In Southern Nevada, builders’ sales tally last month was the lowest of the year and marked the third consecutive month of sliding sales.
Housing
Mark Wahlberg has paid a fortune for a plot of land in a wealthy Las Vegas enclave, records indicate, raising the prospects that the movie star will build a house in America’s casino capital.
Four communities in Southern Nevada are among the top 20 nationally for homebuilders’ sales, but overall, house hunters are pulling back from last year’s buying binge.
There’s no way to predict where the market will head in the coming months, but for now, it’s cooling off.
After multiple ownership changes, Jerry Lewis’ Las Vegas home is set to hit the market again for $2.7 million after it got touch-up renovations to modernize the property.
Las Vegas house prices drop for first time in over two years as sales keep falling.
Nevada HAND receives 2,000 calls a day from people seeking affordable housing and only has a “handful” of vacancies in its 4,700-unit portfolio, the president and CEO said.
In Nevada, the property-tax increase for one’s primary residence is a maximum of 3 percent, and the increase for other properties, including land and commercial buildings, is a max of 8 percent.
Home prices are still logging huge year-over-year gains, making it all the more expensive to buy a place as people also face higher costs for gas and other daily goods.
The luxury house in The Summit Club, a wealthy enclave in Summerlin, features a “secluded private apartment.”
Buyers are pulling back in Southern Nevada and other metro areas amid sharply higher borrowing costs.
Locally and nationally, the number of price cuts rose for the third consecutive month in May.
While it’s natural to want to make improvements to increase your home’s resale value, some renovations will actually cost you money in the long run. Just because you see something as an improvement doesn’t mean a potential buyer will feel the same way.
“We could be facing years, not months, of fewer home sales,” the CEO of Redfin said.
America’s casino capital “used to be an affordable alternative to California,” but rising prices and a hot market have made it “less attractive” for new buyers, report says.
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