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 greatest price gains. I will start my individual assessments with the largest communities first.
Sun City Summerlin – Sales have been very strong and inventories relatively low. Cost per sq. ft., asking price, is now higher than the newer like sized community of Sun City Anthem. This is surprising to me, in than the homes are older, typically needing updating and that the community overall has an older demographic. Average cost per sq. ft., existing inventory, $221.00
Sun City Anthem – Good sales and lower inventories, but surprisingly, it is now a less expensive alternative than Sun City Summerlin or Sun City MacDonald Ranch. Average cost per sq. ft., existing inventory, $205.00
Sun City Macdonald Ranch – At 2,400 homes this community is substantially smaller than Sun City Anthem or Sun City Summerlin but is still the 3rd largest age restricted community in the area. Sales have been very strong and inventories very low with the pricing now comparable with Sun City Summerlin. This is interesting in that it also is a older community than Sun City Anthem. Average cost per sq. ft., existing inventory, $220.00
Siena – This Summerlin community of approximately 1,900 homes has historically been the highest priced of all the existing age restricted options. The community, at the present time, has 4 times more homes listed for sale than Sun City MacDonald Ranch, which is a slightly larger community. Sales have been fairly good, but the high inventory has kept the prices flat for some time. Average cost per sq. ft., existing inventory, $247.00
Sun City Aliante – This north side community has had very strong sales and now has a very low inventory. Prices have climbed here to the point that, inexplicably to me, it is on a par with Sun City Anthem’s asking prices. I do not expect that to maintain. Average cost per sq. ft., existing inventory, $204.00
Solera at Anthem – Inventories are extremely low. This has been a less expensive option to the adjacent Sun City Anthem. Affordability has resulted in very strong sales and pushed the prices up, not to as high as Sun City Anthem, but closing the gap substantially. Average cost per sq. ft., existing inventory, $190.00
Solera at Stallion Mt. – This community has, historically, been the least expensive of all the local, Del Webb/Pulte options. Affordability has been the key here with rising prices and very low inventory. Average cost per sq. ft., existing inventory, $189.00
Ardiente – Another north side community. Has both newer and somewhat older homes, with a building hiatus lasting several years. Inventories very low and prices way up. Average cost per sq. ft., existing inventory, $187.00
Silver Springs Sterling – Smaller east site community. The entry level, price wise, for free-standing homes in age restricted communities. Same story, very low or no inventory with prices up. No current inventory.
Condo and Townhome communities – These are older and smaller communities. These communities include The Promenade, Quail Estates Royal Crest and Silver Canyon. These have been some of the most affordable of all the local, 55+, age restricted options. Inventories in some have virtually disappeared. Again, affordability has been the key.
Manufactured home communities – The communities referenced have homes that come with the land. They include Desert Inn Mobile Estates, Royal Ridge, Lake Mt. Estates, Desert Greens and River Mt. By in large, these are the entry level age restricted communities, in the way of pricing. Inventories way down and prices way up.
New communities…
Regency at Summerlin – Along with Trilogy at Summerlin, the highest priced of all the new local 55+ area options. Consistent with other new non-age restricted Summerlin options. Base prices, 1,600 + or – sq. ft. around $450,000
Trilogy at Summerlin – Comparable with Regency price wise. Townhomes only. Base price same general size of home $450,000.
Cordera Ranch – Roughly comparable price wise with Heritage at Cadence. For a 1,600 + or – sq. ft. home, prices are around $90,000 less than the Summerlin Options. Smallest age restricted community built in many years. West end of Henderson. Base prices around the same size 1,600 sq. ft. home, $370,000.
Heritage at Cadence – Larger community than Cordera Ranch with more extensive amenties. East side of Henderson. Base price comparably sized home $360,000.
Sun City Mesquite – 90 miles north of Las Vegas. Prices of same 1,600 sq. ft home, around $70,000 less than either Heritage at Cadence or Cordera Ranch. Base price comparable home around $290,000
Ovation At Mt. Falls – Pahrump 55+. Price for comparable home of 1,600 sq. ft., around $60,000 less than Mesquite, making this far and away the lowest price new area option in age restricted. Base price comparable home around $220,000. (Featured image is from this community).
This give a really incredible range in pricing for a comparably sized homes with Summerlin options in the $450,000 range and with the low end at Ovation with pricing in the very low $200,000’s.
That’s it for now. Feel free to comment or email me with any questions you may have.
