Builder buys land for housing project near a Smith’s grocery store
A homebuilder has bought a plot of land in North Las Vegas with plans for a duplex project.
Richmond American Homes closed its purchase of a roughly 7.7-acre parcel along Ann Road just east of Decatur Boulevard for around $5.4 million, property records show. The sale closed in late March.
The builder filed plans for an 84-unit duplex project on the site, right near a retail plaza with a Smith’s grocery store, city records show.
Freestanding single-family homes dominate Las Vegas’ housing market, for both resales and new construction. Still, attached units typically cost less and draw buyers too.
Last month, buyers picked up around 2,140 previously owned single-family homes in Southern Nevada at median price of $485,000, along with 570 condos and townhomes at a median of around $306,500, according to trade association Las Vegas Realtors, which pulls data from its listing service.
In February, builders in Southern Nevada closed sales on 633 single-family homes at a median of $560,000, along with 244 attached units at median of almost $385,000, Las Vegas-based Home Builders Research reported.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
