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18.01.2016
The recession hit in 2007, and building at Inspirada, as in the rest of the market, virtually ground to a halt in 2008. They’ll debut nearly 15 product lines and about 40 models at Inspirada in 2014, and begin grading on two new villages.
The community they’re building will look different from the 1,953-acre Inspirada’s early days. Where the predownturn phase focused exclusively on neotraditional design, with small, often attached homes with garages opening onto rear alleys, the revived Inspirada will mostly go back to local basics, with larger, single-family homes and garages with driveways out front.That will also mean fewer homes than planned.
And I think buyers are going to be really happy with what they see.You’re all unveiling new models in 2014.
How will the homes differ from the first wave of development?McGibney: The product has evolved.
We’re constantly surveying buyers to figure out what exactly they want in a house and a floor plan. These are going to be homes similar to what we’re building in other great communities in Henderson. It was more about the credit markets failing, and they failed everywhere in the world and at every asset class. We’re seeing healthy demand, but we still have a lot of issues with buyers being able to buy, and being able to afford what’s on the market.


They’ve worked themselves through their credit issues, and they’ve saved money to be able to afford a down payment on a home. And it’s a pleasure to have people coming in with smiling faces, and they’re ready to move forward again. We’re moving forward.There’s still a big difference between the higher median new homeand the lower resale price. How will that affect your ability to compete for buyers?Andrews: We’re continuing to see buyers excited at the prospect of a new home with new design features in new neighborhoods with new amenities, and they do pay a premium for that. Is there room for all of you, especially given the number of existing vacant homes in the market?June: What it allows is diversity across the valley. There’s just not that much land out there left to be purchased, short of more BLM land auctions. So that might sound like a lot of master plans, but they’re spread out fairly far geographically.
Add that into the land that was available before, and where we were versus where we are now, and we have a long way to go to get back to normal.Speaking of Bureau of Land Management auctions, the bureau will be holding one of its biggest auctions in nearly a decade later this month. You end up with a very high price point for those buyers, and that’s not where we want to be right now. It’s just not really our niche.Those rural-preservation neighborhoods are an issue as Clark County officials re-evaluate their planning process.


What role are your companies playing in that re-evaluation?Andrews: Every builder here is part of a dialogue with the county, and even potentially with the BLM, for future planning.
Most of us are on a committee with the Southern Nevada Home Builders Association that’s interfacing with Clark County Planning on their future process. I think everybody has a stake in trying to do a thorough job of planning Clark County for the future. I think the county would like to see fewer nonconforming zoning changes (when a developer requests a different land use from its original intent). The loan amounts buyers can qualify for will be affected by the new loan cap the FHA has placed on the market. So while there may be some tick up in the rates, I think we’ll all get through the initial repercussions of that, and everyone will kind of realize, “I can still do this. We’ve seen a little effect, but I think it’ll be a little more drastic as (the new FHA limit) starts taking place.



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