2015 is the year that balance returns to the force and the Las Vegas real estate market slowly guides itself back towards the center. In general, with less appeal to investors and less competition with cash buyers, the market dynamics will shift away from the seller and allow for a more balanced relationship between the supply and demand sides of things. By the end of 2015 the largest group of homebuyers in the U.S. will be millennials.
Seeking stability and the urge to start a family, Gen-Y’s will saturate the marketplace and in turn create a need and desire for new inventory closer to the city center. Las Vegas has always posed a challenge for this type of educated, design oriented, and unique buyer but with many projects slated to be available to satisfy this need let’s take a look at what Millennials really want in a home:
- Amenities: Millennials desire to live close to what they need. Whether suburban or near a city center, this segment of the market prefers to live within walking distance of restaurants, coffee shops, bars, groceries etc. The young buyer new to the Las Vegas market will see a shift away from master planned and gated communities towards a more open, unique, and niche product. Less geographically disbursed and denser urban areas with interesting design aesthetics will truly appeal to this buyer. Projects like the Brownstones at Centennial Hills, steps away from the Village at Centennial Springs offers buyers an urban feel with a nostalgic Chicago twist on the neighborhood. Brick finished walk up homes provide the perfect foundation for a young family to feel included and have the ability to walk to their day to day living needs. The project consists of 21 units due Feb 1, 2015.
- Flexible space: The Gen-y buyer is looking for a modern home that is both energy and cost efficient. The actual size of the space is less important as long as certain guidelines are met, and design ideals furnished. Old fashion and traditional living space is much less important i.e. formal areas. The millennial buyer is much more concerned with multipurpose open areas that reflect how we live comfortably in today’s world. Projects like the City Lofts at Inspirada offer triplex industrial loft space with modern interiors suitable for easeful urban living in Las Vegas. The project consists of 12 luxury lofts, breaking ground Jan 2015.
- Great Schools: When house hunting, those born after 1980 are less likely than other generations to compromise on school districts, according to a Realtor.com survey. Fifty-two percent of millennials said the quality of a school district could be a deal breaker in their search for the perfect home, compared with 31% of all buyers. This emphasis on the family reaffirms the current trend towards stability and the shift back to the traditional buyer.
Matthew Litt, Realtor
Shapiro & Sher
702-370-2977 | Matthew@shapiroandsher.com