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Though the project was designed with seven villages in mind completely built by 2015, this is obviously not the case any longer. As of today, the consortium of builders have not made any indications as to whether or not the original design will be changed (though that is not a possibility). They expect to now have half of the villages in process of construction by 2015.
The first village (Solista) is within a couple of years towards completion, and the second village (Ceramista) is in the process of completing the power/water/gas infrastructure.
Here are updates from each builder currently in Solista:
Meritage Homes
This builder occupied Pod 1-3 of the four pods within Solista. Unfortunately, their sales didn't maintain very long. Many people believe it was mostly because of the cost-savings benefits within the KB Home models, but it could be any number of things. Meritage did not end up completely buying up their Pod as KB Home did, so there was much land within the Pod that is still under South Edge, LLC (John Ritter/Focus Property) ownership. Meritage also had nearly 90 finished lots that were not built up yet.
Because of the scarcity of finished lots within the valley, many builders are buying them up in obscure places since the costs to develop are much less, and they are shovel ready when demand begins to pick up in 2011-2012.
Because of this, both KB Home and Toll Brothers purchased the remaining finished lots. Meritage is no longer building at Inspirada. For those who think this will hurt the master plan - think again. Of all the builders, Meritage had the smallest investment, at less than 3%.
Toll Brothers
Though initially a high-end alternative to the KB Home development, Toll has changed their floorplans in order to match higher end KB estate models. Because of this, sales at Toll have begun once again, with beautiful homes in the low $200's.
They continue to still advertise their "higher-end" models, and have two estate lots left. They seem to have eliminated their "mansion" style homes, but are continuing to build their three story townhomes, which in my opinion are very aesthetically pleasing.
Their new sales center is almost finished (they sold their model home which housed the office in 2009), and I expect them to continue to finish buying up their "raw" land within Pod 1-2, which South Edge, LLC still owns about 35% of. They purchased about 47 finished lots within the Meritage portion. I don't remember Toll Brother's ownership in the consortium, but I believe it was the third or fourth largest. They expect to build in about four villages out of the seven.
KB Home
The builder owns the majority stake in this consortium at 48%, and are well on their way to leading the increase in development activity within the community. Prices for their townhomes at 1000 square feet start at the low $120's, and there seems to be only a few left for the first village. They also have garden homes (which I own) that are very affordable for the space they offer. They begin at the $150's. Village homes up to 2,400 square feet start in the 180's. Just recently, KB has been selling their newly revised "estate" one story homes, that are on par with Toll Brothers interior options. These include standard 9' ceilings (with a 10' option), upgraded cabinets and doors, and a large mason wall to enclose the backyard. The most expensive model is in the $250's.
KB Home is building in Pods 1-1 and 1-4. The first pod is completely built out, with the exception of the corner lot near the entrance. I assume they want to leave that empty for a while, since they have a huge sign on it. Pod 1-4 (my pod!) is almost completely built, and I've heard that because of this they are getting ready to build out the second village, which KB has two pods in as well. I would say that the final pod is about 70% complete. I've heard that they expect complete build out in late 2011.
KB Home purchased 20 of the Meritage "estate" lots to build their estate homes on. I assume this will begin shortly, because there are only two estate lots left in Pod 1-4.
The second village will be buffered by a small park and a planned elementary school. I am almost 100% certain that both will not be built until the second village is completed, and maybe not even until the third village is halfway built. There is expected to be a second park constructed, but I again fear the same fate awaits that park as well.
There are three builders signed on for Ceramista: KB Home, Kimball Hill, and Woodside Homes. As you know, both Kimball Hill and Woodside Homes are in Chapter 11 Bankruptcy, however both builders do have finished lots in this village already in anticipation of starting construction back in 2008. I guarantee you either KB or another homebuilder will purchase these lots soon enough.
