Sunday, September 24, 2006

Las Vegas New Homes - Cash in on the Incentives While They Last!

There has not been a better time to buy a new home in Las Vegas during the past five years. Currently new home builders around the Valley are offering big incentives for homes under construction, and even bigger ones on standing inventory.

Despite national concerns over a “real estate bubble, the number of Las Vegas new homes sold year to date in 2006 is on a pace to equal that of 2005, and is even marginally up over this time last year. Even though many investors have temporarily abandoned the single family home market in favor of preconstruction condos in Las Vegas high rise projects, new home sales have maintained their steady flow because 6,000 to 7,000 "real" people are still moving into Las Vegas monthly.

And the number of those moving in is expected to increase over the next year as more than 12,000 new jobs will be created by just a few of the major construction projects now coming on line, including the MGM City Center, Urban Village and the Cosmopolitan. With the apartment shortage created by wide-spread condo conversions around the Valley, many new residents will be forced into pursuing home ownership, keeping the Las Vegas real estate market strong.

New home permits are also down more than 30% for the fourth consecutive month from the same months in 2005, and inventory levels are expected to shrink by next summer or early fall. In addition to diminishing permits, major builders are also dropping options to purchase land that has gotten too costly for single family development. Others are rezoning their property for more cost-efficient mid and high rise development.

But for the time being there is a large inventory of new homes on the market due to the number of permits pulled by developers during the boom years. This is great news for buyers who can close within the next six months!

New home buyers are receiving anywhere from $10,000 to over $80,000 in upgrades and closing costs depending on the price of the home and what stage of construction it is in. Even though the prices in Las Vegas on new homes haven’t dropped (and have in fact increased 12.9% over last year) these incentives are effectively lowering the price below August 2005 levels.

As an example, just a few of the pricing incentives* currently being offered are:

Avellino - up to $40k discounts on options for all homes in phase 2 and 3
Capriana - builder offering up to $30,000 in options and closing cost incentives
Matisse - Up to $30k discount on all modelsD
ay Dawn - Free pool if you use builder's lender
Falcon Ridge - $20k in incentives if you use builder's lender
Hidden Canyon - swimming pool included with some plans
Maplewood Springs - $15k in options and closing costs
Sable Oaks - up to $55k in options and closing costs
Silverstone Ranch - golf membership included

Individual standing inventory homes may have even bigger incentives for a 30 day close.

Builders are keeping local Realtors informed on a daily basis as new incentives are announced for standing inventory homes. In addition to helping buyers negotiate the best deals with the builders, the Tonnesen Team of Prudential Americana Group Realtors is offering an additional incentive of their own - 1/2% to 1% of the base sales price back to their clients on every new home purchased from September 21st, 2006 through January 1st, 2007.**

"We're trying to encourage clients to buy now when everyone is selling, rather than wait until the next feeding frenzy. If we can get our clients into homes with great incentives and those incentives aren't around next fall, we have clients for life," said team leader Diann Tonnesen.

The Tonnesen Team can also help their clients obtain a better interest rate than what is offered by the builder's lender. For details, please call 702-985-7654 and ask to speak to a new homes specialist or email e-mail protected from spam bots. You may also visit their web site at Las Vegas Nevada Real Estate to browse complete listings of all the new homes for sale in Las Vegas.*Incentives may change at any time and are not guaranteed.

** As allowed by the buyer's lender and in accordance with state and federal regulations. Agent must accompany buyer on their first visit and buyer must be registered by the builder with the Tonnesen Team as their sole and exclusive agent. 1% rebates from team agents are available on homes where builder coop is at least 4%, on lesser coops rebate is 1/2%.

Post a Comment