THE SEVEN HILLS REPORT Quarter Ended September 30, 2004
A definitive analysis of Seven Hills custom and executive real estate activity
• Terracina • Rapallo • Venezia • Portofino • Villa Cortina • Renaissance • Presidio • Villagio • Palazzo Monte • Palantine Hill
Beth Naef Owner / Broker
®
THE SEVEN HILLS REPORT A definitive analysis of Seven Hills custom and executive real estate activity Quarter Ended September 30, 2004 Portofino • Rapallo • Terracina • Venezia • Villa Cortina Palazzo Monte • Palantine Hill • Presidio • Renaissance • Villagio
INTRODUCTION This comprehensive analysis focuses exclusively on the custom and executive neighborhoods within the prestigious Seven Hills master planned community. Specifically, with respect to closed properties, this edition of THE SEVEN HILLS REPORT® measures the change in real estate activity between the quarter ended September 30, 2004 and the quarter’s ended June 30, 2004 and September 30, 2003 respectively. Additionally, with respect to currently listed properties, we look at potential trends in asking prices, selling prices, square footage and inventory absorption. On a neighborhood-by-neighborhood basis, the following key economic indicators are compared and evaluated: • Dollar Volume • Median Sales Price • Median Asking Price • Median Adjusted Asking Price • Average Square Footage • Number of Sales • Inventory • Median Sales Price per Square-Foot • Median Asking Price per Square-Foot • Median Adjusted Asking Price per Square-Foot • Average Number of Days-on-the-Market • Average Percentage of Asking Price to Sales Price Analysis of the custom communities includes both the comparison of the homes and home-sites on a neighborhood-byneighborhood basis as well as a comparison of “Like Properties” to “Like Properties” regardless of which neighborhood the property is located. This Like Properties analysis is much more difficult to compile but adds significantly more insight into the micro markets existing in these elite Seven Hills neighborhoods. In order to compare Like Properties, each of the following Location Attributes were evaluated and ranked on a scale of 1 to 5 (5 being the highest) for every custom home and home-site in Seven Hills: • Interior • Mountain View • Golf View • Valley View • Strip View Because each of the above attributes has had a materially different historical impact on the value of the property, a mathematical formula must be applied to the raw attribute scores to determine the weighted average total rating. For example, market demand for a property with a Mountain View rating of 5 has not been nearly as strong as a property with a Strip View rating of 5. Finally, the properties are placed into one of three groups based upon their total weighted average rating. Group one consists of Like Properties with the lowest total weighted average rating and on the opposite end of the spectrum, group three consists of Like Properties with the highest weighted average rating, in the finest locations, regardless of neighborhood. Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
K
Although this sophisticated analysis helps evaluate past and future trends in the various micro markets, it does not necessarily support the price of any one specific home or home-site. The latter requires a thorough understanding of the features of the specific home, lot and the ever-changing market conditions. Likewise, just because the Like Properties analysis was not compiled for the executive neighborhoods, it does not mean that such micro markets do not exist there. As a case in point, there is currently a 74% list price spread between the least expensive and most expensive home in the Renaissance neighborhood. This seemingly wide gap helps underscore the impact that the above stated Location Attributes can have on what are otherwise similar properties. The point is know the product and know the market.
THE DATA
For each of the three Property Types (Custom Homes, Custom Home-sites and Executive Homes) the following Tables are included: 1. Overall Analysis 2. Like Property Analysis Excluding Executive Homes (custom home and home-site Property Types) 3. Neighborhood by Neighborhood Analysis And, each of the Tables, includes the three following Table Subsections: 1. Closed Properties Analysis 2. Currently Available Properties 3. Price Adjusted-Currently Available Properties Analysis
The first Table Subsection (Closed Properties) includes the benchmark data that all the other information is measured against. This data, collected from properties that have closed in the current quarter (quarter ended 9/30/04) is highlighted in orange and is initially compared to data derived from closings in the previous quarter (quarter ended 6/30/04) as well as data derived from closings in the same quarter, one-year ago (quarter ended 9/30/2003). The next Table Subsection is the Currently Available Properties section. Here, we compare the above stated benchmark data to data derived from all the unsold properties that were still available for purchase as of September 30, 2004. This forward looking analysis can be used as one more indicator of where prices may be heading and which types of properties buyers may be most interested in purchasing.
