Sales in Chateau Nouveau, a gated condominium development in southwest Las Vegas, NV are up slightly so far in 2007. Six units closed in the first quarter, compared to 4 in the same period in 2006.
Existing resale inventory of 54 homes (plus 2 with accepted offers) makes this an extremely competitive market. Buyers have many options, and aggressive pricing and immaculate condition will be the determining factors. Condos in Chateau Nouveau are located close to the I-215 beltway, Siena, and Bear's Best Las Vegas, a Jack Nicklaus-designed golf course.
Here are the details of the first quarter sales:
| Address | Sq Ft | Bed/Bath | List Price | Sale Price | DOM | Closing Date |
| 10001 Peace Way #2213 | 1268 | 2/2 | $249,990 | $249,990 | 72 | 03/05/07 |
| 9975 Peace Way #2028 | 1117 | 2/1 | $245,000 | $235,800 | 167 | 03/30/07 |
| 9975 Peace Way #2009 | 1190 | 2/2 | $239,000 | $232,160 | 52 | 02/14/07 |
| 9975 Peace Way #2073 | 1117 | 2/1 | $220,000 | $220,000 | 58 | 03/30/07 |
| 9975 Peace Way #2085 | 876 | 1/1 | $185,000 | $180,000 | 87 | 01/04/07 |
| 9975 Peace Way #2122 | 814 | 1/1 | $180,000 | $176,400 | 47 | 01/09/07 |
Chateau Nouveau consists of 564 one to three-bedroom units, from 770 to 1,482 square feet, built in 2003. For more information, or to buy or sell a condo in Chateau Nouveau, contact John Novak at (702) 339-9700 or JohnNovak@kw.com.
Other Las Vegas and Henderson condo market reports:
Duck Creek Village
Manhattan
Mission Ridge
Paradise Village
Park Avenue
Trilogy at Stephanie
Trilogy at Warm Springs South
Interesting. I keep hearing about the robust Las Vegas real estate market. What isn't showing in the stats is seller incentive. That is a BIG factor in our sales stats.
Lenn - For 2007 I call the Las Vegas market 'challenging'. When I do market reports, I always subtract the Seller Contributions from the posted selling price to arrive at an adjusted price. We've seen new home builders reduce their incentives, but I'm still seeing about 1-2% seller contributions on resales. This would make a great topic for a first half of 2007 report.