Anna McCormick, a slots administrative assistant at Red Rock Casino, is similar to many gaming employees in the Las Vegas Valley looking for a new place to call home. Several key issues are important to her as she searches for a new home to suit her growing family’s needs.

 “I’m looking to get into something a little newer and single story with a backyard and at a fair price,” said the mother of a one-year-old son Jake. “I would like to be close to work, in a safe neighborhood and near good schools.”

Those are three common requirements future buyers find critical to the home-buying process—location, amenities and price.

But is now the best time to buy?

Best to Buy
According to several industry experts, the market offers plenty of opportunities and advantages for purchasing a new home, townhouse or condominium.

Brian Gordon, a principal at Applied Analysis, a research firm specializing in growth analysis from office and retail developments to gaming and condominium opportunities, said he’s leaning towards a positive long-term housing market.

 “At the moment, there are opportunities in every segment of the market,” he said. “In the current environment, negotiation between buyers and sellers can result in favorable situations, particularly on the buyer-side of the equation.”

Incentives are certainly attracting buyers, said other experts.

“Incentives are out there right now,” said one homebuilder. “This is a good time to buy. Demand keeps growing as our job growth continues to increase and interest rates are low. When you add all that up, the next three to six months is prime time to buy.”

KB Home Las Vegas Division President Don DelGiorno said the outlook is positive. “The long-term economic outlook remains healthy,” he said. “In the long run, we believe the underlying fundamentals of strong demographics and job growth will continue to support favorable demand.”

Along with other housing-industry gurus, Gordon said he envisions growth in other areas of the valley to positively impact the housing market.

 “The level of resort and commercial investment activity programmed over the next five to 10 years suggests Las Vegas will continue to press forward with significant construction activity, an expanded base of consumers (locals and visitors), and healthy population and employment growth,” he said. “It would seem difficult for a projected economic activity to not positively impact the housing market making long-range purchase decisions somewhat easier than those looking at only temporary housing needs.”

John A. Ritter, chairman and CEO of Focus Property Group and managing member of the Inspirada Consortium, agrees and said now is great time to buy when incentives are strong.

 “In a soft real estate market, it can be advantageous for homebuyers to purchase a new home as they can receive more for their money,” he said. “The real estate market is cyclical and although the market might be soft now, history has shown that the market will turn and real estate is still the best investment.”

Nevada Casino Connection searched the valley for housing opportunities—speaking to builders, developers and experts in the housing community to help gaming-industry workers find their next place of residence. We found gaming-industry staffers have choices throughout the valley. Here are just a few valley options:

Downtown Development
With city officials engineering a conscience effort to revitalize downtown Las Vegas, several new options are available for buyers including Verge Living.  

Located Downtown, within walking distance from the Fremont Street Experience, Verge offers a wide range of buying opportunities.

 “We priced this project for people who live and work here and they are responding,” said Darren Dunckel, president of Verge Living. “It’s priced right.”

The Downtown Las Vegas project features studios up to three-bedroom units and even a penthouse suite of more than 4,000 square feet. Ranging from $149,900, Verge offers a variety of options for casino employees of all income levels.

According to Dunckel, 60 percent of the units are less than $400,000 with 37 units less than $150,000. “We have a wide-range of pricing for people of all different income levels from lofts to spacious two- and three-bedroom units,” he said. “We have something for everyone.”

For gaming workers, this central location might be the best spot for easy access to properties anywhere in the valley.

 “Our location is so central that it’s easy to get anywhere in the valley,” he said. “We’re 20 minutes from the airport and just 10 minutes from the Strip. We’re walking distances to all the casinos Downtown. We’re also within 20 minutes of the Boulder Strip properties and even Texas Station and Cannery casinos. Location-wise, there’s not better.”

Verge Living is not just about location. “The units feature quality amenities including hardwood floors, granite countertops and many more that are all standard,” he said. “These are finished units.”

The property includes a rooftop restaurant and lap pool, spa and cabanas, on-site grocery, digital theater, concierge and even a pet playground. It event features a fitness center with racquetball courts, saunas, steam rooms and more.

Dunckel said delivery of finished units is expected late in 2008. They will break ground in summer 2007.

Home Again
Ranked the No. 1 homebuilder in Southern Nevada with more than 40 valley-wide communities, KB Home executives know a thing or two about the pulse of the local housing market. According to DelGiorno, the company’s intense surveys and research benefit those looking for ownership.

 “We continue to develop many styles of homes to meet the needs of our diverse customers for every stage of their lives,” he said.

With prices starting in the high $100,000s to more than $1 million, KB Home features several opportunities in Henderson’s Inspirada development.

In addition, one of KB Home’s other Henderson neighborhoods is Liberty at Paradise.

