Think the housing market in Las Vegas is in the tank? For the most part it is, unless you have cash to buy a foreclosure or the patience to wade through a short sale. Nonetheless, there are still two master-planned communities in the Valley moving enough units to rank among the top 10 such communities in the nation: Mountain’s Edge near the Red Rock National Conservation Area, and Providence, in the northwest near the intersection of Interstate 215 and West Lone Mountain Road. Mountain’s Edge sold 596 houses in 2009, according to the Washington D.C.-based real estate firm Robert Charles Lesser & Co., while Providence sold 388, earning the two communities the rank of No. 3 and No. 5 on the list, respectively. Cinco Ranch, a community in Houston, topped the list with 887 sales.
Success these days is relative. Cumulative sales in the nation’s top-selling master-planned communities were 20,000 in 2005; in 2009 that number was about 5,000, according to an Aug. 5 article in Builder magazine. And things aren’t getting better. Between 2008 and 2009, many master-planned communities have seen sales fall between 16 percent and 32 percent, the magazine notes.