Spanish Springs Subregion - Sparks, Washoe County, Nevada

Transcription

1 New Residential Construction Activity Spanish Springs Subregion - Sparks, Washoe County, Nevada 4Q 2017 Activity Status Under Construction Stopped Construction Approved Pending City of Sparks Boundary 12 W CALLE DE LA PLATA ISIDOR CT PYRAMID WAY 5 ALAMOSA DR SUNSET SPRINGS LN CALLE DE LA PLATA Miles (Refer index # to accompanying report for project details) 26 EAGLE CANYON DR PYRAMID WAY LA POSADA DR VISTA BLVD Spanish Springs Subregion 82 LOS ALTOS PKWY 84 SPARKS BLVD VISTA BLVD RANCHO DR 100 QUEEN WAY 86 N MC CARRAN BLVD BARING BLVD DISC DR SHADOW LN S LOS ALTOS PKWY N D`ANDREA PKWY Í LVD

2 Index to New Residential Construction Activity Map Spanish Springs Subregion - Washoe County, Nevada # of Units Approved on Tentative Maps # of Tentative Units Recorded on Final Maps # of Final Mapped Units Total Remaining that have Closed "Approved/ Escrow Unsold" Units Constructed Units Ready for Sale (Standing Inventory) Map Index Project Name Developer/Owner Location Project Status 53 Kiley Ranch North MF - West Rising Tides LLC Pyramid Hwy & Lazy 5 Pky Approved Kiley Ranch North MF - East Rising Tides LLc North of Existing Kiley Projec Approved Pioneer Meadows Village VIIIB Tanamera Construction Between Wingfield/Kiley Ranch Approved Spanish Springs Ph I Sunroad 6400 Rolling Meadows Dr Under Construction Galleria Tanamera Construction Disc Dr & Galleria Pkwy Under Construction MULTI-FAMILY Approved Multi Family Subtotal: 2, ,109 - Avg Sale Price of New Homes (4Q- 17) 3 Pebble Creek Pebble Creek II INC 1.4 miles N of Calle de Plata Under Construction $ 627, Harris Ranch Spanish Springs Associates Pyramid Hwy/Alamosa Dr Approved $ Shadow Ridge Ryder Homes 1/2 Mi N of Calle dela Plata Under Construction $ 483, Blackstone Estates SP58, LLC Pyramid Hwy/Calle de la Plata Approved $ Sugarloaf Ranch Estates Sugarloaf Peak, LLC Pyramid Hwy/Calle de la Plata Approved $ Silent Sparrow Spanish Springs Associates Silent Sparrow Dr & Lanstar Dr Approved $ Eagle Canyon 4 Unit 3 Lennar Homes Pyramid Hwy/Calle de la Plata Under Construction $ 428, Autumn Trails Pinnacle Land Holdings LLC Terminus of Hayfield Dr Under Construction $ 608, Eagle Canyon Ranch Spanish Springs Associates Ruddy Way (Eagle Canyon) Under Construction $ 404, Pyramid Ranch Annex Spanish Springs Associates Sand Dune Dr & Dromedary Rd Approved $ Stonebrook Village A1/B1 RRW Stonebrook LLC SEC La Posada/SR445 Approved $ Stonebrook Village D1 RRW Stonebrook LLc SEC La Posada/SR445 Approved $ Sierra Shadows MTA Investments, LLC Wingfield Springs/Baldwin Wy Approved $ Starcrest: Horizon Place Lennar Homes Hubble/Wisdom Under Construction $ 428, Meadow Springs CEB Holdings Near The Foothills Stopped Construction $ Candelara Lennar Homes Rolling Meadows/Fen Way Under Construction $ 364, The Foothills Village 11 Silverado Homes Vista Blvd & Passage Dr Under Construction $ 319, Pioneer Meadows V6 BPH I LLC NEC Rolling Meadows/WF Hills Approved $ Pioneer Meadows Village 10 Lennar Homes Wingfield Hills/Rolling Meadws Approved $ Wingfield Cove Village 30 West Coast Homebuilders Inc Wingfield Springs & Poco Rey Under Construction $ 373, Riata Collection DR Horton Peppergrass Dr/Vista Under Construction $ 300, Kiley Ranch V37c Rising Tides/KM2 Devel. NEC Kiley & Henry Orr Pkwys Approved $ Kiley Ranch North V37A&B, V43 Rising Tides LLC Kiley Pkwy & Windmill Farms Rd Approved $ Kiley Ranch V38 Jenuane Communities Kiley Ranch LLC SEC Kiley Pky/Sparks Blvd Under Construction $ 334, Kiley Ranch V40 Kiley by Desert Wind LP Sparks Blvd/Nite Latch Under Construction $ 399, The Summit York Reynen Custom Homes SWC Wingfield South Under Construction $ The Cottages First Tee Development NEC Sparks Bl/First Tee Under Construction $ 256, Ventana/Miramonte Corona Lasenda 2 LLC/Ryder Homes Vista Heights Dr Under Construction $ 395, Galleria Station 2 Galleria by Desert Wind LP NEC Galleria/Costa Azul Under Construction $ 360, Sky View Estates Silverado Sky Ridge LLC West of Sunset Pointe Stopped Construction $ Miramonte Townhomes Fort Apache Homes E of Los Altos & Belmar Approved $ SINGLE-FAMILY DETACHED Approved Single-Family, Detached Subtotal: 6,249 3,173 1,842 4, ,267 No. of New Sales (4Q-17) # of Finished/Pa rtially Finished Lots Grand Total of Approved Units: 8,358 3,173 1,842 6, ,267

