Valley homebuilders increase their less-expensive offerings
Amid rising prices and affordability concerns, Las Vegas homebuilders are rolling out a bigger menu of less-expensive projects, a new report shows.
About 25 percent of communities that opened this year have an average base asking price below $300,000, up from 12 percent of projects in 2017, Home Builders Research reported Friday.
The Las Vegas firm attributed the rising share to more projects in areas with cheaper land prices, such as Pahrump, portions of North Las Vegas and the eastern Las Vegas Valley. It also cited builders’ rising number of condo and townhouse developments.
Builders here and in other cities are offering lower-priced homes to “maintain” their sales volumes, the report said.
Overall, Las Vegas home prices are rising at one of the fastest rates
BUILDERS
have the heart of the middle class,” he said. “I wanted people to see this, get the idea of what they could do in their own hometown with carpenters or other programs and other trades.”
With a national shortage of construction workers, Garcetti said it’s important to build up a workforce to reinvest in America’s infrastructure.
“Here (at the training center), they’re teaching you how to get along with a group of people,” he said. “That emotional intelligence will help America work, no matter what changes technologically. Those are skills you need no matter where you are.”
The organization, which launched last fall, connects local innovators with networks, mentorship and capital to replicate initiatives in other cities.
“We are excited about a future in this great country that is ours to control and make sure that we are doing everything for everybody all the time,” Goodman said.
The accelerator is working with three cities — South Bend, Indiana; Oklahoma City; and Louisville, Kentucky — to help them take advantage of Opportunity Zones, a tax incentive established in the Tax Cuts and Jobs Act that allows investors to put money toward development in certain communities.
Garcetti said Las Vegas has been successful in getting zones designated, with 24 zones selected in the city.
“We’ve been highlighted for some of the process we did, like putting it out for public comment, reaching out to local government and looking at a national study for the need and likelihood of investment,” said Derek Armstrong, deputy director of the Governor’s Office of Economic Development. “Hopefully we can continue to work to make sure it’s implemented correctly as well.”
Garcetti said Opportunity Zones are a great way to take those pockets of America still left behind and bring them economic prosperity.
“We thought this was a good place for people to see the skills piece, the infrastructure piece and the downtown revitalization which was embodied here in Las Vegas,” he said.
Contact Bailey Schulz at bschulz@ reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.