The reality is that the real estate market in Nevada hasn’t been that good over the last couple of years, and Las Vegas has been hit as hard as many other areas across the country. Still, there is some good news in that new home sales seem to be stabilizing finally, as the rate actually went up .3% from December to January.
In the midst of this, Toll Brothers has continued to build new homes, but they’ve scaled back on the sizes of many of their homes. In a community called Traccia, they’ve been building homes that are around 1,600 square feet and pricing them around $200,000, both of which are much smaller and less costly than most homes they’ve built in the past.
The belief is that smaller homes are what the community needs right now in the face of a tough housing market and high unemployment, as well as a city that’s had other monetary issues with fewer visitors coming in to gamble. But the smaller homes are selling and Toll Brothers has plans on building more of these types of homes until the economy returns to a semblance of normalcy, where they can hopefully go back to building the types of homes they’re known for.
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Mitch writes on real estate, finance, and many other things. 
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