North Las Vegas Permits Down
There is a rumor Las Vegas building permits are way down, but I can't find the information. What I did find was the City of North Las Vegas permits site. If you pull up the March 2005 "Permit Comparison Report", you will find a 21% decrease in the number of single family homes, year over year.
If anyone has a link to the Las Vegas numbers, please post it in the comments.
4 Comments:
I work for the City of North Las Vegas within a development division and we just had at the tail end of March a huge number of subdivisions enter the last stages of permiting. They are just starting to go to permit so these numbers will show up in Aprils report. I don't understand where the buyers of all these homes are coming from or who is willing to pay outlandish prices for this tiny homes but from my front line view all the developers and going full steam ahead. We did have a pretty dead first quarter and I was hoping that it was an early sign of a slowdown. But right at the end of March we got within 2-3 days as many proposed lots as we usually get within a month. I've heard there is an inventory of 14000 lots in the las vegas valley as of January so I'm not sure what the builders are thinking. I for one am not going to pay the exhorbitant prices and continue to rent for now. Just heard the other day from my friend that one of his co-workers, a 21 year old waitress, just got a mortgage for a 200,000 conversion condo. God help us all if this is the caliber of buyer that the lenders are borrowing too. I make twice her wage and don't see the logic to paying for an overpriced asset. Theres also a air of arrogance over people who rent here, maybe its that way everywhere, but I think that attitude is also driving the housing market. Anyways, my two cents.
john,
(house prices will still go up because people in their manic state will not notcie)
That has been the case in every market I've observed. The man on the street will be the last to get the word.
(I work for the City of North Las Vegas)
Thank you for helping us out. It seems that no matter what market I post on, someone from there is reading!
I go to Las Vegas occasionally but rarely venture beyond the Strip. Last week I had the chance to drive north of Vegas to Southern Utah.
I keep reading how LV home prices will keep growing because the valley is land-constrained. A drive north of town will quickly dispel that notion. Once you get even 5 miles north, it's a vast expanse of nothing....for at least 100 miles until you get to Mesquite.
Now I don't know about zoning or who owns that land north of town (fed govt?) or how they would get water there, but to my eyes there is absolutely no shortage of land there...within a 30-45 minute drive.
If LV housing bulls are hanging their hat on the land scarcity issue, they had better try another one. Plus right in Vegas itself, there are tons of vacant lots...even right by the Strip.
I live in SF. It wouldn't surprise me if there were only a few acres of vacant buildable land in the whole city. Vegas may be growing but there will be plenty of space available for all who come.
(I go to Las Vegas occasionally but rarely venture beyond the Strip.)
so, are you suggesting that the odds on the "Strip" are better than the odds in the hamlet?
e-
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