Las Vegas, NV (PRWEB) December 10, 2004
In July 2003, the Clark County Commissioners and Las Vegas Valley Water District approved a new measure limiting all new courses to 45 acres of turf for fairways, greens and tees, and five acres for practice ranges. (For frame of reference, local courses built between 1995 and 2003 average between 100 and 160 acres of turf on tees, fairways and greens, and 10 to 20 acres of for practice ranges.) It is essentially a moratorium on new golf course construction because it is difficult to build a regulation 18-hole course with 45 acres of turf. The only Las Vegas golf course project still on the books for construction, El Grande Hombre, is in a holding pattern for at least another year and a half.
The restrictions on building new golf courses in the Valley has caused a price spike in existing golf course communities which will only get worse as sales on the remaining new golf homes reach completion during the next twelve months. So real estate investors are starting to focus on Las Vegas country club homes as a new source of potential profits. In a city known for its avid golfers and as a major retirement destination for the baby boomer generation this can only mean a sharp escalation in values for the limited supply of Las Vegas country clubs and golf course communities as the city grows.
Since Sun City Anthem released the last of their golf course lots in mid November, there are only a few neighborhoods where preconstruction real estate on an actual golf course lot can still be purchased: Aliante, Lake Las Vegas, Silverstone, Rhodes Ranch and MacDonald Highlands.
Lake Las Vegas - This is the acknowledged crown jewel of the Las Vegas master planned communities. A breathtaking 320 acre man-made lake is the centerpiece for this unique development surrounded by terraced hillside Mediterranean-style homes, resort villas and custom home lots. Features include two Jack Nicholas designed private courses with incredible vistas, a luxury 500 room Hyatt Regency Resort, an exclusive shopping center to rival the Forum in CaesarÂs, and a private yacht club and marina. Both custom home lots and a limited selection of semi-custom homes are available here.
MacDonald Highlands - Just to the east of Green Valley Ranch in the foothills of the Black Mountains. MacDonald Highlands is a private guard gated country club featuring 10 acres of parks, 5 miles of walking trails and a private championship 18 hole mountain course called Dragon Ridge. This is a very upper ended project with 16 distinct custom home neighborhoods and a small neighborhood of semi-custom homes by Toll Brothers.
Rhodes Ranch - Almost at closeout, this is a lovely guard gated community spread over 1500 acres in an excellent southwest area of town featuring different upper ended tract home builders. The community is built around the public Rhodes Ranch Golf Course, and the new community center with resort style pools and fitness facilities is almost completed. There are some terrific values here for those that want the security of live guards and the proximity of a fine public course at an affordable price.
Aliante - This Del Webb's newest Sun City project built in the far north along the I-215 beltway as part of the new Aliante master planned community. There are 7 models homes to choose from, and the community will feature a 6,900 yard 18 hole championship golf course, plus pool, fitness center, computer center, tennis, crafts and all the other wonderful Sun City amenities. Aliante will be the smallest of the Las Vegas Sun City offerings with just about 2,000 homes total.
Silverstone Ranch - An affordable golf club living community developed by Pulte Homes centered around the pristine fairways of the 27 hole championship golf course Silverstone Golf Club. Nestled at the base of the Sheep Mountain range in the far northwest, Silverstone Ranch offers a variety of entry-level, move-up, upgrade, and multifamily homes ranging in square footage from 1558 to 3448.
Investors would also be wise to take a look at some of the existing private country club communities of Anthem Country Club, Red Rock Country Club, Spanish Trails, Southern Highlands and even the mature Las Vegas Country Club. These are among the most popular developments in the city and feature some of the finest courses, so they should also benefit hugely from the expected price increases.
also see our articles at:
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Las Vegas Real Estate Investments - Is the Boom Over or Just Getting Started?
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