Real Estate Pro, Las Vegas, NV
The current November 2009 cost of construction for a new home in Las Vegas by Richmond American is running about $80/sq ft without the upgrades. This is their list price, you can probably negotiate lower by getting upgrades for free and closing costs paid etc. In older areas on the west side of Las Vegas (Summerlin, Peccole Ranch) the sold comps are running $60-$90 sq ft. Naturally there are uninformed Buyers out there paying $140/sq ft for older housing, but if you simply LOOK at the sold comps listed in Trulia by your subject's zip code and development you will get a good idea of the value range. Condition comes into play on the cost per square foot of older property too as some are missing kitchens, flooring, HVAC units. It's still caveat emptor in any real estate market. Make your realtor provide a complete list of all sold comps for your area of interest. But REMEMBER, only about 30% of the sales are listed in MLS.....many sales are only through Clark County and that data is available through any licensed appraiser. Pay one and get informed....it's the cheapest $300 you will ever spend. Don't buy the hype that the market has hit bottom....the REOs in some areas of Las Vegas are more than double what they were a year ago. It's still a Buyer's market if the stupid out of state investors don't ruin it by pumping tons of cash into uninformed purchases.