Rob's Report - January 2019

ROB'S REPORT SUMMERLIN, L AS VEGAS, & HENDERSON J A N UA RY 2 019

10208 Orkiney Drive | The Palisades

$1,350,000

4 Bedrooms | 3 Full Bathrooms, 1 Powder Room | 4,079 Square Feet Beautiful living and unmatched privacy await at this single-story semi-custom estate located in The Palisades, an exclusive 24-hour guard gated, old world style village in Summerlin. Developed by renowned luxury builder Christopher Homes, and recently updated with over $211,000 in upgrades, this home features a bright contemporary aesthetic and a floor plan designed for maximum family interaction and entertainment value.

#10208Orkiney

SOLD PROPERTIES | DECEMBER 2018 GUARD GATED | LAS VEGAS ADDRESS Canyon Gate 8813 Canyon Springs Drive 9049 Opus Drive (REO) 8601 Scarsdale Drive One Queensridge Place 9101 Alta Drive #903 Queensridge 9520 Chalgrove Village Avenue 9508 Kings Gate Court Southern Highlands 6 Olympia Outlook Drive 19 Quintessa Circle 11759 Weybrook Park Drive Spanish Hills 5078 Spanish Hills Drive Spanish Trail 42 Sawgrass Court (REO) 16 Vintage Court

SF

P/SF

PRICE

ZESTIMATE

+/-

$ DIFF

5,413 3,029 5,260

$229 $206 $197

$1,240,000 $624,750 $1,036,000

$1,252,347 $649,770 $1,124,775

-1.00% -4.00% -8.57%

-$12,347 -$25,020 -$88,775

2,638

$426

$1,125,000

$1,233,516

-9.65%

-$108,516

3,417 14,123

$185 $343

$632,000 $4,850,000

$617,788 $6,117,644

2.25% -26.14%

$14,212 -$1,267,644

4,111 6,277 2,742

$359 $441 $232

$1,477,000 $2,770,000 $637,000

$1,302,874 $2,561,321 $633,113

11.79% 7.53% 0.61%

$174,126 $208,679 $3,887

7,714

$344

$2,650,000

$2,604,912

1.70%

$45,088

7,713 5,893

$127 $222

$981,750 $1,310,000

$1,215,976 $1,364,689

-23.86% -4.17%

-$234,226 -$54,689

Happy New Year! As we look ahead into 2019 we’re going to discuss Zillow and the dangers of relying on Zillow’s estimates (aka Zestimates). Home sellers hurt themselves when they assume their home is worth a certain amount just because “Zillow said so.”

The truth is that Zestimates are usually inflated. Using inflated sales price data to price your home puts you at a distinct financial disadvantage because overpriced homes sit on the market longer than necessary and become “stale listings”. In addition to taking longer to sell, a stale listing can eventually sell for less than the same home that is properly priced from the start.

Rob Jensen Broker/President 702.521.8832

To prove the prevalence of Zestimate value inflation we did our own analysis, specific to the Las Vegas luxury market, and compared actual sales prices from December 2018 to their Zestimates. 82.5% of the homes on our list had Zestimates higher than the actual sales price. Even worse, homes in the highest price range generally had the most inaccurate Zestimates. Out of the top 10 highest priced homes sold, 7 were overvalued by Zillow at an average of 18.06%. In fact, Zillow overvalued one home by $1,267,644! Homes priced under $1,000,000 fared slightly better but still suffered from an average overvaluation of 9.74%.

Zestimakes show that there's just no substitute for our professional experience. If you want to sell your home in 2019, we’d be happy to give you a FREE home evaluation.

When valuing your home, we take into account all aspects of your specific property.

This experience can never be replaced by a Zestimate.

If you’d like to learn more about where the market is heading in 2019, please join us on February 6th for our FREE real estate timing seminar, hosted by Robert Campbell.

Learn more about this valuable seminar and how to RSVP by reading the invitation on the back page. See you there!

SOLD PROPERTIES | DECEMBER 2018 GUARD GATED | SUMMERLIN ADDRESS Canyon Fairways 504 Royalton Drive Country Club Hills 1817 Glenview Drive 9029 Park Forest Court Country Rose Estates 9840 Cantebury Rose Lane Red Rock Country Club 2045 Alcova Ridge Drive 11454 Glowing Sunset Lane 2521 Red Arrow Drive 2794 Red Arrow Drive 2952 Soft Horizon Way The Ridges 4162 Bronze Ridge Street 4166 Bronze Ridge Street 4158 Bronze Ridge Street 10 Garden Rain Drive 12 Lookout Ridge Drive 11468 Opal Springs Way 11488 Opal Springs Way 11456 Opal Springs Way 11448 Opal Springs Way

