Sales prices are climbing fast even as mortgage rates rise, something analysts had predicted could throw cold water on the market.
red hot housing
With land prices accelerating in Las Vegas, homebuilders are increasingly eyeing rural communities sprinkled around Southern Nevada for potential new projects.
Cities like Las Vegas can become so popular because of their lower prices that the “affordability starts to vanish,” a Zillow economist said.
South Beach, in the southwest valley, boasts poolside cabanas, a huge outdoor TV, an outdoor gym, a sports field and other amenities.
The median sales price of previously owned single-family homes reached a record high of $450,000 in February.
A local developer has launched a new apartment project in downtown Las Vegas after he built and leased one up in the Arts District.
The eight-bedroom, nine-bathroom house features a Roman-style interior, an indoor fountain, custom chandeliers, a home theater, a security room and marble flooring.
Southern Nevada home builders “continue to operate at full capacity, selling everything they release,” says a new report.
After building and then selling two upscale apartment complexes near the Strip, developer Jonathan Fore is set to construct another one.
The 8,684-square-foot house and nearly 1-acre lot next door were listed Feb. 9 for $7.5 million and apparently went under contract with a buyer on Feb. 18.
The luxury house, which spans about 11,000 square feet and was priced at $13.5 million, is under contract to sell, according to its listing on Zillow.
Southern Nevada house prices in December were up 25.5 percent from a year earlier, compared to 18.8 percent nationally.
Fueled by cheap money, Las Vegas is in a prolonged homebuying boom.
Southern Nevada’s fast-rising house prices set another all-time high in January, as last year’s hot streak carried over to the new year.
The rock star’s 11,000-square-foot house is priced at $13.5 million and features a courtyard entrance, floor-to-ceiling windows, a commercial elevator and direct views of the Strip.