A real estate blog about the Vegas valley.

New home builders are having a tough time competiting against the Real Estate Owned (foreclosure) market. Las Vegas leads the nation in foreclosures and despite last month’s numbers, experts believe that we will see more in the coming months. Investors and savvy first time home buyers have been quick to take advantage of these fire sale prices. Last month showed a decrease in foreclosures and an increase in sales compared to historical data for the prior year.

In order to compete, new home builders have been forced to lower prices, offer free upgrades and other incentives to lure in home buyers. Another tactic they are taking is the relative ease of the closing process versus buying a bank owned home. New home sales will usually close in 30 days or even less while some bank owned properties can take up to twice that time. The Club at Madiera Canyon is a good example. Del Webb just [click to continue…]

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Despite falling prices, high inventory levels and continued foreclosures, new home builders are forging ahead for the most part. Some builders have cut back production, while only a few have stopped new construction entirely, waiting for inventory levels to drop and prices to edge back up. Richmond American has continued to finish projects started years ago.

Next weekend, June 20th will be the grand opening of two new Mountain’s Edge communities, Tuscany Hills and Tuscany Canyon. These gated communities offer a total of 8 two story floor plans. Plans will offer ground floor bedrooms, set-back driveways [click to continue…]

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Several new home communities around the Las Vegas valley are nearing completion and builders are desperate to get them sold. Builders are feeling a pinch from bank owned properties flooding the market. As a result, builders have been forced to slash prices, offer incentives and free upgrades.

Easton Place located in the master planned community of Providence is nearing completion. Pulte homes has released their model homes for sale this past Saturday. There is a limited number of highly upgraded homes for sale. In addition to the upgrades, all homes feature mature landscaping. Pulte Homes is also running a promotion where you can have no mortgage payments until 2010, $0 closing costs and other perks you can choose from. Pulte also guarantees your electric bills for three years.

Lennar Homes has just reduced pricing on several models around town. All of these homes have been upgraded with custom drapes, flooring, landscaped back yards, built-ins, etc plus Lennar has special financing available and closing costs. Here are some of the Lennar homes available:

Northwest Models

• 1302 Sq FT (2 Bed, 2.5 Bath, 1 Car Garage plus full driveway)
• $143,990
• Back yard Landscaping
• Corion Counter Top
• Upgraded Flooring

Northwest Models

• 1775 Sq Ft (3 Bed, 2.5 Bath, 2 Car)
• $163,990
• Upgraded Flooring
• Landscaped Back Yard

Southwest Models

• 1627 Sq Ft (3 Bed, 2.5 Bath, 2 Car)
• $184,990
• Built-in
• Custom Paint

Southwest Models

• 1384 Sq Ft (3 Bed, 3 Bath, 2 Car)
• $164,990
• Full Bed and Bath Down
• Wood Floors

Southwest Model

• 1795 Sq Ft (4 Bed, 2.5 Bath, 2 Car)
• $205,990
• 20 x 20 tile floor
• Mature Back Yard Landscaping

Anthem Model

• 2302 Sq Ft (5 Bed, [click to continue…]

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In honor of Mother’s day, Warmington Homes is having a special at their new community, York Village. Warmington is offering 3% towards buyer closing costs on a move-in ready home. This is taken from the advertisement:

This highly upgraded Plan 3 is brand new filled with special appointments. Included in the purchase price are blinds on most windows, ceiling fan pre-wire, a full-size washer and dryer, and a complete kitchen appliance package with microwave and refrigerator.

The house is priced at $154,900 and is the largest home offered in the community. [click to continue…]

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This Saturday, May 2 Richmond American Homes will be having a Home Gallery Expo. Design consultants will be on hand to answer your questions, plus there will be product demonstrations every half hour. Design vendors will showcase the latest in tile, lighting and more. Register to win prizes on site and see the latest new homes for sale by Richmond American.

If you are thinking of attending or would like more information on the new homes [click to continue…]

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There are a couple of builder sales coming to an end this weekend. Richmond American Homes’ Gold Star Event ends this Sunday, April 26th. It will be your last chance to take advantage of special pricing on several move-in ready homes at several of Richmond American’s communities like Greenwood, Elsinore and Wellington Place. In addition, Richmond American is offering a free washer and dryer (when you sign up online) for those select homes that close before May 29th.

