Dive Brief:
-
Homebuilders in Las Vegas aren’t having much luck selling their products on their own, so they’re joining forces.
-
Seventeen builders have agreed to participate in a citywide open house that will feature 56 communities and more than 200 model homes. The event is sponsored by the Southern Nevada Home Builders Association, which has revived its sales and marketing committee after disbanding it in 2005, when builders could barely keep up with demand.
-
The recession cut that demand by 90%, the association estimates, and the market has barely recovered. New homes account for just 10% of the local sales—about 6,000 a year—down from the “normal” of 30%.
Dive Insight:
Competing builders—large and small, public and private—will participate in the effort, which aims to “reach… out to people with the message of buying new,” a Shea Homes sales manager told The Review Journal. “Banding together gives us a great opportunity to reach a larger audience… There’s power in numbers.”