Buyers Cashing In on Las Vegas New Homes Incentives

New home builders in area are offering big incentives for homes under construction
New home builders in area are offering big incentives for homes under construction

RISMEDIA, September 26, 2006?Proponents of new home construction are offering big incentives in Las Vegas for homes currently under construction, and even bigger ones on standing inventory, according to a recent release from Prudential Americana Realtors, based in Las Vegas.

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, the company states. 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 models

Day 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 21, 2006 through January 1, 2007.

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

For more information about The Tonnesen Team, visit Las Vegas Nevada Real Estate.

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