New Las Vegas Home Developments
New Home Tract Development
At any given time in Las Vegas there are hundreds of new home tracts or subdivisions under various stages of construction. Some of our larger builders, such as KB Home, Pardee or Beazer, may have as many as 20 distinct subdivisions scattered throughout the valley. New home construction tends to be located on the perimeters of Las Vegas, with the north and southwest areas being the most active.
Before construction begins, the builder must submit a plat map of the proposed subdivision (community) and may have to hold public meetings with the owners of existing homes in the neighborhood. The plan should adhere to zoning regulations but may require variances.
After the builder has received the OK from the Clark County Planning Commission, construction can begin. The first tasks are; preparing the building site, constructing the roads and grading the lots. During this stage, most builders will place a temporary sales office in a mobile trailer at the site, and will begin presales of homes. Since prices usually increase phase by phase, presale prices are the most desirable.
The next step is the construction of model homes. A new home development usually features three or four different models, each offering a variety of exterior facades (called elevations). Model homes are professionaly decorated and highly upgraded with more expensive features, such as marble flooring and granite kitchen countertops. The builder's brochures indicate "base prices" which generally include:
Builders will encourage you to visit their design center to select your upgrades.
Homes are constructed in groups of 6 to 10 at a time, called phases. Phase 1 homes are usually presold. So if you arrive at the builder's site after the models have been constructed, chances are you will be selecting from future phases.
As new phases become available, prices generally increase. Here is the price history for the Oasis model at Aberdeen Falls:
Larger building lots and lots with a view often carry an additional lot premium added to the cost of the home. In some cases, lot premiums are added to ALL lots; just a way of keeping the published list price lower. Premiums can add many thousands of dollars to a home purchase. Be aware that builders will not guarantee that views will remain intact even though they charge a lot premium. In other words, it is possible that a high-rise condo might be constructed in line with your panoramic view of the city.
New homes in master-planned communities often carry an additional cost - a Special Improvement District (SID) or Local Improvement District (LID). These are assessments placed on all homes in the community to cover the cost of local improvements and infrastructure. Before purchasing a home in one of these areas be sure to investigate these additional costs.
Completion of the tract
As the final phases are sold out, builders are often anxious to finish the development and move on to new tracts. There may or not be bargains here. In a race to complete the development, buiders often construct "spec" homes even though they do not have customers yet. The builder will go ahead and select options and begin construction. If you are looking for a home that you can move into quickly, this may be your best bet. You can usually take possession within 30 days rather than the usual 6 months on a typical sale.
By the time a community is in its final stages, you can expect to see "for sale" signs beginning to appear on homes that were completed in earlier phases. Some of these are homes that were purchased by investors, hoping to "flip" the home. Remember, if they purchased a phase 1 home, the current price has probably risen enough to show a profit.
There are many ins and outs involved when purchasing a new home in Las Vegas. I'm experienced. Please don't hesitate to contact me for further information.