Homebuyers Want New Home

Daily Real Estate News April 8, 2008

Vegas Buyers Want New Homes

There’s a glut of glitzy and unsold houses in Las Vegas – about 50 percent of them empty.Nearly 1,000 houses are listed for sale in Las Vegas for $1 million or more. More than 600 of them have been built since 2004. But unless they’ve been constructed in the last year or two, they are hard to sell, practitioners and other observers say.Las Vegas isn't about stately trees, old lawns, and older money, says Gene Moehring, chairman of the University of Nevada, Las Vegas, history department and a specialist in urban history. "In Vegas, new is the most important thing.”Developer Christopher Homes recently opened a neighborhood of homes in the hills west of the Strip selling for $1.7 million to $3 million. Several houses have sold to residents of adjoining neighborhoods who lived in their houses for less than five years, including homes built by the same developer, says Erika Geiser, the company's vice president."They feel their [current] residence is obsolete," she says. "They're looking for something more innovative, more cutting-edge."Michael Lemoine, an architect who specializes in custom houses for the wealthy, says he has clients who build houses as often as some people buy cars."New neighborhoods pop up that become the place where these people want to live," he says. "They move from one to another because they want to be with their friends, then in five to seven years' time they go to another community."Source: The Los Angeles Times, Peter Y. Hong (04/08/08)

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