Southern Nevada builders exploring $100 per square foot homes

Las Vegas existing home sales are dominated by foreclosures today, something like 70% of them are REOs, or real estate owned. Banks are now in a hurry to unload the steady stream of inventory and to do that they are pricing the homes aggressively. The lower end of the resale market has been relatively busy because of that but it has also shouldered the new home sector mostly out of the picture, as it has been slow in reacting to the large drop in prices. That is now changing, however.

$100 per square foot, or more, for any home was considered expensive in Las Vegas before the boom years and became kind of a psychological benchmark at the time. Then prices zoomed right through it as the market turned sizzling hot and in this contraction are now heading right back toward a more realistic standard. To read the entire article please click on the link.