Because most sellers and buyers negotiate the ultimate purchase price to be something less than the sellers full asking price and since THE SEVEN HILLS REPORT® tracks this data (Average % of Asking Price) we included the final Table Subsection (Price Adjusted – Currently Available) section. Here we can attempt to further refine our analysis of future pricing trends by adjusting the asking prices by the “normal” reduction in asking prices that buyers and sellers have most recently negotiated. This is easily accomplished by multiplying the current asking prices by the Average % of Asking Price factor achieved in the current quarter. Assuming future market forces remain constant and future buyers and sellers negotiate close to the same price discounts we have experienced in the current quarter then we have one more key economic indicator of what the future may hold.
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
QUARTER ENDED SEPTEMBER 30, 2004 HIGHLIGHTS Custom Homes Overall, Median Sales Prices Per Square-Foot, appear to be escalating rapidly (up 10% in just one quarter). However, by analyzing the micro market data, we find that this increase is due to the type of homes sold in the current and previous quarter rather than to a per square-foot sales price increase. Specifically, in the prior quarter (quarter ended 6/30/2004) there were a total of ten homes sold, nine of which were in the Rating-1 micro market class. Therefore, the previous quarter’s overall median sales price of $242 per square-foot is drastically influenced by homes in this rating class which are historically less than homes in the higher rating classes (rating class-2 and rating class-3). Conversely, there were only six homes sold during the current quarter (quarter ended 9/30/04), with exactly two homes coming from each of the three rating classes. Unlike the previous quarter, the current quarter’s overall median price per square-foot is a uniform reflection of the median prices of all three rating classes and is not disproportionately weighted by the median price of homes comprising the rating-1 class of properties. In fact, the overall median price per square-foot in the current quarter is almost exactly equal to the median price per square-foot of homes in the rating-2 class ($266). In conclusion, sometimes we must look deeper than the overall custom home table in order to more accurately evaluate potential price trends. Notwithstanding the above paragraph, there does appear to be signs that prices may be ready to escalate over the next two to three quarters. If we switch our focus from recent closings to what is currently available for sale and adjust those asking prices by the historical discount sellers have settled for in order to close their properties, we see an interesting pricing trend. Specifically, the Available Properties - Price Adjusted section of all three rating class tables, suggest that prices may rise 23%, 16% and 23% for properties in rating class 1, 2 and 3 respectively. The question is, will prices actually increase or will the market force sellers to significantly reduce their asking prices, as measured by the Average % of Asking Price factors, beyond the historical 88%, 88% and 84% we have historically witnessed for properties in rating class 1,2 and 3 respectively. We will be monitoring this exciting development closely in order to best represent our clients.
Custom Home-sites Overall, custom home-site activity decreased 25% between the previous and current quarter. This decrease is most notable in rating classes 1 and 3. However, rating class-2 experienced a significant 57% increase in activity over the prior quarter. Across the board, we are looking at less than one years supply of inventory, which should continue to fuel potential price increases. Median Sales Price Per Square-Foot is down 7% overall, but once again, this is a function of the type of lots sold between the current and previous quarter (quarter ended 9/30/2004 vs. quarter ended 6/30/2004) rather than a function of falling prices. In fact, the pricing trend for custom home-sites appears to be significantly more conclusive than the data supporting a potential upward pricing trend for custom homes. Both Average Days on-the-market and Average % of Asking Price indicators suggest a healthy demand for properly priced custom home-sites. Median Sales Price Per Square-Foot is up 23% and 10% for properties with a class rating of 2 and 3 respectively. Once again we need to exercise caution when we are only looking at one quarter’s worth of activity. The next two quarterly editions of THE SEVEN HILLS REPORT® should include enough sales activity to help identify and validate trends we may be seeing in this first quarter.
