT CHARTRAIN DRIVE QUEENSRIDGE | $1,799,000
3,936 Square Feet | 4 Bedrooms | 5 Bathrooms | Single-Story
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Discover a comfortable and secure lifestyle at this completely renovated single-story home in Queensridge South—a 24-hour guard gated community revered for its lush landscaping, security, and serenity. Beyond the tranquil courtyard entryway with four fruit trees, greet your guests in the great room, which has been remodeled to create an open floor plan. Here, 12’ ceilings, a floor-to-ceiling stacked stone fireplace, and oversized picture windows create an immense sense of space. Additional highlights include an upgraded chef’s kitchen, an owner’s suite with a luxurious marble bathroom, and a 44’ infinity-edge swimming pool.
#10729GreyHavens
10729 GREY HAVENS COURT WILLOW CREEK | $899,000
3,535 Square Feet | 5 Bedrooms | 5 Bathrooms | Two-Story
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Located among some of the best schools, parks, shopping, and golf courses that Summerlin has to offer, this two-story home in the guard gated community of Willow Creek provides a carefree lifestyle for you and your family. Residents enjoy exclusive access to two tennis courts, a BBQ pavilion, a basketball court, and a walking trail that bisects the community. Spotted Leaf Park and The Willows Park—a 12-acre park with a community center, pool, regulation basketball court, and ball fields—are both within walking distance on a private bike/walking trail that passes under Town Center Drive. Upscale retail shopping and fine and casual dining are conveniently located less than a mile away at the Downtown Summerlin outdoor shopping pavilion.
#1600ShadowRock
1600 SHADOW ROCK DRIVE CANYON GATE | $678,000
1,653 Square Feet | 2 Bedrooms | 2 Bathrooms | Single-Story
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Completely remodeled over the last two years, this single-story home is located on a generous corner lot in Canyon Gate Country Club—a secure, guard gated community acclaimed for its wide streets and mature landscaping. Upgrades include Italian wood-look tile, granite and marble finishes, tinted windows, and more. Beyond the beautifully landscaped front yard, the main living area has been opened up to create an incredible flow from the front door to the backyard.
10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135 B.143770
SOLD $2,925,000 2714 RED ARROW DRIVE RED ROCK COUNTRY CLUB
SOLD $1,200,000 11104 BLACK FIRE OPAL DRIVE REVERENCE
SOLD $1,050,000
SOLD $830,000
11280 GRANITE RIDGE DRIVE, #1119
9141 TESORAS DRIVE, #201
THE RIDGES
MIRA VILLA
robjensenco
robjensen.com
702.605.7480