This is about mid-year and I do have some observations with respect to the local age restricted communities. Valley-wide, age restricted and otherwise, inventories are down and prices are up. Particularly inventories, both in the larger as well as smaller communities. 2 new age restricted communities have established themselves, Heritage at Cadence and Regency at Summerlin.
I do monthly updates on the more established age restricted communities, both large and small, and it has really been years since I have observed inventories this low, especially this time of year. Some of the smaller communities have no inventory. I live in Sun City Anthem. At the time of this writing, there are 106 homes listed for sale out of a total of around 7,700. Sun City Summerlin an even larger community has less than a 100 homes listed.
Trigoly, a new age restricted community in Summerlin should be announcing floor plans and pricing soon. I expect that they will be pricey as is Regency at Summerlin (strictly my opinion). I think that likely they will be a reasonable option for some folks. I do wonder though, the smallest floor plan at Regency, with the usual upgrades will run around $500,000 and that is for a home just 1600+ sq. ft. I recently sold a home in Sun City Summerlin, 2600+ sq. ft., on the golf course and almost completely re-modeled, beautiful home, for around the same price.
My suggestion for buyer’s would be not to exclude from your search any community that would have the basics of what you are looking for. My experience, especially with my neighbors, is that many of them looked no further than where they purchased. Most of my neighbors at Sun City Anthem have never even been to Sun City Summerlin. I love Sun City Anthem, but there are several options that could potentially be better for any particular individual.
Last note, Siena may have some issues with their golf course. It is privately owned and the owner is representing he is losing money. He is threatening to close the course and develop the land unless the homeowners supplement his revenue. This is almost an unthinkable solution, closing the course. However The Badlands golf course has closed and will be, at least in part, developed, and that is in the center of Queensridge. Silverstone Ranch golf course has also closed, affecting that community adversely. Time will tell.
Some of my clients have reacted to this information. They no longer take for granted a home with a golf view. This has introduced a level of uncertainty that I have not previously seen. Comminutes that own their golf courses, such as Sun City Summerlin and Sun City MacDonald Ranch, seem to be in a better position. At least they have control.
That’s it for now. Feel free to call or email me if you have any questions.
