Rob's Report - February 2021

ROB'S REPORT

SUMMERLIN, L AS VEGAS, & HENDERSON FEBRUARY 2021

8 SUN GLOW LANE

#8SunGlow

THE RIDGES | $5,250,000

7,167 Square Feet | 6 Bedrooms | 7 Bathrooms | Custom Two-Story No detail has been spared at this modern smart mansion in The Ridges—an ultra-chic guard gated community on the west side of Las Vegas. Here, panoramic Strip, mountain, and golf course views are celebrated by 12’ ceilings, disappearing walls of glass, and an enormous entertaining balcony. Crestron home automation gives you effortless control of six distinct video zones and eight distinct audio listening zones with speakers in every room, dimmable cove and accent lighting, fire and water features, and more. Boasting a resort-style pool, a 12.2 surround sound theater, and an immaculate owner’s suite, this home offers everything you could ever want.

8 SUN GLOW LANE | THE RIDGES

Dear Friends, The guard gated luxury real estate market is off to a strong start in 2021! You’ll find all of the numbers in the Market Trends section of this newsletter, but first, let’s look at the bigger picture with the year-overyear trends. January 2021 closed sales were up 43%, pending sales were up 60.8%, and inventory was down 24.6% compared to January 2020. This high demand and low supply will continue to drive prices higher this year. If you look at the Absorption Rates broken down by price range, you’ll see that there is only a 3 to 4 month supply of inventory in most price ranges. This makes for a very competitive market.

For buyers, this means you need to have your financials fully prepared so you can be ready to make offers promptly on homes you like. If you wait too long, you could miss out while someone swoops in ahead of you—or end up in a bidding war. Even when it comes to new construction and the purchase of custom lots, having an experienced agent is critical. We just wrapped up a several-week-long process helping buyers purchase some fantastic strip view lots, and the developer’s contract had several issues that we helped address.

For sellers, now is a time to push the envelope when it comes to pricing. Just remember that properly preparing the house and putting an experienced professional to work still pays off and will ultimately net you more money.

Real estate has always been a hot topic and even more so lately. To help you understand some of the lingo, I figured I’d share a few common terms used in transactions…

“EMD” means buyer’s earnest money deposit. This money is deposited at the escrow/title company and is generally refundable while the buyer still has contingencies in play.

“Close of Escrow (COE)” is the time of recordation of the deed in the buyer’s name. Once a property has been recorded, the buyer will get their keys, and the seller will have their proceeds wired to them—unless they prefer a check.

“CIC” means Common Interest Community (formerly known as “HOA” or homeowner’s association). Sellers have to pay for CIC resale packages and demand statements when under contract.

If you’d like the support of a team of luxury real estate professionals who know the ins and outs of the market, give us a call today.

Sincerely, Rob Jensen Broker / President 702.605.7480 B.143770

FOR THE MONTH OF| APRIL 2017 SOLD PROPERTIES GUARD GATED FOR THE MONTH OF JANUARY 2021

SUMMERLIN ADDRESS

SF

Bellacere 10308 Rocky Mesa Court Canyon Fairways 644 Canyon Greens Drive 504 Lob Wedge Court 9273 Tournament Canyon Drive Corta Bella 1813 Corta Bella Drive 1904 Vero Drive Country Rose Estates 2220 Scarlet Rose Drive Eagle Rock 613 Proud Eagle Lane Red Rock Country Club 2393 Calico Creek Court 11725 Evergreen Creek Lane 2117 Orchard Mist Street 2845 Red Springs Drive 2877 Red Springs Drive 3084 Red Springs Drive Reverence 3121 Indigo Macaw Lane The Ridges 51 Glade Hollow Drive 80 Glade Hollow Drive 11460 Opal Springs Way 49 Painted Feather Way 73 Pristine Glen Street

