Teravalis, a 37,000-acre master-planned community near Phoenix, is to include 100,000 homes and 55 million square feet of commercial development.
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Southern Nevada is far from alone in seeing buyers pull back amid a sharp jump in mortgage rates.
Arizona-based The Wolff Co. broke ground this year on a 316-unit apartment complex called LVB.
“As long as mortgage rates and prices remain high, buyers will be looking for a relief valve,” an analyst said.
Nationwide, the pace of new-home sales last month was down 10.9 percent from August, federal officials reported.
The Las Vegas City Council approved an agreement that calls for a five-story, 84-unit rental complex with commercial space in a segregation-era neighborhood.
Blasted out of the McCullough Range by Hong Kong tycoon Henry Cheng, the luxury Henderson community boasts more than 300 homesites.
Southern Nevada’s market appears to be in a logjam, and there’s no telling when it will break through.
The $400 million mixed-use development, UnCommons, announced five private street names to honor five Las Vegas civic leaders.
The average asking rent for Southern Nevada apartments was $1,451 per month during the third quarter, down almost 2 percent from the second quarter.