Rob's Report - July 2022

Rob's Report SUMMERLIN, LAS VEGAS, & HENDERSON

1474 REIMS DRIVE MACDONALD HIGHLANDS

$5,498,000 | 7,998 SF 5 Bedrooms, 7 Bathrooms Custom Two-Story

Discover incredible mountain, city, and golf course views at this custom two-story estate. Built on a premium hillside lot in the exclusive guardgated community of MacDonald Highlands, this modern smart home lives like a single-story—with everything you need on the main level—while the expansive walkout basement provides plenty of space for hosting your guests. This home’s classic craftsman design features high-end marble and masonry, modern hardwood, and durable tile that extends from indoor to out. Whether you’re sunbathing in the resort-style pool, relaxing in the private owner’s suite, or enjoying afternoon shade on the expansive balcony, this hillside setting is bound to take your breath away.

J U LY 2 0 2 2

1474 REIMS DRIVE | MACDONALD HIGHLANDS “Interest rates are to asset prices like gravity is to the apple. They power everything in the economic universe.”

Warren Buffet

Dear Friends,

Summer is here, and the Las Vegas real estate market continues to stabilize. Mortgage rates are tied to the 10-year treasury, and as they have been rising lately, the stock market has also been falling. In general, for a 30-year mortgage, the interest rates were around 4% in April, 5% in May, and 6% in June. The rates are still continuing to bounce up and down, but in general, this means buyers may have less “buying power.” This effectively lowers demand.

Looking back at the market of 2019 provides a better idea of what getting back to “normal” might look like because it was before the COVID-19 stimulus and record-low interest rates.

When you look at the guard-gated residential sales that we specialize in, there were 73 closed sales in June 2022. This is down from the 96 sales in May, but it’s still comparable to the 70 sales in June 2019. There were 81 pending sales at the end of June 2022, which is down from 115 in May and 97 in June 2019. This lower number of pending sales points to significantly less closings next month.

As of June, there were 406 guard-gated homes for sale, which is a significant increase over the 314 of May. However, it’s still short of the 553 in June of 2019. So, even though the forecast looks like there will be a trending decline in sales volume, the inventory is still relatively lower with several price points still posting less than a 6-month supply of inventory.

If you are looking to buy or sell, keep this in mind: Just like we saw in the 2000s, many agents with no experience were able to have moderate success in this wild market. Now that we are trending back to a normal market, it’s more important than ever to hire a team of professionals with experience negotiating, marketing, and selling luxury properties. If you would like to learn more, please contact us at 702-605-7482.

