Forty-year-old local builder, Signature Homes, is currently working on a community of single-family homes in northeast Las Vegas. It will consist of 50 homes with the first five homes to be finished by end of November, with another batch of five scheduled to be ready in December. The viewing of the sales models for these homes will happen after Thanksgiving.
Solana Terrace is a two-story community with three models of homes for consumers; Pinon (835 sq.ft.), Cedar (1,152 sq. ft), and Joshua (1,345 sq.ft). The homes will have two to four bedrooms and the price tag will start somewhere below $150,000, which is below the new home median price range pegged at $299,601 from last September. Houses at Solana Terrace will also be equipped with refrigerators, microwaves, washers, dryers, and quartz kitchen countertops.
Signature Homes has built around 12,500 homes, apartments and condominiums since it started building in the late 1970s, but stopped in its tracks when the economic bust occurred. Signature Homes used to be one of Las Vegas’ biggest builders.
Why Affordable Homes?
Today, it plans to build a new community of attainable homes that will appeal to consumers who are just coming out of the economic downturn and first-time homebuyers. The reason why Signature Homes can build homes at this very low price range is because it has owned the land for over a decade.
Affordable homes have dwindled down over the last year, but founder and president of Signature Homes, Richard Plaster, believes that there are still a lot of consumers who are looking for this kind of product. And since prices of newly built homes have continuously increased, this type of affordable housing will have less competition.
Dennis Smith, from Home Builders Research said, “The hardest part will be getting people qualified (to borrow),” because it’s very likely that these first-time home buyers will have low credit scores to work with.
Plaster added, “If the national builders that dominate the market today are interested in being the high-end market because that’s where the profits are, then we know a lot of smaller lots that would be appropriate to build less-expensive houses.”
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