3 Index to New Residential Construction Activity Map Spanish Springs Subregion - Washoe County, Nevada Map Index Project Name Developer/Owner Location Project Status # of Units Approved on Tentative Maps # of Tentative Units Recorded on Final Maps # of Final Mapped Units Total Remaining that have Closed "Approved/ Escrow Unsold" Units Constructed Units Ready for Sale (Standing Inventory) Avg Sale Price of New Homes (4Q- 17) No. of New Sales (4Q-17) # of Finished/Pa rtially Finished Lots Type 33 Stonebrook MF RRW Stonebrook LLC SEC La Posada/SR445 Pending 240 MF 71 Golden Triangle Village MF Golden Triangle, LLC Vista Blvd Pending 625 MF 94 Sierra View Townhomes Olsen Investments N of Los Altos/Tecumseh Pending 45 SF-ATT 6 Pebble Creek Estates Mystic Mountain LLC End of Pebble Creek Dr Pending 83 SF-DET 12 Broken Hill Subdivision Barker Coleman Communities NE of Eagle Canyon and Airport Pending 170 SF-DET 26 Sonoma Highlands Sonoma Highlands LLC West of Eagle Canyon Pending 2,583 SF-DET 32 Stonebrook Village B2 RRW Stonebrook LLC SEC La Posada/SR445 Pending 60 SF-DET 36 Stonebrook Village C1 RRW Stonebrook LLC SEC La Posada/SR445 Pending 126 SF-DET 37 Stonebrook PD Balance RRW Stonebrook LLC SEC La Posada/SR445 Pending 905 SF-DET 38 Stonebrook Village D2 RRW Stonebrook LLC SEC La Posada/SR445 Pending 85 SF-DET 40 Stonebrook Village C2 RRW Stonebrook LLC SEC La Posada/SR445 Pending 111 SF-DET 43 Stonebrook SF RRW Stonebrook LLC SEC La Posada/SR445 Pending 390 SF-DET 65 Kiley Ranch North Ph.7 Rising Tides/KM2 Devel. NEC Kiley & Henry Orr Pkwys Pending 507 SF-DET 67 Kiley Ranch North Ph.8 Rising Tides/KM2 Devel. NEC Kiley & Henry Orr Pkwys Pending 343 SF-DET 70 Kiley Ranch North Ph.6 balance Rising Tides/KM2 Devel. NEC Kiley & Henry Orr Pkwys Pending 537 SF-DET 74 Golden Triangle Village SF Golden Triangle, LLC Vista Blvd Pending 361 SF-DET 75 Wingfield Commons Foothills at Wingfield LLc E of Golden Eagle Park Pending 817 SF-DET 89 Eagle Peak Discovery Builders NEC Sparks Blvd/Satellite Dr Pending 40 SF-DET 90 Sierra View Estates Delmont Associates apn Pending 8 SF-DET 91 Liam Court Seraliam, LLC Spanish Springs/Bria Cir (SEC) Pending 7 SF-DET PENDING PROJECTS Total Units Pending Approval: 8,043 NOTES: Green = Under Construction; Orange = Stopped Construction ; Blue = Approved; Red = Pending Approval The total number of approved units on tentative maps represents the total approved units at build out. The actual number of units upon completion of the development may change due to lot size changes at the final map stage. The total number of recorded units on final maps represents the number of units in approved subdivision "phases" and have obtained the necessary permits to begin construction. The final map units are a subset of the tentative map units. The difference between "approved" and "recorded" units is the number of units remaining to be released in future phases of the development. The number of final map units that have closed escrow are the number of units that have transfered from the original builder to a private owner, according the county assessor records. The remaining "approved-unsold" units in each subdivision are the difference between the total number of tentative map units and the number of units that have closed escrow. Standing inventory units are fully constructed and ready for sale, but are still owned by the original builder. This number may include model homes for each subdivision. The average sale price of new homes lists the average transaction price during the reported quarter for homes within that particular subdivision, according to county assessor records. Finished/partially finished lots are vacant parcel lots owned by the developer that are part of the final map inventory. These vacant parcel lots may or may not include utilities. Proposed Units:

