For example, take a typical 1000 square foot home for sale (built since the year 2000 to compare apples to apples) that just needs carpet, paint, and other minor TLC priced at $50 per foot. (Usually the landscaping on even cosmetic fixers is also dead, but since you have to put in landscaping on a new home, we will call that a draw.) Generally speaking, it will cost about $20k to do a basic rehab on the home without going crazy.
Now the price of that $50 per foot fixer has just gone up to $70 per foot, ($20k divided by 1000 sf = $20 of rehab per foot plus the original $50 per foot purchase price) and the color of cabinets and countertops may not be what you would have chosen for yourself. And since most of the MLS listings in Las Vegas are sold “as is where is” in today’s market, you have no recourse later if you find other problems with the home.
With a brand new home, you get to pick out all the options to suit your taste. Most of the new home builders are offering an astonishing array of “upgrades” included in the base sales price (granite counters, etc.) that were costly add-ons in previous years. If the home hasn’t been started yet, you can even choose what lot you would like it put on. (Many Las Vegas new home builders are now waiting until the buyer picks the lot to start construction, so this is a very realistic expectation.)
So not only may the cost end up being close to the same as that “fixer” without all the headaches of doing the fixing, but you also get a home with all the new home warranties and latest energy saving technologies in nice new neighborhoods without other fixers down the street.
To view a list of 47 new homes and their floor plans priced at under $70 per foot in the range of $95k to $300k, go to: New Homes Under $70 per foot. Then give us a call at 702-985-7654 to arrange a viewing!
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
Over the past month, the Las Vegas real estate market has been literally flooded with would-be flippers, making up to 30 bids each per week. They are offering anywhere between 70 to 80 cents on the dollar on homes listed for sale around the Valley, hoping to get just one offer accepted so they can get started on th...
The Las Vegas housing market continues to ride a wave of stability as the median price for an existing single-family home in Southern Nevada last month was just under $313,000. That represents a 6% jump from December 2018 and a rise from about $307,000 in November of last year. The all-time high for Las Vegas was $...
One of the most challenging aspects of the home-buying process is getting access to financing. Securing a loan can be even more difficult when you’re planning to build a house from the ground up instead of getting a mortgage to purchase an existing property. If you’re building instead of buying the home of...
According to Mark Stark, owner of Prudential Americana LLC (one of the largest Prudential franchisees in the country), the Las Vegas real estate market has made a full return to traditional sales. In February 2014, bank foreclosures and short sales combined only made up a meager 14% of total closed transactions. This i...