LGI Homes, the country’s 15 largest homebuilder, is entering the Las Vegas housing market. The Texas-based firm closed on 102 partially improved lots in North Las Vegas in February and is expected to start construction in May.
According to Chris Kelly, Phoenix-based president of LGI’s western division, the grand opening will be September 15 with homes to view. Prices have not been set however they most likely be in the low $200,000s.
LGI officials held a meeting with over 50 trade’s people to set up construction crews and indicated they could develop four to six new neighborhoods within the next two years. Kelly stated “For our business model, we’re focused on renters (of homes, condos or apartments) and making them first-time homebuyers.” LGI commissioned a study two years ago to identify “the most target-rich environment for LGI to expand into” – Las Vegas was one of the top areas identified for expansion.
Additional builders in the Las Vegas Valley are a sign of a continued strong housing market. Records indicate 2017 had the best year in sales since the housing market collapse ten years ago.
Bottom Line- It looks like LGI identified a niche in the housing market that is needed in Las Vegas.
Keep in mind that whether you are interested in buying a home or listing a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and fifteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin