The Real Estate Boom in Vegas Is More Frenzied Than Ever
Summerlin, the suburb of west Las Vegas creeping ever closer to the mountains, looks to be crowded with fully paved streets, streetlights, block walls, and blue top lots. With lumber, labor, and other materials in short supply, home construction can’t keep up.
However, Ali Wolf, chief economist with Zonda, quoted by CNBC, claims, “The lot supply shortage is real, and it is causing prices to rise and builders to move further into the suburbs.”
Diana Olick writes, “The surge in lumber prices in the past year has added $35,872 to the price of an average new single-family home and $12,966 to the market value of an average new multi family home, according to the NAHB.”
Las Vegas in the early to mid-2000s enjoyed an epic housing boom. This one is crazier.
I popped awake at 1:00 a.m., anxiety my alarm clock. A half hour later, I feared someone was already on their way to be first in line for a prized lot, overlooking the city, one of only four being released by a large publicly held homebuilder for that subdivision.
My wife pleaded with me not to go that early. Surely, I’d lost my mind.
I drove into the subdivision and breathed a sigh of relief. I had told the saleswoman I would be there waiting for her, blocking the entrance to the sales office. It would open eight hours later.
With coffee and Kindle to keep me company, I enjoyed the cool breeze and dark silence. What I had forgotten was a seat cushion. At four, I thought maybe I was nuts. But only six hours to go. Surely, at my age, lining up as if hoping to score front-row seats to a Rolling Stones concert was silly.
With the sun finally up, a white Volvo station wagon wheeled into the project, stopping abruptly in front of the sales office.
“What lot are you here for?” asked the gentleman.
Article from Mises Wire