With homes starting around $230,000, Liberty provides two- and three-bedroom homes ranging from 1,267 to 1,608 square feet. Just minutes from Henderson-area casinos and I-95, Liberty provides easy travel for gaming-industry workers to and from downtown Las Vegas and properties along the Boulder Highway Strip.

The neighborhood is professionally landscaped and maintained and includes a community park, three swimming pools and clubhouses.

For convenience, KB Home has a Home Finding Center open every day and located at 5655 Badura Avenue in Las Vegas, just minutes from the Las Vegas Strip at the 215 Beltway and Decatur Boulevard.

Inspiring Choices
The growing city of Henderson offers plenty of housing options for gaming employees of all income levels, and features easy side street and freeway access. One such community is Inspirada, which, once complete, will span nearly 2,000 acres and 11,000 home sites.

Created to be environmentally sensitive, Inspirada is a vast collection of housing options from a consortium of top builders and developers including KB Home, Toll Brothers, Focus Property Group, Woodside Homes, Kimball Hill Homes, Pardee Homes, Meritage Homes and Beazer Homes.

 “Inspirada is designed and planned as a New Urbanist community,” said Ritter. “As the price of land in the valley continues to increase, density in homebuilding is inevitable. Inspirada is meant to be able to achieve this, but do it in a manner that is very attractive and creates a great quality of life for its residents. Inspirada is a great example of smart growth, as the New Urbanist concept essentially is a more efficient way to develop the land in our valley.”

Designed as a collection of seven intimate villages, featuring an interesting and eclectic mixture of homes in varied sizes, designs and architectural sytles, the master-planned community is unique.

“Inspirada will exceed anything anyone has ever seen in the Las Vegas Valley,” Ritter said.

Blending architectural styles and amenities with neighborhoods centered on public parks and gathering places, Inspirada is the first large-scale New Urbanist community in the region.

Located south of St. Rose Parkway in Henderson near the Henderson Executive Airport, Inspirada promotes the creation and restoration of diverse, walkable, compact, mix-use community integrating residential, commercial and recreational areas. “The location allows for great access to both Interstate 15 and Interstate 215, which are main arteries into the core of the city,” said Ritter, “and, will help to provide housing to support the workforce on the Las Vegas Strip.”

Ranging from 1,375 to 4,000 square feet, homes are priced from the high-$200,000s. According to Ritter, every resident will be within a quarter-mile of the park in an effort to create a pedestrian atmosphere.

Inspirada’s Town Center will also “offer an urban experience with high-density residential, shopping, lifestyle, retail, restaurants and city parks,” Ritter said. “The retail will be set-up in a main street fashion, allowing pedestrians the ease of walking from one store to the other.”

KB Homes already has 17 different model homes for viewing. The community’s information center is located east of I-15 just off St. RoseParkway at 1890 Via Firenze Drive.

Mountain Values
With five communities throughout the Las Vegas Valley, Avante Homes covers all corners of the valley including northwest Las Vegas and Henderson.

 “Our homes offer an unparalleled value,” said Seth Vance, sales and marketing manager for Avante Homes. “Many of our builder-included features in our base homes would be considered upgrades at other communities.”

Avante Homes’ Denali community features five floor plans with homes ranging from 2,320 to 3,134 square feet. Located in the master-planned community of Mountain’s Edge in the valley’s extreme southwest portion, the homes are priced from the $380,000.

Homes in the Denali community feature upscale living with amenities to match including Viking appliances, granite slab countertops, wrought-iron staircase railings, eight-foot interior doors, rear loaded three-car garages and optional third story.

Southwest Gems
A national builder with 40 years of experience, Ryland Homes (www.rylandhomes.com) has several Las Vegas Valley communities to choose from.

One of Ryland Homes’ actively selling products is Cameron at Mountain’s Edge. Located in the southwest, the growing area offers quick routes to both the 215 Beltway and to I-15. Homes stretch from 1,354 to more than 2,000 square feet and begin selling at $253,990.

Featuring two- and three-story opportunities and four different models, homes at Cameron are within a master-planned, gated community and offer plenty of amenities including walking trials. Interested buyers can also use Ryland Homes’ My Style Design Center to select the ideal home.

Buying Advice
Applied Analysis’ Gordon said identifying opportunities is an important part of the buying process. Buyers need to consider several factors besides just price when purchasing.

 “While more mature parts of the valley have presented some lower-cost alternatives, other qualitative factors including surrounding neighborhoods, commute times, crime and other quality of life considerations must be evaluated,” he said. “Matching purchasing power with needs and expectations is always the first step in the decision-making process.”

Looking into next year, Gordon said he expects positive employment impacts thanks to the full-scale construction at several major resort developments.

 “These, and other factors, will contribute to demand for housing,” he said. “There is one thing that is certain. We will never see a repeat of the frenzied market conditions witnessed just a couple of years ago.”

By Tann Summers

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