Executive Homes Overall, executive home real estate activity is down 42% from the previous quarter’s total sales of 17 homes and down 133% from a year ago when sales in the quarter ended September 30, 2003 totaled an impressive 28 homes. Conversely, median sales price per foot has increased 7% in just one quarter and has increased an amazing 35% since September 30, 2003. This segment of the market enjoyed unparallel price appreciation over the last 12 months primarily due to the scarcity of land in the Las Vegas valley and unbridled investor speculation that pushed prices up week after week. Most of the national homebuilders that I stay in contact with believe that we are currently in a “cooling off” period. The majority of the investors have stopped buying and are now selling their Las Vegas valley properties. Some merchant builders have reduced their home prices as much as 25% in order to compete with the large amount of investor inventory recently put on the market. The current thinking of most national builders is that sellers will need to be more patient over the next two to three quarters until the above stated excess supply of investor related resales are absorbed.
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
Custom Home Tables
…it’s about lifestyle
Closed Properties:
Custom Homes - Overall Table Dollar Volume (000)
Median Sales Price
Qtr. Ended 9/30/04
10,669
1,625,000
6,764
6
268
173
86%
27
Qtr. Ended 6/30/04
13,011
1,287,500
5,343
10
242
115
91%
25
Percentage Change
-22%
21%
21%
-67%
10%
34%
-6%
7%
Qtr. Ended 9/30/03
14,734
1,200,000
5,325
11
227
126
90%
N/A
Percentage Change
-38%
26%
21%
-83%
15%
28%
-5%
N/A
Average Square-Feet
Number of Sales
Currently Available Properties: Median Asking Price Currently Available
Average Square-Feet
Inventory (In Months) 14
7,032
354
35%
4%
24%
Price Adjusted - Currently Available Properties: Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
2,151,355
305
25%
12%
Percentage Difference
Closed Properties:
Median Asking Price Per Square-Foot
2,500,000
Percentage Difference
Currently Available
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Custom Homes - RATING OF 1 TABLE Dollar Volume (000)
Median Sales Price
Qtr. Ended 9/30/04
2,819
1,409,500
6,095
2
235
134
88%
14
Qtr. Ended 6/30/04
11,361
1,200,000
5,268
9
237
92
92%
N/A
Percentage Change
-303%
15%
14%
-350%
-1%
31%
-4%
N/A
Qtr. Ended 9/30/03
10,234
1,137,059
5,007
9
227
79
93%
N/A
Percentage Change
-263%
19%
18%
-350%
3%
41%
-5%
N/A
Average Square-Feet
Currently Available Properties: Median Asking Price Currently Available Percentage Difference
Average Square-Feet
Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Median Asking Price Per Square-Foot
Inventory (In Months) 21
1,800,000
6,022
347
22%
-1%
32%
Price Adjusted - Currently Available Properties:
Currently Available
Number of Sales
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
1,585,688
306
11%
23%
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
Closed Properties:
Custom Homes - RATING OF 2 TABLE Dollar Volume (000)
Median Sales Price
Qtr. Ended 9/30/04
3,250
1,625,000
6,156
2
266
117
88%
6
Qtr. Ended 6/30/04
1,650
1,650,000
6,011
1
275
318
87%
N/A
Percentage Change
49%
-2%
2%
50%
-3%
-173%
1%
N/A
Qtr. Ended 9/30/03
1,300
1,300,000
4,612
1
282
292
88%
N/A
Percentage Change
60%
20%
25%
50%
-6%
-151%
0%
N/A
Average Square-Feet
Number of Sales
Currently Available Properties: Median Asking Price Currently Available
Average Square-Feet
Inventory (In Months) 9
8,223
359
38%
25%
26%
Price Adjusted - Currently Available Properties: Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
2,306,551
316
30%
16%
Percentage Difference
Closed Properties:
Median Asking Price Per Square-Foot
2,624,500
Percentage Difference
Currently Available
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Custom Homes - RATING OF 3 TABLE Dollar Volume (000)
Median Sales Price
Qtr. Ended 9/30/04
4,600
2,300,000
8,042
2
286
270
84%
7
Qtr. Ended 6/30/04
N/A
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
-
N/A
N/A
N/A
N/A
Qtr. Ended 9/30/03
3,200
3,200,000
8,900
1
360
375
85%
N/A
Percentage Change
30%
-39%
-11%
50%
-26%
-39%
