Greater Las Vegas Real Estate Market Overview
August 2017 Single Family Residential (SFR) closed sales were up 4.2% from July and 5.1% better than August 2016. Year to date 2017 closed sales are now up 10% over 2016. The median closed sales price of a SFR remained flat at $260,000 while the average closed sales price of an SFR dipped to $294,696 for a 2.86% decrease. Residential resale activity was brisk again in August leaving us with approximately 1.7 months of inventory. SFR closings, Condos/Townhome closings, Hi-Rise sales closings and Luxury Sales closings continued to make gains as well.
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Active Adult 55+ Communities
It is refreshing to watch the amount of new home construction in the Greater Las Vegas area. Included in this resurgence of new home sales activity are a number of “55+ Communities”. These include Regency by Toll Bros, Trilogy by Shea Homes, and Lennar’s Heritage at Cadence to name a few. Most new home 55+ communities allow for sales to someone as low as age 50 provided that the community is in compliance with the Homes for Older Persons Act of 1995. Those rules are as follows:
What must a housing community or facility do to qualify for the 55 or older housing for older persons exemption?
In order to qualify for the exemption, the housing community/facility must satisfy each of the following requirements:
a) at least 80 percent of the occupied units must be occupied by at least one person 55 years of age or older per unit;
b) the owner or management of the housing facility/community must publish and adhere to policies and procedures that demonstrate an intent to provide housing for persons 55 years or older; and
c) the facility/community must comply with rules issued by the Secretary for verification of occupancy through reliable surveys and affidavits.
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Age 55+ resale communities currently restrict all resale purchases to those that are 55 and over. Perhaps those communities should reconsider their policies and practices if they want to remain competitive with the new home 55+ sales? Perhaps those HOA boards and management companies are not aware of the 80/20 rule or how to implement it? What are your thoughts on this??