5 Big Reasons Houses in Lennar Fairview Aren't Selling! Why Only 3 of 85 Houses Sold in Summerlin!

So hello, today we are out at Lennar Fairview again and I'm here with Tony. If you might recall, we were out here in July. We talked a little bit about the floor plan next door. Today we're featuring the Cordelia floor plan, which is just over 3,800 square feet. Now this builder has been selling these since July. In this video, we're going to be talking about the five reasons why So Lennar has only had three sales in here since July, and that is over from 85 homes. If you saw our video in July, you might've gotten a couple tidbits of information to know why that might be happening. But today we're going to dig in a little bit further as well as toward the Cordelia. So thank you again so much for being here. We're going to get into it. And this is your Vegas Confidential. Okay, so we are over here in Grand Park, and there is quite a few other single-story communities that Lennar is going to be competing against. We'll get into those a little bit later in the video. But here at Lennar Fairview, there's going to be 85 homes, all single-story floor plans, and they're going to be priced anywhere from $1.5 to about $1.8 million is going to be your base prices. And then they do have some quick move-ins that we can touch upon a little later, and they've had some significant price reductions. The market overall, and if you've watched a lot of my videos, I do talk about it quite a bit right now, the market has slowed significantly, even since July. We've, you know, Rates have gone up. We have over 10,000 listings on the market right now. Buyers have more choice than ever. They also have their choice in new construction as well. And I think when builders don't put their best foot forward, well, you're going to see the separation in sales, right? Like you're going to see much, some builders do much better than others. So that's what we're going to be talking about today, as well as give you a tour of this Cordelia floor plan. I love having Tony with me. As you know, he's got some great commentary. I'm excited to hear what's going on in his head right So, uh, let's get into it. Okay. All right. So we're going to do our tour and then through our video, we're going to be talking about the five reasons why, uh, Fairview is not selling right now. We, we have some ideas and the first one, what we have, and Tony's going to be great at this is going to be the price versus the finish level. And I think that's a lot of places where Lennar there's a, there's a little bit of a disconnect. So we're going to walk through through this particular floor plan and talk about the finish level. And talk about what the prices are. Tony mentioned that anything that they have as far as quick move-ins are in the $2 million range. Right around there, yes. So high bar for this area. For this area. And of course, like I said, we are in Summerlin, so location plays a part into it. But with a softer market and a builder not really bringing their A game to market, well, it kind of shows. So here we are. We are. Well, at least it's not white cabinets. So we've got, you know, a little bit more variety in the color schemes. And again, we're looking at the model. Right. So it should be the best of the best. The best of the best. And Lennar always... balances the that with the everything's included mantra. So you are going to see maybe some more standard finishes in some of these homes. Exactly. And that is their that is essentially how they do business, which which in a lot of price ranges, I think is really smart because that everything's included feature. I guess I used to work at Lennar. I think that's great in that when you are in some Some prices ranges. You get a lot more for your money because Lennar built buys a lot of these finishes and things like that in bulk. So you have less choice, but you can get a really great value. I feel like when they get to these higher price points with the finish level, um, we had seen actually show when I show them in the bathroom, just as far as some of the finish level, I can't remember. This is the, this is the primary. And right off the bat, you notice. Yes. Well, what I noticed was this mirror. And, you know, this is what you would find in a Motel 6. I mean, this is not, you know, and again, it's the model. So, you know, I know they're trying to balance showing what you're going to get with the home. Right. With what options, and they might be very limited. But you would at least expect in a $2 million home to have base finishes that are more than just... They're very basic, right? So there's not even two lights. Yeah, there's nothing overhead. You just get the basic mirror. Yeah. You know, obviously here, they're just showing you what you can get. But this is optional, as you know. The additional washer and dryer. But this is sort of fancy. So, I mean, okay, so very clear, number one on our list as far as why Fairview at Lennar is not selling is there's zero wow factor to these, and I think, you know that's my word, wow factor, I say that a lot, but I feel like you walk in the door and you just don't have it. Well, and at $2 million, you should expect that, because all of the competition in this area is going to have some wow factor in every one of their plans. Correct. The most basic models with no upgrades, you'll get maybe some vaulted ceilings. Right. And you'll get some interest. Yeah. You'll get some interesting features. And here you just get one there, one there. You know, I do appreciate that they did, you know, this isn't acrylic. So, so we have that. Yeah. Then no pan at least. Yeah. Yeah. So this is, but I don't even know, I mean, like, obviously you, you can probably do Uh in the field for sure, although I would say generally that that's a little bit more unusual for Lennar Because a lot of times they don't give you a lot of choice, correct? Uh, so you really have to go to the design center here and see what your actual it's like an experience center So it's