The potential for a recession in 2020 and 2021 will slow the nation’s housing market, but Las Vegas is well-positioned to weather that this time around, according to California experts who track the Southern Nevada marketplace.
New Homes
The first event in the NAREB series on Wednesday had developers and builders talk about where luxury is going, what their plans are and their forecast.
Eldorado, Pardee Homes’ master-planned community that helped shape the history of North Las Vegas is about to close out its last neighborhoods after 28 years.
The concept continues to grow in popularity, and Cox Communications has a campaign touting how Wi-Fi and internet connectivity are changing how people lives. It even partnered with KB Home to showcase the technology to potential buyers in the Desert Mesa neighborhood of North Las Vegas.
Las Vegas is bucking the national trend when it comes to new home sales and shows no signs of slowing down based on the latest numbers and projections from Las Vegas-based Home Builders Research.
Town home and off-Strip condo construction has picked up in the Las Vegas Valley, and nothing epitomizes that more than what’s happening with Edward Homes.
Cadence proven to be success story with rise to 12th in the nation in master plan sales during first half of 2018.
Summerlin recorded the biggest increase of home sales in the nation among master plans during the first half of 2018 and has reached No. 3, and three other Southern Nevada communities were ranked in the top 20.
Pardee Homes took home six Silver Nugget Awards from the Southern Nevada Home Builders Association’s June 23 gala.
There’s definitely interest in downtown housing. The city of Las Vegas hosted a residential fair in April that brought out developers and prospective buyers and renters who want to live downtown.
The design of luxury homes in Las Vegas has evolved over the years and the latest movement has been away from Mediterranean-style that has dominated the landscape to a more modern look that is more symbiotic with the desert.
When the Las Vegas real estate market cratered during the Great Recession, all lenders and homebuilders took their lumps. For local builders, some of whom who had spent decades as prominent players and contributors to the local community, the sting could be felt even more deeply.
This year, Southern Nevada Home Builders Association have created doghouses to help raise money for its No. 1 charity, HomeAid of Southern Nevada. Traditionally, the trade group builds playhouses for children. This year, they opted for what they call “Barkitecture.”
“Pardee was actually building midcentury modern homes in Vegas in the 1950s,” said Klif Andrews, Division President of Pardee Homes. “We’re reaching back, reviving some of our own history.”
Retirees have been a player in the local economy for decades, but the breed of retiree has shifted over the course of the years. Sure, there’s always that snowbird looking to avoid harsh winters, but California has now overtaken the conversation as the largest feeder market for the Silver State. Simple real estate economics are driving this trend.
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