monologue
_______________
I know I said published before midnight on Mondays moving forward. Forgive me. Big birthday plans over the weekend coupled with catching a cold while making progress on new business, so something had to give. I didn’t think everyone was sitting by their email inboxes drooling for the next edition so I decided to delay it for a 24 hours or so. I made up for it be being vulnerable below and threw in my 2 cents on views.
Okay, let’s get into it!
market makers
_________________
Here we go. 181 single family residential properties moved over the last 7 days here in our sunny Southen Nevada market. All of them had a million dollar minimum price tag. There were zero foreclosures, bank owned or REO sales. Let me say that again. Zero distressed sales. Average price for homes sold was about $1.69m. That translates to $401 $P/SQFT. That brings the average size to a little over 4,300 square feet. The highest premium paid over asking price was 2.5%. The biggest discount on asking price was just over 10%, while the average was 3¾%. Half of the sales were all cash. Single story homes made up ⅓ of the sales and 25% of the sales posted showed up in Henderson. Zoned for Coronado High School was 3. Bishop Gorman High saw 5 sales within a 5 mile radius. Private swimming pools occurred in 24 of the sales. Yep, that’s 100% of the homes sold. What does that tell you? Gated communities manned by a guard came up 19 times. Unmanned mechanical gate communities delivered another 13 sales. The majority of sales featured a lot size between a ¼ acre and 1 full acre. One to five acres lot sizes were represented two times. Views advertised did not translate when I took a closer look. For that reason, I am omitting the numbers that would call out views this week. That’s a good set up for my piece on views below. It’s a start for what I feel can become a larger and more frequent subject to cover. Also below is a look in my rear view mirror.
Highest Price was seen by everyone’s favorite nice guy real estate broker Craig Tann founder and operator of huntington & ellis, a real estate agency. 9302 Canyon Classic Drive Las Vegas, Nevada 89144 was the address. MLS #2497210. Sale price was $2,950,000. The home was located in the Guard Gated Canyon Fairways inside what some might call historic Summerlin at this point in time. John Sullivan, a noteworthy market climber since joining the biz, picked up the buyside and the discounted co-broker fee that came with it. He hangs his license with Craig, too. They may have met at the water cooler in the office a few times to bring this one together. Kudos fellas.
Fastest Mover was seen by The Agency’s Broker of Record Zar A. Zanganeh located at 12321 Lorenzo Avenue 89138 MLS #2500370. Sale price was $1,275,000. It took just zero days on the market before this Summerlin home hooked a buyer who took it to the closing table and completed the transaction with conventional financing. Zar presented the property extremely well with photography. I do not agree with the spectacular strip view description but did agree with the full price co-broker fee offered. Well done man!
my view on views
_________________
Heard of the peek-a-boo-view? It’s the one you get when you climb up on the toilet seat, open your bathroom window, lean your head out and turn it 90 degrees to get a chance at seeing a city, mountain, golf, or strip view. That is, if the neighbors’ untrimmed trees aren’t in the way and the weather is cooperating.
That’s not the kind of view that brings buyers and sales prices in the $750 to $2,000 per square foot range. That’s, this is being very generous, an embellishment by a realtor or homeowner who knows little about views. Maybe they’ve never experienced real views? Maybe it’s all they know? Maybe it’s the only thing that they think will bring ready, willing and interested buyers to the property for a look in person? It’s false. And it wastes peoples time and does a very poor job of managing expectations, neither of which is appreciated by those whose time is in demand. I think that’s most of us today.
Here’s the deal. You’ve heard dead on strip views and you’ve heard million dollar views. But what are they? They are the views you enjoy from your home with the least amount of effort. And you experience them as you live and move about your home from waking up in the primary bedroom, preparing coffee in the morning, while making dinner at the outdoor kitchen and when sitting down in the family rooms, living rooms and the backyard. Some of them are available to you as you enter the home straight away on the other side of the foyer.
Does Henderson or Summerlin throw off better views? What about Lake Las Vegas? Is Sunrise Mountain even included in the conversation? What if you’re living in a high rise condominium on the strip? Or the pair of towers in Summerlin? Or the future towers proposed for MacDonald Highlands?
Views are subjective to a point. Some people find staring at a chiseled mountain side to be an attractive view. I do. And I know clients who do too. Some such views are not widely available in the valley and the imposing natural structures experienced deep inside the how can be more moving and emotional than a strip view. Some people find green belts, parks, and distant mountain vistas to be attractive views. They’re not my favorite. To each their own. But in the world of views that make you drool, there are real and substantial differences.
Let’s stay focused on the Strip view for discussion purposes. And let’s ask these questions:
Is it better to view the strip from far away or close up? Is it better to view the strip from the south east valley (Henderson and Green Valley Ranch) or is it better to view from the far west valley (Summerlin)? Can the east valley deliver competitive views? Does a view count if you need to access the view from the rooftop of your three story house? Or your second floor primary bedroom while out on the balcony?
The strip runs north and south. It dog legs right the further north it goes. Is the downtown area included in the strip view? What’s a city view?