-2%
N/A
Average Square-Feet
Currently Available Properties: Median Asking Price Currently Available Percentage Difference
Average Square-Feet
Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Median Asking Price Per Square-Foot
Inventory (In Months) 11
2,950,000
8,032
442
22%
0%
35%
Price Adjusted - Currently Available Properties:
Currently Available
Number of Sales
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
2,467,273
370
7%
23%
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
venezia custom homes - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Qtr. Ended 9/30/04
1,600
1,600,000
6,687
1
239
120
84%
3
Qtr. Ended 6/30/04
3,908
974,000
3,847
4
255
184
97%
N/A
Percentage Change
-144%
39%
43%
-300%
-7%
-53%
-15%
N/A
Qtr. Ended 9/30/03
465
1,200,000
4,650
4
249
172
87%
N/A
Percentage Change
71%
25%
31%
-300%
-4%
-43%
-4%
N/A
Average Square-Feet
Number of Sales
Currently Available Properties: Median Asking Price Currently Available
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months) 9
1,850,000
6,510
348
14%
-3%
31%
Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
1,559,536
294
-3%
19%
Percentage Difference
rapallo custom homes - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
0
N/A
N/A
0
N/A
N/A
N/A
4
Qtr. Ended 6/30/04
2,700
1,350,000
5,428
2
247
9
94%
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Qtr. Ended 9/30/03
4,200
2,100,000
6,710
2
290
188
85%
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Qtr. Ended 9/30/04
Average Square-Feet
Currently Available Properties: Median Asking Price Currently Available Percentage Difference
Average Square-Feet
Number of Sales
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Median Asking Price Per Square-Foot
Inventory (In Months) N/A
2,109,250
6,392
348
N/A
N/A
N/A
Price Adjusted - Currently Available Properties: Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
Currently Available
N/A
N/A
Percentage Difference
N/A
N/A
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
terracina custom homes - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Qtr. Ended 9/30/04
6,969
1,600,000
6,613
4
272
165
85%
19
Qtr. Ended 6/30/04
7,373
1,548,000
6,140
5
237
115
88%
N/A
Percentage Change
-6%
3%
7%
-25%
13%
30%
-4%
N/A
Qtr. Ended 9/30/03
5,154
1,170,000
5,493
4
228
41
97%
N/A
Percentage Change
26%
27%
17%
0%
16%
75%
-14%
N/A
Average Square-Feet
Number of Sales
Currently Available Properties: Median Asking Price Currently Available
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months) 14
2,300,000
7,226
363
30%
9%
25%
Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
1,954,720
309
18%
12%
Percentage Difference
portofino custom homes - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Qtr. Ended 9/30/04
0
N/A
N/A
0
N/A
N/A
N/A
1
Qtr. Ended 6/30/04
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Qtr. Ended 9/30/03
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Average Square-Feet
Currently Available Properties: Median Asking Price Currently Available Percentage Difference
Average Square-Feet
Number of Sales
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Median Asking Price Per Square-Foot
Inventory (In Months) N/A
2,790,000
7,468
374
N/A
N/A
N/A
Price Adjusted - Currently Available Properties: Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
Currently Available
N/A
N/A
Percentage Difference
N/A
N/A
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
villa cortina custom homes - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
2,100
2,100,000
7,446
1
282
261
91%
0
Qtr. Ended 6/30/04
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Qtr. Ended 9/30/03
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Qtr. Ended 9/30/04
Average Square-Feet
Currently Available Properties: Median Asking Price
Average Square-Feet
Number of Sales
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Median Asking Price Per Square-Foot
Inventory (In Months) N/A
Currently Available
N/A
N/A
N/A
Percentage Difference
N/A
N/A
N/A
Price Adjusted - Currently Available Properties: Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
Currently Available
N/A
N/A
Percentage Difference
N/A
