Rob's Report - June 2021

ROB'S REPORT

SUMMERLIN, L AS VEGAS, & HENDERSON JUNE 2021

#3093RedArrow

3093 RED ARROW DRIVE

RED ROCK COUNTRY CLUB | $5,750,000

8,724 Square Feet | 5 Bedrooms | 6 Bathrooms | Custom Two-Story

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A lifestyle like no other awaits at this custom two-story mansion in the 24-hour guard gated community of Red Rock Country Club. Safely tucked behind a secondary gate in The Estates, this property boasts breathtaking views of the nearby mountains, the 14th tee of the private Mountain golf course, double fairways, and a cascading waterfall feature. Beyond the hedgelined drive and custom-cast facade of this palatial estate, discover incredible spaces: a grand foyer and living room with 25’ ceilings, a true entertainer’s kitchen, a game room that opens to the pool deck, an immaculate owner’s suite, and much more.

Dear Friends, You may have seen some recent headlines about a decline in home sales and new mortgage applications. Does this mean the Las Vegas real estate market is cooling down? If you look at the data in today’s newsletter, you’ll see that the market is still white-hot, but there are two main reasons why the media is citing a decline in sales and mortgage applications.

2714 RED ARROW DRIVE | RED ROCK COUNTRY CLUB

First, inventory is low. There were 375 guard gated homes for sale in May 2021 compared to 622 in May 2020, a decrease of 39.7%. When inventory is low, buyers have a harder time finding a home that meets their needs. Plenty of luxury buyers are out there, just waiting for the right property to come along. So yes, there has been a decline in home sales, but only because there are fewer homes on the market changing hands.

Second, prices are high. Home prices have been appreciating significantly this year. Now is the opportune time to sell for top dollar, but some sellers have gone overboard with their pricing. Much of this overpriced inventory is not being looked at seriously. Combined with low inventory, rocketing prices are causing some buyers to sit on the sidelines, which explains at least some of the decline in new mortgage applications.

Even though sales volume is down, I don’t believe this is the beginning of a changing market. May showed a 12% decline in closed sales compared to April, but closed sales were up 192% year over year.

Likewise, pending sales were up 58.6% year over year. If you want to take advantage of this pent-up demand and maximize your sales price, now is a great time to sell! If the home you’re selling was your primary residence for two out of the last five years, you may qualify for up to $500,000 in taxfree profit as a married couple and $250,000 as an individual. Make sure you talk to your CPA about the details.