Sincerely,

Rob Jensen Broker / President 702.605.7480 rob@robjensen.com B.143770

Monica Nalbantoglu Director of Sales 702.605.7480 monica@robjensen.com S.179807

JUNE 2022

Sold Properties COMMUNITY

ADDRESS

Guard-Gated

SF

PRICE

P/SF

5,209

$2,150,000

$413

SUMMERLIN Canyon Fairways 807 Canyon Greens Drive Country Club Hills

1717 Enclave Court

ADDRESS

SF

PRICE

P/SF

4,623

$2,100,000

$454

3,377

$2,500,000

$740

LAS VEGAS

15,000

$17,500,000 $1,167

Eagle Hills

9237 White Tail Drive

4,192

$1,700,000

$406

Mesa Ridge

5212 Iron River Court

4,445

$2,509,185

$564

The Palisades

117 South Royal Ascot Drive

5,929

$2,100,000

$354

Red Rock Country Club

2099 Cherry Creek Circle

5,555

$2,950,000

$531

2804 Evening Rock Street

2,712

$1,600,000

$590

2645 Grassy Spring Place

3,455

$1,750,000

$507

2529 Red Arrow Drive

6,040

$3,800,000

$629

2829 Soft Horizon Way

3,455

$1,675,000

$485

11525 Timber Mountain Ave

2,325

$1,150,000

$495

Reverence

11120 Emory Oak Drive

2,582

$1,250,000

$484

The Ridges

1 Drifting Shadow Way

7,251

$5,750,000

$793

10,693

$9,600,000

$898

11280 Granite Ridge Dr, #1041

2,985

$985,000

$330

26 Meadowhawk Lane

7,238

$5,000,000

$691

44 Midnight Ridge Drive

5,096

$4,990,000

$979

11431 Opal Springs Way

4,618

$3,500,000

$758

11484 Opal Springs Way

4,888

$3,350,000

$685

24 Panorama Crest Avenue

3,955

$2,795,000

$707

5 Echo Peak Lane

COMMUNITY

The Summit Club 11091 Stardust Drive

9,427

Willow Creek

2990 American River Lane

5,268

$2,832,000

$538

10923 Willow Heights Drive

6,351

$2,905,000

$457

Canyon Gate

8633 Canyon View Drive

One Queensridge 9103 Alta Drive, #102 Place Queensridge

Regency at The Lakes Southern Highlands

9700 Gavin Stone Avenue

2,773

$1,050,000

$379

653 Ravel Court

4,354

$2,370,000

$544

9913 Robin Oaks Dr (REO)

5,047

$1,125,000

$223

3653 Belvedere Park Lane

6,198

$1,900,000

$307

12 Chalk Hill Court

5,086

$4,750,000

$934

11887 Oakland Hills Drive

4,491

$2,800,000

$623

Spanish Hills

4933 Mountain Creek Drive

6,155

$2,650,000

$431

Spanish Trail

88 Innisbrook Avenue

6,101

$2,200,000

$361

Tuscan Cliffs

4271 San Alivia Court

5,699

$2,195,000

$385

11262 San Terrazo Place

5,891

$3,780,000

$642

43 Anthem Creek Circle

3,876

$1,900,000

$490

18 Belfair Court

3,085

$1,100,000

$357

HENDERSON Anthem Country Club

$18,950,000 $2,010

8 Douglas Grove Road

2,460

$1,150,000

$467

60 Fountainhead Circle

2,513

$875,000

$348

4 Haig Point Court

1,720

$870,000

$506

9 Isleworth Drive

3,085

$1,550,000

$502

14 Paradise Valley Court

7,705

$4,950,000

$642

8 Yorkridge Court

6,449

$3,250,000

$504

Ascaya

11 Boulderback Drive

8,770

$9,125,000 $1,040

The Fountains

2216 Versailles Court

3,471

$1,225,000

$353

2351 Villandry Court

3,667

$1,050,000

$286

1524 & 1520 Dragon Glen Dr

7,459

$5,000,000

$670

1392 Quiet River Avenue

6,409

$3,000,000

$468

6,710

$3,750,000

$559

MacDonald Highlands

1382 Ruby Sky Court Seven Hills Terracina/Venezia 1581 Villa Rica Drive 1526 Villa Rica Drive

No closed sales for the month of June in Aventura, Bellacere, Corta Bella, Country Rose Estates, Eagle Rock, Mountain Trails, Tournament Hills, The Vineyards, Ten Oaks, Hillsboro Heights, Legacy Estates, Roma Hills, and Seven Hills - Rapallo

7,177

$2,000,000

$279

4,780

$1,900,000

$397

JUNE 2022

How's The Market?

PRICE RANGE

Guard-Gated Sales Statistics

FOR SALE

UNDER CONTRACT

SOLD

EXPIRED

ABS* RATE (MONTHS)

$500K-$749K

26

11

7

1

3.0

$750K-$999K

40

15

11

0

4.8

$1M-$1.49M

76

14

13

1

4.6

$1.5M-$1.99M

65

9

8

1

7.8

$2M-$2.49M

48

7

7

5

5.0

$2.5M-$2.99M

35

3

7

4

6.3

$3M-$3.99M

38

9

8

1

8.5

$4M+

78

13

12

4

10.1

*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), 6/30/22. 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 JUN 2022

Monthly & Yearly

ACTIVE LISTINGS

UNDER CONTRACT

CLOSED SALES

406

81

JUNE '22

6/30/22

6/30/22

73

O V E R M AY ' 2 2

+29.3%

-29.6%

-24%

OVER JUN '21

+95.2%

-51.5%

-50.3%

MAY 2022

314 5/31/22

115 5/31/22

M AY ' 2 2

JUN 2021

208

167

147

6/30/21

6/30/21

96

JUNE '21

11393 ORAZIO DRIVE MONTEROSSA $1,100,000 | 3,104 SF 4 Bedrooms, 4 Bathrooms Two-Story

This two-story Toll-Brothers home presents an excellent lifestyle in the gated community of Monterossa—a tranquil, mature neighborhood in The Vistas, a Summerlin Village. The current owner spared no cost with over $225,000 recently spent to renovate the entire home and yard. Boasting a wealth of upgrades—including a completely redone kitchen, updated bathrooms, Mohawk wood flooring, and designer light fixtures—the attention to detail and the level of finishes makes this a rare find in renovation. Additional highlights include a gorgeous eat-in kitchen with brand-new appliances, a spacious great room, and a leased solar power system.

900 PONT CHARTRAIN DRIVE QUEENSRIDGE $2,200,000 | 3,936 SF 4 Bedrooms, 5 Bathrooms Single-Story

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.

300 KINGSCLEAR COURT QUEENSRIDGE $1,375,000 | 3,855 SF 4 Bedrooms, 4 Bathrooms Two-Story

Security and serenity await at this two-story home with a pool and spa, built on a cul-de-sac lot in the guard-gated community of Queensridge North. Situated around a central courtyard, this home features a traditional floor plan with formal living and dining spaces, natural stone finishes, and engineered hardwood and travertine flooring. Residents of Queensridge enjoy 24-hour guardgated security and a serene environment with tree-lined streets, greenbelts, small parks, and gardens. Exceptional shopping, dining, and entertainment can be found minutes away at Tivoli Village, Boca Park, and Downtown Summerlin.

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

We’re the only real estate brokerage in Las Vegas that focuses exclusively on guard-gated communities.

And, just like these special places, we offer a higher level of service and protection. Because our discerning clients deserve it.

We’re able to offer this because our team is uniquely comprised of full-time, salaried professionals — all collaborating and proactively staying on top of every detail in the transaction. And all to deliver a client experience that’s more honest, more dependable, and all-around more enjoyable.

Your guide through the gates.

From left to right: Matina Wyrick, Monica Nalbantoglu, Mindy Walker, Rob Jensen, Dylan Edwards, Kyle Zabelny, Andy Gorman, Max Fox, Rebecca Ryan robjensenco

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