Brand new Las Vegas homes for sale from $99 per square foot? That is right, and these American West built homes are not built cheaply. The steps and entrance to these 2-3 story homes have been built using bricks and feel like a Boston townhome entrance. The builder said that they cost $20,000 to build and that this will be difficult to repeat in the future. From my visit to the model homes, in my opinion these are designed well and look better than many homes that were built in 2004-2006 which were selling for $160 plus per square foot. Furthermore, many of those homes came with a small back yard; these have a good sized back yard. One of the models has a pool in the back yard. We’re always happy to assist you in buying a new home and this service is always at no charge to buyers.
More about these homes in the future, I would like to discuss Las Vegas new homes in relation to resales and foreclosures. American West usually invites a real estate analyst to their Realtor preview event and they invited Larry Murphy. Mr. Murphy keeps track of the Las Vegas new homes and condo market; he also provides the “search for Las Vegas new homes and condos” search engine that is provided in our web-site. He gave a very nice presentation which availed the attendees with his evaluation of the Las Vegas residential market. He estimates the number of new homes that is needed in Greater Las Vegas to be around 25,000. This average number was exceeded in 2004-2006.
When the residential market boom started in 2003, Las Vegas had about 2200 homes in inventory which were devoured in no time. Number of new homes that were built in Las Vegas in 2002-2003 was 22,500 and 25,230. This number jumped to 29,258 in 2004 and 30,750 in 2005 with the addition of about 7,770 apartment conversions. 36,000 new homes were built in Las Vegas in 2006; this number dropped to close to 20,000 in 2007 and will barely pass 10,000 in 2008. As you can see close to 25,000 extra home and condos where built in Greater Las Vegas which explains about half of the inventory which eventually has to be sold. He also stated the obvious; that prices will stabilize when the number of foreclosures by banks is surpassed by monthly sales and we are not there yet, although we got close a couple a months ago.
As you can see new home builders in Las Vegas have sold about 20,000 in 2007 and about half of that this year while short sales and foreclosures which are all the rage at this time. Foreclosures are priced according to the condition the house is in and near ready to move in condominiums and homes command good prices and paying more than $100 per square foot is not unusual. As you can see, a brand new home in South West Las Vegas by a reputable builder for less than $100 per square foot is not such a bad deal either.
I will discuss these energy star plus homes in the next blog.
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