LGI Homes has bought a second property in Las Vegas that it intends to develop with entry-level homes. The Las Vegas Review-Journal reports:
LGI Homes this month bought a vacant, mothballed subdivision in the northeast valley for $4.65 million and plans to build 88 houses there. The land, at the northeast corner of Lamb Boulevard and Carey Avenue, is almost a mile from LGI’s other project site.
A fast-growing builder that focuses primarily on entry-level buyers, LGI hasn’t started selling houses here, and both project sites have eyesore neighbors and histories of failed development plans.
But the second purchase underscores LGI’s bet that, amid record new-home prices in Las Vegas, there is a market for less expensive options in a part of town that other builders largely ignore.