Rob's Report - January 2022

Rob's Report SUMMERLIN, LAS VEGAS, & HENDERSON

5 8 C R E S T E D C L O U D WAY THE RIDGES

$12,500,000 | 10,090 SF 8 Bedrooms, 11 Bathrooms

A lifestyle like no other awaits at this exclusive, custom mansion in The Ridges—an ultra-chic guard gated community built around the sweeping fairways of Bear’s Best Las Vegas. Showcasing over 10,000 square feet of living and entertaining space, this modern mansion was designed for ultimate privacy and indoor/outdoor living, and no detail was spared—from the expansive great room with 17’ ceilings and 34’-wide pocket doors to the walkout basement with a media room and 140-bottle wine display case. Additional highlights include Control4 home automation, a multigenerational suite, and a resort-style pool with a zero-edge spa.

J A N U A RY 2 0 2 2

DECEMBER 2021

Sold Properties COMMUNITY

ADDRESS

Guard Gated PRICE

P/SF

$364

Canyon Gate Queensridge

Aventura

109 Aventura Street

3,023

$1,100,000

105 Tesoro Drive

3,373

$1,250,000

$371

Bellacere

10140 Stony Ridge Drive

4,767

$1,825,000

$383

Country Club Hills

2040 Glenview Drive

3,192

$1,050,000

$329

Country Rose Estates

2012 Spring Rose Street

2,934

$739,000

$252

Eagle Hills

9008 Bald Eagle Drive

7,350

$2,100,000

$286

Eagle Rock

308 Proud Eagle Lane

3,556

$1,200,000

$337

The Palisades

401 Grand Augusta Lane

5,005

$1,925,000

$385

209 North Royal Ascot Drive

4,934

$1,815,000

$368

213 Royal Aberdeen Way

6,497

$1,800,000

$277

208 Satin Mist Court

4,079

$1,467,435

$360

3174 Dove Run Creek Drive

2,325

$800,000

$344

3285 Elk Clover Street

3,585

$1,450,000

$404

11453 Glowing Sunset Lane

3,455

$1,500,000

$434

2575 Grassy Spring Place

3,823

$1,950,000

$510

2705 Grassy Spring Place

4,083

$1,725,000

$422

Dear Friends, Happy New Year! 2021 was a tremendous year for luxury real estate, and 2022 is off to a great start. For guard-gated homes priced $500,000 and over, there were 1,390 closed sales in 2021—compared to 1,051 in 2020 and 784 in 2019, an increase of 32% and 77% respectively. Looking at gross sales volume, the numbers are even more impressive—with 2021 ( $2,219,505,365) more than doubling 2019 ($958,077,925).

Although there were fewer closed sales in December 2021 than December 2020, sales were up 27% and inventory was down 20.6% month over month, reflecting an unusually active holiday season.

All signs point to the market remaining hot, particularly in the single-family home segment. As of January 2nd, there were 366 single-family homes priced over $1,000,000 available on the market, just one less than the 367 that sold during the fourth quarter of 2021. This shows that there is a ballpark three-month supply of inventory in this segment. In other words, it’s a seller’s market.

Red Rock Country Club

Reverence

The Ridges

2022 is shaping up to be a very competitive year for buyers. This recent surge in home purchasing has left Las Vegas and Henderson with inventory levels lower than their low in 2013. The numbers quoted above do not include new home sales, which have been at an all time high. Even the availability of custom home lots has declined sharply.

Whether you need help purchasing a home or you want to make the most of these favorable selling conditions, preparation is key. The sooner we begin, the better. Give us a call when you’re ready to get started.

