In a sign analysts say shows the ultrawealthy have a growing level of confidence in the Las Vegas economy, the sale of new high-end homes is on the rise, and a new luxury development in Summerlin has sold half of its lots.
Housing
U.S. home prices kept climbing in March as the spring home buying season began, but higher costs have yet to thwart sales. Las Vegas had a 0.7 percent monthly gain and a 6 percent annual gain in the widely watched Case-Shiller index.
Sales in the West, which have been volatile in recent months, rose 18.8 percent after plunging 15.2 percent in March.
New-home construction rose in April, extending a pattern of gains and losses that signals the U.S. homebuilding industry is contributing little to economic growth.
U.S. homebuilders’ confidence held steady in May for the fourth month in a row, reflecting an overall optimistic outlook for the new-home market even as the pace of sales has slowed recently.
The Wolff Co. and 901 Fremont, LLC, an affiliate of Downtown Project, on Monday will introduce, a mixed-use, multifamily residential project at the intersection of Fremont and Ninth streets.
Annual local home-price gains slowed to more traditional levels as the Las Vegas Valley’s home values held steady in April.
The Nevada Supreme Court on Thursday ruled in a long-awaited dispute over homeowner association dues in super-priority lien cases, finding that Nevada law does not allow for the collection of costs and fees in addition to nine months of back-owed assessments.
More than 5,500 Nevada families have been able to purchase a home through a state program that provides grants for down payments, the state Housing Division said Thursday.
Home prices in 20 U.S. cities rose less than forecast in February from a year earlier, which bodes well for prospective buyers.
New-home sales slipped 1.5 percent last month to a seasonally adjusted annual rate of 511,000, the Commerce Department said Monday. That ratehas steadily dropped from 519,000 in February and 521,000 in January. Sales plummeted 23.6 percent in the West, which has been prone to volatileswings in sales as one of the nation’s priciest housing markets.
The National Association of Home Builders/Wells Fargo builder sentiment index released Monday was unchanged at 58. It hasn’t budged in three months.
You’ve gotten word of Las Vegas’ stabilizing housing market. But not all local businesses are cashing in, even as some revamp 15-year-old finishes in their upper-end homes.
The Las Vegas Valley’s housing market is recovering from the recession, but it still has a problem with squatters. And squatters can be dangerous if you’re a Realtor trying to show a home for sale.
A local partnership is looking to convert economic uncertainty in China into condominium sales.
