Land prices skyrocketLas Vegas Business Press | Buck Wargo
Homebuilders looking for land to construct high-end homes are driving up prices in the valley, which during the second quarter reached the highest level in eight years.
Research firm Applied Analysis reported that during the second quarter that ended in June the valley’s vacant land market reached its greatest average price per acre since 2008. The $367,947 per acre or $8.45 per square foot price was reached despite there being no resort transactions during the second quarter. Those are deals at higher price points that tend to skew the average.
Overall, land prices during the second quarter rose 16.3 percent from the first quarter and rose 10.9 percent from the second quarter of 2015, Applied Analysis reported.View Full Article »
Strengthening economy drags home prices with it, for nowLas Vegas Business Press | Jeffery Meehan
A strengthening local economy has been helping push improvements in Las Vegas’ single-family home market, while the past troubles of the recession continue to dilute the local sector.
The local job market has come a long way in the past several years, though the Clark County unemployment rate of 6.8 percent in June still lagged behind the national rate of 4.5 percent, as reported by the U.S. Bureau of Labor Statistics. But this pales in comparison to the peak local rate of about 14 percent in 2010.
Improvement in the overall economy increases the number of potential homebuyers, as more dollars become available for buyers to qualify for loans, experts said.View Full Article »
Tule Springs housing development ready to take off in North Las VegasLas Vegas Review-Journal | Alexander S. Corey
A housing development that got sidetracked by the recession is back on track.
The Villages at Tule Springs — the largest housing development in North Las Vegas since the start of the recession — has its first three builders lined up.
KB Home and Pardee Homes have development agreements to build in the Village Three section of the master plan while CalAtlantic Homes already owns parcels there.View Full Article »
Summerlin ranked fourth in U.S. for home salesLas Vegas Business Press | Buck Wargo
Summerlin, a 22,500-acre master-planned community in northwestern Las Vegas, finished fourth nationwide for home and lot sales during the first six months of 2016, reported RCLCO, a housing consultant surveying master plans nationwide
The 366 sales in Summerlin so far this year are up 12 percent from the 327 sales through the same period a year earlier.
Summerlin wasn’t in the top 10 from 2008 to 2012 amid the recession. It was 25th as recently as 2011 and reached 12th in 2012. In 2015, it ranked No. 6 with 602 sales. That was up 37.8 percent from 437 sales in 2014.View Full Article »
Summerlin leads sales among Las Vegas master-planned communitiesLas Vegas Review-Journal | Buck Wargo
Summerlin is re-establishing itself as king of the mountain in Las Vegas, and the developer credits the opening of its downtown nearly two years ago for making that possible.
After Mountain’s Edge in the southwest valley and Providence in the northwest dominated the Las Vegas housing market for years with its more affordable housing options, Summerlin is re-emerging as the clear leader for home sales despite its loftier price.
Some 26 years into its development by the Howard Hughes Corp., Summerlin bettered its position from 2015 and moved from sixth to fourth of the nation’s best-selling master-planned communities in a midyear report released by RCLCO, a national real estate consultant.View Full Article »
Southern Nevada's commercial, industrial markets gain momentum, data showLas Vegas Review-Journal | Nicole Raz
The commercial retail sector, the commercial office market and the industrial market are gaining momentum in Southern Nevada, second-quarter market data show.
The Las Vegas retail market saw a drop in vacancy rates compared to this time one year ago, from 11 percent to 10.3 percent.
“It reflects continued interest in the retail market,” said Brian Gordon, a principal at Applied Analysis. “There’s a way to go before we get back to pre-recession levels, but the reality is the market is just different than it once was.”View Full Article »
April new-home closings in Las Vegas second strongest in eight yearsLas Vegas Review-Journal | Buck Wargo
Las Vegas recorded its second strongest April new home sales closings since 2008 and last month’s prices hit their highest point in a decade, but valley experts said that shouldn’t be considered a surge in the housing market in Southern Nevada.
The release of the Las Vegas numbers by Home Builders Research comes as the Commerce Department reported Tuesday that new home sales jumped 16.6 percent in April — an eight-year high — and that prices hit a record high. The Commerce Department projects an annual rate of 619,000 home sales, the highest level since January 2008. The percent increase is the largest since January 1992, according to the report from Reuters. Reuters reported the housing gains as offering further evidence of a pickup in economic growth early in the second quarter.View Full Article »
How the Southwest's Going From Bust to BoomVegas Seven | Emmily Bristol
With all the anticipation surrounding the IKEA opening in the southwest part of the Valley, you might think that’s the only thing going on in that area. As it turns out, the southwest is in the middle of a mini boom of sorts, and there’s a whole lot more happening there than Swedish meatballs.
“We are seeing a lot of growth in that area,” says Nancy Amundsen, director of comprehensive planning for Clark County. “We are getting more applications overall in the southwest, an increase in commercial and residential.”
While many know the large-scale master-planned communities of Mountain’s Edge, Rhodes Ranch and Southern Highlands, this surge in building is for residential neighborhoods, Amundsen says.
Part of this trend in residential and commercial development in the southwest is a sign of the continued recovery from the recession. However, it is also linked to the simple fact that the southwest Valley has the most available undeveloped land.
“There’s not a lot of land in the eastside and northwest,” Amundsen says. “The growth relates to areas where there’s land available.”
Last month, SalesTraq reported that home prices in some of the ZIP codes in the southwest had appreciated higher than any other part of the Valley. For instance, Mountain’s Edge’s 89178 and 89179 had appreciated by 6.8 percent and 7.9 percent, respectively. The 89141 ZIP code of Southern Highlands had appreciated by 8.9 percent since 2015, and was ranked as the 10th-best value in the Valley.View Full Article »