Wow, can this happen in IE or Orange County too? Will it go below 2000 prices? The mortgage products that affect Orange County are just beginning to default.
Facing increased competition from foreclosures and short sales, Las Vegas homebuilders have not only had to cut production, but keep prices around $100 a square foot, the standard from about 10 years ago.
Signature Homes built the least-expensive home at an average of $84.64 a square foot from January through July, Las Vegas housing analyst Larry Murphy reported Friday. The most expensive average was $137.28 from Toll Bros.
Some builders produce primarily single-story homes, which carry a higher average cost per square foot than two stories, the president of Las Vegas-based research firm SalesTraq said. Also, homes built in master-planned communities and on larger lots are likely to cost more
Look at some of the industry response to this article
Murphy said he's received negative feedback on his new-home report, including a Realtor who said it's a "crime" that new homes are still being built at any price considering excess inventory of more than 22,000 homes on the Multiple Listing Service.
Read it all
"Some people feel home builders should disband and shut down completely and not give people a chance to buy a new home, even though there's evidence that people still want a new home as 5,000 or 6,000 of them will buy this year," the analyst said. "Last time I looked, it's not a crime to sell newspapers or to sell new cars and it shouldn't be a crime to sell new homes."