ROB'S REPORT SUMMERLIN, L AS VEGAS, & HENDERSON S E P T E M B E R 2 019
11 BOULDER ROCK CIRCLE
#11BoulderRock
THE RIDGES | $2,300,000
4,384 Square Feet | 4 Bedrooms | 5 Bathrooms | Single-Story Discover modern sophistication at this single-story estate in The Ridges. The spacious open plan interior boasts a wealth of high-end materials, including solid core doors, porcelain Cebu and Metalwood tile, and engineered hardwood. Whether you’re savoring life in the generous eat-in kitchen, entertaining in the expansive great room with wet bar, or swimming laps in the 50’ heated pool/spa designed by Ozzie Kraft, you’ll appreciate the attention to detail that went into this stunning home. Additional highlights include an opulent master suite with backyard and courtyard access and a casita with private access for guests.
SOLD PROPERTIES | GATED FOR THE MONTH OF AUGUS T 2019
SUMMERLIN, LAS VEGAS, & HENDERSON ADDRESS
SF
PRICE
P/SF
4,058 3,205
$940,000 $685,000
$232 $214
Barrington 184 Bartizan Drive 217 Tiburtina Avenue
SF
PRICE
P/SF
The Lakes
Mira Villa 9145 Tesoras Drive, #401 (REO)
ADDRESS
3,902
$800,000
$205
3017 Beach View Court
4,413
$1,130,000
$256
3,400 6,183
$1,235,000 $1,903,700
$363 $308
Seven Hills - Portfofino 1333 Dilevante Drive 2595 Portovenere Place
*No closed sales for the month of August in Canyon Crest, Serrano, Seven Hills - Marquis, and Sky Terrace
Dear Friends, One of the most relevant questions that luxury home sellers ask is "How fast should my home sell?” First, it’s important to understand that each luxury home sale is unique. Therefore, there is no guaranteed answer because of the inherent complex nature of the high-end residential market. However, historical sales timelines are based on three primary data points: Comparable Market, Residence Condition, and Sales Price.
Rob Jensen Broker/President
The comparable market can summarily be quantified as the Market Absorption Rate. This rate is the average number of months it takes to sell the current inventory of similar available homes. A buyer’s market has eight months of inventory or more, while a seller’s market has four months of inventory or less. Anything in between is a balanced market which doesn’t favor either party. The condition and age of the home is also an important factor. Homes that are in “move-in ready” condition always sell quicker, and for higher prices, than homes which require renovations. The Las Vegas luxury home market is somewhat unusual as it pertains to the age of the home. For example, a twenty year old home in California is generally not considered old. However, a non-renovated home of the same age in Las Vegas can appear much older to buyers. This is due to the large and growing inventory of our new construction developments. The final and most important factor is sales price. Homes sell faster than the average market absorption rate when properly priced for the current market and property conditions. Some Realtors place a lot of weight on the “Days on Market” statistic. We believe it’s more important to know how long a home was on the market once it was priced correctly. We always take the above concepts into account when establishing your selling strategy. Using our understanding of all the sales factors will give you a significant edge over competing homes. Please call us at 702-605-7480 and we’ll show you how we can optimize the timeline for your luxury home sale. Sincerely,
Rob Jensen Broker / President
FOR THE MONTH OF| APRIL 2017 SOLD PROPERTIES GUARD GATED FOR THE MONTH OF AUGUS T 2019
SUMMERLIN ADDRESS
SF
LAS VEGAS PRICE
P/SF
Aventura* Bellacere* Canyon Fairways 9620 Grand Isle Lane 508 Royalton Drive 401 St Andrews Court Corta Bella 8832 Montagna Drive Country Club Hills 1904 Glenview Drive 9033 Waterfield Court Country Rose Estates* Eagle Hills 2017 Grouse Street Eagle Rock* Mountain Trails* The Palisades* Red Rock Country Club 11417 Cedar Log Court 2112 Country Cove Court 2984 Dove Run Creek Drive 11273 Golden Chestnut Place 2615 Grassy Spring Place 2720 Grassy Spring Place 2368 Green Mountain Court 2167 Orchard Mist Street 3083 Red Springs Drive 11508 Snow Creek Avenue The Ridges 4165 Bronze Ridge Street 15 Flying Cloud Lane 11460 Opal Springs Way 33 Owl Ridge Court 56 Pristine Glen Street 11453 Rhodolite Court 92 Sun Glow Lane
4,572 9,539 4,437
$1,195,000 $2,777,000 $1,500,000
$261 $291 $338
2,827
$560,000
$198
3,460 3,264
$670,000 $758,000
$194 $232
