Historically, 40% of our buyers have puchased new Las Vegas homes. The builders pay our commission, and we are pleased to give our advice and expertise about new Las Vegas homes.

That having been said, the waiting list for new Las Vegas homes has changed a lot of things. Let me explain. Many, if not most,  tracts have a waiting list of 6 months or more. For new Las Vegas homes at $175,000 to $350,000 price range this is even more prevalent. In fact, today, early March 2004, I called Nevada Trails, a Pardee tract in the Southwest [702 407-0159]. They said they had 700 people on their waiting list!! They said people would get a lot in a year and a half, then 6 or 7 months to build. Las Vegas new home prices are not locked until the buyer secures a lot, maybe 18 months from now. That of course is an extreme example, but I was calling to about 14 tracts, around $350000 to $400000, and the closest I could find to show the client was a tract in Southern Highlands, where they had 14 lots with 150 people on the list, but the release they were having in March was to be random, so anyone on the list has a 1 in 11 chance of getting a new Las Vegas home.But, that tract, Foothills [702 228-8559], built by Pacific Southwest, had $125,000 to $150,000 lot premiums on all remaining lots. [The base price on the new Las Vegas homes were $433000]  Most KB tracts have 150 to 200 on their lists. I called Tierra Linda Arroyo Series by KB Homes, base priced at $276000. they told me 220 people on the waiting list, with 11 homesites left, and that they were not putting any new names on the list.Most American West tracts have 250 to 300 on their lists American West at Royal Highlands Inverness [702 407-7649] has 900 names on the list for 175 homes left.. Distinctive Homes, at Stetson Ranch [702 220-4400], had "over 1000" names on their waiting list, not adding any more  [base priced $210000 to $436000].

So, what does this mean. Most resale Las Vegas homes are selling for more than list, so, for comparison purposes, let's look at a resale Las Vegas home, asking $250,000 selling for $270,000 today, as opposed to a new Las Vegas home with a base price of $240,000 today and a waiting list that will enable you to get a lot in 4 months, with a release every 3 weeks, and a 5% price increase every release, with a $6,000 lot premium, and spending 6% of the cost of the home in builder installed options, and $10,000 for landscaping and window coverings, etc. We'll show what happens on the new Las Vegas home if the interest rate stays the same, or, in the last column, the rates go up to 7% when you could lock in maybe December, 2004

If interest rates do go up to 7% around the time of the election, as many people are predicting, you could buy a $350000 to $360000 resale Las Vegas home today, move in for 30 to 45 days, for the same payment, based on 20% down, as buying a new Las Vegas home, base priced at $240.000 today, locking price in 4 months, and locking in the interest rate about 9 or 10 months. It is more extreme with less of a down payment.

Again, we show new Las Vegas homes as often as we show resale Las Vegas homes, and realize that for many, the lure of a new Las Vegas home is overwhelming, and for others, the timing on a new home works better. We just wanted make sure you think it through. Feel free to call us to discuss any of this, or to customize the scenario to your situation.

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