Las Vegas’ vacant land is heavily concentrated in its outer areas, and projects there are generally easier to develop than in urban neighborhoods, real estate pros have said. Moreover, there is no shortage of homebuyers in the valley’s outer-ring areas, which typically commands higher home prices than older neighborhoods.

Las Vegas-based Harmony, however, is banking on offering lower prices at its townhouse complex compared to the rapid runup in home values lately.

Prices at the project, Arcadia, are expected to start in the low $200,000-range, according to Catania.

“We want to make it affordable,” she said.

By comparison, the median sales price of newly built attached homes in Southern Nevada in April was more than $309,800, and the median sales price of newly built single-family houses that month was $415,900, Home Builders Research reported.

Excerpt of article in Las Vegas Journal 6/22/2021