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THE JACKPOT OF REAL ESTATE |
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Illusion propels Las Vegas, except when it comes to the real estate market. Then, dreams become reality as this desert oasis blooms into one of the hottest cities to build and buy.
The fact is that the city that never sleeps is coming into its own as a permanent place to call home. People are seeking out Las Vegas not only for the nightlife and beautiful scenery but for its variety of
housing options leading to amenable lifestyles throughout the Valley.
Jane Garras, with Realty Executives of Nevada, says that the sheer scope of availability for homeowners is vast. “Single-family homes, condos, high-rises and mid-rises in rural, urban or suburban master-planned communities — there are so many current offerings in the new and resale market; I’d have to say this is the best time to buy in Las Vegas.”
Across the board, Las Vegas draws newcomers by the thousands each month who seek not only a stable place to raise a family or purchase a vacation home but eventually retire.
“The way I look at it, the national builders are all here: Pulte, Pardee, D.R. Horton,” Garras adds. “They do the research and know that the 5,000 or so people moving to Las Vegas monthly need a place to live.”
It’s no secret that real estate has taken a hit since 2006. Blogs abound about the negativity surrounding the current housing market, but “there’s nowhere to go but up,” says Larry Murphy, owner of Salestraq, a Las Vegas-based real estate housing research firm.
Devin Reiss, 2007 president of the Greater Las Vegas Association of Realtors and owner of Realty 500 Reiss Corp., notes that with all of the growth and very tight loan situation, a good credit score, low debt and thorough planning with a real estate professional will set the potential homebuyer on the right course.
“Let’s face it, there’s a glut in the market and new and existing home prices have come down significantly,” Garras reiterates. “Even the foreclosure market is better than ever because these are homes that were built with upgrades and have never been lived in.”
However, where to look and what is offered is mainly targeted to where and how you want to live.
Buyers seeking single-family homes in the master-planned communities that abound in approximately 558 active subdivisions throughout the Las Vegas Valley can find diversified
values, with more than 25,000 available listings.
Steve Harless, licensed realtor with Realty World Luxury Homes, says, “Mountain’s Edge, a 3,500-acre planned community, is one of the southwest area’s most affordable. You can find homes starting in the low $200,000s.”
Despite a 26 percent decline in the luxury market of homes priced $1 million or more, “there’s still activity, particularly in the gated, golf and country club developments of Green Valley and Summerlin,” comments Gus Atar, marketing manager and realtor with Beasley & DeVarreau Sotheby’s International Realty.
Builder Rob Evon enthusiastically endorses guard-gated Tuscan Cliffs at Southern Highlands, an upscale luxury mountainside community. “It’s actually a new niche offering more than 20 floor plans for the $1million-plus market,” he says. “We streamline the effort that normally exists in homebuilding by giving clients the chance to develop and customize their own home with our professionals. Home sites on one-quarter to one-half acre lots with footprints from 4,300 to 6,000 square feet are available.”
Increasingly, as land is gobbled up and the population continues to mushroom, vertical living, in the form of condos, lofts, high-rise and mid-rise, townhomes and condotels, is gaining popularity.
The combination of residential and retail amenities is very attractive for those who wish to live, work and play in an ‘urban village’ setting. Translation: Proximity to the Strip has many developers locating their projects in, on or adjacent to the action the area affords.
Some of the active projects that are in development or now completed include the upscale,
41-story Allure tower; Boca Raton, a mid-rise luxury condominium development; and ManhattanWest, a mixed-use, 700-residence mid-rise.
Sullivan Square will build an urban community blending office, retail and residential living in towers, terraces, lofts and brownstones. The Avenue, scheduled to open this fall, will be Wolfson Loft’s first luxury, five-unit project that will jettison the boutique trend in exclusivity for loft-living.
All in all, Las Vegas real estate brings a lot to the table. The effervescent economy that perks along in this town is continually stoked by its dynamic reputation. Though it will take patience, the market will normalize. Buyers will once again study their options then get ready to make their move.