The housing market in Las Vegas is coming back slowly but surely. Considering this was one of the hardest hit regions in the country during the housing collapse, any kind of uptick is good news. Even more exciting are the new Las Vegas real estate developments that are revving up again.
In North Las Vegas, South Las Vegas, and the affluent area of Summerlin, luxury home construction is coming back. Just over the first few months of this year, more than 20 newly developed million dollar homes have been sold. Compare that to last year when only 34 were sold over the entire year and in 2013, developers sold only 3.
Now that the economy is beginning to right itself, families are looking for bigger homes too. In fact, in 2014, there were over 600K new homes constructed. Of those, more than a third had at least four bedrooms and three baths. People want space and they want luxury, and Las Vegas real estate developers are delivering.
Here are the new Las Vegas real estate developments that you should know about. Many of these homes are being built on-demand and some are just now ramping back up. As the market continues to encourage more construction it is likely that we will see continued development throughout our communities.
Real Estate Developments in Las Vegas to Keep an Eye On
The new development at Ascaya has been on hold since the housing crash. Today the developers of these million dollar homes are ramping back up with a plan to build large luxury homes at a 4,500 square feet minimum within the 550-acre community. These homes are located in the hills of nearby Henderson just outside of Las Vegas.
Another luxury gated community is going up near the golf course at Red Rock Canyon. Azure is being built in the exclusive Ridges area with nearly two-dozen custom luxury homes slated to make up this new community. These homes will be built at a minimum 7,000 square feet and will offer mountain views and views of the championship golf course nearby.
The new luxury Las Vegas real estate developments at Boulder Ridge are selling faster than they have over the last two years since construction began ramping up again. Each home is priced at around $2 million and buyers have already signed on to purchase six new homes in the community. Only two homes were built in 2014, so this is a marked improvement.
Built on more than two thousand acres, the developers at Cadence are set to build more than 13,000 homes, plus more than a million square feet of retail space within the community. Construction for this project is just now underway.
At Inspirada, the plan is to build more affordable luxury homes ranging in size between two thousand square feet and four thousand with a sticker price of a half a million dollars on the high end. Yet even for scaled down homes, these are anything but common. They come fully equipped with modern appliances, contemporary designs, and spacious floor plans.
In the north end of Las Vegas, Park Highlands is set to begin construction of new homes this year. These homes have been delayed for years since the housing collapse but will soon spread out over more than 2,500 acres.
Henderson is an area that is seeing a lot of new construction, with Skye Canyon coming on board this year after years of delays due to the crash. About nine thousand homes will go up in this North Las Vegas community and will provide scenic trails on its 1,700-acre development. Homes are priced at around $600K.
Buying Homes in New Las Vegas Real Estate Developments
Las Vegas and the surrounding areas are expected to see an increase of over 40,000 new homes over the next several years. All of these homes are built in master-planned communities spread out over thousands of acres. Considering that Las Vegas is among the top selling locations in the country of master-planned communities, it makes sense that developers are anxious to get them filled up.
Some developments are filling up quicker than others, while some require you to get an early start by putting down a deposit to hold your lot. Our team is the most successful in the area specializing in luxury Las Vegas real estate.
If you are interested in buying a home in one of these new Las Vegas real estate developments, talk to us to get in on the ground floor. We’re always just a phone call or website inquiry away and look forward to sharing our knowledge and expertise with you. Connect today!