Rob's Report SUMMERLIN, LAS VEGAS, & HENDERSON
5 8 C R E S T E D C L O U D WAY THE RIDGES
$12,500,000 | 10,090 SF 8 Bedrooms, 11 Bathrooms
A lifestyle like no other awaits at this exclusive, custom mansion in The Ridges—an ultra-chic guard gated community built around the sweeping fairways of Bear’s Best Las Vegas. Showcasing over 10,000 square feet of living and entertaining space, this modern mansion was designed for ultimate privacy and indoor/outdoor living, and no detail was spared—from the expansive great room with 17’ ceilings and 34’-wide pocket doors to the walkout basement with a media room and 140-bottle wine display case. Additional highlights include Control4 home automation, a multigenerational suite, and a resort-style pool with a zero-edge spa.
J A N U A RY 2 0 2 2
DECEMBER 2021
Sold Properties COMMUNITY
ADDRESS
Guard Gated PRICE
P/SF
$364
Canyon Gate Queensridge
Aventura
109 Aventura Street
3,023
$1,100,000
105 Tesoro Drive
3,373
$1,250,000
$371
Bellacere
10140 Stony Ridge Drive
4,767
$1,825,000
$383
Country Club Hills
2040 Glenview Drive
3,192
$1,050,000
$329
Country Rose Estates
2012 Spring Rose Street
2,934
$739,000
$252
Eagle Hills
9008 Bald Eagle Drive
7,350
$2,100,000
$286
Eagle Rock
308 Proud Eagle Lane
3,556
$1,200,000
$337
The Palisades
401 Grand Augusta Lane
5,005
$1,925,000
$385
209 North Royal Ascot Drive
4,934
$1,815,000
$368
213 Royal Aberdeen Way
6,497
$1,800,000
$277
208 Satin Mist Court
4,079
$1,467,435
$360
3174 Dove Run Creek Drive
2,325
$800,000
$344
3285 Elk Clover Street
3,585
$1,450,000
$404
11453 Glowing Sunset Lane
3,455
$1,500,000
$434
2575 Grassy Spring Place
3,823
$1,950,000
$510
2705 Grassy Spring Place
4,083
$1,725,000
$422
Dear Friends, Happy New Year! 2021 was a tremendous year for luxury real estate, and 2022 is off to a great start. For guard-gated homes priced $500,000 and over, there were 1,390 closed sales in 2021—compared to 1,051 in 2020 and 784 in 2019, an increase of 32% and 77% respectively. Looking at gross sales volume, the numbers are even more impressive—with 2021 ( $2,219,505,365) more than doubling 2019 ($958,077,925). Although there were fewer closed sales in December 2021 than December 2020, sales were up 27% and inventory was down 20.6% month over month, reflecting an unusually active holiday season. All signs point to the market remaining hot, particularly in the single-family home segment. As of January 2nd, there were 366 single-family homes priced over $1,000,000 available on the market, just one less than the 367 that sold during the fourth quarter of 2021. This shows that there is a ballpark three-month supply of inventory in this segment. In other words, it’s a seller’s market.
Red Rock Country Club
Reverence
The Ridges
2022 is shaping up to be a very competitive year for buyers. This recent surge in home purchasing has left Las Vegas and Henderson with inventory levels lower than their low in 2013. The numbers quoted above do not include new home sales, which have been at an all time high. Even the availability of custom home lots has declined sharply. Whether you need help purchasing a home or you want to make the most of these favorable selling conditions, preparation is key. The sooner we begin, the better. Give us a call when you’re ready to get started.
The Vineyards Willow Creek
Regency at The Lakes Southern Highlands
PRICE
P/SF
8613 Lakeridge Circle
6,691
$2,270,000
$339
704 Lacey Tree Street
2,782
$800,000
$288
9820 Miss Peach Avenue
2,859
$712,500
$249
9413 Queen Charlotte Drive
4,336
$1,100,000
$254
1000 Star Lamb Street
2,400
$760,000
$317
9912 Cozy Glen Circle
4,851
$870,000
$179
3291 Birchwood Park Circle
2,742
$878,000
$320
11974 Whitehills Street
3,220
$1,283,000
$398
12042 Whitehills Street
2,440
$820,000
$336
Spanish Hills
8669 Mesa Madera Drive
8,137
$2,100,000
$258
5084 Mountain Foliage Drive
5,101
$1,675,000
$328
Spanish Trail
29 Burning Tree Court
4,424
$1,120,000
$253
46 Sawgrass Court
6,209
$1,999,990
$322
8282 Turtle Creek Circle
3,507
$1,459,000
$416
5 Ayden Drive
6,822
$2,400,000
$352
42 Brandermill Drive
1,905
$745,000
$391
HENDERSON Anthem Country Club
5,037
$2,480,000
$492
11136 Black Fire Opal Drive
2,123
$838,000
$395
19 Contra Costa Place
3,037
$950,000
$313
2,614
$850,000
$325
11140 Red Yucca Drive
2,123
$1,100,000
$518
34 Contra Costa Place
11401 Snow Leopard Drive
5,081
$2,650,000
$522
98 Emerald Dunes Circle
1,268
$550,000
$434
39 Coralwood Drive
4,618
$3,000,000
$650
15 Feather Sound Drive
2,678
$932,000
$348
2,513
$875,000
$348
66 Crested Cloud Way
6,322
$7,000,000 $1,107
6 Feather Sound Drive
98 Glade Hollow Drive
4,888
$3,000,000