just an experience. It's not you're not designing anything. It's just an experience Okay, so that is number one and I think that's that is a big challenge because I think again in this market you guys have a lot of choice, right? There's a lot of opportunity. There's a lot to see that all fall into the very same price range as this. And I think the finish level, even for the models, it's not even what you might even get in the field, but that first draw into the models where you are absolutely supposed to get an experience and be like, oh my gosh, I absolutely love this. You know, I I just think that this is a challenging price range, you have a lot of competition, and I think Lennar could be essentially having issue at this because the finish levels really in any of these models are going to be pretty underwhelming, I guess would be the word. You'll see it again as we go through here, particularly in the pantry. I know, we're wandering around, but we want to show you all the different reasons why. I'm not going to steal your thunder, so walk into the pantry, Tony. Yes, come on. We're going to walk into the pantry. Let's take a look at what made me gasp when we walked in here, and I'll give them the benefit of the doubt that maybe there was something else planned in here. Again, this is the model, and I cannot believe this is what we're seeing. This is unfinished. There's a ton of issues with the drywall and the baseboards, and again, maybe there was some issue in here, but I am shocked that... They would allow this without a sign, something else, and this gets into it. Still under construction. That's a good introduction. Well, we'll talk about this later too, but we are very much on our own here. And everything is left to our imagination because there is no one in the sales office. Correct. There's nobody here. And we're going to talk about that a little bit more. So without further ado, let's get into reason number two, Lennar Fairview might not be selling. Okay. So reason number two, This isn't for everybody, but this is the conversation, is that every home here has a next-gen suite, which I have clients that I talk to that absolutely really love that next-gen suite opportunity, but if you don't need that, if you don't want that, that automatically disqualifies this product. And I feel like other builders... Give you some options. Give you some options where you can create those spaces. I can think of Pulte. I can think of Richmond American. I can think of other builders that in this size single story definitely have the ability to create next gen suites. Obviously, there's a cost associated with those. So maybe that would make you come back here. But if you don't want that space, if that has no use to you, then why would you buy a house that has it if you're just not going to use it? Right. And again, every other builder that's in this area that I can think of that offers a next gen option offers other options so that if you want a game room. And then Peter, you said that you liked this next. Peter actually liked this next gen suite. Um, so it's in over here. We're going to walk in over here and there's nothing, you know, there's nothing wrong with this at all. It's just a matter of like, if you need it, it's great. But if you really don't, it just becomes a completely unusable space. Right. Like, do you really want a refrigerator and a stove in your game room? If you want it to just get creative with the space. Right. Oh, I don't really need it. And I did move the refrigerator in because it was making me crazy. And then there's still room that I could actually slide back in here as well. But I was just a little skinnier. I see it. So, you know, it's just something to think about because this is an expensive price range. And if this is not something that's on your radar or it's something that you need or something you're like, well, shoot, I don't want my parents living with me. I don't want them to give them a reason why. You know, and that's very real. Like if you don't need the space, then it automatically disqualifies this product. And I think that's a mistake. I think having that option of either having the next gen suite or just literally not having it and being able to convert this into something else through the builder, not, not after close of escrow, but through the builder, I feel like not offering that choice. For this specific buyer profile, I think is a mess. Yeah, and not to mention, you can just go down the street to every other builder that's offering these options and get it. Right, Taylor Morrison, Ashland has an option for it, but it's, you can also, doesn't need to be. Okay. And I think, again, it's just sort of the having that conversation with a clientele base and being like, you know, this should be something that could be optional. So number two on my list, as far as why, Lennar Fairview is not selling is that next gen suite, not an option, but an absolute have in these. And I think that's a mess. All right, we're going to get on to number three. Okay. So one thing kind of interesting to note is that for the month of September, Lennar actually sold the most homes out of any builder here in our Valley. Maybe just not here, but they had 108 sales. So posting big numbers, which is great. It's just funny though, that it obviously is not here. So number three on our list, as far as why Lennar Fairview is not selling What I'm telling is, the competition. And I think we talked a little bit about that earlier, but you know, being up here in Grand Park and Summerlin, you have La Madre peaks as well. You're playing with the big boys up here as far as finish level. And I feel like Maybe knowing that, I think there could have been a better game here. And then we're talking about, Tony and I were just at Agave Ridge, which they were doing their lumber and lattes this morning. They're going to open for their interest list next month in November. 