Rob's Report - March 2021

ROB'S REPORT

SUMMERLIN, L AS VEGAS, & HENDERSON MARCH 2021

2714 RED ARROW DRIVE

#2714RedArrow

RED ROCK COUNTRY CLUB | $3,000,000 5,444 Square Feet | 4 Bedrooms | 5 Bathrooms | Custom Two-Story In the 24-hour guard gated community of Red Rock Country Club, safely tucked behind a secondary gate in The Estates, this custom two-story home boasts frontage on the 2nd fairway of the private Mountain golf course. Beyond the verdant courtyard, discover a gorgeous interior featuring travertine flooring, natural stone details, and picture windows to celebrate the view. Standout features of this property include 23’ ceilings in the living room, a surround-sound media room with a 125” projector screen, and a tranquil rear yard with a Pebble Tec pool and spa.

Dear Friends, The luxury real estate market is white-hot! February closed sales were up 55% over last year, and inventory was down 34.1%. These conditions are creating an extremely competitive marketplace and pushing prices upward. We’re also seeing multiple offers on many of the sales happening right now, especially for our sellers. Here is some advice on how to best deal with multiple-offer situations.

If you are a seller and have multiple offers on your property, it can be very exciting.

Commonly, when there are multiple offers, each buyer will receive a response from the seller asking for their “highest and best.” This is a typical strategy used by agents to get buyers to put their best offer forward. However, it’s a lazy strategy. To get the highest price possible, your best bet is to use a multiple counteroffer form to counter each buyer individually. This form enables sellers to respond to multiple offers without getting bound to any single offer (unless they sign off on it). Asking buyers to blindly increase their bids rarely results in the best offer possible. To push the envelope, you’re better off asking for what you want.

The best way for buyers to handle a multiple-offer situation is to get educated. I always say the same thing to buyers: “I will never push you to buy, but I will push you to get educated.” You have to know the market and your options, so you can make a knowledgeable and confident decision when the right opportunity comes along. In this market, if you get too carried away trying to negotiate a lower price, just know that you might lose the property. Sometimes buyers shy away from multiple-offer situations because they don’t want to end up in a bidding war. This is understandable, but just because there are other offers on the table doesn’t necessarily mean they are good offers. They might have poor terms or a low price, so make the best offer you are comfortable with and be ready to move fast.

Whether you’re buying or selling in this white-hot market, you know how to reach us if you want results.

