Sunset Cliffs - Affordable new homes in Las Vegas

Sunset Cliffs a new condominium project under construction at Pebble Road and Durango Drive in southwest Las Vegas. It has attracted more people than expected, which could be seen by the presence of number of people camping out in tents and cars to get their names entered in the waiting list, when the sales office opened.

The price of the new homes is $170,000 for 1,123 square feet of house, which is an unbelievable price. The median price of new house in Las Vegas is $300,000 today. Only older condo conversion are available below $200,000. According to the developer it is possible to provide lower rates, because the building contains more units per acre. Sunset Cliffs will have 368 homes which is being expected to be completed in two years time. Price constraints are the main reason for people turning towards condos conversion, but Sunset Cliffs is providing new homes for the price of condo conversion a truly unbeatable proposition.

Condo conversion

The land utilization for commercial purpose was highest in the recent past but with the increase in demand for land and the increasing price of single-family homes the commercial building are being replaced with residential buildings. The changing face of middle class family and the amount of money flowing into the real estate market has been the reason behind the extensive condo development.

The median price of the condos depends on its location. Many people are turning towards the cities from the suburbs and instead of investing in a single apartment they buy two condos one for living purpose and another for renting out which indirectly increases their income. Condos became popular only after 1961 housing act, which enabled federal housing administration to insure mortgages on the units.

Compared to other residential property, the condos were worst affected by speculation during the economic recession. Over building and rapid conversion, which was, more than the demand led to fall in the condo price by 50% in the early 1980’s and it took ten years to reach its peak again.

Nevada tops home appreciation list

The second quarter of 2005 saw an increase in the average home price in United States by 13.4%. Nevada was the on top of the list with 28.1%, which is considered to the highest in the last 25 years. This cannot be considered the saturation point as certain places in Nevada which when compared to the other fast developing areas did not show any increase in their market value till recently, now gradually started becoming more powerful and active.

Las Vegas continued to figure in the list of top 20 cities which showed an increase in house appreciation value since the end of 2003 and it even topped the list in the year 2004. The appreciation rate in the Las Vegas metropolitan area has been 96.1% in the last five-year period. Last year the Las Vegas quarterly home appreciation was in the range of 40% to 50%. Now that the market is showing steady level of development the increase is in a controlled manner.