LAS VEGAS PRICE

P/SF

6,952

$2,225,000

$320

6,616 5,586 4,078

$3,400,000 $2,150,000 $1,449,000

$514 $385 $355

3,511 3,946

$910,000 $774,900

$259 $196

2,417

$490,000

$203

3,762

$820,000

$218

4,121 6,985 4,257 3,665 2,508 3,085

$1,785,000 $3,750,000 $1,300,000 $1,099,500 $765,000 $1,150,000

$433 $537 $305 $300 $305 $373

3,451

$1,375,000

$398

4,888 4,618 3,798 6,102 4,172

$2,000,000 $2,300,000 $2,133,000 $2,900,000 $1,725,000

$409 $498 $562 $475 $413

7,471

$2,675,000

$358

3,398 4,199

$1,225,000 $1,220,000

$361 $291

3,525 3,792

$1,050,000 $870,000

$298 $229

Tournament Hills 1512 Champion Hills Lane The Vineyards 1509 Reisling Court 1504 Saintsbury Drive Willow Creek 3020 American River Lane 2877 Middle Earth Street

LAS VEGAS ADDRESS Canyon Gate 8733 Double Eagle Drive 8940 Rainbow Ridge Drive 8624 Titleist Circle Queensridge 9520 Chalgrove Village Avenue 1001 Greystoke Acres Street 809 Ville Franche Street Regency at the Lakes 10000 Hidden Knoll Court

SF

PRICE

P/SF

3,146 3,146 5,275

$789,000 $799,000 $1,675,000

$251 $254 $318

3,417 2,640 3,725

$675,000 $630,000 $770,000

$198 $239 $207

8,419

$1,800,000

$214

ADDRESS

SF

Southern Highlands 24 Shadow Canyon Court 11926 Whitehills Street 5 Wood Creek Court Spanish Trail 39 Princeville Lane 23 Sawgrass Court Tuscan Cliffs 11308 San Arezzo Place 11328 San Arezzo Place

PRICE

P/SF

9,227 3,888 11,861

$4,425,000 $1,645,000 $5,600,000

$480 $423 $472

5,507 4,381

$1,615,000 $815,000

$293 $186

4,617 4,617

$997,000 $899,000

$216 $195

PRICE

P/SF

HENDERSON ADDRESS Anthem Country Club 15 Chenal Pass 4 Contra Costa Place 106 Emerald Dunes Circle 57 Feather Sound Drive 39 Hassayampa Trail 18 Holston Hills Road 36 Hunt Valley Trail 9 Isleworth Drive 9 Knob Oak Drive 23 Mallard Creek Trail 5 Marsh Landing Court 3 Ravinia Court 8 Weston Hills Road 5 Woodshole Court The Fountains 2259 Buckingham Court Legacy Estates 190 Inveraray Court MacDonald Highlands 1700 Choice Hills Drive 1493 Foothills Village Drive 1199 MacDonald Ranch Drive 505 Regents Gate Drive (REO) 524 Regents Gate Drive 661 Ridgestone Rim Court 580 Saint Croix Street 626 Saint Croix Street 663 Scenic Rim Drive Roma Hills 1769 Amarone Way Seven Hills - Terracina/Venezia 1373 Ruby Sky Court 1523 Villa Rica Drive 1526 Villa Rica Drive 1601 Villa Rica Drive

SF 5,695 2,614 1,993 3,089 4,282 2,513 2,076 3,085 3,962 5,756 3,869 3,876 2,076 2,733

$1,525,000 $720,000 $525,000 $785,000 $1,025,000 $715,000 $575,000 $965,000 $980,000 $1,850,000 $1,175,000 $1,200,000 $570,000 $775,000

$268 $275 $263 $254 $239 $285 $277 $313 $247 $321 $304 $310 $275 $284

3,845

$855,000

$222

8,966

$2,050,000

$229

4,265 9,227 8,986 8,259 5,827 7,306 7,122 8,998 6,185

$1,000,000 $3,740,000 $4,750,000 $1,850,000 $1,750,000 $3,800,000 $2,225,000 $2,245,000 $4,100,000