Sincerely, Rob Jensen Broker / President 702.605.7480 B.143770

SOLD PROPERTIES | GUARD GATED | FEBRUARY 2021 ADDRESS

SF

PRICE

ADDRESS

P/SF

PRICE

P/SF

620 Canyon Greens Drive

5,880

$2,995,000

$509

2212 Bay Hill Drive

3,665

$755,625

$206

701 Canyon Greens Drive

6,004

$1,575,000

$262

8900 Rainbow Ridge Drive

3,146

$816,000

$259

500 Royalton Drive

5,037

$1,620,000

$322

9017 Robinson Ridge Drive

3,029

$765,000

$253

501 Royalton Drive

5,145

$1,449,000

$282

Queensridge 809 Aquitaine Court

4,974

$1,200,000

$241

8828 Bonta Court

2,700

$627,000

$232

9800 Camden Hills Avenue

3,679

$730,000

$198

8829 Cortile Drive

4,060

$900,000

$222

301 Covent Garden Court

4,140

$775,000

$187

1900 Vero Drive

2,745

$700,000

$255

9320 Fontainbleu Drive

4,002

$900,000

$225

9721 Gavin Stone Avenue

3,679

$859,000

$233

9809 Miss Peach Avenue

2,033

$430,000

$212

9813 Queen Charlotte Drive

3,665

$857,000

$234

9705 Royal Lamb Drive

2,640

$750,000

$284

9517 Verlaine Court

4,690

$1,300,000

$277

9324 Verlaine Court

5,940

$1,830,000

$308

Corta Bella

1817 Wincanton Drive

3,409

$1,050,000

$308

Country Rose Estates 2212 Scarlet Rose Drive

2,934

$610,000

$208

Eagle Hills 2025 Grouse Street

4,964

$1,450,000

$292

LAS VEGAS

Country Club Hills

Eagle Rock

Southern Highlands

524 Pinnacle Heights Lane

3,322

$775,000

$233

84 Carolina Cherry Drive (REO)

4,990

$1,250,000

$251

704 Pinnacle Heights Lane

3,610

$745,000

$206

39 Vintage Canyon Street

6,750

$4,900,000

$726

620 Proud Eagle Lane

3,763

$900,000

$239

11786 Weybrook Park Drive

2,172

$698,000

$321

5022 Mountain Creek Drive

5,729

$1,800,000

$314

5086 Scenic Ridge Drive

7,567

$1,500,000

$198

5078 Spanish Hills Drive

7,714

$2,815,000

$365

6,556

$1,150,000

$175

6,034

$2,188,297

$363

Mountain Trails 9900 Glenrock Drive

Spanish Hills 5,713

$1,899,000

$332

The Palisades 429 Grand Augusta Lane

5,446

$1,775,000

$326

Red Rock Country Club

Spanish Trail

11358 Cedar Log Court

2,508

$669,900

$267

17 Vintage Court

3308 Dove Run Creek Drive

4,402

$1,237,560

$281

Tuscan Cliffs

2835 Evening Rock Street

4,899

$1,610,000

$329

11262 San Terrazo Place

2546 Grassy Spring Place

4,443

$1,530,000

$344

2481 Hollow Rock Court

2,712

$830,000

$306

Anthem Country Club

11276 La Madre Ridge Drive

3,601

$860,000

$239

33 Anthem Creek Circle

2107 Orchard Mist Street

4,274

$1,375,000

$322

2 Awbrey Court

2813 Red Springs Drive

2,508

$970,000

$387

2861 Red Springs Drive

2,508

$775,000

2965 Red Springs Drive

2,508

3067 Red Springs Drive

4,511

$1,240,000

$275

14,975

$4,900,000

$327

26 Brays Island Drive

3,843

$1,175,000

$306

$309

31 Contra Costa Place

3,037

$950,000

$313

$725,000

$289

4 Creeping Bend Court

1,905

$635,000

$333

2,160

$749,000

$347

10 Eagle Chase Court

2,678

$840,000

$314

3075 Soft Horizon Way

4,200

$1,450,000

$345

46 Feather Sound Drive

2,513

$600,000

$239

11295 Winter Cottage Place

3,601

$1,310,000

$364

105 Fountainhead Circle

2,678

$680,000

$254

24 Gladewater Drive

1,905

$625,000

$328

20 Pine Hollow Drive

4,282

$1,850,000

$432

35 Stonemark Drive

3,848

$1,000,000

$260

2324 Caserta Court

8,528

$1,800,000

$211

2228 Chatsworth Court

5,340

$1,000,000

$187

2239 Chatsworth Court

5,885

$1,500,000

$255

5,418

$1,250,000

$231

Reverence 11111 Luna Blanca Drive

3,451

$1,175,000

$340

11120 Luna Blanca Drive

3,451

$1,650,000

$478

10920 Red Yucca Drive

2,430

$835,000

$344

The Ridges 8 Cross Ridge Street 31 Drifting Shadow Way

4,399 6,135

$1,645,000 $2,000,000

$374 $326

HENDERSON

SUMMERLIN

SF

Canyon Gate

Canyon Fairways

The Fountains

15 Garden Rain Drive

3,776

$2,200,000

$583

Legacy Estates

22 Garden Rain Drive

4,172

$1,750,000

$419

181 Inveraray Court

85 Glade Hollow Drive

3,797

$2,337,500

$616

MacDonald Highlands

54 Grey Feather Drive

4,172

