You know the housing market is really hot when a Summerlin townhome complex is sold out and they haven’t even broke ground.
According to Brock Metzka, owner of Edward Homes, they expect to break ground around August 1. The complex is called Thrive, located along Charleston Boulevard less than a mile west of Red Rock Resort, and hope to finish in the first quarter of 2023.
Metzka stated “It was fast.” He originally planned to build it in phases, with model homes opening first, but his firm has already presold every unit, he said, adding that it took less than 90 days to find buyers for the homes.
Thrive is smaller than a typical housing neighborhood in the valley, sitting on just 2.6 acres and planned for 43 homes. Its rapid sell-off— further underscores Southern Nevada’s heated market. Fueled by cheap borrowing costs and more out-of-state buyers than usual, Las Vegas’ housing market has seen record-high prices and rapid sales for months. Sales dropped for a few months during the normally busy spring buying season, but overall, house hunters have flooded properties with offers and routinely paid over the asking price. The homebuilders have regularly raised prices, put buyers on waiting lists and taken bids for lots.
Thrive has a great location and prices range from about $440,000 or $450,000 up to $550,000 for the three-story homes.
Metzka said that half of the units at Thrive are being sold to cash buyers, mostly from California, and that he is not worried about people canceling their purchase before construction finishes well over a year from now and the sales can close. He also figures that a few years ago before the market went into overdrive, he could have sold maybe half of the units before breaking ground “but not the whole thing.”
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