Friday, May 19, 2006

Thinking about Summerlin?

The May issue of Inc Magazine and Business 2.0 have once again ranked Las Vegas at the top of its list as one of the best cities in the US to start a business. We couldn't agree more and apparently buyers are getting the message too.

Our Spring luxury real estate market is moving forward although there is more inventory available in the $1 million and higher price range than we've seen for some time. Location is still critical as is the condition of the home. Buyers are much more selective than in the past but they are buying.

The opening of the Red Rock casino/hotel in Summerlin has given new energy to Summerlin. Regardless of what part of town you drive, the buzz in Las Vegas is what a great property and how beautiful is the Summerlin area. This was just the catalyst needed for Summerlin to again raise the bar in the great quality of life it provides its residents. And before we forget to tell you, the residential pre-construction reservations for the Residences at Red Rock on the property of the Red Rock casino/hotel are RED HOT!! We've haven't seen this much interest in a local area condominium for some time. If you want to get in on the VIP ground floor of this great project, contact us now!!

We've revised our projections upward to a range of 5% to 10% appreciation in Summerlin for single family homes in 2006. This change is based on increased demand and the ongoing cost of land, construction and other factors in Summerlin. While that's slightly less that 2005's 10% to 14% in Summerlin and 2004's 42% appreciation, it means we are moving into a normal market. Is that good? You bet because California by comparison continues to be significantly priced higher than Las Vegas and continues to experience high appreciation in 2005 while Las Vegas began its cool down to a normal market. We continue to hear about the $1 million tear downs in California and Las Vegas is a good ways away from that position. It is this scenario that drove strong appreciation and high numbers of buyers from California to Las Vegas in the past and we could well be headed into the low range of double digit appreciation.

posted by JP Lagos, webmaster at 9:16 AM | 0 comments