Three-Story Las Vegas Homes Selling Quickly

As Las Vegas land prices rise and available terrain shrinks, Las Vegas residential developers are building like Chicago and New York, building up rather than out.

Half-dozen Las Vegas real estate developers are now trying their hand at three-story Las Vegas homes in Southern Nevada, according to Dennis Smith, president of Homebuilders Research.

President Tom McCormick, of Astoria Homes, was a trendsetter for three-story Las Vegas homes. He began building his first three-story homes in late 2005, as part of its 1,254-home Tapestry development in Centennial Hills, which 150 to 200 three-story residences will be included in the three-neighborhood project. The Las Vegas neighborhoods will be called the "Avenues," "Courts" and "Lanes." Of those homes, 480 homes in the "Lanes" neighborhood will include the tri-level product.

McCormick states that the three-story Las Vegas homes are selling quickly and is adding the Hillside development, in the Lone Mountain area. The homes will have over 150 three-story products in the community.

These three-story homes cost about 25 percent less because smaller lots are used, than a single story 2,100 to 2,200 square foot home in Tapestry costing $400,000.

KB Home builder in Las Vegas is following suit in its planned Apple Creek Village in the builder's Sierra Ranch development located in northwest Las Vegas. The village will include 11 three-story homes near Ann Road and Commerce. The Alturas community in Mountain's Edge, KB Home offers five different styles of three-story plans. These three-story homes start at $308,000. Three-story attached brownstones are slated for KB Home's Oxford Commons community in northwest's Providence development. Another three-story home is scheduled for Henderson's 2,000-acre Inspirada. The Henderson city planners have hailed this Las Vegas home development as the "New Urbanism.”

Source: Las Vegas Business Press, Valerie Miller

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