We write about retirement in Las Vegas with the knowledge that, as of the end of 2007, the city had the highest foreclosure rate in the country.  Certain zip codes (89031, 89131, 89148, 89108 and 89139) have been particularly hard hit.  As a result, there is a glut of housing, and home prices have dropped 15% within the last year.  The median single family home price is now $260,000, and the median condominium price is $185,000.    For anyone considering a retirement relocation to this world famous resort-town, now may be a good time to buy real estate because the lower prices may not last long.  City leaders and two national homebuilders, Meritage Homes and KB Homes, expect the local housing market to rebound fairly quickly thanks to the opening of two new resorts on the Strip in 2008 and 2009.*  With tens of thousands of new jobs set to open up over the next 24 months, new workers needing housing will begin to absorb existing home inventory, stabilizing the housing market and once again pushing prices higher.

Housing options in Vegas, as one would expect, are varied and come in all price ranges.  There are a number of active adult planned communities, including Sun City Summerlin, one of the largest age-restricted communities in the area.  This 2,400 acre development has nearly 8,000 homes and 14,000 residents, and amenities include three golf courses (resident-owned), tennis courts, five swimming pools, community centers, shopping and several restaurants.  Home sizes range in size from 1,110 sq. ft. to 3,000 sq. ft.   During the last three months home prices have ranged from $195,000 to $680,000 with a median price of around $295,000.  Town homes have ranged in price from $156,000 to $290,000.   Of the 195 properties currently listed, 10 are foreclosures or short sales (when a bank lets a homeowner sell a property for less than the loan amount).   

Del Webb also has two retirement communities in Vegas.  Sun City Aliante is age-restricted, with plans for a non-age-restricted section, and sits on 1,000 acres on the northern edge of the city; it has been hailed as one of the top 3 places to retire in the nation.   Current new model home base prices range from $246,990 to $358,990, options and lot premiums not included, but Realtors are reporting that deep discounts can be negotiated in the current market.  Resale prices over the last three months have been between $215,000 to $350,000 with a median price of around $240,000. Of the 65 properties currently listed, 22 are foreclosures or short sales.  HOA fees are $180 per quarter plus $34 special assessment fee.

This is an interactive map.  Click on the arrows in the upper left hand corner to navigate the map and click on the +/- signs to zoom in and out.

Solera at Stallion Mountain is the newest and smallest (840 eventual homes) of Las Vegas' age-restricted communities.  It opened in 2005 and is located in East Las Vegas, which is a little bit of city and a little bit of desert about five miles from the Strip; base prices here are $234,990 to $295,990 with homes available from 1,155sq. ft. to 1,716 sq. ft.   Incentives are also being offered on many of these homes.  There are currently 11 resales available priced from $189,900 to $369,999.   

Several options exist for those seeking to buy a condominium rather than a single family home.  Quail Estates is a lush, secure retirement community with 270 condominium units, many with attached garages.  Prices begin at around $140,000 for a 1,050 square foot, two bedroom home.  

Las Vegas also has several manufactured home communities.   Desert Inn Mobile Estates is a large community (actually three interconnected communities), part of which is age-restricted.   Homes here were built in the 1970s and 1980s and range in price from $51,000 to $169,000 (no foreclosures are listed).   Amenities include pools, saunas and exercise rooms, with HOA fees ranging from $48 to $58 a month.  River Mt. Mobile Estates is the smallest manufactured home community in the area with only 70 homes; prices, ranging from $175,000 to $219,000, include the structure and the land, and many residences have RV ports.  There aren't really any amenities but HOA fees are only $10 per month.

*  In Business Las Vegas, 12/07/2007

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