Dickson Realty Luxury Trends 3rd Quarter 2014

© Copyright 2014 Dickson Realty

3rd Quarter 2014

LUXURY TRENDSThe Market Report from the Market Leader

DicksonLuxury.com

© 2014 Dickson Realty. All rights reserved.

3rd Quarter 2014

Executive Summary

October 2014

Welcome to our 2014, 3rd Quarter Luxury Market Report. We are pleased to report the news and trends

in our luxury marketplace of homes listed and sold over one million dollars. In the 3rd Quarter of 2013,

we began to see buyers cautiously enter the market for homes priced over one million dollars. In the

3rd Quarter of 2014, the number of sales doubled and the median sales price ticked up 5%. Of the 24

sales over one million in this quarter 75%, were less than 1.5 million and none were over 2.5 million. Our

Montreux community continued leading the luxury market in sales while other area markets were less

active.

So let’s talk about Tesla! Many of our valued sellers and buyers are asking about the “Tesla Effect” on

home values. We are very excited about Tesla and the positive impact on our housing market over the

next few years. While the estimates for job creation are upwards of 6,500 new jobs over the next 8 years,

the number of luxury buyers may be a small percentage of that work force. Yes, Tesla is very good news

but other news that may be more relevant to luxury home sales are companies already here and growing;

such as, Apple, Amazon, Zulily, ASHIMA, Dragonfly, and Flirty, just to name a few!

Northern Nevada continues to see an exodus from California by companies such as these seeking

favorable tax structures. A majority of our luxury home buyers coming from California and other states

are finding our tax friendly state a wise option in their estate planning.

At Dickson Realty, our marketing continues to target home buyers from around the world, who are

seeking all that our northern Nevada region has to offer; personal and business tax advantages, rich art

and cultural diversity, and world class outdoor adventure activities. Our home is truly one of the greatest

places to live in the West. We hope you enjoy this edition of our Luxury Trends. Please visit us at www.

DicksonLuxury.com to view the many beautiful homes we have to offer, or contact us to get more in-

depth information about the value of your home in today’s market.

Sincerely,

Nancy Fennell

CEO Dickson Realty

Welcome


Luxury Market Report 3rd Quarter 2014

Reno/Sparks Luxury Home Sales: $1 Million and Higher

3rd Qtr 2014 3rd Qtr 2013 % Change

Solds 24 12 100%

Total Dollar Volume $34,474,422 $16,224,000 112%

Average Sales Price $1,436,434 $1,352,000 6%

Median Sales Price $1,202,711 $1,185,000 1%

Average Days on Market 201 132 52%

Average Price Per Sq. Ft. $274 $262 5%



Solds 2 1 100%


Average Sales Price $3,750,000 $2,175,000 72%

Median Sales Price $3,750,000 $2,175,000 72%

Average Days on Market 47 330 -86%

Average Price Per Sq. Ft. $468 $247 89%

Truckee/North Lake Tahoe Luxury Home Sales: $2 Million and Higher


Solds 26 17 53%


Average Sales Price $4,127,642 $4,320,497 -4%

Median Sales Price $3,355,349 $4,350,000 -23%

Average Days on Market 167 166 1%

Average Price Per Sq. Ft. $1,047 $900 16%

n Total Truckee/North Lake Tahoe home sales rose 53% from the 3rd quarter of last year although the Average Sales Price decreased by 4%.

n In the 3rd quarter of 2014, sales of homes one million dollars or more doubled. Both the Average Sales Price and the Average Price per Square Foot increased 5 to 6%. Of note is the 52% increase in listed time on the market, which correlates with an increase of supply standing at 175 homes for sale over one million ending the 3rd quarter.



Reno/Sparks Luxury Home Sales

Price Range 3rd Qtr 2014 3rd Qtr 2013 % Change

$1,000,000 - $1,499,999 18 8 125%

$1,500,000 - $2,499,999 4 4 0%

$2,500,000 - $4,999,999 2 0 200%

$5,000,000 and higher 0 0 0%

Market Totals 24 12 100%

Truckee/North Lake Tahoe Luxury Home Sales

Price Range 3rd Qtr 2014 3rd Qtr 2013 % Change

$1,000,000 - $1,999,999 26 23 13%

$2,000,000 - $2,999,999 8 7 14%

$3,000,000 - $4,999,999 12 4 200%

$5,000,000 and higher 5 6 -17%

Market Totals 51 40 28%

n Homes selling between $1 Million and $2 Million continue to represent the most active price range in the Truckee/North Lake Tahoe area.

n A Carnelian Bay, CA sale, which sold for $9,250,000 represented the top sale in the entire Truckee/North Lake Tahoe area.

