With so much news and focus on foreclosures, it's possible home buyers may be overlooking excellent value in other areas of the market, including new homes. KB Homes at Inspirada in southwest Henderson is a perfect example of great pricing currently available from a builder. There are new homes found there that at the moment are base priced at under $100 a square foot, in the range of bank owned homes here in Las Vegas. Town homes start in the mid $100k's, single family garden homes the mid $200k's, and many models to chose from under $300,000.
So what other differences might you find in comparing a foreclosure purchase to one of these new homes? First a foreclosure is sold as-is, and without any disclosures provided. This is true of most any corporate owned home in Nevada, since the owner didn't actually live in the home. Foreclosed home's conditions will vary, from immaculate, to fixer-upper, to in need of extensive repair. Purchased home warranties may be available, but may not cover items determined to be pre-existing conditions. So yes, there may be some risk and additional expense involved in purchasing an REO, and why you need to determine if it offers you the best value.
In the case of these KB Homes for example, they come with the builder's 10 year limited warranty, included in the purchase price. They are also offering a Price Protection and a Rate Lock, at least for now. With Price Protection, should the base price of your model home drop before you get the keys, the buyer gets the lowest price. They will also lock in your interest rate at the time of contract, and will adjust it down if rates should be lower when you close. There are also other incentives that may be added, depending on the home model chosen.
Is there a down side to these new homes? Obviously the new home market isn't booming as it once was, or the builders wouldn't be offering this pricing. In the case of Inspirada, the market slowdown has also slowed the expected completion time frame from 7, to 10 - 15 years for total build-out of the 11,500 homes on the 2000 acres. I believe that this isn't an unusual situation for any of the new housing developments in the current market situation. They've all had to readjust their planning to some degree based on the size of the community.
A plus for that general area is the new $700 million M Resort. It is under budget and ahead of schedule, opening March 2009. In late May of this year, Marnell and MGM Mirage announced the addition of a 1 million square foot mall to the project, that should be completed by 2011 - 2012. That should help spur more commercial growth in the area, and provide additional shopping for that portion of the valley.
Of course there are many builders that are offering excellent values right now, and in a variety of price ranges and amenities. I've blogged before about Toll Brothers at Inspirada, Rhodes Ranch, and Tuscany Village, just to name a few. In addition to new construction, there are resale homes priced right that can also offer great values in established communities. This is where having a good real estate agent can come in handy, by showing and explaining all your available options.
PLEASE NOTE: To be represented by YOUR own agent with a builder, you must not register online or request information, and the agent must be present the first time you visit the home site to be represented.
So on to some pictures to give you an idea of this urban lifestyle community. To view full screen, click the HD button in the player's bottom toolbar, and click it again to return when done. To see this and my other slideshows of communities and what else you can find around Las Vegas, Click Here.
If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me firstname.lastname@example.org or call me at 702-354-8988. I look forward to hearing from you!