SF

P/SF

PRICE

ZESTIMATE

+/-

$ DIFF

4,286

$245

$1,050,000

$1,278,600

-21.77%

-$228,600

3,820 3,299

$230 $249

$880,000 $823,000

$898,704 $885,872

-2.13% -7.64%

-$18,704 -$62,872

3,573

$168

$600,000

$595,473

0.75%

$4,527

5,037 3,455 9,054 4,104 3,455

$258 $333 $309 $402 $239

$1,300,000 $1,150,000 $2,800,000 $1,650,000 $825,555

$1,347,771 $1,214,170 $3,137,839 $1,906,934 $908,227

-3.67% -5.58% -12.07% -15.57% -10.01%

-$47,771 -$64,170 -$337,839 -$256,934 -$82,672

4,893

$436

$2,134,134

No Zestimate

4,600 4,600 3,776 5,904 4,888 4,893 3,733 4,340

$458 $455 $294 $431 $430 $375 $456 $375

$2,105,233 $2,091,636 $1,110,000 $2,544,320 $2,100,000 $1,835,247 $1,703,102 $1,629,319

No Zestimate No Zestimate -7.48% -$82,979 -22.19% -$564,589 -4.85% -$101,880 No Zestimate No Zestimate -1.51% -$24,531

7,741

$257

$1,988,888

$2,607,200

-31.09%

-$618,312

3,398

$234

$795,000

$884,854

-11.30%

-$89,854

3,740

$227

$850,000

$1,030,722

-21.26%

-$180,722

ZESTIMATE

+/-

$ DIFF

$1,192,979 $3,108,909 $2,201,880

$1,653,850

Tournament Hills 1432 Iron Hills Lane The Vineyards 1509 Reisling Court Willow Creek 10859 Eden Ridge Avenue

GUARD GATED | HENDERSON ADDRESS Anthem Country Club 6 Anthem Creek Circle 16 Belfair Court 17 Mallard Creek Trail 5 Marsh Landing Court 19 Mohansic Road 18 Moraine Drive The Fountains 2219 Chatsworth Court (SS) 2359 Villandry Court Legacy Estates 182 Inveraray Court MacDonald Highlands 1728 Cypress Manor Drive 1473 Foothills Village Drive Roma Hills 1797 Valenzano Way

SF

P/SF

PRICE

3,942

$231

$910,000

$1,018,319

-11.90%

-$108,319

3,571 5,756 3,869 2,010 2,279

$267 $249 $264 $239 $219

$955,000 $1,432,500 $1,022,000 $480,000 $500,000

$1,012,819 $1,467,646 $1,027,549 $496,176 $529,803

-6.05% -2.45% -0.54% -3.37% -5.96%

-$57,819 -$35,146 -$5,549 -$16,176 -$29,803

4,790 5,508

$191 $217

$915,000 $1,194,000

$912,861 $1,194,889

0.23% -0.07%

$2,139 -$889

3,906

$218

$851,700

$874,717

-2.70%

-$23,017

3,220 4,257

$236 $235

$760,000 $1,000,000

$827,892 $1,008,013

-8.93% -0.80%

-$67,892 -$8,013

6,799

$184

$1,250,000

$1,564,104

-25.13%

-$314,104

No closed sales for the month of December - Aventura, Bellacere, Corta Bella, Eagle Hills, Eagle Rock, Mountain Trails, The Palisades, Regency at the Lakes, Ten Oaks, Hillsboro Heights, Seven Hills - Rapallo, Seven Hills - Terracina/Venezia REO - Bank Owned Foreclosure SS - Short Sale

800 Canyon Greens Drive | Canyon Fairways 4 Bedrooms | Gameroom | 4 Full Bathrooms, 1 Powder Room | 7,320 SF

2980 American River Lane | Willow Creek

$2,650,000 #800CanyonGreens

$1,549,077

6 Bedrooms | Office | Game Room | 6 Full Bathrooms, 1 Powder Room | 6,175 SF #2980AmericanRiver

12222 Tempestad Avenue | Montecito 4 Bedrooms | Den | 4 Full Bathrooms | 2,893 SF

$850,000 #12222Tempestad

8832 Cortile Drive | Corta Bella

$679,500

3 Bedrooms | 3 Full Bathrooms, 1 Powder Room | 3,511 Square Feet Discover the space your family desires at this two-story home in Corta Bella, a 24-hour guard gated community in The Hills village of North Summerlin. Soaring ceilings and large windows serve to impress your guests as you welcome them into formal living, dining, and great rooms floored with 20� tile. Highlights of this home include a remodeled kitchen with over $13,000 in upgraded stainless steel appliances and leathered granite, a generous master suite, and a rear yard with a pergola and a pool.

