The global pandemic and the desire for more space and isolation appear to have benefited Lake Las Vegas greatly in 2020, and the lake community is well on its way to its best year since before the Great Recession more than one ago Decade to have.
The 3,600-acre East Henderson Resort Community, with a 320-acre man-made lake, golf courses, hotels, and retail village, had the fastest growth rate of any long-term master-planned community when it came to new home sales between July and September.
According to Las Vegas-based Home Builders Research, the 85 sales in the third quarter were three times the 28 in the same three-month period of 2019.
A strong summer propelled Lake Las Vegas to 191 sales through late September (the last available period). That’s 45 percent more than the first nine months of 2020. From January to September 2019, 132 sales were made, Home Builders Research reported.
Lake Las Vegas reported that it had sold 221 new homes and custom lots as of Nov. 11 and expects to end the year with 275-300 sales as new models and communities hit the market. It sold 192 homes and lots in 2019.
“People are looking for a quiet place to rest, and we’ve been very lucky,” said Pat Parker, president of RainTree Investment Corp., the lead developer of Lake Las Vegas. “The world we live in is complex and sometimes you just want a place to relax. There are big concerns about getting COVID-19 so it is very attractive for people to have free space and be outside. “
Parker said they noticed the trendline began from mid-May through June 1, when Nevada and other states began to reopen.
“We knew something had moved in a positive way, that people were coming,” said Parker. “The number of visitors had decreased, but the conversion rate was much higher. Real buyers came. You were very serious and bought. “
Nothing embodies what happens but the sale of an 8,800-square-foot waterfront home in September for $ 6.5 million. This is the highest price paid for a Lake Las Vegas home since 2007. A Southern California couple with a business and family purchased the home. Gene Northup of Synergy / Sotheby’s International Realty was the listing agent.
Luxury builder Blue Heron has sold 35 of 37 in its new Community Vantage with a starting price of more than $ 800,000.
Construction began in an adjacent half and one acre custom lot community. The 1 acre lots on the lake cost at least $ 1 million. Two sold for $ 1.59 million and two of nine lots remain on the water, Parker said.
Parker said not only was it the result of the pandemic, but Lake Las Vegas was well positioned with a new variety of product lines coming together at the same time.
Pulte Del Webb opened its first age-qualified community in southern Nevada in more than a decade on Lake Las Vegas this year with projected sales of 460 homes. 78 homes have been sold, and these prices range from $ 407,880 for 1,579 square feet to $ 576,880 for 2,736 square feet. The construction of the clubhouse has just started.
Richmond American opened Amberock and sold 13 of its 75 maisonettes. It starts at $ 292,500 for 1,500 square feet.
“We were lucky to have expanded the product line at the right time,” said Parker. “That was a good time for the pandemic and the people who moved out of California. We rebuilt the church for that moment, which was to prepare homes at various prices ranging from more than $ 300,000 to $ 6.5 million. We have miles of hiking trails. People wanted to be outside during the pandemic. We offer this active lifestyle. Not too many places have it. “
Parker said they heard from buyers who said they had watched Lake Las Vegas for years, always loved it, and now wanted to move there. But it was the pandemic that gave people the impetus to make the decision, he said.
“You didn’t want to miss it,” said Parker.
About 50 to 55 percent of buyers are from California. 30 percent are from Nevada and the rest from colder climates like Chicago and the Pacific Northwest. Many of the Las Vegas shoppers are Henderson residents looking to move up, Parker said.
“They are people who live in Green Valley or Anthem and have probably been there for more than 15 years,” said Parker. “The equity has returned to their homes and they want to live in the beauty of Lake Las Vegas, they tell us.”
The people moving from Southern California will be full-time residents. Some have kids in high school or just out of high school who are seeing an opportunity to buy a house with a view or have modern architecture, Parker said.
“You are moving out of California, where your home could be 30 years old,” said Parker. “They would rather buy a new home in Nevada and have all the amenities than remodel their California home.”
Lake Las Vegas has 2,600 homes today, and Parker said there will be between 5,000 and 6,000 homes in the building. He does not expect a slowdown anytime soon.
“I don’t see anything stopping us,” said Parker. “We see the Californians move, the Nevadans move up, and it’s about the sports club and (two) golf courses and amenities for an active lifestyle. I don’t think there is such a place. “
Four new communities will open in the next two months.
“Caliza is the most exciting,” said Parker. “It’s a Blue Heron community (with 27 houses on the north coast overlooking the lake). It’s the rise after Vantage sells out. It will start at 5,000 square feet and go up to 7,000 square feet. They will be from $ 1.3 million. It’s very modern architecture and exciting. It is now taking reservations. “
Varrena by Woodside Homes will have 38 single story homes overlooking the Strip starting at $ 470,000. They will measure approximately 1,900 square feet and models will open in about two weeks, Parker said. It sits at the front of Lake Las Vegas and overlooks 25 acres of open space.
Armano by Lennar Homes has 93 lots overlooking Lake Mead and Reflection Bay Golf Course in Northshore. In the one-story houses, the models will rise in about two weeks. The homes measure 1,800 square feet to 2,100 square feet.
Reverie from Lennar Homes has 105 homes. It is on the Lake Las Vegas Parkway. The two-story homes offer a view of the Strip with prices in the low $ 400,000. The models will start in December.