$234 $405 $529 $224 $300 $520 $312 $249 $663

7,136

$1,595,000

$224

5,368 6,011 4,780 10,086

$2,300,000 $1,740,000 $1,350,000 $4,200,000

$428 $289 $282 $416

No closed sales for the month of January in Aventura, Country Club Hills, Eagle Hills, Mountain Trails, The Palisades, Spanish Hills, Ten Oaks, Hillsboro Heights, Seven Hills - Rapallo

HOW’S THE MARKET? | GUARD GATED SALES STATISTICS - JANUARY PRICE RANGE

FOR SALE

UNDER CONTRACT

SOLD

EXPIRED

ABS* RATE (MONTHS)

$500K-$749K

32

28

22

9

2.1

$750K-$999K

30

49

21

12

3.4

$1M-$1.49M

47

40

17

7

4.2

$1.5M-$1.99M

29

31

12

3

3.9

$2M-$2.49M

21

14

9

4

4.4

8

6

2

1

3.5

$3M-$3.99M

17

13

4

0

6

$4M+

51

12

6

4

5.3

$2.5M-$2.99M

*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), 01/31/21.

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 | JANUARY

JAN '21

CLOSED SALES

93

MONTHLY & YEARLY

01/31/21

UNDER CONTRACT

01/31/21

ACTIVE LISTINGS

193 428

Over DEC '20

-35%

+27.8%

-5.7%

Over JAN '20

+43%

+60.8%

-24.6%

DEC '20

142

151

454

JAN '20

65

120

568

#2004Glenview

2004 GLENVIEW DRIVE COUNTRY CLUB HILLS | $1,399,000

4,529 Square Feet | 4 Bedrooms | 5 Bathrooms | Two-Story Built on a .23-acre lot with frontage on the 12th hole of TPC Summerlin, this two-story home in the 24-hour guard gated community of Country Club Hills boasts $200,000 in upgrades—including new flooring and window treatments. Step inside and discover a traditional floor plan with formal living and dining rooms, a surround sound family room with a wet bar, and an upgraded kitchen—all with oversized picture windows to take full advantage of the view.

#59GladeHollow

59 GLADE HOLLOW DRIVE THE RIDGES | $2,550,000

4,888 Square Feet | 5 Bedrooms | 6 Bathrooms | Two-Story A phenomenal lifestyle for you and your family awaits at this modern smart home in The Ridges—an ultra-chic guard gated community on the west side of Las Vegas. With Control4 home automation at your fingertips, you are in control of virtually all the technology in the home—from lighting, audiovisual, and surveillance systems to smart thermostats, garage doors, and pool equipment. Glass pocket doors slide away in the great room and adjacent family room, creating an indoor/outdoor flow like no other.

#9012BaldEagle

9012 BALD EAGLE DRIVE EAGLE HILLS | $1,650,000

3,972 Square Feet | 4 Bedrooms | 5 Bathrooms | Custom Two-Story Built on one of the most generous lots in the 24-hour guard gated community of Eagle Hills, this custom two-story estate was thoughtfully designed by an architect for his family—then renovated in a sophisticated, transitional palette. Whether you’re entertaining in the open plan living room and dining room, savoring life in the kitchen, or resting in the luxurious master suite, an exit to the rear yard is never far. Outside, you can enjoy the shade on the travertine patio, go for a swim in the pool, or play badminton on the expansive lawn.

10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135 B.143770

SOLD $2,300,000 1373 RUBY SKY COURT SEVEN HILLS VENEZIA

SOLD $1,750,000

SOLD $1,375,000

524 REGENTS GATE DRIVE

3121 INDIGO MACAW LANE

SOLD $1,075,000

SOLD $799,000

5380 NORTH RILEY STREET

8940 RAINBOW RIDGE DRIVE

MACDONALD HIGHLANDS

CENTENNIAL HILLS

robjensenco

REVERENCE

CANYON GATE

robjensen.com

702.605.7480