BluefoxToday blog : Mountains's Edge Las Vegas tops national list of master-planned communities

Mountains's Edge Las Vegas tops national list of master-planned communities

Who would have thought such a list even existed in this real estate market? Especially since the new home segment is having major trouble in moving inventory almost everywhere, including here in Southern Nevada. But it's true. Robert Charles Lesser & Co., a housing advisory firm, is behind the study that keeps track of home sales in master-planned communities nationwide and then ranks them.

Mountain's Edge claimed the high spot on the best-selling list with 879 houses sold in 2008, although overall sales there went down by 49%. It's somewhat surprising that even that many properties were closed there considering all the overbuilding Las Vegas has experienced and the turmoil in the mortgage and financial industries. Their incentives must've worked fairly well because new homes prices generally aren't competitive with the resale sector.

Please click on the link to read the entire article.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 6 commentsEsko Kiuru • May 02 2009 09:32PM

Comments

Their resale absorption rate is phenomenal!!  They are just slightly higher than their counterpart to the north - Rhodes Ranch and wayyyyyyyyyyyyyy lower than Summerlin.  Summerlin's resale absorption rate is dismal compared to the entire valley!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) almost 11 years ago

Esko, that has to be a huge community to have that many units.  It is good hear some more positive news out of your area :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 11 years ago

Renee,

That's interesting piece of news to know. Thanx.

Posted by Esko Kiuru almost 11 years ago

George,

The housing market is battling back with all it has. Still a way to go, though.

Posted by Esko Kiuru almost 11 years ago

Hey Esko,

It's Tim from blog.hsh.com. I apologize for not commenting here sooner, I always appreciate your responses to my stories. We've been doing our best to blog about any glimmer of good news pervading the markets -- especially housing. There have been some positive reports coming out of the areas of the country where the housing bubble first broke (i.e. parts of California, Florida). Nationally speaking, I haven't heard too much about Vegas. Is this example (your article) an exception, or is Vegas beginning to bottom -- or at least show some signs of life -- like the other cities and states where foreclosures hit especially hard?

Talk to you soon,

Tim Manni

Posted by Tim Manni almost 11 years ago

Tim,

In Vegas the lower end of the market is doing okay now with prices really attractive, thanks to all the bank REOs hitting the MLS. I'd say that the bottom is near, if not already there.

Posted by Esko Kiuru almost 11 years ago

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