Aspire Home Builders makes custom homes starting at the low end of $400.00 per square foot on 5,000 sq. ft. dwellings and larger. Many comparable homes and home builders will be priced at $1000 and as much as $2000 per square foot depending on where they are located and the type of lot. Buildings hanging over angled lots will be much more expensive than flat lots.
Currently, custom homes are taking about 14 months to 20 months to complete depending on the size and location. Prior to the pandemic these homes were taking about a 10 months to a year to complete.
Basements can be a big deal on these properties and many times they are built underneath the home since there is limited lot space and the garage size requested may be as large as 10 cars. It’s always a good idea if the client has spent some time on the internet researching floor plans and designs prior to starting a project. Many times an overall design won’t work with a specific lot choice or in a specific luxury subdivision. The more a client has pre-determined what they do or don’t want the better. Unfortunately, the various municipalities and building departments may have their own agenda when it comes to any one buildout.
Many luxury subdivisions will sell their first lot to someone like a George Cluny as a marketing angle. Once all the lots are sold, and the subdivision has been built out, George Cluny will sell his lot for 5 times what he bought it for and never actually build on it. It’s totally a marketing technique for the sub divider and a strict land investment for George.
Most of these homes are putting in solar but they are not getting off the electrical grid 100% because of the battery storage requirements. It is still financially impracticable to spend the money necessary upfront to put in the necessary batteries as opposed to the amount of electrical savings those batteries will give the homeowner.
Las Vegas Property Management Update
The rental market overall has slowed down in part because of the time of year. Most people do not want to move during the holidays. Consequently, properties priced over $2000 per month have very few applicants applying for them. However, if a property is priced below $1500 per month there still remains a great deal of demand. So much so that each property is getting multiple applications within 24 hours.
Clark County recently voted to initiate a low income housing project to meet the demand for affordable priced homes. The average price for a home in Las Vegas is currently $450,000. They have purchased property to develop located on Cactus between Rainbow and Buffalo. Purchaser’s income will need to fall below the Median price income for the area to qualify.