Sincerely, Rob Jensen Broker / President 702.605.7480 B.143770

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

P/SF

10117 Summit Canyon Drive

6,210

$2,400,000

$386

Canyon Fairways

9612 Grand Isle Lane

4,447

$1,525,000

$343

Corta Bella

8804 Quadro Court

4,710

$1,050,000

$223

Eagle Rock

408 Proud Eagle Lane

3,666

$980,000

$267

425 Grand Augusta Lane

3,722

$1,275,000

$343

10213 Prestancia Avenue

5,236

$1,900,000

$363

1920 Alcova Ridge Drive

4,130

$1,575,000

$381

1959 Alcova Ridge Drive

3,402

$975,000

$287

11407 Cedar Log Court

3,455

$1,150,000

$333

2006 Country Cove Court

4,107

$1,350,000

$329

2162 Country Cove Court

4,107

$2,000,000

$487

3198 Dove Run Creek Drive

4,079

$1,400,000

$343

11705 Glowing Sunset Lane

5,730

$2,750,000

$480

2471 Hollow Rock Court

3,455

$1,075,000

$311

2080 Orchard Mist Street

4,062

$1,250,000

$308

2577 Red Arrow Drive

4,961

$2,200,000

$443

2714 Red Arrow Drive

5,444

$2,925,000

$537

3085 Soft Horizon Way

3,823

$1,550,000

$405

2817 Turtle Head Peak Drive

4,683

$2,070,000

$442

11104 Black Fire Opal Drive

2,228

$1,200,000

$539

3090 Conservation Court

3,703

$2,200,000

$594

2710 Nevada Agave Lane

3,869

$1,450,000

$375

2971 Raywood Ash Drive

3,102

$1,200,000

$387

11 Boulder Rock Circle

4,384

$2,475,000

$565

4227 Garnet Hills Court

4,340

$4,000,000

$922

4 Meadowhawk Lane

6,410

$5,100,000

$796

73 Meadowhawk Lane

5,409

$2,260,000

$418

22 Midnight Ridge Drive

5,775

$3,400,000

$589

29 Owl Ridge Court

4,888

$2,325,000

$476

22 Promontory Ridge Drive

14,070 $7,200,000

$512

11454 Ruby Falls Way

5,047

$3,000,000

$594

60 Tapadero Lane

4,179

$2,295,000

$549

Tournament Hills

1517 Champion Hills Lane

8,119

$8,000,000

$985

The Vineyards

1401 French Merlot Court

3,663

$1,200,000

$328

Willow Creek

2817 Middle Earth Street

3,612

$925,000

$256

8912 Canyon Springs Drive

5,263

$1,420,000

$270

2013 Eagle Trace Way

6,302

$1,899,000

$301

8912 Rainbow Ridge Drive

1,788

$600,000

$336

8940 Rainbow Ridge Drive

3,146

$1,100,000

$350

2308 Whispering Hills Circle

4,323

$1,000,000

$231

9103 Alta Drive, #306

2,137

$715,500

$335

The Palisades

SUMMERLIN

Red Rock Country Club

Reverence

The Ridges

Canyon Gate

LAS VEGAS

One Queensridge Place

Queensridge

Southern Highlands

Spanish Hills

ADDRESS

COMMUNITY

LAS VEGAS

SF

Bellacere

Spanish Trail

Ten Oaks Tuscan Cliff s

Anthem Country Club

HENDERSON

COMMUNITY

Ascaya The Fountains Legacy Estates

MacDonald Highlands

Roma Hills Seven Hills Rapallo

SF

PRICE

P/SF

48 Innisbrook Avenue

ADDRESS

6,485

$2,650,000

$409

65 Princeville Lane

5,011

$1,350,000

$269

8462 Turtle Creek Circle

3,010

$710,000

$236

8487 Turtle Creek Circle

3,262

$720,000

$221

1604 Silver Oaks Street

4,276

$875,000

$205

11381 Lago Augustine Way

4,893

$1,455,000

$297

4038 Villa Rafael Drive

4,617

$1,350,000

$292

4087 Villa Rafael Drive

3,643

$1,099,000

$302

8 Belfair Court

3,962

$1,305,000

$329

10 Bloomfield Hills Drive

6,550

$2,500,000

$382

49 Brandermill Drive

4,255

$1,425,000

$335

9 Candlewyck Drive

3,374

$1,157,500

$343

6 Canoa Hills Drive

3,592

$1,000,000

$278

3 Clear Crossing Trail

3,216

$880,000

$274

21 Club Vista Drive

3,942

$1,600,000

$406

8 Creeping Bend Court

1,905

$626,000

$329

7 Desert Highlands Drive

2,772

$850,000

$307

46 Desert Highlands Drive

3,037

$975,000

$321

2 El Macero Court

3,216

$835,000

$260

14 Emerald Dunes Circle

1,268

$499,998

$394

11 Greely Club Trail

6,003

$2,000,000

$333

105 Grosse Pointe Place

8,292

$3,275,000

$395

21 Morninglow Pass

3,848

$1,050,000

$273

5 Old Marsh Court

4,025

$1,152,000

$286

8 Paradise Valley Court

7,526

$3,050,000

$405

28 Pine Hollow Drive

4,544

$1,425,000

$314

6 Shade Valley Lane

3,592

$1,100,000

$306

45 Stonemark Drive

3,208

$1,150,000

$358

18 Wade Hampton Trail

3,772

$1,730,000

$459

20 Winding Road

2,733

$785,000

7 Talus Court

10,871 $8,200,000

$754

$287

2204 Chatsworth Court

4,289

$1,050,000

$245

2001 Doral Place

6,508

$1,625,000

$250

185 Inveraray Court

4,803

$1,300,000

$271

194 Inveraray Court

5,065

$1,600,000

$316

613 China Doll Place

6,422

$2,800,000

$436

1724 Cypress Manor Drive

3,220

$925,000

$287

1456 MacDonald Ranch Drive

9,889

$3,125,000

$316

1375 Quiet River Avenue

5,575

$1,700,000

$305

794 Bolle Way

3,865

$1,650,000

$427

773 Latina Court

5,094

$2,200,000

$432

1286 Imperia Drive

4,647

$1,350,000

$291 $349