The Vineyards Willow Creek

Regency at The Lakes Southern Highlands

PRICE

P/SF

8613 Lakeridge Circle

6,691

$2,270,000

$339

704 Lacey Tree Street

2,782

$800,000

$288

9820 Miss Peach Avenue

2,859

$712,500

$249

9413 Queen Charlotte Drive

4,336

$1,100,000

$254

1000 Star Lamb Street

2,400

$760,000

$317

9912 Cozy Glen Circle

4,851

$870,000

$179

3291 Birchwood Park Circle

2,742

$878,000

$320

11974 Whitehills Street

3,220

$1,283,000

$398

12042 Whitehills Street

2,440

$820,000

$336

Spanish Hills

8669 Mesa Madera Drive

8,137

$2,100,000

$258

5084 Mountain Foliage Drive

5,101

$1,675,000

$328

Spanish Trail

29 Burning Tree Court

4,424

$1,120,000

$253

46 Sawgrass Court

6,209

$1,999,990

$322

8282 Turtle Creek Circle

3,507

$1,459,000

$416

5 Ayden Drive

6,822

$2,400,000

$352

42 Brandermill Drive

1,905

$745,000

$391

HENDERSON Anthem Country Club

5,037

$2,480,000

$492

11136 Black Fire Opal Drive

2,123

$838,000

$395

19 Contra Costa Place

3,037

$950,000

$313

2,614

$850,000

$325

11140 Red Yucca Drive

2,123

$1,100,000

$518

34 Contra Costa Place

11401 Snow Leopard Drive

5,081

$2,650,000

$522

98 Emerald Dunes Circle

1,268

$550,000

$434

39 Coralwood Drive

4,618

$3,000,000

$650

15 Feather Sound Drive

2,678

$932,000

$348

2,513

$875,000

$348

66 Crested Cloud Way

6,322

$7,000,000 $1,107

6 Feather Sound Drive

98 Glade Hollow Drive

4,888

$3,000,000

$614

20 Feather Sound Drive

2,513

$874,724

$348

19 Meadowhawk Lane

6,086

$4,800,000

$789

55 Fountainhead Circle

1,942

$675,000

$348

1,720

$705,000

$410

3,085

$1,820,000

$590

53 Meadowhawk Lane

5,075

$3,825,000

$754

7 Hammock Dunes Court

72 Panorama Crest Avenue

4,173

$2,500,000

$599

11 Knob Oak Drive

37 Promontory Ridge Drive

5,312

$3,400,000

$640

35 Moraine Drive

3,449

$1,300,000

$377

7,707

$3,600,000

$467

11457 Rhodolite Court

4,888

$3,200,000

$655

11 Mountain Cove Court

41 Sun Glow Lane

4,406

$4,400,000

$999

4 Summit Walk Trail

3,501

$1,525,000

$436

1501 Saintsbury Drive

3,061

$1,137,500

$372

Ascaya

1 Boulderback Drive

4,923

$4,870,000

$989

$461

The Fountains

2218 Chatsworth Court

4,747

$1,490,000

$314

MacDonald Highlands

1335 Quiet River Avenue

5,037

$2,175,000

$432

3040 American River Lane

5,580

$2,575,000

Roma Hills

Monica Nalbantoglu Director of Sales 702.605.7480 S. 179807

SF

2068 Orchard Mist Street

Sincerely,

Rob Jensen Broker / President 702.605.7480 B.143770

ADDRESS

LAS VEGAS

SUMMERLIN

5 8 C R E S T E D C L O U D WAY | T H E R I D G E S

COMMUNITY

SF

No closed sales for the month of December in Canyon Fairways, Corta Bella, Mountain Trails, The Summit, Tournament Hills, One Queensridge Place, Ten Oaks, Tuscan Cliffs, Hillsboro Heights, Legacy Estates, and Seven Hills - Rapallo

1379 Quiet River Avenue

4,577

$2,015,000

$440

540 Regents Gate Drive

4,744

$1,925,000

$406

772 Latina Court

4,473

$1,060,000

$237

2641 Mirabella Street Seven Hills Terracina/Venezia 2645 Mirabella Street 1525 Villa Rica Drive

7,422

$2,400,000

$323

5,854

$1,435,600

$245

6,101

$2,550,000

$418

DECEMBER 2021

How's The Market?

PRICE RANGE

Guard Gated Sales Statistics

FOR SALE

UNDER CONTRACT

SOLD

EXPIRED

ABS* RATE (MONTHS)

$500K-$749K

12

25

20

1

2.4

$750K-$999K

17

25

26

7

1.7

$1M-$1.49M

28

23

24

2

2.3

$1.5M-$1.99M

24

8

12

0

2.6

$2M-$2.49M

25

16

8

4

7.5

$2.5M-$2.99M

10

3

4

2

3.7

$3M-$3.99M

14

11

6

4

7.1

$4M+

55

16

4

4

14.2

*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), 12/31/21. 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 DEC 2021

Monthly & Yearly

CLOSED SALES

UNDER CONTRACT

ACTIVE LISTINGS

104

127

185

DECEMBER '21

12/31/21

12/31/21

OVER NOV '21

+27%

-13.0%

-20.6%

OVER DEC '20

-30%

-15.9%

-38.9%

NOV 2021

DEC 2020

82

NOVEMBER '21

146 11/30/21

233

149

151

303

DECEMBER '20

12/31/20

11/30/21

12/31/20

5 8 C R E S T E D C L O U D WAY THE RIDGES

Maximizing Your Net Profit Through Renovations Brand-new homes sell for the highest price per square foot, so the newer your home looks and feels, the higher your sales price will be. That’s why it can pay off to make renovations—even under current market conditions. Sellers often assume that buyers want to make renovation decisions themselves. While selling your home as it is and allowing buyers to make their own renovations sounds nice in theory, the reality is that most buyers want something move-in ready—and they’re willing to pay a premium for it. Here are the five main reasons why… #1 - Vision: Most buyers lack the vision to see past dated finishes and how amazing they could make the home. They’re likely to overlook your home; without renovations, it’s just not going to be an option. #2 - Budget: Many buyers don’t have the cash flow to make renovations. They would rather pay a higher sales price, get a bigger loan, and wrap everything into one mortgage. #3 - A Place to Live: Buyers don’t always have somewhere to live while renovations take place. Out-of-state buyers usually prefer to move straight into a home they can actually live in. The same goes for locals; everyone loves a smooth transition. #4 - Overwhelm: Renovating can be a big task—especially when buyers are new to town and don't have connections for designers, contractors, etc.—and managing appointments can be overwhelming. Many buyers would rather have a home that's turnkey. #5 - Overestimation: Buyers tend to overestimate costs by at least two to three times, which scares them off—one more reason to get your home ready before you put it on the market.

Renovating before selling isn’t for everybody, but it can pay off. We can help you decide if making renovations will be worth the cost before you do anything. This is something we commonly help our clients with, and we have plenty of connections to designers, contractors, vendors, etc. If you'd like more insight, give us a call.

10785 W. Twain Avenue, Suite 110 Las Vegas, NV 89135 702.605.7480 | robjensen.com

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robjensenco

robjensenco

$1,725,000