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News Archives: 2003
Soaring home prices fuel apartment, condo sales
Tony Illia / Las Vegas
Business Press
Nov. 28, 2003 - Rising home prices are driving apartment and condominium sales through the roof. The median new home price in
the third quarter is $168,000, a 14 percent increase from a year ago.
In some places, such as Summerlin, new homes appreciated by 21 percent in the third quarter compared to the same
period in 2002. The median price of a Summerlin home is now $230,000, up $40,000 from last year, says Larry
Murphy, president of SalesTraq.
As such, more economically priced alternatives are seeing increased activity. The apartment market, for example,
has exploded with sales of 5-to-99-unit apartment complexes growing by 48 percent in the third quarter as opposed
to last year, says Michael Belnick, an apartment specialist with Re/Max Central Commercial.
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Survey says Las Vegas has lower assisted living costs
Xazmin Garza / Las Vegas
Business Press
Nov. 07, 2003 - A recent survey shows that Las Vegas' assisted living costs are below the national average, but still higher than
nearby competitive cities.
The 2003 MetLife Market Survey of Assisted Living Costs reveals that on a nationwide level the average monthly cost
a senior citizen pays for assisted living is $2,379. Las Vegas comes in with an average monthly cost of $2,014.
The figures were determined through telephone surveys conducted last July that found a base rate high of $3,550, locally, and a low of $1,000.
"Las Vegas is probably less because the cost of living here is lower compared to larger, metro areas," says John
Restrepo, principal in Las Vegas-based Restrepo Consulting Group.
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