I wrote briefly in the past about the Hillhurst subdivision on the south side of Ridgefield. I have been asked to re-examine the area. Following are my observations.
Clark County says there are 117 lots in Hillhurst. This includes the original plat recorded in July 1910 and the new phases I and II recorded in 2005 and 2006. Of these new subdivisions, I counted 62 lots. There may be more. I was reading the plat maps and noting the sales activity.
Just looking at house sales (not tracking bare land sales), there were 15 sales in 2006 that averaged $558,426. In 2007 there were 9 sales that averaged $545,805. In 2008 there have been only two sales and they averaged $487,598.
As you can see the average sales price dropped 2.26% from 2006 to 2007 and additional 10.66% from 2007 to 2008. It must be noted that the two sales in 2008 are a very small sample to depend on. But, the trend is downward.
The south side of Ridgefield is generally known as Hillhurst for two reasons. The early plat filed in 1910 and the name of the street that comes out of down town Ridgefield is call Hillhurst Road.
In this area there are four new subdivisions. They are the Hillhurst phases I & II; Taverner Ridge phase I, II and III; Cassinin View; and Ospery Pointe. Included in these subdivisions are about 300 home-sites. All of these are basically the same product type addressing the same market demand strata. Most of the sites have been built on. I will review these other subdivisions in future postings.
Pacific West Appraisal Services, Inc.
pwas.net