2,800 to 3,800 square feet, TriPoint, you guys, they bring a beautiful, they have beautiful models. They are well thought out, great finishes, and they are going to be, they are one of several builders that are going to be competing directly with this Fairview product. That's right. And, you know, the other... Issue two is, at least at the time of filming, there are other quick move-ins available. And all of the three that are available here at Lennar, at Fairview, are all in that $2 million price range. You can go down the street to Glenrock at Toll Brothers. They have a single-story quick move-in as of right now, almost 3,900 square feet. And if you'd like more information on that, give me a call. Yes, you can call me. 1.875, somewhere around there. Yeah, I know. Maybe 1.8. And about the same square footage. Same square footage. And it's Toll Brothers. And it's Toll Brothers. Which, you know, we talked about in the first video that Lennar, if there's one thing they're always known for, it's value, value for the dollar. You're getting value for your money. And when you're at par with Toll Brothers, TriPoint, Richman America. I don't think they're proving their value proposition. And I think there is a way to do that. And I think it's completely price-driven because if you need this amount of square footage and you're not as finish-driven, so this should be the product go-to, but it's very difficult to make that case at the current price point, as well as what people can understand for as far as what else they can get. Also, this is a great point to note. It's just the delivery here. So we're thinking about, we drove up here, any other builder that we would go to in this price point, especially in Summerlin, there is a sales agent to greet us, to give us the information, to walk us through the models, to give us a genuine tour as far as why this is the best product here in Summerlin. For this, what this is a single story at essentially $2 million. When you make us essentially walk through by ourselves, and we have to make up our own narrative based on what we're seeing. Well, I think that's also a big miss. And I think that's another reason why that they aren't selling as much as they could be up here. Because essentially, we come out here, there's nobody here to talk to. It's just us. We had to scan a QR code. I had to sign up for a newsletter. And admittedly, you can sign up for my newsletter. Well, and that's why, especially if you're wanting to tour Fairview, you better call Jennifer because there's no other option to get some actual feedback about what you're seeing. And, you know, it really blows my mind that. This is the only community that I can think of up here in Summerlin West that other than other Lennar communities. Right. And I think that's just a big miss. Serve yourself. Correct. So the competition is very real in this price point in Summerlin and not having an idea of not only what the competition is serving, but also not having anybody here to explain the value proposition of why you should buy Lennar Fairview, I think is another miss. rolled in. So that's number three on our list. The competition is very strong and there's a lot to choose from. And then not having somebody here to essentially kind of help, I think is a big miss. So that's number three. So, so far, Summerlin is actually the second highest sales in our valley, actually right behind Cadence, believe that or not. So if you are thinking about moving to Las Vegas, maybe you're thinking about Summerlin, but maybe you want to compare it to other parts of our valley. Well, I have a quiz for you. It is my Vegas confidential quiz. QR code is going to be right here. Go ahead and scan it. It's going to ask you. Eight questions to help you decide where in our valley is the best fit for you. It's going to ask you about your budget, of course, but your lifestyle, what you like to do on the weekends to really help you narrow down locations in our valley. You get the answers. I get the answers. We're able to have a great conversation about your home search here in Las Vegas. So remember VegasConfidentialQuiz.com. Let's find your Vegas. Okay, I'm trying to get access to the tour, I had to scan a QR code, and then I had to fill out my form, and then I had to get a code back from AT&T, and now I have to start the tour, and I think that might work, okay, I'm not, no, we're going to open Juliet, here we are, we get to go in, this is very luxury, it just screams luxury, doesn't it? Okay. This is the Juliet floor plan. And when we were here last, um, they actually hadn't done all the, uh, the, the furniture yet. So this, we, we didn't really know what this was. So apparently there are many places to eat here. We were, we were wondering. why they wouldn't possibly do two dining rooms. What was this space going to be? Well, it turns out, no, there is two dining rooms. It's a dining room. So that brings us to number four on our list and ironically enough, and again, we are now standing in the Juliet floor plan and number four on our list, as far as why, um, why our Fairview might not be selling is the floor plans. I, you know, I think, you know, when you're speaking to this level of square footage And, you know, Buyers have gotten a lot more sophisticated, and I also feel like since COVID, people really want to have spaces where they can be with everyone, and then they also want spaces that are like loft areas or, you know, dens or just other spaces in the house that would allow them to kind of be. This kind of, you know, screams very large. Great room with, you know, a multitude, excuse me, of dining spaces. Okay, you can be over here. And what's funny, because even when I was at Cactus Bloom, I was there with Chris like a week ago, this area was actually kind of more enclosed and they had it done as a sitting room. So it allowed for additional types of spaces. And to be clear, a direct competitor of this right now would be Cactus Bloom up in La Madre Peaks. Yeah, and you know, and if you go and... Dr. Jennifer, you'll tour all of these comparable properties and that's what's going to happen is you'll leave here and