Monthly, I review the sales and inventory situation for most all of the many age restricted communities in the Las Vegas area. I have been somewhat surprised with what has happened over particularly the last few months. Along with reviewing pricing in the existing communities, I will try to give some insight into the respective pricing of the communities selling new. One factor, overall, in explaining the strong showing of many of the existing communities is price and affordability. Some of the older and more affordable communities have shown the […]
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Land available for development in and around the Las Vegas valley is limited. Prospective clients sometimes express a desire to live outside the greater metropolitan area. I suggest that they consider Las Vegas and the few surrounding areas of privately held land as “islands” in a “great sea” of government held land. The great majority of land surrounding the Las Vegas area is government owned. The Las Vegas disposal boundary is, in fact, a congressionally designated boundary outside of which, no conventional development can occur. We here, inside the Las […]
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2017 was a strong year for real estate inside the Las Vegas valley, in all categories. Free-standing home prices were up approximately 11% from the previous year. Condos and townhomes are way up, over 20%. High-rise condos were flat, up around 2.6%. New residential construction is up, with around a 35% increase in building over the previous year. One of the biggest real estate stories for the year, apart from the strong market, was the closings of several golf courses throughout the valley and the subsequent impact on real estate […]
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Many of my clients, particularly the out state folks, list as a requirement a guard gated community when searching for a home. Scores of communities in this area have guard gates but all are not equal in terms of the protection these gates provide. Some communities have a 24 hour guard gate with no other access. Anthem Country Club would be an example of such a community. Many guard gated communities, however, have both guard gates as well as electronic gates. These are generally less secure. Best example I can […]
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Legacy golf course in Henderson is now closed. The Review Journal headline was “future unknown”. Well, the entity that purchased it, immediately closed it. Not good for the homeowners and even renters in the area. Just look at the names of some of the residential streets surrounding this course, Troon, Augusta, Spyglass and Inveraray. Look even at the apartment names, The “Invitational Apartments” and “Fairways on the Green. This golf course is surrounded by developments with many homes and apartments directly impacted by its closing. It does not take a […]
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This is about mid-year and I do have some observations with respect to the local age restricted communities. Valley-wide, age restricted and otherwise, inventories are down and prices are up. Particularly inventories, both in the larger as well as smaller communities. 2 new age restricted communities have established themselves, Heritage at Cadence and Regency at Summerlin. I do monthly updates on the more established age restricted communities, both large and small, and it has really been years since I have observed inventories this low, especially this time of year. Some […]
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Year End Las Vegas Real Estate Wrap Up The best way, in my opinion, to characterize the 2016 Las Vegas real estate market would be as uneventful Free-standing median home sales prices increased only 1.3% from December 2015 to December 2016. The median sales price for December 2016 was $235,000. For me, how flat this market has been is the surprise. If I took a 3 months rolling average comparing sales prices for the last 3 months of 2015 with 2016, the increase would be slightly better, but not much. […]
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Another golf course potential closing affecting nearby homes. Looks like the Badlands golf course may be closing down. The full extent of how this will affect properties adjacent to the course or those homes who’s views are affected is at yet unknown to me. Residents of Queensridge are understandably concerned. What limited information I have at this point is that the eastern most area of the present golf course will be developed for homes. This is the third example I can think of where something similar has come to pass […]
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We have been working on some Google Earth flyover videos for a few of the larger age restricted communities in this area. I have now four in all ranging from around 15 minutes to 25 minutes. Below are the links to the web pages on my site where they are embedded. Hope to cover a few more communities over the next few weeks. Sun City Summerlin. https://www.milliefine.com/sun-city-summerlin/ Sun City Anthem https://www.milliefine.com/sun-city-anthem/ Sun City MacDonald Ranch https://www.milliefine.com/sun-city-macdonaldranch/ Siena https://www.milliefine.com/siena/
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Below is what is called a Market Action Index and it is done by quartile. What it tries to do is to represent the market in terms of a buyer or seller’s market. This algorithm looks at median prices, inventory, days on the market and a couple of other factors and comes up with a number. Anything above 30 is considered a sellers market and anything below 30 a buyer’s market. In addition, in the graph below the market is separated into quartiles with 3 of the 4 quartiles in […]
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