This week Lennar is pushing its inventory of homes with pool sized lots. Unless you are prepared to spend upwards of half a million, most new homes don’t have a large yard. There a few exceptions to the rule of course, but if you have been actively looking at only new homes you’ll find most of them have small yards. The explanation for this is simple: you have to factor in the original cost of the land. Back when these home builders were buying up parcels of land from the BLM four or five years ago, it was very, very expensive. So to be able to make a profit, builders had to squeeze more homes on an acre.

One of the exceptions can be found in the city of Henderson. Lennar is offering to pay all closing costs, 4.5% fixed rate loan (4.9913% APR) if you elect to finance through them and all homes are completely upgraded with granite counters, blinds, stainless steel appliances and the energy efficiency package.  Here are just a few homes for sale:

Anthem
3181 Sq Ft (5 Bed, 3 Bath, 3 Car)
$335,990

Henderson
3100 Sq Ft (5 Bed, 3 Bath, 3 Car)
$303,990

Lennar isn’t the only builder having a sale. Del Webb is offering 50% off home site premiums at the Club at Madiera Canyon for the month of July. Homes start in the $420’s and there are 10 models available to tour.  The community is gated and located directly across from the newly opened Madiera Canyon park. If you would like to tour any of these homes, please call 702-493-8033 or send me an email using our form. Thanks for reading our Las Vegas real estate blog.

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 lowered pricing all of their models. The community offers additional amenities like 24 hour guard gates, a private community center with resort style amenities and use of the brand new Madiera Canyon Park located just outside of the community.

Other builders like Lennar take a slightly different tack and offer special financing options, unemployment insurance (pays your mortgage for a certain time period while you are out of work) and pay for all closing costs. Of course there are some restrictions that apply which is important why you should bring your own agent with you. Someone that works exclusively for you, not the builder. Given the current state of the market, everything is negotiable. So if you are thinking about buying a new home, feel free to contact us for free, expert representation at 702-493-8033 or use our contact form below. Thanks for stopping by.