4 Index Project Name Unit Type Unabsorbed Units 12/31/17 Estimated Annual Absorption Unit Absorption Projections by Subdivision Spanish Springs Subregion - Washoe County, Nevada Occ- Rate Household Size Year 1: 2018 Year 2: 2019 Year 3: 2020 Year 4: 2021 Year 5: 2022 Green = Under Constr.; Brown = Stopped Constr.; Blue = Approved; Red = Pending Approval Estimated Annual Number of Units Absorbed by Project: Estimated Annual Population Increase by Project: 3 Pebble Creek SF Harris Ranch SF Pebble Creek Estates SF Shadow Ridge SF Blackstone Estates SF Sugarloaf Ranch Estates SF Broken Hill Subdivision SF Silent Sparrow SF Eagle Canyon 4 Unit 3 SF Autumn Trails SF Eagle Canyon Ranch SF Pyramid Ranch Annex SF Sonoma Highlands SF 2, Stonebrook Village B2 SF Stonebrook MF MF Stonebrook Village A1/B1 SF Stonebrook Village D1 SF Stonebrook Village C1 SF Stonebrook PD Balance SF Stonebrook Village D2 SF Stonebrook Village C2 SF Sierra Shadows SF Stonebrook SF SF Starcrest: Horizon Place SF Meadow Springs SF Candelara SF Kiley Ranch North MF - West MF The Foothills Village 11 SF Pioneer Meadows V6 SF Kiley Ranch North MF - East MF Pioneer Meadows Village 10 SF Pioneer Meadows Village VIIIB MF Spanish Springs Ph I MF Kiley Ranch North Ph.7 SF Wingfield Cove Village 30 SF Kiley Ranch North Ph.8 SF Riata Collection SF Kiley Ranch V37c SF Kiley Ranch North Ph.6 balance SF Golden Triangle Village MF MF Kiley Ranch North V37A&B, V43 SF Kiley Ranch V38 SF Golden Triangle Village SF SF Wingfield Commons SF Kiley Ranch V40 SF The Summit SF The Cottages SF Ventana/Miramonte SF Galleria Station 2 SF Galleria MF Miramonte Townhomes SF-ATT Sky View Estates SF Eagle Peak SF Sierra View Estates SF Liam Court SF Sierra View Townhomes SF-ATT MARKET AREA TOTALS: 14, ,539 2,123 1,634 2,022 1,651 1,615 1,522 1,404 1,190 1,083 Year 6: 2023 Year 7: 2024 Year 8: 2025 Year 9: 2026 Year 10: 2027 Year 1: 2018 Year 2: 2019 Year 3: 2020 Year 4: 2021 Year 5: 2022 Year 6: 2023 Year 7: 2024 Year 8: 2025 Year 9: 2026 Year 10: ) 2) 3) 2017 Housing Units Estimate (ESRI): 20,945 Projected Housing Units (Accumulative): 21,541 22,336 22,964 23,757 24,402 25,032 25,629 26,184 26,661 27, Popuation Estimate (ESRI): 57,106 Projected Population (Accumulative): NOTES: 58,645 60,768 62,402 64,424 66,075 67,690 69,212 70,616 71,806 72,889 The "Unabsorbed Units" are the total number of units in approved and pending projects, less the number of units that have closed escrow as of the report date. The "Estimated Annual Absorption" comes from the calculated historical average SALES absorption rate of single-family projects based on county assessor records. For subdivisions with active sales, the Estimated Annual Absorption equals the most recent sales activity for that particular project. For approved and pending projects, the Estimated Annual Absorption is derived by looking at the project type and location and applying a comparable, known value from a similar type subdivision. Absorption rates for multifamily projects under construction are based on Johnson Perkins Griffin Apartment Survey data. Occupancy Rates and Average Household Sizes as reported by the 2015 American Community Survey (US Census Bureau) at the Census tract level, by type of housing unit. 1) 2) 3) ASSUMPTIONS: APPROVED projects (with tentative maps, but no final maps) and STOPPED CONSTRUCTION subdivisions are not estimated to begin building and selling before All PENDING subdivisions are assumed to begin building no earlier than 2020, which may or may not reflect the builder's timeframe after final approval. Only the identified subdivisions are included in the 10-year projections; additional residentially-zoned land indicates more subdivisions will likely be approved and come online during the next 10 years.

