Lennar Homes has started development for about 200 new homes on a 40 acre parcel near Desert Inn and Tenaya. They are among a slew of local builders including; KB, D.R. Horton, Harmony and Beazer that have begun acquiring parcels of land throughout the Valley. The 40 acre parcel that Lennar acquired is rare for infill as most of the buyers are closer to 5 acres.
Due to the renewed interest by local homebuilders, the asking prices have gone from $200,000 an acre to $290,000 an acre.
Many prospective home buyers have become frustrated by the competition from cash investors and have decided to purchase new homes. In 2012 builders sold 5,544, which is an increase of 42% from 2011. New-home permits have jumped up 58% to 5,908.
Las Vegas didn’t see much infill development until the recession because everyone wanted to build around the valley’s outer edges. Due to the economic changes, builders have started to look more at infill properties which is historically priced lower.
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