$614
20 Feather Sound Drive
2,513
$874,724
$348
19 Meadowhawk Lane
6,086
$4,800,000
$789
55 Fountainhead Circle
1,942
$675,000
$348
1,720
$705,000
$410
3,085
$1,820,000
$590
53 Meadowhawk Lane
5,075
$3,825,000
$754
7 Hammock Dunes Court
72 Panorama Crest Avenue
4,173
$2,500,000
$599
11 Knob Oak Drive
37 Promontory Ridge Drive
5,312
$3,400,000
$640
35 Moraine Drive
3,449
$1,300,000
$377
7,707
$3,600,000
$467
11457 Rhodolite Court
4,888
$3,200,000
$655
11 Mountain Cove Court
41 Sun Glow Lane
4,406
$4,400,000
$999
4 Summit Walk Trail
3,501
$1,525,000
$436
1501 Saintsbury Drive
3,061
$1,137,500
$372
Ascaya
1 Boulderback Drive
4,923
$4,870,000
$989
$461
The Fountains
2218 Chatsworth Court
4,747
$1,490,000
$314
MacDonald Highlands
1335 Quiet River Avenue
5,037
$2,175,000
$432
3040 American River Lane
5,580
$2,575,000
Roma Hills
Monica Nalbantoglu Director of Sales 702.605.7480 S. 179807
SF
2068 Orchard Mist Street
Sincerely,
Rob Jensen Broker / President 702.605.7480 B.143770
ADDRESS
LAS VEGAS
SUMMERLIN
5 8 C R E S T E D C L O U D WAY | T H E R I D G E S
COMMUNITY
SF
No closed sales for the month of December in Canyon Fairways, Corta Bella, Mountain Trails, The Summit, Tournament Hills, One Queensridge Place, Ten Oaks, Tuscan Cliffs, Hillsboro Heights, Legacy Estates, and Seven Hills - Rapallo
1379 Quiet River Avenue
4,577
$2,015,000
$440
540 Regents Gate Drive
4,744
$1,925,000
$406
772 Latina Court
4,473
$1,060,000
$237
2641 Mirabella Street Seven Hills Terracina/Venezia 2645 Mirabella Street 1525 Villa Rica Drive
7,422
$2,400,000
$323
5,854
$1,435,600
$245
6,101
$2,550,000
$418
DECEMBER 2021
How's The Market? PRICE RANGE
Guard Gated Sales Statistics
FOR SALE
UNDER CONTRACT
SOLD
EXPIRED
ABS* RATE (MONTHS)
$500K-$749K
12
25
20
1
2.4
$750K-$999K
17
25
26
7
1.7
$1M-$1.49M
28
23
24
2
2.3
$1.5M-$1.99M
24
8
12
0
2.6
$2M-$2.49M
25
16
8
4
7.5
$2.5M-$2.99M
10
3
4
2
3.7
$3M-$3.99M
14
11
6
4
7.1
$4M+
55
16
4
4
14.2
*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), 12/31/21. 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 DEC 2021
Monthly & Yearly
CLOSED SALES
UNDER CONTRACT
ACTIVE LISTINGS
104
127
185
DECEMBER '21
12/31/21
12/31/21
OVER NOV '21
+27%
-13.0%
-20.6%
OVER DEC '20
-30%
-15.9%
-38.9%
NOV 2021
DEC 2020
82
NOVEMBER '21
146 11/30/21
233
149
151
303
DECEMBER '20
12/31/20
11/30/21
12/31/20
5 8 C R E S T E D C L O U D WAY THE RIDGES
Maximizing Your Net Profit Through Renovations Brand-new homes sell for the highest price per square foot, so the newer your home looks and feels, the higher your sales price will be. That’s why it can pay off to make renovations—even under current market conditions. Sellers often assume that buyers want to make renovation decisions themselves. While selling your home as it is and allowing buyers to make their own renovations sounds nice in theory, the reality is that most buyers want something move-in ready—and they’re willing to pay a premium for it. Here are the five main reasons why… #1 - Vision: Most buyers lack the vision to see past dated finishes and how amazing they could make the home. They’re likely to overlook your home; without renovations, it’s just not going to be an option. #2 - Budget: Many buyers don’t have the cash flow to make renovations. They would rather pay a higher sales price, get a bigger loan, and wrap everything into one mortgage. #3 - A Place to Live: Buyers don’t always have somewhere to live while renovations take place. Out-of-state buyers usually prefer to move straight into a home they can actually live in. The same goes for locals; everyone loves a smooth transition. #4 - Overwhelm: Renovating can be a big task—especially when buyers are new to town and don't have connections for designers, contractors, etc.—and managing appointments can be overwhelming. Many buyers would rather have a home that's turnkey. #5 - Overestimation: Buyers tend to overestimate costs by at least two to three times, which scares them off—one more reason to get your home ready before you put it on the market. Renovating before selling isn’t for everybody, but it can pay off. We can help you decide if making renovations will be worth the cost before you do anything. This is something we commonly help our clients with, and we have plenty of connections to designers, contractors, vendors, etc. If you'd like more insight, give us a call.
10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135 702.605.7480 | robjensen.com
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401 GRAND AUGUSTA LANE THE PALISADES
$1,925,000
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robjensenco
robjensenco
$1,725,000