5 Demographic and Income Profile Spanish Springs Area: square miles Prepared by Esri Summary Census Population 49,183 57,106 63,075 Households 17,273 19,777 21,732 Families 13,540 15,348 16,808 Average Household Size Owner Occupied Housing Units 13,947 15,273 16,740 Renter Occupied Housing Units 3,326 4,505 4,992 Median Age Trends: Annual Rate Area State National Population 2.01% 1.52% 0.83% Households 1.90% 1.40% 0.79% Families 1.83% 1.36% 0.71% Owner HHs 1.85% 1.39% 0.72% Median Household Income 1.37% 1.45% 2.12% Households by Income Number Percent Number Percent <$15, % % $15,000 - $24, % % $25,000 - $34,999 1, % 1, % $35,000 - $49,999 2, % 2, % $50,000 - $74,999 3, % 3, % $75,000 - $99,999 3, % 4, % $100,000 - $149,999 4, % 5, % $150,000 - $199,999 1, % 1, % $200,000+ 1, % 1, % Median Household Income $79,569 $85,188 Average Household Income $93,253 $103,721 Per Capita Income $32,641 $36,059 Census Population by Age Number Percent Number Percent Number Percent 0-4 3, % 3, % 3, % 5-9 3, % 3, % 4, % , % 4, % 4, % , % 3, % 4, % , % 3, % 3, % , % 7, % 8, % , % 7, % 9, % , % 8, % 8, % , % 7, % 8, % , % 4, % 6, % , % 1, % 2, % % % % Census Race and Ethnicity Number Percent Number Percent Number Percent White Alone 41, % 46, % 50, % Black Alone % 1, % 1, % American Indian Alone % % % Asian Alone 2, % 3, % 3, % Pacific Islander Alone % % % Some Other Race Alone 1, % 2, % 3, % Two or More Races 1, % 2, % 2, % Hispanic Origin (Any Race) 6, % 8, % 11, % Data Note: Income is expressed in current dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and November 08, Esri Page 1 of 2

6 Summary Total Firms ,356 Total Employment 5, ,149 Average Wage* $17.56 $22.88 Total Annual Payroll** $177,313,672 $8,959,266,300 Firms by Industry Agriculture & Forestry 6 0.9% % Construction % 1, % Educational, Health, & Social Services % 1, % Entertainment, Accommodation, & Food Services % 1, % Finance, Insur., & Real Estate % 1, % Government 2 0.3% % Information 7 1.0% % Management & Admin. Services % 1, % Manufacturing 9 1.3% % Mining 3 0.4% % Other Services % % Professional Services % 1, % Retail Trade % 1, % Transportation & Utilities % % Wholesale Trade % % Undefined % % Employment by Industry Agriculture & Forestry % % Construction % 12, % Educational, Health, & Social Services % 41, % Entertainment, Accommodation, & Food Services 1, % 35, % Finance, Insur., & Real Estate % 9, % Government '10-19 d 8, % Information % 1, % Management & Admin. Services % 18, % Manufacturing % 12, % Mining % % Other Services % 5, % Professional Services % 9, % Retail Trade 1, % 22, % Transportation & Utilities % 14, % Wholesale Trade % 8, % Undefined % % Average Wage by Industry* Employment & Wages by Industry 2nd Quarter 2016 Averages Spanish Springs Subregion - Sparks, Washoe County, Nevada Spanish Springs Subregion Greater Reno-Sparks Agriculture & Forestry $14.52 $15.78 Construction $21.43 $25.12 Educational, Health, & Social Services $16.94 $25.23 Entertainment, Accommodation, & Food Services $9.62 $12.49 Finance, Insur., & Real Estate $21.53 $32.08 Government d $28.56 Information $49.39 $31.37 Management & Admin. Services $20.51 $21.98 Manufacturing $30.33 $28.27 Mining $33.75 $49.50 Other Services $13.52 $18.64 Professional Services $27.05 $33.41 Retail Trade $15.30 $16.15 Transportation & Utilities $19.04 $21.78 Wholesale Trade $28.34 $27.74 Undefined $30.18 $30.61 d- Disclosure limitations. *Wage estimates are calculated by dividing the quarterly payroll by the number of employees and 520 hours (13 weeks by 40 hours). The resulting estimates do not account for employees that work less than or more than 40 hours per week. **The Total Annual Payroll is calculated by multiplying the quarterly payroll by four (the number of quarters in a year). ***Wages for service workers may include tips. Data does not include most sole-proprietors. Totals and averages for city and county governments and school districts are assigned to parent locations. Individual totals and averages for each school and government satellite locations are not provided. Source: Department of Employment, Training, & Rehabilitation (DETR) for specific use by Center for Regional Studies 5/8/2017 Center for Regional Studies University of Nevada, Reno (775)