3,881
$1,225,000
$316
3,343 4,107 2,712 3,166 4,443 3,147 4,121 4,113 4,410 3,455
$799,888 $1,110,000 $1,050,000 $990,000 $1,350,000 $1,320,000 $2,000,000 $1,035,000 $1,330,000 $690,000
$239 $270 $387 $313 $304 $419 $485 $252 $302 $200
5,229 12,025 3,798 3,797 4,172 4,619 9,311
$2,450,000 $6,350,750 $1,476,278 $1,475,000 $1,450,000 $1,797,778 $5,500,000
$469 $528 $389 $388 $348 $389 $591
4,928
$1,900,000
$386
4,442 3,673
$1,475,000 $990,000
$332 $270
3,792 2,693
$830,000 $620,000
$219 $230
Tournament Hills 1420 Iron Hills Lane The Vineyards 1512 Chambolle Court 1217 Muscato Court Willow Creek 10742 Grey Havens Court 2807 Middle Earth Street
*No closed sales for the month of August
ADDRESS
SF
Canyon Gate 2301 Glenbrook Way 8625 Lakeridge Circle (SS) Queensridge 9701 Gavin Stone Avenue 936 Granger Farm Way 9817 Miss Peach Avenue 9513 Queen Charlotte Drive 9824 Royal Lamb Drive 9524 Royal Lamb Drive Regency at the Lakes* Southern Highlands 3620 Belvedere Park Lane 11897 Oakland Hills Drive 40 Olympia Canyon Way 28 Olympia Ridge Drive Spanish Hills 5127 Spanish Heights Drive 4959 Spanish Heights Drive Spanish Trail 42 Innisbrook Avenue 28 Innisbrook Avenue 8348 Turtle Creek Circle Ten Oaks*
PRICE
P/SF
6,583 15,753
$1,520,000 $2,285,000
$231 $145
2,782 2,917 1,942 3,330 2,968 2,530
$550,000 $560,000 $455,000 $749,000 $745,000 $502,500
$198 $192 $234 $225 $251 $199
3,220 6,401 9,068 6,250
$1,000,000 $1,525,000 $2,600,000 $2,031,399
$311 $238 $287 $325
6,697 5,578
$2,265,000 $1,400,000
$338 $251
6,871 4,766 4,134
$1,400,000 $1,150,000 $975,000
$204 $241 $236
HENDERSON ADDRESS
SF
Anthem Country Club 14 Clear Crossing Trail 69 Emerald Dunes Circle 4 Isleworth Drive 20 Pine Hollow Drive 3 Woodshole Court 15 Yorkridge Court 2 Yorkridge Court The Fountains* Hillsboro Heights* Legacy Estates* MacDonald Highlands 1709 Authentic Court 1411 Foothills Village Drive Roma Hills* Seven Hills - Rapallo* Seven Hills - Terracina/Venezia 2606 Stefano Circle
REO - Bank Owned Foreclosure
PRICE
P/SF
2,747 2,006 3,313 4,282 2,513 10,650 6,401
$725,000 $490,000 $818,000 $1,200,000 $550,000 $3,500,000 $1,665,000
$264 $244 $247 $280 $219 $329 $260
4,358 4,107
$1,050,000 $920,000
$241 $224
8,293
$1,900,000
$229
SS - Short Sale
HOW’S THE MARKET? | GUARD GATED SALES STATISTICS - AUGUST PRICE RANGE
FOR SALE
UNDER CONTRACT
SOLD
EXPIRED
ABS* RATE (MONTHS)
$500K-$750K
115
27
30
7
5.5
$750K-$1M
86
20
15
6
7.1
$1M-$1.5M
102
33
21
8
8.4
$1.5M-$2M
67
5
8
3
10.3
$2M-$2.5M
36
4
5
1
8
$2.5M-$3M
19
3
2
0
11
$3M-$4M
38
7
1
1
15
$4M+
70
2
2
2
28.8
*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), 9/1/19. 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 |
MONTHLY & YEARLY
ACTIVE LISTINGS
CLOSED SALES
634
-3.4% +17.8%
over last year
634 656
Year over Year
Aug '18
over last month over last year
Month over Month
July '19
Aug '19
+22% -7%
over last month
Month over Month Aug '19
84
84
Aug '19 July '19
69
Year over Year 634 538
Aug '19 Aug '18
84 90
9101 ALTA DRIVE UNIT 1207
#9101AltaUnit1207
ONE QUEENSRIDGE PLACE | $999,000 2,271 Square Feet | 2 Bedrooms | 3 Bathrooms | High-Rise A lifestyle like no other awaits at this two-bedroom condominium in One Queensridge Place, an exclusive highrise community that provides unmatched amenities for its residents—including 24-hour guard gated security, valet/concierge service, and a resort-style pool with Strip views. At the fitness center, discover 5,600 square feet of strength and cardio equipment, yoga and pilates studios, and an indoor lap pool. Indulge in the spa facility, complete with dry and steam saunas, massage and facial rooms, and two Roman spas. Here, the idea of “home" goes far beyond your personal residence.
#4041AntiqueSterling
4041 ANTIQUE STERLING COURT
GRAND ESTATES | $825,000 4,946 Square Feet | 5 Bedrooms | 4 Bathrooms | Two-Story
5887 WINDY SKY PASS
#5887WindySky
THE MESA | $559,500 2,610 Square Feet | 4 Bedrooms | 4 Bathrooms | Two-Story
12027 PORTAMENTO COURT
#12027Portamento
THE PASEOS | $799,000 3,322 Square Feet | 3 Bedrooms | 4 Bathrooms | Two-Story
667 SCENIC RIM DRIVE
MACDONALD HIGHLANDS | $850,000 .28 Acres | City & Strip Views | Hillside Lot
#667ScenicRim
10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135
1474 REIMS DRIVE | MACDONALD HIGHLANDS I LOVE selling homes! We just knocked another one out of the park with a quick cash close on 1474 Reims in MacDonald Highlands for $3.4MM!
robjensenco
robjensen.com
702.605.7480