Press Release
prepared on December 31, 2002
by impress communiciation
Holly Lobelson
(702) 940-5050

Entry Level Housing Becomes a Tough Find as
Home Prices Continue to Rise

(Las Vegas) – Over the past several years, at a time when home prices were skyrocketing in several areas of the nation, many families flocked to Las Vegas to realize the American dream of home ownership.

The affordable housing the Las Vegas Valley offered may be a thing of the past. Recent studies show the median home in Southern Nevada has drastically increased, narrowing the price gap.

“Reports show that the median cost for a house could exceed $200,000 by the end of 2003,” said Astoria Homes Marketing Director Sia Howe. “Unfortunately, it’s becoming more common nowadays to see people strive to buy a home yet never succeed in accomplishing their goal.”

Astoria Homes is helping to make the dream of home ownership a reality. With the recent launch of its “Triumph Neighborhoods ” concept, Astoria Homes is fulfilling a need in the entry level home market by developing affordable housing in premier parts of the Las Vegas valley. The ‘Triumph’ series of communities feature quality homes for the first-time homebuyer, with all the amenities of other homes but at a significantly lower price point. The communities feature large parks, playgrounds and pools. Many of the homes also offer front or rear courtyards and decks.

The first “Triumph Neighborhood” was Silverado Place, which opened in early 2002 in the Silverado Ranch area. The next Triumph community that opened in late 2002 was “Independence,” situated in a growing part of the valley at Warm Springs Road, west of Durango Drive. The price point for these quality homes started in the $110,000 to $120,000 range, Howe said.

Astoria Homes also plans additional communities in 2003. “The Peaks,” a mini-planned community of two housing types, The Courtyards and The Verandas is scheduled for development at Warm Springs Road and Rainbow Boulevard within the master-planned community of Coronado Ranch. In addition, the “Centennial Hills Town Center” community will boast three to four different housing types, and is planned for opening in late 2003 in Northwest Las Vegas. All of these communities will be well below the median price for new homes in the valley.

“We’re doing our part in fulfilling a need in the Southern Nevada market by assisting people in purchasing their first homes,” Howe said. “With the median home price escalating, it’s important to meet the needs of community members and help them reach their long-awaited ambitions of home ownership.”

Besides affordable pricing, the Astoria Homes communities feature “Energy Star,” an EPA-approved system of ensuring that homes are at least 30 percent more efficient than the Model Energy Code. By using the “Energy Star” program, homeowners save valuable energy and also lower the cost of heating and cooling their homes.

Astoria Homes is an award-winning homebuilder with communities including:
Ironwood Estates in Centennial Hills; Auburn Hills, Canyon Trails and Independence in the Southwest; Silverado Place in Silverado Ranch; and Villa Villagio in Seven Hills.

For more information on Astoria, the homebuilder’s Web site can be accessed at www.AstoriaHomes.com.