A local developer has launched a new apartment project in downtown Las Vegas after he built and leased one up in the Arts District.
Housing
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Southern California real estate firms Lyon Living and LandSpire Group recently started construction on a 294-unit rental complex at The Gramercy in the southwest valley.
Some 15 years ago, a builder’s plan to construct high-rises in southwest Las Vegas failed, leaving a giant hole. Now another developer is moving forward with a plan for a big apartment complex there.
Housing markets are always prone to ups and downs, especially in Las Vegas, and no boom lasts forever.
After going up in flames early last year, the home was listed for sale July 22, and six different investors made offers.
Resale totals have fallen the past two months, and available inventory has climbed for three straight months as house prices keep setting all-time highs.
Longtime developer Bob Schulman wants to build another upscale rental project, right near Southern Nevada’s newest high-profile residents: the Raiders.
Real estate pros point out that there are key differences between today’s hot streak and the doomed housing market frenzy of a decade-and-a-half ago.
Las Vegas city and community leaders are scheduled to hold a news conference Tuesday to announce the creation of the Coalition to Make Homes Possible.
Atlanta-based homebuilder Beazer Homes bought a tract of land during the bubble days in Indian Springs, a quiet, pint-sized community, and filed plans to build a subdivision.
Southern Nevada homebuilders signed nearly 1,230 sales contracts in June, the most since February.
Don’t expect a big burst of real estate action anytime soon.
The median sales price of a newly built single-family house in Southern Nevada was around $389,450 in July, compared with $295,000 for a previously owned one, a gap of almost $94,450, according to data from Las Vegas-based Home Builders Research.
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