Historically for Las Vegas luxury real estate, custom home builders had a price range, excluding the lot purchase, from $3 million and above. The square footage of custom homes would start at 3,500 and go upward. That was before Covid-19 entered our world.
In 2021, the custom home builder market has totally changed. With high tax states being the catalyst for buyers to relocate to cities like Las Vegas and a materials shortage from lumber to appliances, you'll be quite surprised to learn what it takes for a custom home builder to accept you as a client. Our custom home, relocating prospective buyers with budgets in the $3 million to $5 million price range historically expected to buy a lot with Las Vegas Strip views and build a 4,000 square foot home with pool and great landscaping. Now, the lots with Strip views are priced over $1 million, if you can find one, and the total lot, custom home construction of 4,000 to 6,500 square feet, pool and landscaping will somewhat exceed the $5 million budget. But wait, that's not the surprise as you've already assumed increasing your custom home budget from $3 or $4 million to $5 million might be a possibility. Yes, for that budget you can build an architecturally predefined custom home with a choice of specific plans and lots with desert views by a well-known, contemporary home builder. But what about the buyer who wants a totally custom home with lots of features?
One of the major custom home builders we've known for many years is no longer accepting clients unless they meet certain criteria. The minimum, yes minimum, square feet they will accept for new clients is 10,000! It gets better. Their typical client is now building custom Las Vegas area homes with 15,000 to 25,000 square feet and of course on lots with amazing views. Some have helipads too!
No doubt the custom home trends have been impacted by Covid-19. Clients now want a private compound with a home that can accommodate multiple family generations, a gym, movie theatre, separate quarters and much more. Welcome to the new world of Las Vegas custom home trends! If Las Vegas area custom homes interest you let me know and we gladly accept real estate agent referrals.
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