Ken, Home Buyer in Las Vegas, NV

How much does a new home cost to build for SqFt in Las Vegas- a home of 1500 sqft mid building standard.?

Asked by Ken, Las Vegas, NV Sat Oct 10, 2009

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How much does it cost (without land) to build a 3500-4000 sq ft home in the Ridges? This home is to be built using high end standards.
0 votes Thank Flag Link Fri Apr 19, 2013
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.
0 votes Thank Flag Link Sun Nov 29, 2009
Dear Ken,

This is a great question, because not a lot of new homes are being built in Las Vegas. What we know, is exsisting homes are currently selling for below replacement cost. That includes hi-rises and mid rises. A high rise unit costs about 300.00 per square foot to build. Resale homes are selling well under 100.00 a foot, and I have even seen them as low as 50 or 60 dollars per square foot. I think a home builder would probably be the best place to get accurate information, or a custom builder. My question is: why would you build when you can buy below replacement costs?
Let me know if I may be of further assistance,

Sincerely, Diane 702.401.0307
0 votes Thank Flag Link Mon Nov 2, 2009
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