Home Builder Taps into Luxury Market | Housing
LAS VEGAS -- Southern Nevada has one of the most distressed housing markets in the country with plenty of foreclosures and short sales. But on the other end of the spectrum, the small niche of luxury custom homes seems to be doing well.
Marquis Seven Hill is a high-end neighborhood being built by Blue Heron. There will be 33 custom green homes ranging from $750,000 to $3 million. The company broke ground on the project last week.
One of the first homes to be finished will be Tom Sanderson's. The entrepreneur from Los Angeles set his sights on building a custom home in Las Vegas more than a year ago.
"The property values were so far down, I thought this was a great way to move up and get a bigger home than I could afford in L.A," Sanderson said. "A home here that might cost me $2 million for what we're doing would cost from $5 to $7 million in Los Angeles."
This is Blue Heron's fifth development. The previous four have all sold out. But owner and architect Tyler Jones says even they've had to lower their prices.
"That same home we can deliver today for $750,000 would've been $1.5 million just a couple years ago, so we have to be competitive," said Jones.
He believes his homes sell themselves. "We have a very different product, our homes are very unique in many ways, and when you combine our homes with that location, golf course views, city views, Seven Hills is a very well-loved neighborhood, it's just a great overall package."
The construction has created 100 new jobs since last week.