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Las Vegas Real Estate Report
> Las Vegas New Homes
Las Vegas New Homes
The market for new homes in Las Vegas continues to grow, particularly near the new I-215 beltway and the I-95, on both the east and west sides. North Las Vegas and the Northwest valley are the hottest markets, but as of the fourth quarter of 2003, growth continued strong throughout the valley for Las Vegas new homes, as well as resales. Las Vegas new homes in the Southwest, toward the Blue Diamond and Southern Highlands are selling well, but are not currently as strong as new Las Vegas homes sales in the Northwest. This may be due to the fact that there is currently less infrastructure in place in the Southwest (restaurants, shopping and other service businesses).
The median price for a new home is in the mid $200,000's, and standing inventory is almost non-existent. For many of the Las Vegas new homes, hundreds of interested buyers wait to participate in a lottery for new offerings. Clark County issues around 25,000 new residential building permits each year, and 2003 was a record-breaking year for building permits issued.
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In fact, 2003 was a record-breaking year in many areas for Las Vegas new homes. The largest numbers of Las Vegas new homes sold last year were in retirement communities, such as Sun City Anthem in Henderson, and Siena in Summerlin.
New home developers have pushed investors out of the market almost entirely. A release of Las Vegas new homes commonly allows a limited number of investors and second home buyers, and sometimes no investors are allowed at all. The objective is to keep the property value up and maintain the quality of the neighborhood higher; the feeling is that renters will invest less time and energy than owners of Las Vegas new homes.
Requirements for loans for Las Vegas new homes have become stricter. Housing prices are increasing, and much of the new development is in the higher price ranges, while job availability in the Las Vegas Valley continues to be focused in the lower-income service sectors. To counter escalating home prices, some communities are attempting to require that specified percentages of any new land purchase be allocated to affordable Las Vegas new homes development, but so far developers have not been in agreement.
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