Which of these three golf communities is selling better at the moment? Let’s find out.
Somersett: 62 homes for sale, average price of $668,953, average sq ft price $268, average days on the market 73. Current pendings = 12. Chances of selling = 1 in 5. (I live in this area and watch values closely. Though the number of listings and average pricing has been constant since last August, the absorbtion rate has recently improved. Chances of selling used to be a paltry 1 in 15.)
Arrowcreek: 57 homes for sale, average price of $1,252,575, average sq ft price $327, average days on the market 85. Pendings = 7. Chances of selling = 1 in 8. (Wow, Arrowcreek prices have really gone up. This is why I think Somersett, a newer development with a better clubhouse, is such a tremondous investment. Somersett has this kind of appreciation potential going forward.)
Montreux: 13 homes for sale, average price of $2,379,769, average sq ft price $476, average days on the market 131. Pendings = 24. Chances of selling = 1 in 2. (Montreux seems to be the winner. However, all their builder homes tend to go on the MLS because they’re so high end. Most of Arrowcreek’s do, too. Somersett’s do not, because they’re more production-oriented. The majority of pending Montreux homes are semi-custom and were sold before completion for an average $376 per sq ft.)
So who’s the winner? On dollar volume, Montreux. On value, Somersett. On price appreciation, perhaps Arrowcreek. Each community has a different personality. It’s up to the buyer to determine which best fits their budget, temperament and needs.
Gretchen Pagnotta
Love your blog site..very good info. We are looking at Somerset as a possibility for a 2nd home or relocation if and when I retire. Our market has slowed in the last 45 days but we are no longer at the bottom..absorption rate about 5 months. Comparing your pricing to San Diego everything appears to be a bargain. Worried a little about the golf club..will follow your uodates. What is your favorite development within Somerset?
hookie
The Sett….
Figures someone from SoCal would be looking at that cardboard, pressed wood, and Chinese drywall wonderland.
Gorgeous neighborhoods throughout Old Southwest and Southwest Suburban and the fruits and nuts from Cali want to live in Somersett…..
Good, maybe some Renoite will find a buyer for their short sale…
Kalifornian
Diane’s post was from Feb 2006… good old times.
Irv
Gretchen, you would give up probably the best climate in the nation where you live now, to shovel snow and shiver in that icey cold wind all winter, up in the Northwest Reno hills?
There are milder climates at lower elevations in the Reno area, visit the lower parts of Southwest Suburban; Old Southwest; and South Suburban.
cheez o
Gretchen,
Stay away from Somersett.
Rockster
Irv is correct. When it is raining in the Old SW, there are 2 inches of snow on the ground in Somersett. There may be reasons to relocate from San Diego to Somersett, but the climate is not one of them. Unless Gretchen you are a retired grandmother who enjoys shoveling snow.
Mooney
I have always thought it interesting that Del Webb built a “retirement community” at the highest elevation in Somersett where the snow lands first. They don’t have any advertising brochures showing 65 year old people bundled in parkas and shoveling, do they?