N/A
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
Custom Home-Site Tables
…it’s about location
Closed Properties:
custom home-sites - overall table Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
6,482
542,500
20,546
12
26
114
97%
25
Qtr. Ended 6/30/04
6,115
390,000
18,528
15
27
276
97%
N/A
Percentage Change
6%
28%
10%
-25%
-7%
-143%
1%
N/A
Qtr. Ended 9/30/03
250
250,000
14,375
1
17
53
96%
N/A
Percentage Change
96%
54%
30%
92%
32%
53%
1%
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months)
599,000
24,777
34
6
9%
17%
24%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
581,374
33
7%
22%
Currently Available Percentage Difference
custom home-sites - rating of 1 table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
1,290
445,000
20,183
3
22
93
96%
6
Qtr. Ended 6/30/04
3,280
375,000
18,247
9
22
230
97%
N/A
Percentage Change
-154%
16%
10%
-200%
-1%
-146%
-1%
N/A
Qtr. Ended 9/30/03
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months)
512,500
20,110
30
6
13%
0%
28%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
491,543
29
10%
25%
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
custom home-sites - rating of 2 table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
3,904
560,000
20,349
7
27
60
98%
11
Qtr. Ended 6/30/04
1,365
430,000
19,312
3
21
229
98%
N/A
Percentage Change
65%
23%
5%
57%
23%
-281%
0%
N/A
Qtr. Ended 9/30/03
250
250,000
14,375
1
17
53
96%
N/A
Percentage Change
94%
55%
29%
86%
35%
12%
2%
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months)
585,000
19,721
32
5
4%
-3%
18%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
571,961
32
2%
16%
Currently Available Percentage Difference
custom home-sites - rating of 3 table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
1,288
643,750
21,780
2
30
332
96%
8
Qtr. Ended 6/30/04
1,470
510,000
18,586
3
27
462
95%
N/A
Percentage Change
-14%
21%
15%
-50%
10%
-39%
1%
N/A
Qtr. Ended 9/30/03
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months)
1,150,000
35,229
39
12
44%
38%
23%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
1,104,944
37
42%
20%
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
terracina custom home-sites - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
3,767
520,000
22,695
7
24
83
97%
14
Qtr. Ended 6/30/04
2,305
390,000
23,218
6
20
321
94%
N/A
Percentage Change
39%
25%
-2%
14%
17%
-287%
4%
N/A
Qtr. Ended 9/30/03
250
250,000
14,375
1
18
53
96%
N/A
Percentage Change
93%
52%
37%
86%
24%
36%
1%
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months)
699,500
26,136
29
6
26%
13%
17%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
681,144
28
24%
15%
Currently Available Percentage Difference
rapallo custom home-sites - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
400
400,000
16,988
1
24
205
89%
3
Qtr. Ended 6/30/04
390
390,000
17,860
1
22
118
99%
N/A
Percentage Change
3%
3%
-5%
0%
7%
42%
-11%
N/A
Qtr. Ended 9/30/03
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months)
639,000
20,168
38
9
37%
16%
37%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
568,000
33
30%
30%
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
venezia custom home-sites - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
1,770
560,000
17,555
3
31
19
98%
6
Qtr. Ended 6/30/04
915
457,500
15,464
2
29
46
96%
N/A
Percentage Change
48%
18%
12%
33%
4%
-142%
1%
N/A
Qtr. Ended 9/30/03
0
N/A
N/A
0
N/A
N/A
N/A
N/A
Percentage Change
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
Inventory (In Months)
572,500
18,426
33
6
2%
5%
6%
Qtr. Ended 9/30/04
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
558,306
32
-0%
4%
portofino/villa cortina home-sites
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
No Activity
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
Executive Home Tables
…it’s about you
Closed Properties:
executive homes - overall table Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
8,695
625,000
3,386
12
216
29
99%
44
Qtr. Ended 6/30/04
11,438
615,000
3,342
17
201
33
100%
N/A
Percentage Change
-32%
2%
1%
-42%
7%
-14%
-2%
N/A
Qtr. Ended 9/30/03
13,666
497,000
3,517
28
141
57
97%
N/A
Percentage Change
-57%
21%
-4%
-133%
35%
