December 2014 Real Estate News
Pardee has homes for the holidays
Pardee Homes has a limited number of move-in-ready homes at its new LivingSmart Homes Sandstone neighborhood near the southwest corner of Camino Al Norte and Ann roads in the Eldorado area of North Las Vegas. “If your holiday shopping includes a new home, we do have a few options for you, including a limited number of move-in ready homes at LivingSmart Sandstone, where our collection of two-story homes currently start in price from approximately the $230,000s,” said Rob Tuvell, regional sales director for Pardee Homes. A move-in-ready Residence 2-B at LivingSmart Homes Sandstone measures 2,250 square feet with four bedrooms, three baths, two-car garage, loft, stainless steel kitchen appliances and buyer’s selection of flooring. The home is priced at $247,900. Read more
Custom homes in The Ridges overlook valley
Summerlin’s most exclusive village, The Ridges, is known for its custom homes that overlook the Las Vegas Valley. Yet Boulder Ridge by Christopher Homes, offers another option for homebuyers seeking a highly customized home without the challenge of building and designing a custom home from scratch. This semi-custom neighborhood in The Ridges offers floor plans that give homebuyers options and features to allow them the opportunity to tailor their home to their likes and preferences. Boulder Ridge buyers enjoy access to products and features at the highest level of quality in their respective categories, including Kohler plumbing fixtures and Sub-Zero &Wolf kitchen appliances, according to company officials. Read more
Tech executives buy shuttered Stirling Club at Turnberry Place
The Stirling Club at Turnberry Place has new owners. A group of Silicon Valley entrepreneurs announced Monday that they bought the shuttered club on Paradise Road for more than $10 million earlier this fall. The group, incorporated as JDLB LLC, is managed by Carlos Nevarez, CEO of BizzBlizz, a social commerce company, and chief technology officer at Float Cloud, a Flash storage company. Jason Abrams, principal of real estate firm Jason Abrams Group, brokered the deal. JDBL said in a statement that it plans to “maintain and enhance the property in keeping with standards the Stirling Club set.” “Rather than just reopening the club, they’re taking time to carefully plan its future,” Abrams said. “We’re talking with local and global leaders, envisioning the best ways to make this sterling property as successful as the new owners’ Silicon Valley ventures.” Read more
Master Planned Housing Community to be Built in NW Las Vegas
Olympia Companies in Las Vegas is announcing a new 1,700-acre community in the northwest part of the city called Skye Canyon. The $300 million project will have 9,000 homes when completed. It is the first major master-planned community to be built since the Recession. In 2010, 70 percent of Nevada homes were underwater. In today’s market, it’s about 30 percent. Olympia Companies, known for its Southern Highlands community, wants a head start on an improving economy. Olympia Companies CEO Garry Goett says the new northwest housing community will feature the great outdoors. Special emphasis will be placed on amenities. There will be several parks, a farmers market as well as bike and hiking trails. Read more
Las Vegas sells land at Symphony Park for assisted living center
Downtown’s Symphony Park is getting a new tenant after the Las Vegas City Council approved a $5 million land sale to a real estate company planning to build a skilled nursing and assisted living center. The issue: The council considered a development agreement with California-based Citra Real Estate Capital to build the center on 3.3 acres at the park. The vote: Approved unanimously. What it means: The Smith Center for the Performing Arts, Lou Ruvo Center for Brain Health and Discovery Children’s Museum will have a new neighbor at Symphony Park starting in 2016. Developers will spend the next two years building the facility, which is expected to include 116,000 square feet for skilled nursing and 146,000 square feet for an assisted living complex, retail shops and medical offices. Economic and Urban Development Director Bill Arent described the $71.3 million project as one of the largest downtown in recent years. Read more
FHA Cuts Loan Limits for Las Vegas in 2014
On Friday December 6th HUD announced the new FHA loan limits for 2014 (Mortgagee Letter 2013-43) across the nation. For Clark County, the current single family loan limit of $400,000 has been reduced by more than 28% to $287,500 effective January 1, 2014.
This move is not unexpected – the FHA loan limits have not been changed since the “boom” years. Usually FHA prices its loans to the median of the local market. The only thing surprising is that they waited this long to decrease the limits in Las Vegas.
But if you are a buyer that has been looking at homes for sale in Las Vegas or Henderson in the $300K-$400K range and you were expecting to make only a 3.5% down payment, you need to decide on a property and make your loan application immediately! Read more