In this challenging economy across the US many builders are having a difficult time and our Local Las Vegas builders shifting model to better leverage opportunities that are presented to them. Many builders, including a large number here in Las Vegas, are going to work directly for Banks and Financial Institutions as contractors. This is dramatic change from years past.
New Home Builders Perspective
The number of single family Las Vegas homes constructed and here dropped about 85% to approximately 5,271 in 2009 from 36,050 in 2006 based on latest numbers from the Southern Nevada Home Builders Association.
There are a large number of Las Vegas Homes (approx 22K) that are available for sale, this does not include our new home inventory. These unsold homes have certainly impacted new homes sales, which has in turn forced new home builders to look at alternative ways to finish projects underway, make payroll and stay in business!
Banks Become Builders
Another challenge for new home builders has been the lack of credit available to them – many cannot get sufficient financing to complete existing projects or develop the raw land that has been purchased previously. But, perhaps some saving grace for builders is that banks are now stepping up to the plate and developing and/or finishing communities that our local builders have already started.
Las Vegas Builders Shifting Model Good For Community
So, the picture continues to change here in Las Vegas but we continue to be opportunistic about our market – we have some great new homes that are now on sale for $.40 on the $1.00, with price points we haven’t seen in 3-5 years, depending on your price range. Call us today if we can help you in any way or visit our web site!
