Builders in Las Vegas are saying that sales and demand are rising for custom home lots, particularly those with scenic views.
The Las Vegas Review-Journal reports that lots have been selling at several local luxury communities, including The Ridges, The Summit Club, MacDonald Highlands, and Ascaya. Lots in these communities can sell for upwards of $5 million. While views of The Strip are selling points, there are more reasons for the increase.
“The PR people say it’s the view, but in my opinion it’s the stock market,” Dennis Smith, president of Las Vegas-based Home Builders Research Inc., said to the Review-Journal. “If the stock market was going in the other direction, there wouldn’t be that many custom lot sales. The whole upper-end market has expanded because the economy has improved and Vegas is still Vegas. If you got the money, you can do anything you want. Since the recession, Vegas is becoming more a place of the haves and have-nots.”