Horton to hold ‘short’ sale

D.R. Horton of Las Vegas has gone Hollywood with its new Builder Short Sale promotion, featuring the 2-foot, 8-inch actor Verne Troyer. The 40 year old is famous for his portrayal of Mini-Me in the Austin Powers films.

The sales event is planned for Jan. 24 and 25. D.R. Horton will not publish new pricing prior to the event, however, sales agents are promising something special, according to director of sales for the company, Jeff Ward.

"Throughout the holiday season we have been very busy realigning our business for the new year," he said.

"We have thoroughly examined and renegotiated our construction costs. These refinements in conjunction with our commitment to remain the valley's best-selling home builder, have allowed an emergence of fabulous new prices and incentives for 2009."

Ward said the promotion will include price reductions in all 30 of D.R. Horton's Las Vegas Valley neighborhoods, as well as five subdivisions in Laughlin.

The neighborhoods will be identified by eye-catching signage showcasing Troyer's likeness.

D.R. Horton also has recently published a Single Story Portfolio of their homes and a Las Vegas home-finding map, which have become a resource for valley Realtors.

Home shoppers may request these items through the Builder's Concierge by calling 501-6301, or online at DRHorton.com/lasvegas.

"Pricing for this event may very well signal the bottom of the market," Ward said.

"We have started construction on hundreds of homes in the past months to satisfy home shoppers who have grown weary of viewing and bidding on abandoned, foreclosed and bank-owned properties."

Dave Reid, a broker for CH Realty, agreed. "It doesn't take long for home shoppers to realize that purchasing a distressed property is a difficult, time-intensive and frustrating experience.

"There are some great deals out there, but the majority of them are best suited for investors that have the experience and cash reserves to bring a home back to living standards," he said. "Many of our recent clients have done the 'value equation' for themselves and have recognized the merit in purchasing a spotless new home which is warranted, and includes living landscaping and isn't burdened with hidden costs."

In mid-December, a new report from Massachusetts' forecasting company, IHS Global Insight, and Ohio bank holder National City Corp. showed substantial undervaluation in local housing prices. Specifically, that report indicated that home values in Las Vegas fell 18.8 percent below what market fundamentals would justify.

"For consumers, undervaluation should signal purchasing opportunities, said Richard DeKaser, chief economist of National City.

"History shows that markets experiencing significant undervaluation provide a strong likelihood that buyers will be rewarded over the longer term. ... Real estate is now a good buy in Las Vegas."

Prospective homebuyers and Realtors who are interested in attending the Builder Short Sale may obtain information at any D.R. Horton neighborhood in Las Vegas and Laughlin, or online at BuilderShortSale.com, or by contacting the D.R. Horton Concierge.