-97%
2%
N/A
Currently Available Properties:
Currently Available
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
766,750
3,484
229
19%
3%
6%
Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
757,790
226
18%
4%
Percentage Difference
Inventory (In Months) 11
renaissance - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
2,535
810,000
4,509
3
180
28
100%
16
Qtr. Ended 6/30/04
3,374
862,000
4,277
4
198
34
100%
N/A
Percentage Change
-33%
-6%
5%
-33%
-10%
-21%
0%
N/A
Qtr. Ended 9/30/03
5,883
555,000
3,613
11
145
62
97%
N/A
Percentage Change
-132%
32%
20%
-267%
20%
-121%
3%
N/A
Currently Available Properties:
Currently Available Percentage Difference
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
897,000
3,809
239
10%
-18%
25%
Price Adjusted - Currently Available Properties:
Currently Available Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
897,354
239
10%
25%
Inventory (In Months) 16
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
presidio - overall table
Closed Properties: Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
2,025
1,037,500
3,877
2
263
8
98%
6
Qtr. Ended 6/30/04
2,100
680,000
3,419
3
188
14
101%
N/A
Percentage Change
-4%
35%
12%
-50%
29%
-75%
-3%
N/A
Qtr. Ended 9/30/03
2,137
524,000
3,753
4
142
69
93%
N/A
Percentage Change
-6%
50%
3%
-100%
46%
-763%
5%
N/A
Currently Available Properties:
Currently Available
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
910,000
3,524
267
-14%
-10%
2%
Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
888,072
260
-17%
-1%
Percentage Difference
Closed Properties:
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Inventory (In Months) 9
villagio - neighborhood table Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
2,430
605,000
2,809
4
218
34
98%
9
Qtr. Ended 6/30/04
1,227
613,500
3,272
2
190
7
103%
N/A
Percentage Change
50%
-1%
-17%
50%
13%
79%
-5%
N/A
Qtr. Ended 9/30/03
1,568
529,000
3,858
3
136
104
97%
N/A
Percentage Change
36%
13%
-37%
25%
38%
-206%
1%
N/A
Currently Available Properties:
Currently Available Percentage Difference
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
699,900
3,701
191
14%
24%
-14%
Price Adjusted - Currently Available Properties:
Currently Available Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
686,121
187
12%
-17%
Inventory (In Months) 7
Prime Realty, Ltd 11201 S. Eastern Ave, Suite 100 702.682.6529 Beth Naef Owner / Broker Bnaef@PrimeRealtyNV.com www.PrimeRealtyNV.com
Closed Properties:
palazzo monte - overall table Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
755
755,000
4,220
1
179
0
96%
3
Qtr. Ended 6/30/04
1,925
615,000
3,006
3
202
32
97%
N/A
Percentage Change
-155%
19%
29%
-200%
-13%
N/A
-1%
N/A
Qtr. Ended 9/30/03
2,687
458,750
3,593
6
127
28
97%
N/A
Percentage Change
-256%
39%
15%
-500%
29%
N/A
-1%
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
785,000
3,912
188
4%
-8%
5%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
755,000
181
0%
1%
Percentage Difference
Inventory (In Months) 9
palantine hill - neighborhood table
Closed Properties:
Dollar Volume (000)
Median Sales Price
Average Square-Feet
Number of Sales
Qtr. Ended 9/30/04
1,705
560,000
2,706
3
214
38
100%
9
Qtr. Ended 6/30/04
2,813
590,000
2,776
5
203
54
102%
N/A
Percentage Change
-65%
-5%
-3%
-67%
5%
-42%
-2%
N/A
Qtr. Ended 9/30/03
1,391
332,000
2,646
4
133
37
99%
N/A
Percentage Change
18%
41%
2%
-33%
38%
3%
1%
N/A
Median Asking Price
Average Square-Feet
Median Asking Price Per Square-Foot
644,900
2,616
231
13%
-3%
7%
Currently Available Properties:
Currently Available Percentage Difference
Price Adjusted - Currently Available Properties:
Currently Available Percentage Difference
Median Sales Average % Price Per Average Days of Current Square-Foot on-the-market Asking Price Inventory
Adjusted Median Asking Price
Adjusted Median Asking Price Per Square-Foot
643,014
230
13%
7%
User to independently validate all data. The Seven Hills Report is not meant to be a solicitation if your property is currently listed with another real estate agent.
Inventory (In Months) 9
11201 S. Eastern Ave, Suite 100 Henderson, Nevada 89052
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