The complete guide to Henderson real estate and new homes in Las Vegas, Nevada.

LV home appreciation hits 14 percent

Home prices in Summerlin, the master-planned community on the western rim of the Las Vegas Valley, appreciated by 21 percent in the third quarter compared with the same period a year ago. .

The median price of a Summerlin home is now $230,000, up $40,000 from last year, said Larry Murphy, president of SalesTraq.

The citywide median price is $168,000, a 14 percent increase from $148,000 in third quarter 2002.

Broken into submarkets, Henderson had the valley's highest appreciation rate at 16 percent ($206,000 in 3Q 2003 vs. $178,000 in 3Q 2002).

The north ($150,000 vs. $131,000), south ($168,150 vs. $146,000) and southwest ($195,075 vs. $169,000) housing submarkets appreciated at 15 percent.

The northwest ($175,000 vs. $155,000) was at 13 percent and the east ($130,000 vs. $122,000) at 7 percent.

"Clients always ask me about appreciation rates, though even if they don't, I always make sure and emphasize the increasing rates as a means to explain to them the sense of urgency they should have in looking for a home," said Shawn Cunningham, a Realtor with Re/Max Advantage in Las Vegas.

Waiting six months or a year to buy a home, especially in hot areas like Silverado Ranch, will cost them thousands of dollars, he said.

For example, the Seasons cluster-home tract by Richmond American in Silverado Ranch had a 1,350-square-foot model that was selling for $150,990 in January and now goes for $202,990.

"That always causes the jaw to drop with these out-of-town investors and relocaters," Cunningham said.

Many of his clients, both owner-occupants and investors, will only consider areas that have the greatest appreciation potential.

The right home improvement project also can dramatically increase the resale value of a home. A study by Hanley-Wood published in Remodeling Magazine showed the top five projects, measured in terms of one-year return on investment, as minor kitchen remodeling (88 percent), a second-story addition (83 percent), bathroom remodeling (81 percent), a bathroom addition (81 percent) and a family room addition (75 percent).

APARTMENT SALE: Christopher Bentley, senior associate for Marcus & Millichap in Las Vegas, brokered the $18.8 million sale of the 316-unit Mayan Plaza apartments in the high-end west side of town.

Marcus & Millichap marketed the property on behalf of the seller, a Texas-based investment partnership. The brokerage found a buyer, Southern California-based Greenlawn Property Exchange, within one month of the listing.

The sales price breaks down to $71 a square foot, or $59,335 a unit. One- and two-bedroom units range in size from 700 to 1,032 square feet with monthly rental rates of $680 to $838. Occupancy is currently 90 percent.

JUSTICE FACILITY: Clark & Sullivan Constructors recently began building the $23 million North Las Vegas Justice Facility at Civic Center Drive and Las Vegas Boulevard.
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http://www.reviewjournal.com/lvrj_home/2003/Nov-24-Mon-2003/business/22619236.html

Monday, November 24, 2003
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By Hubble Smith
Review-Journal