I’ve seen the views from the penthouses at Walforf Astoria, Turnberry Place and Towers, One Queensridge Place, Mira Villa, Soho, Newport, Ogden, Sky, Allure, Martin and Panorama Towers. I’ve experienced the views from The Ridges, Red Rock Country Club, Anthem Country Club, Seven Hills, Sun City Anthem, Sun City Summerlin, MacDonald Highlands, ASCAYA, Sunrise Mountain, Spanish Hills, Spanish Heights and Lake Las Vegas too. I lived on the 21st floor of the Ogden on Las Vegas Boulevard with a south facing view looking directly down the boulevard. I also lived on the 10th floor of the Newport Lofts with a 270 degree view of the south, southwest, west, northwest, and north.
Some views have one view, some have all. Some have great golf and valley but poor strip and mountain views. Some have great mountain and poor strip and golf views. Some have the most spectacular greenbelt views and nothing else to offer. Some have man made lake views and other have large natural bodies of water to look out onto.
I think we’re just getting the conversation started. Feel free to join me. Send me your thoughts and tell what you think. Future reports will drip in more as the conversation continues.
Here are two listings which can give my readers a point of reference for the kind of strip views that command the highest prices in the valley. One is listed by accomplished broker Kamran D. Zand the other by longtime luxurious broker Robert D. Barhart. Both are located in the 89012 zip code placing them inside the coveted MacDonald Highlands Country Club where they are placed high atop the hillside. Asking prices are north of $1,100 $P/SQFT for each of them.
- 447 Cityview Ridge Drive Henderson Nevada 89012 – Click Here
- 1140 Alpine Ledge Drive Henderson Nevada 89012 – Click Here
rear view
_________________
I gave up cannibis. It’s in in my side view mirror. The farther I travel the smaller the view. I chose to quit because I believe it no longer serves me. There was a time when I do believe it did. I don’t see it as the villain many do. Like many others, I believe that side by side with alcohol, it’s the better recreational release. I’ve made bad decisions when drinking. I cannot remember a bad decision made while on cannibis.
I quit drinking in 2010. I was no longer able to control my drinking. I said it then and standby it today. Giving up alcohol then was the single best decision I’ve ever made in my life up until this moment.
I used to say I’m a lot of fun when I’m drinking, but I’m my best when I’m not. A year after quitting alcohol I returned to it with boundaries and control. I can now drink like a gentleman. I do drink from time to time, but it’s rare, and rarely do I have more than 2 drinks at a time.
Sleep is my newest fascination. I’m committed to maximizing my sleep. The benefits are too great not to make it the highest priority in my pursuit of health and wellness. The costs of poor or insufficient sleep are also too high and cannot be recuperated. The greater my health and wellness, the greater I can be to my family and the longer I can be great to them by living long and leading by example. Bryan Johnson gets credit for opening my eyes to the importance of sleep. He also taught me how to have a conversation with my future self. If you haven’t checked him out, I recommend you do so. He’s quite remarkable to me. In a world of sales people selling you things you don’t want or need, he’s an anomaly committed to helping humanity by sharing his work. If he starts selling something, I’ll stop paying attention to him. Until then, he’s a good resource.
Other things I’m committed to in my pursuit to live a full life and long life both balanced and meaningful are as follows:
- Fasting daily, not intermittently. From both food and smart phone use from 6pm to 9am.
- A daily open-eye moving meditation anchored with the practice of self acceptance, gratitude, and deep breath work.
- Cold pressed fresh vegetables and fruits first thing in the morning and again before or after yoga.
- Steelcut Stove Oats with fresh berries and bananas as my first meal of the day. Every day.
- Plenty of water. Cold. Warm. Carbonated. Hot with fresh ginger, lemon, mint and honey. You get it. Lots and lots of water.
- And repeatedly making choices to consume salads, grains, breads, beans, pastas, and rice by majority volume over meat, fish, and poultry.
kitchen in newly constructed luxury home
who’s on my list?
_________________
Broke artists, past business partners, millionaires, billionaires, active politicians, future political candidates, winning and losing entrepreneurs, builders, developers, manufacturers, past clients, future clients, existing clients, high priced homeowners, off market sellers, hard money lenders, institutional lenders, bankers, investors, business owners, professional peers, competitors, industry leaders, friends, family, philanthropists, referral sources and more.
P.S. On my list are well fed, accomplished and successful artists too. 😉
why read this report?
_________________
Get your arms around the million dollar real estate market fast, and keep it there! It’s a quick piece to consume with what I hope is entertaining commentary.
The report will keep you informed on the market activity on a week by week in a digestible and fun format you can read, listen to or watch me present. Listening and watching coming soon.
Set in the now featuring the most recent and relevant market making transactions. A unique view through the eyes of an experienced real estate broker who has been a full time licensed real estate professional for the last 8 consecutive years. And I’ve lived here for more than 33 years.
I personally research, analyze, interpret, write, present, record and edit this report. It keeps me fresh and focused. Every 7 days I track and analyze the movement of single family residential properties featuring a million dollar minimum price.
thank you
_________________
The real estate market remains active. I’m in the field everyday previewing property, studying prices and reading the reports. Text, call or email any questions you have about the market, your home value and or what it means to sell or buy in today’s market. I have answers.
Hope this message finds you well.
Best,
Jimmy
