Archive for Local Market News

New Homes List; Summerlin Centre

Located in the geographic center of Summerlin, Summerlin Centre is a 1,300 acre village that is selling more than 50 home floor plans. Single story, two story and even three story plans are available.

Each neighborhood in Summerlin Centre features amenities designed exclusively for the use of residents. These include parks, pools, barbecue areas and views of the Strip as well as Red Rock National Conservation Area.

Developed by the Howard Hughes Corporation, Summerlin began to take shape in 1990. Located along the western rim of the Las Vegas Valley, Summerlin encompases 22,500 acres with about 9,000 acres still remaining to accommodate future growth within the master plan, including the community’s urban core of Summerlin Centre.

The community is currently home to more than 95,000 residents and amenities include more than 100 neighborhood and village parks, more than 150 completed miles of the Summerlin trail system, 9 golf courses, shopping centers, medical and cultural facilities, business parks, 22 public and private schools, and more than 100 actively selling floorplans.

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New Homes ; Mountains Edge

As the only guard gated community in the Mountains Edge master planned community, “Cascade” recently opened their doors to 3 model homes in the community. The neighborhood has 68 home sites, including some of the largest lots in Mountains Edge. Amenitites at Mountains Edge Master Planned Community can be seen at http://www.michaelmeyerrealestate.com/blog/2007/04/25/new-homes-list-mountains-edge/ .

Ranging from 3,482 to 3,984 square feet, and priced in the low 500’s, the community offers buyers a range of flexibility in design, with options including porches, balconies, theater rooms, additional master suites and fireplaces.

The “Sutherland” model, which is 3,482 square feet, comes with 4 bedrooms and 3 baths plus a den, bonus room and a 3 car garage. With options you could add up to 228 square feet to the home.

The “Yosemite” model, which is 3,610 square feet, comes with 4 bedrooms and 3 baths, a den, a great room, bonus room plus a 3 car garage. With options, you can add an additonal master suite and up to 2 more bedrooms.

The “Victoria” model, which is 3,984 square feet and is the largest of the homes, comes with 4 bedrooms and 3 1/2 baths, a den, master retreat, bonus room and a 3 car garage. Buyer can add options such as a deck/patio, a balcony, theater room, game room and a 5th bedroom.

 

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New Homes List; Summerlin

Located at the base of the Spring Mountains, The Mesa Village is Summerlin’s newest and most southern village developed to date.

The Village is offering nearly two dozen floor plans priced from the mid-$200,00s to the $500,000s.

Homeowners that aspire to have a Summerlin address need to give this new community a look.

Spanning nearly 500 acres, The Mesa Village is planned to include several residential neighborhoods along with a 19-acre community park which will open in 2009. The community park will offer tennis courts, 3 little league fields, a basketball court, tot lot, covered picnic areas and a playground.

Ladera, which is the communities first residential neighborhood, has plans ranging from 1,642 to 2,883 square feet. Pricing runs from the mid $200,000s to the high $300,000s.

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New Homes List; Tuscan Cliffs

Resort style living in the master planned community of Southern Highlands.

Opportunities to lounge poolside by water and fire features, take in the views of the Strip and enjoy the privileges of membership in an exclusive club. The lifestyle at Tuscan Cliffs is so distinctive because each of the residences takes on the feel and function of a private, intimate resort.

Most of the homes feature a front door tucked away behind a portico entry and accessed via the home’s central courtyard, creating a sense of privacy. Some designs also feature second courtyards, and all include an extensive rear patio. There are over 5,000 ways each resident can personalize their home, from the structural layout of the home to custom design interiors.

The neighborhood features four floor plans, ranging from 4,328 to 5,441 square feet. A very pleasing option would be that of an option to have a one- or two- story casita. Additional bedrooms, additional garage space, an elevator, a sun terrace or a wine cellar are among the most popular options.

Each home site measures at least one-quarter acre!

Standard amenities include paverstone driveways, sand finished stucco exteriors, exterior stone veneer, 42-inch maple cabinets, granite countertops, 6-foot garden tubs.

New residents will receive a one-year social membership to the Southern Highlands Golf Club, upon application approval. The club includes  a spa, swimming pool and other facilities.

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Las Vegas Homes For Sale; Price Reductions

Buyers: Price reduction not always a red flag!

 

Several years ago, a home listed for sale developed a stigma if it didn’t sell within a month or two. Today, many sellers have homes listed that have been on the market for six months or longer. In fact, it’s so commonplace for it to take a significant time to sell a house that it is no longer a disgrace if a listing doesn’t sell right away.

It’s an irony of the current market that with all the homes offered for sale, many serious buyers can’t find a home to buy. There are often certain types of homes, in certain areas, that just aren’t on the market. These are usually prime properties in excellent condition that have broad-based appeal. When these listings come on the market, they are usually snapped up quickly, despite the otherwise slow housing market.

Many buyers are sitting on the fence at this point, watching the market and waiting for a better time to buy. It’s impossible to time the housing market, so you won’t know precisely when the market will next correct until that correction has already occurred. A market correction can be verified only through hindsight.

Although most buyers feel more comfortable buying in a hot market — even though it may mean paying more — there are some buyers who see a slow market as a good buying opportunity. If you are one of these buyers and you’re having difficulty finding a home to buy, consider the following options.

HOUSE HUNTING TIP: Get to know the inventory of homes available in your target area. Some of these listings will never work for you, either because they aren’t large enough or because they have defects you might not be able to live with, like a lot of stairs to the front door. You can drop these listings from your radar.

Find an agent who specializes locally and who will keep you well informed on local market conditions. Ask your agent to sign you up for a listing alert program that will send you information directly from the multiple listing service when new listings come on the market or when the status of a listing changes.

Of particular interest are listings that are back on the market, and ones that have had a price reduction. If a house that’s back on the market is one you were interested in, find out why the deal fell apart. In the past, it was commonly assumed that if a transaction failed it was due to inspection-related issues, not financing. Today, we’re seeing more transactions fall apart because the buyers were unable to secure financing. A seller who just lost a deal because the buyer couldn’t perform could be receptive to a reasonable offer from a better-qualified buyer.

Don’t assume there’s something wrong with the house if it’s back on the market, or if it has been unsold and on the market for a long time. In a changing market, it’s often difficult to select a list price that will bring about a speedy sale. Keep an open mind about listings that have had price reductions. These could have been mispriced to begin with. If the sellers are motivated, they will reduce the price until it is in line with the market.

Some unsold listings haven’t moved because they need too much work. In today’s market, the most salable listings are those that are in move-in condition. Properties that need work should be priced to account for the work that will need to be done.

THE CLOSING: Fixer homes may be more difficult to sell in the current market. But, at the right price, a buyer with vision will step up to the plate. 

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