RHODES RANCH REPORT
We have been mailing the Rhodes Ranch Report to the residents in our community for over 20 years. By now offering the report online we can provide live updates with photos on ALL homes available for sale, currently in escrow and recently sold. ALL homes currently for rent are also listed.
You will continue to receive news on what's happening in and around Rhodes Ranch.
Click HERE to see all available homes for sale in Rhodes Ranch.
Click HERE to see all homes that are in escrow or under contract in Rhodes Ranch.
Click HERE to see recently sold homes in Rhodes Ranch.
Click HERE to see all available rentals in Rhodes Ranch.
HOMES RECENTLY SOLD BY US
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277 Duck Hollow $555,000 Click HERE for more info.
384 Bridgeton Cross $518,000 Click HERE for more info.
852 Glacier Springs $565,000 Click HERE for more info.
*Please keep in mind that the statistic "average price per square foot" is valuable ONLY AS A ROUGH INDICATOR. It is NOT ADJUSTED for factors like: type of sale, 1-story vs 2-story, golf course frontage, lot size, garage size, features (pool, landscaping, etc.), upgrades (flooring, window décor, etc.), condition or seller concessions (buyer's closing costs paid by the seller, flooring allowance, sales that include furniture, etc.). We will adjust for these and other factors when we prepare an accurate Market Analysis for YOU if you are a buyer or a seller. NOTE: All of our statistics are derived from the REALTORS Multiple Listing Service (MLS). If a home was not sold through MLS, even though we are aware of the sale, it is not included in The Rhodes Ranch Report.
Market Trends
In the 1st quarter of 2023 home values declined by 5.6%. This is the 3rd consecutive quarter of declining values. Since the peak in the 2nd quarter of 2022, values have declined 16.5%
Due to an increase in mortgage rates, a payment for a $400,000 mortgage has increased about $400 per month compared to a year ago. This lowers DEMAND because there are fewer buyers who are willing and able to qualify for those higher payments.
SUPPLY has decreased to a 71 day supply of homes available for sale, compared to 123 day supply in January and a 189 day supply of homes in November of 2022.
There were only 29 closed transactions in the 1st quarter of 2023, exactly half of the 58 closed transactions in the 1st quarter of 2022.
COMMUNITY INFORMATION
Click Here to see a Rhodes Ranch-Aerial Drone Video
Update on HOA Projects
The contractor for remodeling the locker rooms in the Recreation Center has been selected by the Board of Directors (BOD). A designer is assisting with choosing the finish materials. Then the work will begin.
Rhodes Ranch is one of the first HOA communities to begin removing "non-functional" or "decorative" natural turf as required by Nevada law. The project should be completed in a couple months. The Southern Nevada Water Authority's rebate program will provide approximately $350,000 toward the conversion cost. We are already benefiting from a huge decrease in our water usage and maintenance costs
The process of painting community walls, mailboxes, street light poles, view fencing, etc. is being prioritized and a scope of work report will be prepared for the BOD to then request for bids.
UPDATES ON PROJECTS BEYOND OUR GATE
Photo Source: Durango Casino's Website
Durango Casino and Resort (SW corner of 215 and Durango) is well under construction and should be completed by Station Casinos in late 2023. It will feature 83,000 square feet of casino area, 200 rooms, restaurants, sports book, pool and meeting/convention space. For more information click HERE to view their website.
Photo Source: Uncommon's Website Gallery
The Uncommons mixed-use development at the SE corner of 215 and Durango that is now open and is gradually opening more businesses and restaurants. For more information and to view their website click HERE
Photo Source: The Bend's Website
The Bend Shopping complex is also taking form at Sunset and Durango. This will be a combination of offices, retail and restaurants much like Downtown Summerlin. Some of the confirmed businesses are The Great Greek, Aces & Ales, Electric Pickle and more. For more information click HERE to view their website.