![]() “Most of my builders are even dabbling with condos. Add on higher home prices today driven by land costs and interest rates, and buyers are demanding more attached products, he said. Town homes are homes that are attached, and condos are multiple stories of units stacked on top of each other.Ĭonstruction defect laws were reformed in 2015, giving builders a green light to pursue those projects going forward because there were fewer concerns about lawsuits over attached products, Hodgson said. Nat Hodgson, CEO of the Southern Nevada Home Builders Association, said construction defect laws in place in the 1990s slowed the building of condos and town homes. “For us, it’s a much younger buyer, and they like the more community-oriented neighborhood in which you are sharing everything as opposed to single-family detached people pulling into the garage and staying inside of your house.” “Typically, town homes have parks, pools, playgrounds and other amenities that go with it,” McCormick said. To see something at $1 million an acre is not uncommon.”īesides the lower price, McCormick said buyers, especially millennials buying their first home, are attracted to the lifestyle and reduced maintenance costs. “There’s so little of it available that the price is staying high. “The land prices haven’t softened,” McCormick said. Touchstone Living can build 12 to 18 town homes per acre while builders constructing single-family homes average about five homes per acre and eight to 10 per acre in higher-density areas, McCormick said. That makes the land cost per home lower and leads to a lower sales price.” “Land is so expensive and driving housing unaffordability, but with town homes, you can put more homes on the same amount of land. “It’s about affordability and lifestyle,” McCormick said. That’s up from 5.3 percent in 2015 as cheaper land and lower prices coming out of the Great Recession allowed builders to focus on single-family homes because they could build those for not much more than building a town home, McCormick said. In 20, the market share was 19.8 percent and 19.7 percent, respectively. “I’ve been here since the 1990s, and we’ve never seen it this high.” said Tom McCormick, the founder of Touchstone Living, one of the valley’s leaders in town home projects. The 23 percent share will mark the highest over the past decade tracked by Home Builders Research, and it’s on track for an all-time record, according to builders. Some 23 percent of new homes sold during the first six months of 2023 were attached, aided by 29.1 percent in May and 25 percent in June. In comparison, there were 1,237 attached homes closed during the first six months, a 6 percent year-over-year increase, according to Las Vegas-based Home Builders Research President Andrew Smith. In new home closings tracked through the first six months of 2023, the 4,106 single-family home closings were down 12 percent through the first six months of 2022. A push to construct two-story condo projects to go even higher in density is expected. The Details: Lined, dotted, blank | 180 pages | 4.75 x 7.Las Vegas set a record in May when 29.1 percent of new-home sales were attached products - primarily town homes - and that trend shows no sign of slowing as builders continue to pursue denser developments.ĭriven by affordability, builders are turning to town homes to capture buyers in a marketplace where higher interest rates over the past year have put more single-family homes out of their price range. Multiple colors are available, including classic black and a muted light blue. Interior stretch bands with an elastic closure keep the notebook together, and it’s compatible with most modular notebook refills. There’s a clear storage pocket inside the front cover and another clear zippered storage pouch inside the back cover. The cover is made from faux leather, and on the inside, you’ll find three separate 60-page inserts: lined pages, dotted/grid pages, and blank pages. Whether you want to let the world’s most impactful artists inspire your sketches or pen a poem on the banks of your favorite lake, this journal is great to have on hand. It’s not only great for journaling but also sketching, drawing, note-taking, and list-making. ![]() Versatility is the name of the game with this timeless refillable notebook from Voyager, and the reason we’ve picked it as Best Overall.
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