The real estate market will come back in Las Vegas (and else where...) but it will not be with a sonic boom. It is likely to be subtle, below the public's radar. The revival will probably begin in the areas hit hardest. Recovery as well as the Declining market is local. One of the hardest hit market was Las Vegas, where the majority of homes -for Sale- are on relatively new developments. What happened in Las Vegas (market) recovers here in Las Vegas...
- KB Home - who took over the vast majority of home construction in the
city - is one of the biggest Developer in Las Vegas. During the bubble Bruce
Karatz, a flamboyant marketer, believed that the public's hunger for big, luxury
mansions would keep the good times rolling for years to come. But it proved to
be wrong ... more>>> The
Housing Chronicles Blog
Now KB Home is among the first homebuilders to recognize the error, and it is
returning to traditional low-cost, smaller homes... Affordability is the new
mantra. Projects are turning back to smaller homes and about half as
expensive... build starter homes that compete with rentals. The strategy shift
may prove to be the right approach on how the housing market rejuvenates itself
after a boom and a bust >>> more to read:
Downsizing the American home
- From 2005 to 2006 - first-timers rushed to purchase homes they couldn't afford with the help of creative loans.
- By 2007 more and more people were frozen out of the market - especially the entry-level buyers, who accounts for as much as 30% of new-home sales.
- Now that prices of new houses have fallen as much as 30%, they are
returning- prompting a turning point in the housing cycle.
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- KB Home - custom homes with craved cathedral ceilings,
formal dining and living rooms, fancy wrought-iron railings on windows and
balconies are turning into affordable small sized homes. But affordability can't
compromise the quality of life style and the builders are extremely specific
about what they want to keep. Buyers welcome affordable houses as long as they
offer plenty of bedrooms. They also don't miss the formal living and dining
rooms if KB provides a "great room" combining the two in one open space that
includes a generous-sized kitchen. And of-course the cool refreshing pool in the
backyard is the tip of the cake.
We can live small but comfortable and in style.