I'll try to post some updates at least quarterly on the progress of the master planned community (MPC). I am not a realtor, but just a homeowner (okay, a banker too) who believes that it would be great to keep this momentum moving within this community. 2010 sales are looking to match that of 2009, which is a good sign considering the additional costs homeowners are aware of when buying, like HOA's and assessments and such.
I just want to keep this going - that and it would be good to beat Mountain's Edge - JUST KIDDING.
What's the deal with KB Homes in Las Vegas? When I bought in Tucson shortly before the crash, they had a bad reputation here. My Realtor wouldn't even show homes in KB developments unless the buyer insisted. The development I eventually bought in has one tiny segment of KB-built homes that are shunted off to one corner with their own entrance not connected to other streets in the community. I've been in a couple of those and I can tell the materials used are not up to the very limited standards of my Pulte-built shack.
I have a question about master planned communities. What happens if you buy into a new master planned community because of all the "plans" they have, and then they don't follow through with them? Like, if they promise you a park, and then back off of that because they don't have the extra funding to build it? Do you get money back from your monthly dues to the association in the master planned community? I was just curious because my friend is thinking about leaving Mountains Edge due to this....
I've heard about the Mountain's Edge situation. Unfortunately, there are agreements that you sign during the contract signing process so that you understand that plans can change from time to time.
Because of this, developers are able to reneg on their original designs. My recommendation is to get with your HOA to consider litigation. It may not be the best solution (because John Ritter/Focus are likely in Bankruptcy Protection), but who's to say you can't try?
My hope for the Mountain's Edge situation is that Focus is able to get out of BK relatively scotch-free, with capital to be able to live up to its' original design plans. They may be waiting for additional build out of the homes there, for all we know.
Unfortunately, you are comparing apples to oranges. Each builder has different strengths and weaknesses. Pulte is not a bad home builder, and is well established in the Las Vegas Valley. They cost more than a KB Home most of the time, so I'm sure there are materials that may be superior to KB.
KB is able to save a lot of money by having the home buyer design what they want in the house before they build it. This saves for cost overruns. Also, KB's subcontracting process appears to be pretty competitive, and this drives down the costs to build as well. With lower costs, it can come at a price of bad work - but lately I really don't hear anything bad about this.
I think it comes down to this - do you want your dream home, or do you want a place to live? If you go with the former, then you need to pay up and invest into a luxury builder. If its the latter - you want the best deal for your dollar.
I can assure you this though - the way KB is developing and buying up finished lots, they are looking to be THE BUILDER in yet-to-be developed areas in years to come.
Here is update #2 for anyone interested in moving into a master planned community (MPC) - this one in located in Henderson. Also, this is just for people who would like to know about the current health of the MPC.
Every year, the RCLO releases a list of top 10 performing master planned communities. Every year, Mountains Edge and Providence have been near or at the top of the list.
This year, for 2009, Mountains Edge lost its #1 spot and dropped to #5, with Providence at #6. Nevertheless, this is still great exposure to the Focus Property Group, which is experiencing a lot of public and private backlash from homeowners feeling misled and the public expecting the company to go under.
I would say at this time, the more positive public feedback the company receives for continuing to keep builders in their MPC's, the more they will be able to assure residents that their promised parks and ameneties will be completed. Of course, it sucks when you don't see immediete results, but we can be impatient at times. =P
Inspirada was not on the top 10 list, but they were at the top of another important list. Inspirada was the only community to report an INCREASE in sold homes within the Southern Nevada Market. Of the budgeted 150 homes to be sold (per HOA budget), Inspirada sold 228. Hopefully the trend will continue, since this number was mainly off the sales of the KB division, and not Toll
The first village (Solista) is within 18 months towards completion, and the second village (Ceramista) is in the process of completing the power/water/gas infrastructure. KB Home, I'm almost certain is in talks to begin purchasing their portion of the second village (which is 50%, like Solista Village)
Here are updates from each builder currently in Solista:
Meritage Homes
As I said in the first update, Meritage has all but abandoned their participation (relax, it was less than 3%, and they sold their unused land to KB and Toll, for a premium, and only have about 4 straggler lots). Meritage still has one home to sell, so if you are looking for a Henderson home for about $99/sq. ft. check it out. Most of the homes in Inspirada are going for about 105-120/sq. ft. So check out the Meritage website.
