Record High Number of New Subdivisions Being Built
According to a local research expert, a record-high 467 new home subdivisions are being built in Las Vegas Valley, and sales of both new and existing homes will grow by 10 percent this year to more than 100,000 units.
SalesTraq reports that the 10 best-selling subdivisions in the fourth quarter were almost entirely condominium conversions, including the No. 1 subdivision of Meridian on Koval Lane near Flamingo Road.
Additionally, SalesTraq is predicting that appreciation of home values are expected to drop from the 30 percent to 40 percent gains over the last couple of years to more normal increases of 6 percent to 8 percent. The median price of a new home at the end of 2005, including the lower-priced condo conversions, was $313,372, a 6.8 percent increase from the previous year.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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