Survey Says: Las Vegas Has Happiest Homebuyers
Las Vegas new-home builders achieved the highest overall customer satisfaction scores among the 25 markets surveyed in the J.D. Power and Associates 2004 New-Home Builder Customer Satisfaction Study released in September. The study found overall customer satisfaction in Southern Nevada up seven index points over 2003, with new-home buyers reporting the fewest number of problems compared to home buyers in other markets. Among Southern Nevada builders, Del Webb ranked highest in customer satisfaction, followed by Pulte and KB Home. To be included in the study, builders must have closed 150 or more homes in Clark County in 2003. The study was based on responses from buyers of newly built single-family homes who provided feedback after living in their homes from four to 18 months. The study also revealed that home-building permits issued in the Las Vegas market in 2003 were up 23 percent over 2002, making it one of the fastest-growing home-building markets in the study.The average purchase price for respondents in Las Vegas was $266,000 – up from $249,000 in 2003.
Three Condo Projects Slated for Downtown Reno
Downtown Reno is following the popular redevelopment trend of converting commercial buildings into mixed-use residential, with three buildings being developed as multi-story condominium projects. BCN Development of Denver is building The Palladio on the site of the former Granada Theater. Plans for the $22 million, 13-story project include 19,200 square feet of retail space, riverfront restaurants, a three-level parking garage, condominiums on upper floors and a top floor composed of suites. California developer Menlo Oaks is converting the Sundowner Casino and Hotel into the Belvedere Towers, a 12-story condo-retail project on Sierra Street overlooking the Truckee River. Turner Construction is serving as the general contractor for the design/build project. The 15-story Comstock Hotel and Casino is being converted into the Riverwalk Condominiums by Riverwalk Development, LLC. Plans call for retail space on the ground floor and 149 residential units on the upper floors. Condos will be available in various sizes, including studio units, two-bedroom units and a penthouse.
Caliente Industrial Park Begins Leasing Efforts
The Lincoln County Regional Development Authority and the Board of Lincoln County Commissioners have begun concerted efforts to market the Meadow Valley Industrial Park in Caliente. Construction of Phase I improvements at the park, including water and sewer services and access to US 93, are nearing completion. Meadow Valley Industrial Park, a joint venture by Lincoln County and the city of Caliente, is funded largely by grants from the Nevada Commission on Economic Development, U.S. Department of Commerce and the U.S. Department of Agriculture. A Tahoe-based firm, Charter Advertising/Design, will be responsible for design of a Web site and creation of a direct-mail advertising campaign to identify and attract industries that might be interested in locating in the park. Target industries include miscellaneous plastic products, metal doors and other metal fabricated products, sheet metal fabrication, refrigeration and electric components, and firms that might utilize pinyon pine and juniper biomass. The industrial park includes 60 usable acres and eventual access to Union Pacific rail.
Coyote Springs Community Announces Plans
Pardee Homes has entered into an agreement with Coyote Springs Investment to be the master residential developer of the 42,000-acre master-planned Coyote Springs golf course community 50 minutes north of Las Vegas at the junction of US 93 and State Highway 168. Nearly twice the size of the master-planned community of Summerlin, approximately 30 percent of Coyote Springs is in Clark County, while 70 percent is in Lincoln County. The Coyote Springs master plan will include a series of Jack Nicklaus Signature golf courses, a golf training facility, vacation golf villas, custom lots, multi-family neighborhoods, commercial and retail developments, according to Harvey Whittemore, founder and owner of Coyote Springs Investment. Construction on the first golf course will begin in the first quarter of 2005.
Approximately 20,000 acres have been set aside for residential development in Coyote Springs. Development of the first 2,000 acres will include approximately 7,000 homes and will commence next year.