New Decade – New Real Estate Trends for 2020!
As we enter the new decade, we will have more millennial entering the housing market. This demographic sector prefers more urban, walkable communities. They also prefer smaller spaces, taking on the “less is more” philosophy that so many AGE 55+ buyers already have.
The World Property Journal just published an interesting article summarizing the coming years’ predicted real estate trends.
CLICK HERE TO READ ABOUT 2020 REAL ESTATE TRENDS
What does this mean for Las Vegas & Henderson Real Estate?
High Rise Sector:
Veer Towers West One Bedroom
No new residential high rise condo towers are on the drawing board in Las Vegas and Henderson. This is due to the high cost per square foot for concrete, steel, and glass construction and soaring land acquisition prices. This, coupled with millennial demand for walkable, urban, smaller living spaces, should put upward price pressure on Las Vegas High Rise Condo Sales, which in turn will result in upward pressure on luxury high rise rentals.
High rise condos are also popular with baby boomers who like the lock and leave lifestyle as well as second home owners.
Regency at Summerlin Model Home
Las Vegas & Henderson remain top locations for Age 55+ folks. Nevada has no state income tax, no inheritance tax, great weather, and world class entertainment and dining. Del Webb is building 2 new communities – one in LAKE LAS VEGAS and the other in NORTH LAS VEGAS. These will be uber successful, if past sell outs are indicative of future demand. Resales are available in Sun City Summerlin, Siena, Sun City Anthem, Solera, Sun City MacDonald Ranch, and the very modern Regency. With the inbound migration ever increasing to NEVADA, from Californians and city dwellers in Portland, Seattle, we expect upward price pressure on resale homes and quick sell out of age 55+ preconstruction homes.
Luxury Homes
Blue Heron Modern Home in SKY TERRACE in Henderson 89052
Luxury homes are plentiful in Las Vegas and Henderson . The past 5 years or so, modern homes have been in the strongest demand. So much so, that the interior sometimes all tend to look alike – color palettes of white and grey abound – and as development has reached the mountain sides, views are still the hot point in this market sector.
I expect we will see in 2020, a return to the desirability of warmer tones and more colorful interiors. Lot sizes are shrinking, no new golf courses are being built, and we are running out of build able land.
The desirability of resale homes in guard gated golf course communities such as Anthem Country Club, Spanish Trail, Red Rock Country Club is VERY STRONG and inventory on the low end price wise in these neighborhoods is waning. People are not moving out of the smaller homes in these high end communities, as they sell in a week or two and are extremely liquid. They make great rentals, and terrific investments and the prices continually increase.
New Construction Homes
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New Las Vegas & Henderson homes are in strong demand. West Inspirada and Lake Las Vegas are two of the most desirable masterplans.
WEST INSPIRADA DRIVING TOUR
LAKE LAS VEGAS DRIVING TOUR
WHY USE A REALTOR FOR NEW HOME BUYING IN LAS VEGAS
With all the inbound migration to Las Vegas & Henderson NV, the lack of available land, the fact that no new RESIDENTIAL high rise condos are planned for the next few years, the on going diversification of our economythe lack of natural disasters – floods, fires, tornados, etc.,the Las Vegas Valley continues to experience continual growth. The Las Vegas real estate outlook for 2020 looks sunny!
Our Team is comprised of native Las Vegans, born and raised in Vegas and Henderson, and June Stark, who relocated from NYC in 1972. We know Vegas real estate and all the different neighborhoods like the backs of our hands – Please give us a call at 702-236-8364 for all your real estate needs! We look for3ward to hearing from you soon!
JUST LISTED LAS VEGAS LUXURY HOMES