Homes in planned communities tend to retain their value
The coming year brings many opportunities and challenges for planned communities. The housing market is still strong and there is demand for new homes.
At Cadence, we have continued to see strong sales in recent years and expect this trend to continue. The community offers various home products at different price points, making it ideal for buyers at different price points. And, of course, homes in planned communities tend to retain value over time – a big plus for homebuyers.
Interest rates should rise a little, but they remain historically low. It’s always a great time for buyers because they can still stretch their dollar a bit more and get the most out of their purchase.
According to recent reports, sales are keeping pace with most master plans across the valley. The diversity of home products is a huge draw and will continue to be this year and in the years to come. Buyers want choices not only for what they choose as their own home, but don’t want to see rows of cookie-cutter homes with everything looking exactly alike.
Some other benefits of planned living, including the integration of not just homes, but also streets, are amenities (parks, schools, retail, etc.), and residents can rest assured that everything will be maintained. Master plans tend to be more expansive with more land area and integration with the city and county – and in many cases infrastructure already in place.
For example, for the more than 3,300 families who already call Cadence home and those moving here in the coming year, they have immediate access to everyday amenities, such as retail, grocery stores, restaurants, gas stations – service (many here within the community), the Water Street Historic District; and Lifeguard Arena, the training facility for the Henderson Silver Knights. Additionally, and this was extremely important while we were developing Cadence, was having outdoor activities available, such as bike paths intertwined throughout the community, huge open spaces and parks available, swimming pools, pickleball courts, etc. Cadence is also a very short drive to Lake Mead Recreation Area.
Contrary to what some might think, a strong homeowners association and strong CC&Rs (covenants, conditions and restrictions) allow the community to retain its value. Getting into a community early is beneficial because costs will likely continue to rise for homes and supply chain issues for materials will take some time to resolve.
The best advice I can give is to approach a home purchase with patience, especially now that builders are dealing with ongoing supply chain issues. They really do their best to secure materials such as wood, garage doors, baseboards, etc. and they still face a labor shortage. This backup can in turn push back closing dates and increase construction time before homes are delivered to customers.
The good news – planned communities continue to grow and builders continue to build and offer many new homes to potential buyers.
With that, I offer a few tips/things to remember when visiting a planned community with the idea of buying:
■ Walk around the area and see what is being built and the location of schools, businesses, etc.
■ Ask your local sales agent or Community Homes Research Center about assessments, what the plan is for the community and future growth.
■ Remember, it’s not just the home itself that you’re buying — it’s the whole neighborhood experience.
2022 and the years ahead are going to be fascinating in the Valley as more and more people continue to move to Henderson and Las Vegas in general.
Cheryl Gowan MA, APR, is vice president of marketing for Cadence, a planned community in Henderson.