Las Vegas Real Estate Info

The Las Vegas Business Press is reporting that Centex Destination Properties plans to break ground next week on the repackaged $1.5 billion, 2,400-unit “Urban Village” mixed-use project on Las Vegas Boulevard South, between Frias and Pyle avenues. The firm purchased the 50-acre site and project plans from Diversified Real Estate Group in December.

Urban Village will eventually consist of five neighborhoods with buildings up to 12 stories, housing a combination of brownstones, live-work spaces, flats, lofts and condo-hotel units. The project additionally will offer shops, restaurants, a pool complex, fitness center, jogging paths and parks. Other features call for secured parking, rose gardens, pet stations, outdoor grills and a bocci court. The development is expected to reach build-out in eight years.

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The construction of condominiums in downtown Las Vegas is being welcomed by business owners in the growing Arts District - but creating anxiety among some artists who fear the loss of affordable housing. The clash of lifestyles - marked by the construction of high rises at the expense of artists’ apartments - is expected to surface tonight when the city Planning Commission considers a 43-story condo project at Casino Center Boulevard and Colorado Avenue. The high-rise building would replace four duplexes occupied by artists.

The developer, Mythic Management, already has purchased the property for nearly $3 million. For more on this article, check out the The Las Vegas Sun

Pulte Homes, for example, recently broke ground on a 2,014-acre master-planned community in Mesquite, 80 miles northeast of Las Vegas. The development, called Anthem Mesquite, will consist of 4,600 single-family, detached homes built around an 18-hole golf course designed by Gary Panks. Las Vegas, by contrast, has a golf course construction moratorium in effect because of drought conditions. For more on this, read here.

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KLAS-TV is reporting that with tens of thousands of new people arriving every year, Southern Nevada is one of the fastest growing and rapidly changing areas you will find. The Las Vegas Perspective, a yearly publication, takes a look at those changes.

One of many interesting findings in this year’s edition is the one showing the relationship between housing prices and salaries.

Imagine getting a $200 a year raise in your paycheck. Now take that raise and try buying a house here in Las Vegas. That’s a reality that’s hitting too close to home.

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The Las Vegas Business Press is reporting that higher prices have local homebuilders looking at places like Pahrump, Mesquite and Coyote Springs as the next bedroom communities to Las Vegas. Vacant property values now average about $800,000 per acre and higher in the Vegas area, and building costs have increased 14 percent or more during the last year alone.

Homebuilders subsequently are giving rural communities outside the valley more serious consideration. The land is still cheap and plentiful. Local officials are welcoming. Permitting is faster. And there are fewer water restrictions.

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