One thing that will always helps Southern Nevada’s housing market: a robust outlook for California home prices.
The Golden State, where median home prices in coastal markets surpass $500,000, has long been a key feeder market for new Las Vegans, in particular working-class families priced out of California homes and retirees looking to cash in major equity and trade for something more affordable.
Now, a new report from the California Building Industry Association portends California’s home prices — now at a median of $440,000 statewide, or twice the local single-family resale median of $218,000 — could be poised to spiral even higher.
The association blasted California Senate Bill 32, a proposed law that would require strict energy efficiencies in new homes. If it passes, the legislation would raise the cost of a California home by a median of 12 percent, and price nearly 700,000 households out of the state’s real estate market, the trade group said.
It would also push 436,000 more Californians below the poverty line because of the effects of housing shortages on shelter costs and household budgets. And it would cut about 95,000 jobs from the state’s economy.
The act is designed to make a major dent in greenhouse gas emissions by mandating that all new residential construction be built to a minimum standard of zero net energy, which would mean the amount of energy the building uses would have to be offset by an equal amount of renewable power generated on-site.
It would require the California Air Resources Board to set a statewide greenhouse-gas emissions limit of 40 percent below 1990 levels by the year 2030 and 80 percent below 1990 levels by 2050.
“This is another case of putting the cart way before the horse but with serious consequences for California,” said Dave Cogdill, president and CEO of the association. “SB32 will in effect require emerging technology to be built into every new home in the state, which will tack on an extra $58,000 onto every new unit. The market will not bear this premature and extreme policy, and frankly, Californians just climbing out of a catastrophic housing slump shouldn’t be asked to shoulder the extra cost.”
SB32 passed the California Senate 22-15. It has also passed the Assembly Natural Resources Committee and is in front of the body’s Appropriations Committee.
Skye Canyon has officially kicked off its sales.
The northwest Las Vegas master plan hosted more than 1,200 prospective home buyers at its August “first-look” model home preview, which featured 10 model homes from Pulte Homes and Woodside Homes.
Both Pulte and Woodside reported selling homes within the event’s first few hours.
Century Communities will roll out its models later this year.
Skye Canyon, which sits near the U.S. 95 turnoff to Mount Charleston, bills itself as “the base camp for the great outdoors,” and the preview hit heavily on that theme, with giveaways of prizes from the Las Vegas Ski & Snowboard Resort, The Resort at Mt. Charleston, and backpack maker Osprey.
“It’s clear from the turnout at First Look that homebuyers in Las Vegas are ready for a community like Skye Canyon — one that considers their priorities in terms of leading an active lifestyle, engaging in their community and offering a blend of urban amenities with easy access to outdoor recreation,” said Garry Goett, CEO of Skye Canyon developer Olympia Cos.
Upon completion, the 1,700-acre master plan will have 9,000 homes, a gaming operation and retail developments.
The community also announced that the former Horse Drive exit and street off of U.S. 95 has been renamed Skye Canyon Park Drive.
Pet home fundraiser
HomeAid Southern Nevada’s Project Playhouse Pet Edition fundraiser is coming up.
The event, scheduled for Sept. 1-13 at Town Square, at 6611 Las Vegas Blvd. South, will showcase custom pet houses built and donated by local homebuilder and contractor teams.
Companies building pet houses include Martin-Harris Construction, Pardee Homes, Shea Homes, Richmond American Homes, Woodside Homes and Toll Brothers.
Builders will install the houses at Town Square Park on Sept. 1. There is an opening event and pet parade scheduled for Sept. 4 and a pet-adoption event planned for Sept. 12. HomeAid will sell raffle tickets for a drawing on Sept. 13.
HomeAid, which is affiliated with the Southern Nevada Home Builders Association, partners with members of the building industry to build and maintain housing to allow the homeless to rebuild their lives. For more information, or to volunteer for the event, visit www.homeaidsn.org or call 702-794-0117, ext. 100.
Back to school
NAIOP Southern Nevada collected and donated $700 worth of school supplies, including pencils, pens, notebooks, erasers and rulers, to students at Howard Hollingsworth Elementary School at 1776 E. Ogden Ave. The chapter’s members also contributed checks in excess of $1,000 to the school.
NAIOP Southern Nevada’s Community Service Committee collected the supplies during the group’s Aug. 20 membership meeting.
“We’re happy to support our Clark County students through this donation,” NAIOP Southern Nevada President Charles Van Geel said. “Throughout the year NAIOP members support a variety of community organizations as our way of giving back to the cities in which we do business.”