REAL ESTATE BRIEFS

EDUCATION

Trade association awards scholarships

The Nevada Contractors Association, a nonprofit industry trade group, recently named the winners of its third annual David Papadopulo Memorial Scholarship.

The program awarded $13,500 to three students majoring in civil engineering at the University of Nevada, Las Vegas. Cheryl Fa'afili Meredith of Las Vegas, Monika Koscien of Las Vegas and Sean E. Robinson of Henderson each received $4,500 to apply toward tuition and school expenses. The students are all upperclassmen with a combined 3.62 grade point average.

The scholarship was created in honor of David "Pappy" Papadopulo, a construction executive and industry leader, who passed away on Nov. 6, 2006, at age 38. Papadopulo was vice president of Olson Precast Co. and vice chairman of the Nevada Contractors Association.

HOUSING

Funding received to rehabilitate homes

Community Development Programs Center of Nevada, a Nevada nonprofit corporation, announced on Sept. 23 that they were awarded $3 million by Clark County to help rehabilitate and resell foreclosed properties in especially hard-hit neighborhoods.

The $3 million to CDPCN is part of $64 million effort that the office of Housing and Urban Development has launched to help state and local governments address the inventory of foreclosed properties, using the department's Neighborhood Stabilization Program that is expected to help in the widespread crisis.

"With this funding, CDPCN will buy, renovate and sell foreclosed properties that have been vacant for 90 days," said Dina Neal, program manager, "For families hoping to own a home of their own this program makes home ownership more attainable and it provides families with a way to build wealth and stability for their futures."

Potential homebuyers can contact Neal at 873-8882, extension 112 or any other approved nonprofit agencies participating in the stabilization program.

SURVEY

Firm reports new home quality improves

As home builders compete for a limited pool of buyers, customer satisfaction with new-home builders and new-home quality have improved notably from 2008, according to the J.D. Power and Associates 2009 New-Home Builder Customer Satisfaction Study released on Sept. 15.

Overall customer satisfaction improved for a second consecutive year, averaging 811 on a 1,000-point scale in 2009 and up 32 points from 779 in 2008.

Markets with the highest levels of overall satisfaction in 2009 include Orange/San Diego, Calif.; Sacramento, Calif.; Phoenix; Inland Empire, Calif.; and Tampa, Fla.

In addition, overall satisfaction increased in 22 of the 23 individual markets that were also surveyed in 2008.

New-home quality increased notably to an average of 825 index points in 2009 from 799 in 2008. The rate of customer-reported problems has decreased in 2009 to an average of 9.55 problems per home, from 11.51 problems per home in 2008. Problem rates declined in each of the 23 markets that were also included in the study in 2008.

Overall, the most commonly reported quality problems include issues with landscaping, heating and air conditioning problems and kitchen cabinet quality and finish.

"Fierce competition among home builders has led to a market where only the strongest companies have survived," said Paula Sonkin, vice president of the real estate and construction industries practice at J.D. Power and Associates. "This is great news for new-home buyers, particularly first-time buyers since builders are offering unprecedented high levels of quality, value and service at relatively low prices."

The new-home builder customer satisfaction study, now in its 13th year, includes satisfaction rankings for builders in 24 markets.

Nine factors drive overall customer satisfaction with home builders: workmanship/materials; builder's warranty/customer service staff; price/value; builder's sales staff; construction manager; home readiness; recreational facilities provided by the builder; builder's design center; and location.

The study finds that the importance of the workmanship and materials factor has increased notably from 2008. Meanwhile, the builder's sales staff, construction manager and home readiness factors have declined in importance.

"Compared with past years, fewer home buyers are spending large amounts of time working with construction managers or are concerned about home readiness, since many builders have large inventories of homes that are already complete at the point of purchase," Sonkin said.

"For home owners, this can make for a smoother, turnkey ownership experience with fewer unanticipated delays."

The proportion of homes delivered both completely finished and on time has increased notably to 76 percent in 2009 from 70 percent in 2008.