#8832Cortile

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

FOR SALE

UNDER CONTRACT

SOLD

EXPIRED

ABS* RATE (MONTHS)

$500K-$750K

95

20

17

13

7.7

$750K-$1M

78

17

13

14

8.3

$1M-$1.5M

91

19

14

11

8.8

$1.5M-$2M

50

5

5

2

9.2

$2M-$2.5M

24

3

4

2

7.7

$2.5M-$3M

28

3

4

0

12.4

$3M-$4M

30

9

1

3

19.5

$4M+

57

0

1

0

38

*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), 1/1/19. 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 |

MONTHLY & YEARLY

ACTIVE LISTINGS

CLOSED SALES

529

59

-7.5% over last month +6.7% over last year Month over Month Dec '18 Nov '18

Month over Month 529 572

Year over Year Dec '18 Dec '17

+18% over last month -24% over last year 59

Dec '18 Nov '18

50

Year over Year 529 496

Dec '18 Dec '17

59 78

The Rob Jensen Company is a boutique real estate brokerage that specializes in guard gated communities in Summerlin, Las Vegas, and Henderson. Each staff member is a salaried employee who provides you with comfort and ease during your real estate transaction. Our staff includes (from left to right) Rob Jensen, Kathy Sheffield, Kyle Zabelny, Monica Nalbantoglu, Andy Gorman, Autumn Alderson, Adrianne Dunlap, Karen Kinney, Mark Halili, Max Fox.

The Only Brokerage Model That Ultimately Puts Clients First One of the biggest issues facing the true professionals in the real estate industry is the overwhelming amount of parttime, commission only, and unqualified real estate agents that clutter the landscape. This has caused many people to lump all real estate agents into one less-than-ideal category.

We get it. No one recognizes this or is more frustrated by it than we are. But it’s important to realize that the real estate industry is similar to other professional services industries. Just as every doctor, lawyer, consultant, accountant, etc. does not have the same level of expertise, there are top real estate professionals who are drastically more qualified than the norm and consistently provide exceptional value to their clients.

Here’s what sets us above the pack. Every member on our team is a salaried full-time employee. We do not have commission-based independent contractors or part-time hobbyists working for us. Because there is no financial incentive whatsoever to do anything else, it’s easy for our staff to put our clients’ interests where they belong – first. This is extremely rare in the real estate industry and translates to a client-based focus that is second to none.

Additionally, we never try to be all things to all people. It is simply impossible to be an expert in every type of real estate in the Las Vegas valley. Everyone on our staff is highly trained in the guard gated communities in Summerlin, Las Vegas, and Henderson which we specialize in.

Whether you are looking to sell your home, or buy a new home in one of our luxury communities, our unique business model will provide you with exceptional value. Please call us at 702.605.7480 and we’ll be glad to speak with you personally about your individual needs.

Rob Jensen Company 10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135

How to Predict the Next Housing Market Top Real Estate Timing Expert Robert Campbell Shares His Proven Model

Use Historically Reliable Indicators to Sell High and Buy Low in Real Estate Imagine how much money you could make if you knew the most profitable times to buy and sell real estate. Utilizing his Five Key Timing Indicators, Robert Campbell — America's foremost authority on real estate timing — has been predicting the peaks and valleys of real estate cycles since 1975. As you can see in the chart above, these “Sell Signals” and “Buy Signals” have closely aligned with actual market peaks and troughs over the years. Though Robert primarily reports on market trends in Southern California, he also sends out data for other metropolitan markets in his monthly Real Estate Timing Letter, including Las Vegas! That’s why we’re so excited to invite you to join us for our exclusive FREE seminar in Las Vegas.

Meet Robert Campbell - and Come Hear Him Speak Robert believes that “avoiding disaster” is one of the true secrets for achieving lasting, long-term prosperity.

From his hard-won experiences, market observations, education, and analytical expertise, Robert has created The Campbell Method for tracking trends to buy and sell. This revolutionary approach to timing the real estate market not only provides you with the tools to survive the real estate roller-coaster ride, but it also presents a clearly defined method for achieving maximum profit.

With respect to investing in the markets – and especially real estate – Robert believes that using a proven, timetested, and data-driven "system” with an 80-85% accuracy rate is the best way to identify the most profitable times to buy and sell.

Join Us for a FREE Rob Jensen Company Exclusive 2-hour Seminar on Timing the Real Estate Market

WEDNESDAY, FEBRUARY 6, 2019 | 6PM-8PM If you would like to be put on our interest list for the seminar, send us an email to rsvp@robjensen.com or call 702.605.7480