Builders, Brokers Optimistic about Housing in 2014 - 8 News NOW

Builders, Brokers Optimistic about Housing in 2014

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LAS VEGAS -- The real estate market in southern Nevada is expected to have a brighter future in 2014.

Housing prices hit bottom two years ago this month, and the recovery is slow. However, it may pick up a little steam.

Rocky Cochran is a third-generation homebuilder and he is the head of construction for Pardee Homes. 

"We're really excited for 2014. We're going to count that as our third year of the comeback," Cochran said.

Pardee Homes plans to introduce at least four new neighborhoods this new year, starting with Horizon Terrace in Henderson.

Pardee promises these large two-story homes will take living to a higher level.

"The market, the overall economy has improved, and so people are feeling more comfortable about their jobs," Cochran said.

"I think 2014 will be the trend of a true value," owner of Cosmopolitan Real Estate Omar Lopez said.

In the resale market, Omar Lopez with Cosmopolitan Real estate says you can find deals in the market right now.

He says some listing prices have gone down, and more cash-paying investors are leaving the market, meaning people buying a home to actually live in it have a chance.

"Perfect opportunity for buyers to take advantage of the increasing inventory." Lopez said.

On the commercial end, southern Nevada will see new activity in 2014 with construction finally beginning at Resorts World Las Vegas, which is the new name for the old Echelon project on the Strip.

However, the economy is nowhere near those glory years when it was assumed Las Vegas was recession-proof.

"From a local standpoint, housing, the job market, all of those things are much more stable than they were, but still a long way to go before we have anything that looks like peak levels in the past," Brian Gordon with Applied Analysis said.

Back at Horizon Terrace, Pardee Homes has built houses for more than 40,000 families in southern Nevada since 1952.

Seeing the market's ups and downs, Cochran is confident in a comeback.

"We feel pretty good about the coming year," Cochran said.

Home builders research says new home sales have slowed recently, and but that is normal over the holiday season.

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