9103 Alta Drive, #1502

5,635

$3,900,000

$692

2684 Ponte Vecchio Terrace

6,217

$2,170,000

324 Onyx Crest Street

4,053

$995,000

$245

1523 Villa Rica Drive

6,011

$2,400,000

$399

9400 Queen Charlotte Drive

3,497

$790,000

$226

1580 Villa Rica Drive

11,032 $3,000,000

$272

9729 Royal Lamb Drive

2,791

$719,000

$258

1584 Villa Rica Drive

7,160

$2,249,000

$314

9716 Winter Palace Drive

6,748

$2,200,000

$326

1602 Villa Rica Drive

8,166

$4,850,000

$594

48 Augusta Canyon Way

18,210 $7,750,000

$426

1617 Villa Rica Drive

4,973

$2,600,000

$523

11877 Oakland Hills Drive

4,681

$2,200,000

$470

24 Olympia Chase Drive

4,155

$1,935,000

$466

40 Olympia Chase Drive

6,250

$2,695,000

$431

72 Olympia Chase Drive

4,119

$2,150,000

$522

14 Pink Dogwood Drive

3,904

$1,187,500

$304

51 Quintessa Circle

12,095 $8,800,000

$728

5086 Rustic Ridge Drive

4,708

$2,575,000

$547

4960 Spanish Vista Lane

4,292

$1,120,000

$261

Seven Hills - Terracina/ Venezia

No closed sales for the month of May in Aventura, Mountain Trails, Country Club Hills, Country Rose Estates, Eagle Hills, The Summit, Regency at the Lakes, and Hillsboro Heights

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

FOR SALE

UNDER CONTRACT

SOLD

EXPIRED

ABS* RATE (MONTHS)

$500K-$749K

15

27

25

4

1.3

$750K-$999K

26

38

27

3

1.9

$1M-$1.49M

27

49

41

1

2.2

$1.5M-$1.99M

24

24

14

0

2.7

$2M-$2.49M

18

9

17

0

1.7

$2.5M-$2.99M

14

7

8

0

4.2

$3M-$3.99M

20

10

6

0

5.5

$4M+

55

12

8

1

6.1

*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), 05/31/21.

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 | MAY

MAY '21

CLOSED SALES

MONTHLY & YEARLY

05/31/21

UNDER CONTRACT

05/31/21

ACTIVE LISTINGS

146 176 375

Over APR '21

-12%

-15.8%

-9.6%

Over MAY '20

+192%

+58.6%

-39.7%

APR '21

165

209

415

MAY '20

50

111

622

#900PontChartrain

900 PONT CHARTRAIN DRIVE QUEENSRIDGE | $1,799,000

3,936 Square Feet | 4 Bedrooms | 5 Bathrooms | Single-Story

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Discover a comfortable and secure lifestyle at this completely renovated single-story home in Queensridge South—a 24-hour guard gated community revered for its lush landscaping, security, and serenity. Beyond the tranquil courtyard entryway with four fruit trees, greet your guests in the great room, which has been remodeled to create an open floor plan. Here, 12’ ceilings, a floor-to-ceiling stacked stone fireplace, and oversized picture windows create an immense sense of space. Additional highlights include an upgraded chef’s kitchen, an owner’s suite with a luxurious marble bathroom, and a 44’ infinity-edge swimming pool.

#10729GreyHavens

10729 GREY HAVENS COURT WILLOW CREEK | $899,000

3,535 Square Feet | 5 Bedrooms | 5 Bathrooms | Two-Story

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Located among some of the best schools, parks, shopping, and golf courses that Summerlin has to offer, this two-story home in the guard gated community of Willow Creek provides a carefree lifestyle for you and your family. Residents enjoy exclusive access to two tennis courts, a BBQ pavilion, a basketball court, and a walking trail that bisects the community. Spotted Leaf Park and The Willows Park—a 12-acre park with a community center, pool, regulation basketball court, and ball fields—are both within walking distance on a private bike/walking trail that passes under Town Center Drive. Upscale retail shopping and fine and casual dining are conveniently located less than a mile away at the Downtown Summerlin outdoor shopping pavilion.

#1600ShadowRock

1600 SHADOW ROCK DRIVE CANYON GATE | $678,000

1,653 Square Feet | 2 Bedrooms | 2 Bathrooms | Single-Story

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Completely remodeled over the last two years, this single-story home is located on a generous corner lot in Canyon Gate Country Club—a secure, guard gated community acclaimed for its wide streets and mature landscaping. Upgrades include Italian wood-look tile, granite and marble finishes, tinted windows, and more. Beyond the beautifully landscaped front yard, the main living area has been opened up to create an incredible flow from the front door to the backyard.

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

SOLD $2,925,000 2714 RED ARROW DRIVE RED ROCK COUNTRY CLUB

SOLD $1,200,000 11104 BLACK FIRE OPAL DRIVE REVERENCE

SOLD $1,050,000

SOLD $830,000

11280 GRANITE RIDGE DRIVE, #1119

9141 TESORAS DRIVE, #201

THE RIDGES

MIRA VILLA

robjensenco

robjensen.com

702.605.7480