Lake Hills Reserve
Real Estate Update January 2013
Prices are increasing as homeowners hold out for higher prices in the Lake Hills Reserve.
This report provides current information for buyers and sellers interested in the 750 acre masterplanned mountaintop community - Lake Hills Reserve. Nestled among the rolling hills this community offers panoramic city, canyon and Lake Mathews views. It is a beautifully designed neighborhood offering 500 acres of reserved green space, parks and hiking trails. The HOA fees support an Olympic size pool, picnic area and pavilion with fire pit.
Lake Hills Reserve Real Estate Update
Active Listings: 13 (8 Standard Sales <3 are new construction> 5 Short Sales)
Pending Sales: 16 (8 Standard Sales, 7 Short Sales, 1 Bank Owned)
Closed Sales: 3 (2 Standard Sales, 1 Short Sale)
Average price (low this month based on sales in North side of LHR) $375,000/$135 per sq. foot
What does this mean for you?
Pending/Back-up listings reveal an interesting twist in the Lake Hills Reserve real estate landscape. High end luxury homes are on the market for larger number of days but are commanding much higher prices. The average days on the market for pending transactions - 132 while the average number of days on the market for back-up transaction - 71.
A pending status indicates an offer has been accepted by the seller and there is a reasonable certainty the transaction will close. These transactions are often standard sales. A back-up status indicates the seller has accepted an offer however he continues to actively market the property seeking a second or third offer to be placed in a back up position. These transactions are often short sales.
My Summary: Homeowners with the time are able to garner higher priced offers. Currently the pending/back-up homes in the southern areas of the Lake Hills Reserve, range from $490,000 - $650,000. North LHR, near the school and community center prices range from $379,000 - $490,000.
To understand the current market values and develop strategies, continue to read my Lake Hills Reserve Real Estate Update, which will assist buyers and sellers to make informed decisions. When you are ready call me for a buyer or seller's consultation, I would enjoy assisting you!