Las Vegas Luxury Properties Link

After three straight months of declines, sales of new homes got a boost last month, jumping 11 percent, according to the Commerce Departments latest new-home sales report released Monday.

New-home sales rose in March to a seasonally adjusted rate of 300,000 homes, up from Februarys 250,000. However, the number is still far from what economists view as a healthy 700,000-a-year pace for the sector.

The median price of a new home increased 3 percent from February to $213,800. New-home prices are about 34 percent higher than the median price of existing homes, according to economists.

Regionally, new-home sales saw the biggest boost in the Northeast, jumping nearly 67 percent in March. The West saw an increase in new-home sales last month by nearly 26 percent; the Midwest posted a 13 percent increase; and in the South, new-home sales dipped 0.6 percent.

The new-home market continues to be battered by a high number of foreclosures that continue to dampen home prices across the country. With 1.2 million foreclosures forecast this year, the new-home sales market may not see a major turnaround for years, according to RealtyTrac Inc.

However, while residential construction has decreased considerably in recent years, reports have recently shown building permits have increased 28 percent for apartment and condo buildings.

Source: "The number of people who bought new homes jumped 11 pct., but pace is far below healthy level," Associated Press (April 25, 2011)

If you would like to search for a new home in Las Vegas Click Here.   Remember: Your realtor must accompany you on your first visit to a new home community.  Buyer representation is FREE!

Felipe Crook

Prudential Americana Group Realtors.

Las Vegas, NV 89117

1-866-589-1646

Housing Shortage on the Horizon?
Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country's inventory of new homes, says a housing shortage is looming that will soon will create a huge surge in demand for new homes. As such, now is the time to buy, he says.

In the 41 cities Metrostudy covers, 78,000 houses are either vacant and for sale, or under construction - that is less than a quarter of the new homes that fell in that category during the housing boom in 2006 and way below the level of a decade ago.

"If we had anything like normal levels of buying, those houses would sell in 2½ months," says Castleman. "We'd see an incredible shortage. And that's where we're heading."

The historic drop in new construction mixed with the decline in housing prices is laying the foundation for a dramatic recovery in residential real estate, Castleman told CNN. Castleman expects home owners soon will start returning, which will drive up prices in many markets later this year.

While demand remains low for new construction, he expects that to change. He foresees the recovery following a similar path as previous ones: A severe housing shortage will drive a big increase in demand.

"We'll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved," he predicts. "Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house." But they'll want the house so bad that they'll "bid the prices up."

Source: "Real Estate: It's Time to Buy Again," CNN (March 28, 2011)

Properties are moving very quickly in Las Vegas despite our economic bumpiness.  The investors have targeted Las Vegas as a prime city to invest in real estate.  51% of all our transactions last month were paid for with CASH.  Yep, people wrote a check to buy a house.  That is a staggering amount of money coming into our market place.  When investors pour tons of money into a market, be it stocks, bonds, or housing, that is where the deals are.   Below, I've pulled together some of the top new homes for sale in the Las Vegas valley.  Many of these properties are standing inventory, which means the builder has built the home and they are just waiting for a buyer.  Often with standing inventory homes, the builder is much more motivated to sell them because they can't get the next round of financing until it sells.   You will often see builders include upgrades to the home for free, offer the closing costs to the buyer, and sometimes even buy down your interest rate on the loan. 

Remember to have your Realtor present on your first visit to a new home community otherwise the builder's employees will represent you AND the builder.  You want an advocat who only looks out for YOUR interest!

Below are the top new home builders for sale currently in Las Vegas.  If you'd like to see any of these homes, please contact Felipe Crook at 1-866-589-1646 for more information and to schedule a showing.

Prudential Americana Group Realtors