Finished earlier this year, the Strada homes, located in the Inspirada housing community in Henderson, Nevada, 20 minutes from the Vegas Strip, target what many developers hope will be a rapidly growing share of the market: millennial homebuyers.
According to Klif Andrews, President of Pardee Homes Las Vegas, the homes, which went on sale in March and start at $393,990, have been tailored for the “move-up millennials,” those who already have a home or condo. This seems to miss the most pressing need of the millennial market, an affordable starter home, though Andrews says the company will soon be developing a more affordable line (the median home price in Henderson is $272,500, according to Zillow). But despite zeroing-in on the more hip, older, and wealthy end of millennial demographic, the new homes may offer insight into how developers view these potential customers, and how they plan to adapt to a changing market.
Andrews says that the homes reflect preferences uncovered in a series of surveys and focus groups. While the demographic is far from monolithic, he says—”people think of them as a 27-year-old living in mom’s basement afraid to commit to life, to commit to a girl, and that’s simply not true”—there were some commonalities revealed through consumer research.
“Through our research, we learned they are nostalgic about the idea of a true neighborhood with nearby neighbors, safe streets for kids, pet-friendly design, and a real sense of community,” he says. “They don’t need or want huge spaces like three-car garages; instead they prioritize cool and modern design features.”
All three models, which he says were built around flexibility and personalization, feature smaller closets and garages and less storage space, as survey responses suggested millennials don’t acquire as much or need as much storage space. Some of the models include a convertible downstairs suite which can be utilized as a roommate rental, mother-in-law quarters, a room for an older child, of an Airbnb rental space.
Every home features high energy- and water-efficiency, due mostly to the desert environment and the market expectation in Vegas, which has recently focused on conservation. Lawns are replaced with hardscaped outdoor courtyards. Technology is also simple and functional, since Andrews says these buyers want functionality first.
“Full-blown automation can be expensive for the user,” says Andrews. “They want great Wi-Fi, not full-blown automation.
The three Strada floor plans, which come in Modern Farmhouse, Contemporary, and Modern Spanish elevations, were based in part on the Responsive Home, a test home designed for Millennials last year. Architect Bassenian Lagoni, landscape architect AndersonBaron, and celebrity creative director Bobby Berk, who worked on the Responsive Home, designed the models, which range in size from 2,493 to 3,260 square feet. So far, 24 have sold.