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.
Housing
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Southern Nevada prices have been on a stomach-churning ride the past two decades: The market floors it, hits the brakes, and repeats.
Over the past several months, some signs that Southern Nevada’s market was tapping the brakes have come and gone.
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.
Before last year, Las Vegas’ median house price peaked in mid-2006 at $315,000 – which, adjusted for inflation, is $423,834 in today’s dollars.
After going up in flames early last year, the home was listed for sale July 22, and six different investors made offers.
The Calida Group has drawn up plans for two projects totaling around 450 rental homes in Henderson’s Cadence community.
Sales in the luxury community have accelerated alongside Southern Nevada’s broader housing market.
Nearly 87 percent of previously owned single-family homes that sold in May had been on the market for 30 days or less, up from about 64 percent of the house sales in January.
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.
Fueled by cheap money, housing markets across the country have accelerated with rapid sales and rising prices.
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.