$1,510,000

$362

1452 Macdonald Ranch Drive

9,060

$3,500,000

$386

8,258

$4,550,000

$551

11,093

$8,250,000

$744

584 Saint Croix Street

51 Meadowhawk Lane

6,032

$3,090,000

$512

650 Saint Croix Street

8,631

$2,505,000

$290

14 Moonfire Drive

4,172

$1,625,000

$390

1667 Tangiers Drive

5,415

$1,539,900

$284

46 Moonfire Drive

4,618

$2,350,000

$509

Roma Hills

11440 Opal Springs Way

5,047

$2,500,000

$495

1758 Amarone Way

4,105

$1,300,000

$317

63 Panorama Crest Avenue

4,013

$2,088,000

$520

Seven Hills - Rapallo

9 Wild Ridge Court

8,844

$4,400,000

$498

1282 Imperia Drive

4,183

$1,300,000

$311

1362 Opal Valley Street

6,941

$2,400,000

$346

1524 Villa Rica Drive

4,568

$1,375,000

$301

23 Hawk Ridge Drive

Seven Hills - Terracina/Venezia

The Vineyards 1205 Saintsbury Drive

3,434

$875,000

$255

Willow Creek 10755 Hobbiton Avenue

3,792

$838,000

$221

2984 Kedleston Street

3,486

$1,000,000

$287

10796 Penhurst Way

4,859

$1,625,000

$334

10895 Willow Heights Drive

5,799

$1,410,000

$243

No closed sales for the month of February in Aventura, Bellacere, Tournament Hills, Regency at the Lakes, Ten Oaks, and Hillsboro Hights

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

FOR SALE

UNDER CONTRACT

SOLD

EXPIRED

ABS* RATE (MONTHS)

$500K-$749K

24

42

25

1

2.8

$750K-$999K

19

37

28

1

2.3

$1M-$1.49M

30

54

24

2

4.1

$1.5M-$1.99M

17

33

20

1

3.1

9

16

9

1

2.8

$2.5M-$2.99M

11

6

4

1

5.7

$3M-$3.99M

18

14

2

2

10.7

$4M+

50

18

6

0

11.3

$2M-$2.49M

*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), 02/28/21.

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 | FEBRUARY

FEB '21

CLOSED SALES

MONTHLY & YEARLY

02/28/21

UNDER CONTRACT

02/28/21

ACTIVE LISTINGS

118 220 398

Over JAN '21

+27%

+14%

-7%

Over FEB '20

+55%

+50.7%

-34.1%

JAN '21

93

193

428

FEB '20

76

146

604

TOP 10 SALES OF 2020!

#1: $14,500,000

7 FALCON VIEW COURT 14,464 SF | THE RIDGES

#2: $11,250,001

750 DRAGON RIDGE DRIVE 14,486 SF | MACDONALD HIGHLANDS

#3: $11,250,000

#4: $10,150,000

17,562 SF | MACDONALD HIGHLANDS

14,918 SF | THE RIDGES

770 DRAGON RIDGE DRIVE

5 PROMONTORY POINTE LANE

#5: $10,000,000

#6 (TIED): $7,400,000

11,211 SF | THE RIDGES

3,266 SF | THE SUMMIT

#6 (TIED): $7,400,000

#8: $7,320,000

8,860 SF | THE RIDGES

13,255 SF | THE RIDGES

4 SOARING BIRD COURT

27 HAWK RIDGE DRIVE

11639 DISCOVERY CANYON DRIVE

7 SABLE RIDGE COURT

#9: $7,300,000

5228 SPANISH HEIGHTS DRIVE 16,425 SF | SPANISH HILLS

#10: $7,000,000

731 DRAGON RIDGE DRIVE 11,375 SF | MACDONALD HIGHLANDS

#11280GraniteRidge

11280 GRANITE RIDGE DRIVE, UNIT 1119 THE RIDGES | $1,050,000

3,211 Square Feet | 4 Bedrooms | 4 Bathrooms | Two-Story Low-maintenance living meets luxury design at this modern two-story condo in Fairway Hills, the only condominium community in The Ridges—an ultra-chic guard gated community built around the sweeping fairways of Bear’s Best Las Vegas. Residents enjoy exclusive access to a private park with cabanas and barbecues, as well as a community Clubhouse overlooking the golf course. Amenities include a fitness center with cardio and weight training equipment, a kitchen/lounge area, and a resort-style pool and spa. Residents also have access to the 9,000-square-foot Club Ridges private community center, which includes a stateof-the-art fitness center, multi-depth swimming pool, year-round heated lap pool, and multi-court lighted tennis facilities.

10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135 B.0143770.LLC

SOLD $2,350,000

SOLD $2,088,000

46 MOONFIRE DRIVE

63 PANORAMA CREST AVENUE

SOLD $1,650,000

SOLD $1,625,000

3770 CAESARS CIRCLE

14 MOOONFIRE DRIVE

THE RIDGES

THE RIDGES

VERDE VALLE ESTATES

THE RIDGES

SOLD $1,200,000

SOLD $900,000

SOLD $816, 000

809 AQUITAINE COURT

620 PROUD EAGLE LANE

8900 RAINBOW RIDGE DRIVE

QUEENSRIDGE

robjensenco

EAGLE ROCK

robjensen.com

CANYON GATE

702.605.7480