[volk2k]

Hello - we are not currently living in Vegas, but have been visiting new home communities in the $400K range.

We recently looked at the Ascent by KB:
https://www.kbhome.com/new-homes-las...t-at-summerlin

We're we are from, it would be crazy to buy a townhome at these prices... but then again the market is what is for now.

Biggest concern is that this is just going to end up another cookie cutter neighborhood and that it's currently overpriced for what it is.

Would anyone be willing to give their thoughts on this particular location?

Maybe talk us IN or OUT of pursuing that community or that type of home in general?

Please feel free to DM me as well!

Thanks!

[longviewJoe]

KB doesn't have the best name but I think it's a great location. 3 miles to Downtown Summerlin, easy drive (or bike ride) into the canyon to go to Red Rock. Easy freeway access there makes it 20-25 minutes to the airport and the strip but you will be leaving total suburban life without a lot of the concerns of city living. A lot of the good without all the bad.

[volk2k]

Originally Posted by longviewJoe

KB doesn't have the best name but I think it's a great location. 3 miles to Downtown Summerlin, easy drive (or bike ride) into the canyon to go to Red Rock. Easy freeway access there makes it 20-25 minutes to the airport and the strip but you will be leaving total suburban life without a lot of the concerns of city living. A lot of the good without all the bad.

Thanks for the feedback on location!

Does $400K for a 3/2 townhome seem reasonable?

I’m sure similar communities were much cheaper just a few years ago.

You can get single family detached homes that are comparable for our living situation and budget in Inspirada, so we are trying to reason through Summerlin townhome or Inspirada house.

[Code Stemi]

There are SID/LID fees in that district, a masterplan quarterly fee, and monthly HOA fees, FYI. I looked at those townhomes and passed. Lennar is opening Highline in a couple months, which are townhomes right next to KB up there, and Toll Brothers will be offering 3 story townhomes with rooftop decks in that neighborhood by the fall, as well, by the name of Cordillera. Summerlin parkway will be extended to connect directly north of these communities and eventually connect to Sky Vista Rd. You could also consider Obsidian by Woodside Homes which is across the street from Ascent. Land is very expensive up there so most builders in Redpoint Square are building vertical rather than horizontal.

Also, that area will be adjacent to the new "Grand Park" location in Summerlin West which will consist of commercial/retail/offices, and a giant park within the next few years.

[FML157]

KB doesn't include much in their base models, so you'll end up with a basic builder grade townhome with builder grade fixtures, carpet , appliances etc... Land is very expensive right now, more so in south Summerlin. so it's going to be really hard to get much value if you're comparing with historical pricing.

However, the location is really nice. Quick access to the 215, newer pedestrian infrastructure, newer car infrastructure, well maintained common areas, close to a lot of shopping, close to red rock, close to Red Rock casino and close to downtown Summerlin.

[longviewJoe]

Originally Posted by volk2k

Thanks for the feedback on location!

Does $400K for a 3/2 townhome seem reasonable?

I’m sure similar communities were much cheaper just a few years ago.

You can get single family detached homes that are comparable for our living situation and budget in Inspirada, so we are trying to reason through Summerlin townhome or Inspirada house.

As someone pointed out above $400k is the base price so you'll probably spend $500k by the time you are done... or close to it. Depending on if there is much of a backyard to finish!?

Also, something we got away from in our purchase was the size of the home. We ended up buying bigger than we planned which we can afford but the electric bills to cool more space obviously cost more. So I personally like the idea of buying what you need and not more.

So is $500k reasonable? You could buy a stand alone 3/2 that is 15 years old for that price in a similar neighborhood. I would look at some existing homes in Summerlin West to get a real feel for the comparison. Hard for me to say.

[RationalExpectations]

Originally Posted by volk2k

Biggest concern is that this is just going to end up another cookie cutter neighborhood...

The opposite of "another cookie cutter neighborhood" is "fully custom neighborhood" with lots of architectural diversity. Is that really what you're looking for?

[msgsing]

A 3/2 townhome here would be in the 750 k range with a 500 per month HOA. Even more depending on how close it was to the coast. Have seen several of our neighbors move to the LV area.

[volk2k]

Thanks all for the feedback.. What I meant regarding the "cookie-cutter" statement was how it would stack up against other communities, and in 5 years just be another generic town-home community in Summerlin.

Is that "new car smell" worth it when it just becomes a boring used sedan down the road?

Anyway, it doesn't appear that there are many objections to this community being overpriced.
More pros that actually outweigh our price perceptions.

Thanks for the tips on the additional fees/master community dues that we'll need to confirm.

[movin1]

Be sure to consider the expense of all the things you need to do after closing when buying a new home. Landscaping and window treatment can cost a lot. New construction is almost always more expensive than finding a home that is only a few years old but has all of the add-ons and extras done. In June 2019, I found a like new, 3 bedroom 2 1/2 bath, 2,061 sq ft house in a gated community for about $400K. It had many upgrades and was landscaped with irrigation and landscape lighting. It pays to shop around with a good realtor. My house has appreciated substantially in two years, so it's hard to say what's out there now in your price range, but you should look before you leap. And FWIW, my HOA fee is $55/month.