Lennar’s Big Spring Sales Event is also coming to a close this weekend. Just to recap, Lennar is offering pricing discounts on select move-in ready homes, plus NO closing costs, low interest rates and the peace of mind mortgage protection program, where they will pay your mortgage if you lose your job.*  Here are some of the Las Vegas homes Lennar has on sale:

NORTHWEST:

Antelope
Sable Plan - 1,578 sq. ft.
Priced as low as $180,990

NORTH:

Coldwater Ranch
Big Sky Plan - 2,450 sq. ft.
Priced as low as $224,990

HENDERSON:

Gardens at Silverado Ranch
Lilac Plan - 1,286 sq. ft.
Priced as low as $168,990 [click to continue…]

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You may be thinking big deal, there are hundreds if not thousands of homes on the Las Vegas MLS priced under $200,000. You would be correct, there is a huge amount of bank owned inventory priced below that. That being said, you probably would be hard pressed to find absolute move-in ready homes in that price range, especially ones that have not been lived in. And you won’t find any with the kind of warranty that Lennar provides. As part of their Big Spring Sales Event, Lennar is also offering zero closing costs, low interest rates and their peace of mind mortgage protection plan (of course certain restrictions apply). Here are a few of the properties available:

SOUTHEAST:
Lamplight Gardens at Silverado Ranch
Lilac Plan - 1,286 square feet
Priced as low as $168,990

Mockingbird
Calistoga Plan - 1,907 square feet
Priced as low as $199,990

NORTHWEST:
Antelope
Roan Plan - 1,302 square feet
Priced as low as $160,990

Hampton Glen inside of Providence
Easton Plan - 1,795 square feet [click to continue…]

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Pulte Homes Inc. (one of my favorite builders) is proving that there is a silver lining in the current economy. There is a popular theory among business experts that in order to survive a bad economy, you have to not only maintain your current level of marketing, but even expand and gain more market share. Pulte Homes is doing just that and are buying Centex Corp. The buy out will be in the form of a $1.3 billion stock deal, which will make the company the largest U.S. home builder, knocking D.R. Horton out of the top spot.

New home sales were actually up in February (numbers are not in for March yet) but new home builders are seeing increased competition from foreclosure and prices are still down.

The acquisition of Centex hasn’t slowed Pulte down either. Earlier this month, they debut its newest community, Arden Park located off of Durango Drive and Edna in the heart of Southwest Las Vegas.

Arden Park will offer brand-new affordable homes from 1,677 to 2,100 square feet, featuring two and three bedrooms, spacious master suites, great rooms, lofts and two-car garages, starting from the $190s. One of the reasons I like Pulte Homes is their commitment to building super energy efficient homes without sacrificing your standard of living. Arden Park homes will follow that tradition and are built with the Environments for Living Diamond program, making them more energy-efficient than ENERGY STAR standards require. Homes will  feature 15 SEER-rated air conditioning systems, tankless water heaters and blown-in cellulose insulation to help keep utility costs down.

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When it comes to having sales, no one comes close to Lennar Homes. They are having another month long sale to move their standing inventory of homes. They are offering no closing costs, their peace of mind mortgage protection program (they pay your mortgage if you involuntarily lose your job), low interest rates and of course, new lower prices. Here are some of the homes on sale:

Northwest:
Antelope
Roan Plan - 1,302 sq ft
2 bed w/loft, 2.5 bath, 1 bay garage
Was $177,990
Priced as low as $157,990
*or 1578 Sq Ft (3 Bed, 2.5 Bath, 2 Car) $177,990

Barrington in Providence
Sequoia Plan - 2,421 sq ft
4 bed, 3 bath, 2 car garage
Was $255,990
Price as low as $237,990

North Las Vegas:
Sage Creek
Santa Monica Plan - 1,760 sq ft
3 bed, 2.5 bath, 2 bay garage
Was $185,990
Priced as low as $165,990
*or 1885 Sq Ft (4 Bed, 2.5 Bath, 2 Car) $176,990

Canyon Spring
Laguna Plan - 2,201 sq ft
Single Story
4 bed, 2 bath, 3 bay garage
Was $235,990
Priced as low as $210,990
*or 3,128 sq ft (5 Bed, 3 Bath, 3 Car) for $238,990

Rancho d’Oro
Brilliante Plan - 2,862 sq ft
4 bed w/bonus room, 3 bath, 2 bay garage
Was $255,990
Priced as low as $219,990

Henderson:
Lamplight Gardens at Silverado Ranch
Lilac Plan - 1,286 sq ft
3 bed, 2.5 bath, 1 bay garage
Was $185,990
Priced as low as $165,990

Mockingbird
Calistoga Plan - 1,907 sq ft
3 bed w/loft, 2.5 bath, 2 bay garage
Was $220,990
Priced as low as $195,990

Fiesta Park near the Fiesta Casino
Acapulco Plan - 2,302 sq ft
4 bed, 3 bath, 3 bay garage
Was $279,990
Priced as low as $243,990

Clermont in Anthem Highlands
Marseille Plan - 3,181 sq ft
5 bed, 3 bath, 3 bay garage
Was $352,990
Priced as low as $325,990

Southwest:
Escalante in Mountains Edge
[click to continue…]

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