Mesquite Nevada home building permits issued are still up. This should not be a surprise with Pulte/Del Webb's Sun City Mesquite, now one year old. Most of the 209 YTD new construction permits went to Sun City. MLS verses Clark County records show buyers with agents paid slightly less per square foot, $157 on 62 sales from county records, $155 from MLS records on 23 sales. If nothing else, buyers who come out and register with an agent have the advantage of keeping Sun City on their toes; the agent can take the buyer to see the competition. You need to bring your agent (Please keep me in mind, I would like to apply for this JOB!) to Sun City on your Initial visit, or wait six months to go back, then bring me back with you to get re-registered.
The Mesquite Nevada land market is changing forever. In the past, all the land north of I-15 was controlled by just a few people. Today, with whole subdivisions going into foreclosure, the monopoly is shattered. This is very positive for the future competitive building market. You will be able to buy a lot, pick a builder, and shop the whole process. Good news for consumers. Estimates range from 10,000 to 14,000 vacant lots sitting out there in varying stages of development. Those numbers do not include the 13,300 acres (40,000 home sites estimated) with a six and a half mile border with Mesquite to the north in Lincoln County. This land is burning interest money at a scary pace, and will be brought to the market as soon as the people involved can get some things in order, like a water supply.
The re-sale home, condo, and town home markets are suffering from competition from every direction, new construction, foreclosures, old inventory of new construction that has never been sold or lived in, and desperate sellers.
You can clearly see it in the existing single family homes closed numbers, April had 29 closings at $168 per foot, May had 25 closings at $167 per foot, and JUNE had 30 closings at $140 per foot. The notice of defaults, there appears to be a wave of these coming, more foreclosures coming on the market, and the banks, well the banks are beginning to act scared. They are beginning to clear inventory at prices more like you would expect. We may not be seeing the bottom but there are some numbers coming through that make a whole lot more sense.
The highlight of the Mesquite, Nevada commercial real estate market can be summed up in a word, VACANCY. This excess inventory is going to take some time to clear. The City of Mesquite spent $80,000 on the Buxton study to promote business development in Mesquite. They have issued 56 commercial new construction permits over the last 30 months, so the builders and speculators bought into the boom anyway.
No single family lots closed. "The Chalet" sold for $550,000, and a commercial lot, actually it was a small house zoned commercial closed this quarter. No other commercial property closed through MLS.
Sun City Mesquite just announced they are building 41 spec homes; move in ready standing inventory, this is not good news for existing home sellers.
Depending on which side of the fence you are on, this market correction could be the greatest thing you have ever seen or possibly the worst.
The future for Mesquite Nevada Real Estate Market is BRIGHTER!
For your complete daily market update, Mesquitemarket.com or tune into Radiomesquite.com for "Talking Real Estate" Saturdays at 3pm pacific time. Second Quarter 2008.
Chris Miller
ERA Brokers Consolidated
Mesquite NV 89027
702 346-7200
435-862-5951
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