Toll Brothers
Though initially a high-end alternative to the KB Home development, Toll has changed their floorplans in order to match higher end KB estate models. Because of this, sales at Toll have begun once again, with beautiful homes in the low $200's.
They continue to still advertise their "higher-end" models, and have two estate lots left. They seem to have eliminated their "mansion" style homes, but are continuing to build their three story townhomes, which in my opinion are very aesthetically pleasing.
Their new sales center is finished! They are currently selling "economy friendly" models that resemble the Village Homes KB sells. Pricing is in the low $200's, and they already have about 9-10 homes under construction in the area. It is really starting to fill out that vacant area! Activity in Toll is picking up, with people with unfavorable experiences with KB opting to pay about $15,000 more for a home built by a luxury homebuilder. They are also constructing their three story townhomes, which to me is a great first home if you aren't looking for that "dream house" yet.
KB Home
KB is picking up steam in finishing their last 100 or so lots. Their "garden" homes (1,500 sqft to 2,000 sqft) are almost sold out, and their "village" models (2,000 sqft to 2,600 sqft) are really what is the bulk of their remaining lots. They have about 30 or so village lots that will not be sold until they complete their design for them. They are going to a "special edition" of sorts, because they will be on a larger lot. I don't expect they will start on those until the second village is nearly set to open. Village homes range from the $150s to low $200's.
The "estate" models are selling like hotcakes! They purchased about 20 more lots from the Meritage acquisition - so they aren't too limited anymore - before then there were about 4 lots left. These one story models are a really nice alternative to the Anthem development if you can tolerate you know ... a long development cycle overall here!
There is space for about 6 more townhomes to be built, resulting in about 30 more lots. These were selling very well, but it remains to be seen if they will be on track to be completed by year end.
I would estimate that the actual amount of lots remaining is about 70 or so. The HOA has budgeted once again for about 150 homes to be sold in 2010. I expect sales to be slightly less than 2009, but well above 150. Especially given Toll's recent surge in completing their first village.
For those worried about the developer, at the very least they have yet to see any foreclosure proceedings - at the very least they are keeping up with their property taxes!
That's it for now - I'll post again when I get some 1Q data!
Information about the LTA: The Limited Transition Area (LTA) consists of 502 acres of land located south and east of the Henderson Executive Airport. The City has determined that this land, due to its proximity to significant transportation modes, such as, the Henderson Executive Airport, Interstate 15 and St. Rose Parkway, provide an ideal area for development as an employment and business center.
This will be located on the western edge of Inspirada. It will be zoned as an Industrial Park with Master Plan Overlay.
[URL]http://agendadocs.cityofhenderson.com/CC/AV/AgendaItems.asp?Agency=3&UID=671&tit=Planning[/URL]
Limited Transition Area Master Plan Overlay and Design Guidelines Agenda Item 012
As residents of Inspirada, we will need to ensure that the City of Henderson continues with the following design guideline especially individuals who live on Thames View St and Ford Romano St since this will be in your backyard.
6.4. Transitions to Residential In order to preserve the integrity of the community, landscape buffers will be incorporated into the design of the LTA. Buffers may be of varied concepts, including but not limited to greenways, open space, parks, or other methods to provide an appropriate transition to residential areas. Existing anoyo/drainage features could be preserved as natural features along with the co-location of sensitive architecture and less intensive uses. Preservation of arroyo/drainage features would be dependent upon flow volumes and the location of existing flood stmctures near the LTA. Greenways. open space, and parks could serve as buffers to nearby residences. Development located adjacent to residential uses shall comply with the Residential Compatibility Standards of section 19.7.6.D.6 of the Code.
does anyone have a way to contact the inpirada hoa?
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Inspirada Updates