Luxury Home Sales Prices by Percentage Truckee/No. Lake Tahoe Market Reno/Sparks Market

$1,500,000–2,499,999

$3,000,000–4,999,999

$2,000,000–2,999,999 $2,500,000

and higher

$5,000,000and higher

$1,000,000– $1,499,999

$1,000,000– $1,999,999

75%51%

17%

24%

16% 8%9%



Truckee/North Lake Tahoe Luxury Home Sales: $2 Million and Higher

Neighborhood # of Sales Average Sale Price Highest Sale Price

Truckee, CA 12 $3,550,891 $5,850,000

Carnelian Bay, CA 3 $5,227,666 $9,250,000

Olympic Valley, CA 1 $4,000,000 $4,000,000

Rubicon Bay, CA 0 $0 $0

Tahoe City, CA 1 $5,850,000 $5,850,000


Neighborhood # of Sales Average Sale Price Highest Sale Price

South Suburban Reno 5 $1,496,200 $2,900,000

Southwest Suburban Reno 8 $1,738,928 $4,600,000

West Washoe Valley 1 $1,000,000 $1,000,000

West Southwest Reno 3 $1,296,667 $1,650,000

Southwest Reno 2 $1,176,500 $1,285,000

Old South Suburban Reno 5 $1,167,800 $1,250,000

n Martis Camp, CA was again the number one choice for luxury home buyers in the Truckee/North Lake Tahoe region, as 8 of the 12 home sales were in this prestigious neighborhood.

n The community of Montrêux had the highest number of sales in our region, and the biggest sale of the year, at $4,600,000. Following closely were the Old South Suburban and South Suburban neighborhoods in Reno, with 5 sales each.

Luxury Home Sales by Area Truckee/No. Lake Tahoe Market Reno/Sparks Market

Carnelian BayTruckeeOlympic Valley

Tahoe CityRubicon Bay

Old S Suburban RenoSW Suburban RenoS Suburban Reno

W SW Reno W Washoe Valley

SW Reno

35

2

5

1

3

0

11

12

8



0

10

20

30

40

50

48.46%

10.47%6.26% 5.02% 4.71%

Dickson Realty

RE/MAX Affiliates

Chase International

Tahoe Luxury Properties

Ferrari-Lund

Non MLS Office

Sierra Nevada Properties

0

10

20

30

40

50

42.26%

12.49%

18.98%

5.88%

10.17%

Dickson Realty

Chase International


0

10

20

30

40

50

60

50.06%

10.84% 9.20%5.91% 5.81%

Dickson Realty

Chase International


RE/MAX Affiliates

Non MLS Office

Reno/Sparks $1 Million and Higher Reno/Sparks $1.5 Million and Higher

Reno/Sparks $2 Million and Higher Reno/Truckee Overall Market Share

Source: Northern Nevada Regional MLS



Source: Northern Nevada Regional MLS, Tahoe Sierra MLS

Dickson Realty Luxury Market Share

0

3

6

9

12

15

13.1%

6.1% 5.7%5.2%

4.6%

Dickson Realty

Chase International

Ferrari-Lund

Coldwell Banker NorCal

Coldwell Banker Select


Find more information on these properties on DicksonRealty.com. For personalized service on these featured properties, contact [email protected].

Unique Private Estate in Montrêux 6573 Champetre | $2,599,000

Privately tucked away sits this truly unique and magical property overlooking the 18th green and lakes of the Jack Nicklaus Signature golf course offering one of the very best locations in Montrêux. Built by Lakecrest using Concrete Form construction with the very finest of finishes and details throughout. Private Courtyard entrance with a large private separate entrance casita. Stunning landscaping, water features, impressive 2,000 bottle wine cellar. Wonderful floor plan bringing the outside in. MLS#140014182

Beautiful Silver Wolf Home1260 Springer Court | $1,225,000

This lovely home located in the gated community of Silver Wolf in South Reno is situated on .95 of an acre all beautifully landscaped. A stone archway and wrought iron gate lead to the courtyard and main entrance. Courtyard features pavers and a fountain. Outdoor living expands in the backyard which includes a covered patio with wood burning fireplace and a built in BBQ. 4,487 SF all on one level. The large great room includes tall beamed ceilings, stone fireplace with custom mantel. MLS#140012514

Period Ranch with Spectacular Views3305 Mario Road | $2,125,000

One’s life can be improved by one’s surroundings which is what we believe will happen when you choose to live in and around this “Period” residence overlooking the cool rushing waters of our picturesque Truckee River (Trout!). Some of the most spectacular views of our Truckee Meadows. Nestled on 3.65 lush acres with fertile pastures complete the picture! The attention to detail, the quality of construction, the thoughtful floor plan, the ideal outbuildings help create the ultimate “Gentleman’s Ranch". MLS#140012423

Prestigious Equestrian Estate4265 Basque Lane | $2,450,000

Unique 5 acre equestrian estate located in prestigious Juniper Hills with water rights! This estate offers privacy with its dramatic gated entrance serenity with beautiful peaceful ponds and waterfalls and elegance with its warm inviting ranch style home. Superbly custom built 4,688 SF home was rebuilt and renewed inside and out in 2006. Attention to detail quality and architectural elements. Enjoy the views and open space from your riding arena and viewing gazebo. MLS#140008664

DicksonLuxury

CAUGHLIN RANCH DAMONTE RANCH SOMERSETT MONTRÊUX SPARKS TRUCKEE 775.746.7000 775.850.7000 775.746.7222 775.849.9444 775.685.8800 530.587.7444

NEW OFFICE! DOWNTOWN RENO775.324.7000

DicksonLuxury.com | [email protected]

© 2014 Dickson Realty. All rights reserved. Although the information above is deemed reliable, Dickson Realty does not guarantee its accuracy.

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Dickson Realty Luxury Trends 3rd Quarter 2014