Agent touts Red Rock property values

Many people who purchased homes in Red Rock Country Club during its early phases of development are today realizing the value of their investments, according to Award Realty's Ross Fabrizio, who was among the first buyers at the golf course community within Summerlin.

Fabrizio said the 3,460-square-foot, two-story home he bought for $407,000 in mid-1999 has since sold for $719,000.

"The appreciation has been amazing. Without a doubt, this is the best investment I've seen in my 17 years of real estate in Las Vegas," he said.

Katherine and Ronald James paid $378,000 for their home in Red Rock in October 2000; last May, they sold it for $450,000, then bought a $650,000 home along one of the community's golf courses.

"I didn't want to move," Katherine James said. "My husband wanted a home with a casita, but I was happy in our other home. Ron called Ross (Fabrizio), who made the deal happen. I must say now that we did very well, considering the appreciation value and the home we have now."

Red Rock Country Club is nearing closeout as only a few new homes remain for sale.

"Due to the closeout, the amount of resales has jumped more than 400 percent over the same period a year ago," Fabrizio said. "Many sales include sellers that live in Red Rock, and end up upgrading within. We're finding a path much like we saw at Spanish Trail, where people simply move within the (same) community."

At 738 acres, Red Rock Country Club is built around two Arnold Palmer-designed golf courses. Resident and member amenities also include a clubhouse, sports club, aquatic center and tennis facilities. Developed by Sunrise Colony Co., the community will comprise 1,116 homes.

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