What Makes Henderson, NV Appraisals Different?

I live in Henderson and I am always amazed by how fast portions of the market change.  Some of the market segments, like industrial buildings, have lagged the prices garnered in the City of Las Vegas market while other segments, like housing, has increased in value faster than many of the similar Las Vegas markets.

Henderson is a desert-based city that benefits from its master planned communities like Cadence, Tuscany, Del Webb Anthem, Seven Hills, MacDonald Highlands, MacDonald Ranch, Green Valley, Green Valley Ranch, Whitney Ranch, Inspirada, and Lake Las Vegas.  Some of them offer entry level housing while others have extremely high-end homes that rival the most prestigious in Clark County.

The City of Henderson spans a relatively large area and in many ways the areas can be quite different from one another.  If you are in the top 1% and living in MacDonald Highlands for example you could be in a custom $ 10 million-dollar hilltop home with spectacular Strip views, a negative edge pool and the home may have an award-winning design.  Or if you are somewhere in the middle you could be in one of the many tract home subdivisions with a 2,000 to 3,000 SF home that may be worth $ 100 to $ 150 per square foot (SF).  There is considerable reasonably prices homes in Henderson.

About 80% of Henderson homes are on flat, desert sites.  About 90% of them are in tract-home subdivisions.  About 70% of them have been constructed since 1980.  Most are wood-frame constructed buildings with a painted stucco exterior.  So, there is a lot of uniformity within the Henderson, NV market.    

For appraisers its often all about location, quality and size when appraising residential homes in Henderson, Nevada.  Most of us see the full spectrum and often appraise the properties here for many reasons including; probate, civil litigation, divorce, condemnation, mortgage-financing, valuation for sale, estate valuation and bankruptcy. 

Commercial real estate includes; retail, industrial, office / medical office and specialty buildings like schools, storage buildings and hospitality buildings.  There are a number of multiple-family residential properties in Henderson like condominium complexes and apartment complexes.  Most are similar with regard to age with most being relatively new.

McCarran International Airport’s incoming flight path traverses Henderson and is parallel with Sunset Road west of Whitney Ranch Drive.  The area closest to McCarran is developed with industrial buildings but the flight path does impact some residential and commercial areas farther east.  Most high-end residential is located away from the Airport’s noise zones.  Henderson extends west to Eastern Avenue and thus does not include the Airport within it.    

The Henderson retail building market is focused on the highest trafficked areas like the Galleria Mall / Sunset Station area and the Green Valley Ranch Resort area that includes “The District.”  While there are several arterial roadways with relatively high traffic volumes, these areas are centers for commercial activity.  Downtown Henderson, Boulder Highway, Saint Rose Parkway and Eastern Avenue all have their allure, but they don’t have the amazing traffic that benefits retail flows through the larger casino areas.

There are a few industrial pockets in Henderson, some near Lake Las Vegas, some close to Boulder Highway, some just east of the Airport (as discussed) and some surrounding the Basic Management Complex.  Most of the industrial properties are in the McCarran noise zones.

Office buildings are scattered but there is a concentration of them in Green Valley north of Interstate 15 Highway.

You can’t talk about Henderson without mentioning the weather.  Positive are the 65-degree and 70-degree days that extend from November through March or April, the downside is the triple-digit temperatures that return during the summers.  Having lived in Michigan for many years, I have made the choice to suffer the hot days by turning up the AC rather that fight with the snow and the frigid cold.

For more appraisal information contact Glenn J. Rigdon MA, MRICS, ASA is a Las Vegas / Henderson Nevada based appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas  (http://www.appraiserlasvegas.com), or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/

Article source: http://www.appraisalarticles.com/General-Appraisal-Articles/Market-Conditions-Articles/4681-What-Makes-Henderson-NV-Appraisals-Different.html