you'll go there for the same money. And that's what I struggle with. If it wasn't the same money, then if you truly need the square footage and you just need a big giant box Then I think that would be at this point, because what the things they cannot fix, they cannot fix the finishes. They cannot fix the floor plans. There's a lot of things that are not fixable. The one thing that they could do is be the, the best. priced product for this segment. And I think that's really going to be the way for them to win sales. And right now, as of time of filming, that's just not the case. I would worry as a buyer that because they are traditionally very aggressive on price if things don't sell, that I would buy here potentially and start to lose value because they're not selling. And then all of a sudden, now we're in the red, and that's just not a normal state of affairs typically for newer construction. Things really have to not be going well. For that to happen, but they've had a history of being very aggressive on price, and I think that's what's so unusual for me here to accept, is that they usually are the value They are the value leader. So yeah, if you walked in here, and this is at 1.4 or 1.5, it's like, okay. Okay, now we're talking, and here's the thing, because you know if you watch a lot of my videos, or if you've met me in person, I talk a lot about resale, and I talk about the fact The fact that A lot of people think that once that builder leaves and that community is finished, that no matter who built those homes, that there's just a sort of value across the board. And that's actually not true. And I've seen that in communities that are like five or six years old, what certain builders communities are trending at five or six years later versus others. And there's a difference. And so don't just think it's like on your way in that that difference is, it's actually on your exit strategy as well. I know I'm laying a lot of information into this, but all of this becomes really important as far as where that million, $2 million is going in and what your realtor can ultimately get back to you whenever you decide to sell. So these are bigger question, but number four on our list. ...is really the floor plans and really just sort of the lack of innovation, I guess I would say. These are single-story with the ceilings. Anything you want. You can put a tray up there. Right. There's not even any pendant lights here. There's just the canned lights. And then even in the other model we were in... All of these are just empty and blank here, up here. All right. So, you know, and we'd love to hear from you in the comments, which I'm sure you're going to give it to us. But what, you know, what do you guys think? I mean, again, we're being very transparent here. We are up in Summerlin. Summerlin overall is one of, you know, the best selling master plans in the country. And it's a beautiful place to live. Um, but you know, we are noticing with a slower market, there are builders that are building communities. Some are performing better than others. And, uh, we're just here to share with you what our thoughts are as far as why this one isn't going to be selling. So that was number four. And now let's get into number five. Okay. So number five, uh, on our list, as far as why Lennar Fairview might not be selling here in Summerlin. It is the name on the door. And I think that Lennar is, you know, one of the largest builders in the country. They sell a ton of homes out here in our Valley. And I think they do a really good job in a lot of price points. However, I think when you get to this level, especially when I talk to people on the phone, I've talked to a lot of you on the phone, is that People actually come to the table and say, like, oh, I don't want Lennar because that expectation right out of the gate is that they're not going to get a million dollar home in this price point. Or necessarily have all the options available to choose from. Correct. Exactly. That they can get elsewhere. And I think, you know. When I think about branding, which is huge, I think some of the other builders, when they have different levels, like a D.R. Horton even, they have different names as far as how they brand those homes. And of course, Just my point of view, I think there could be like even like a Lennar Gold or just something that sets the expectation that you're getting a Lennar home and all the great things that Lennar can bring to the table. But then you getting that sense of that, like this is their premium product. Sure. Or, you know, conversely, they could just be super aggressive on price. Correct. Which do you want? So I think there's two things here. And I think you're right. I think either Lennar goes into it with the thought process of, hey, we are the value leader and then price accordingly. Um, based on the finish level, the floor plans and everything that you get, essentially, it's a square footage for price game, which, which I think is a very, is a good value proposition. If you want to build a superior product to maybe other types of building that you do, then, then the other option would be to label it differently. Yeah. Version or some, some wood side, for example, has. Right. There's a lot of different, and people, what's interesting is that I think sometimes people feel like people are going to get confused by that, but I don't think so at all, because I think when you brand it properly and people understand the value proposition for the branding that you're doing, I think it can make a lot of sense. So those would be my reason number five Uh, is essentially currently the name on the door versus the price point. I think there is a little bit of a disconnect there. Yeah. Yeah. And it's not like we're trying to, you know, trash Lennar or anything. No, that is not, that is not the point here. The point here is really talking about, um, right. What's really an interesting time right now, because I feel like in another market, everything would be selling every single home. You know, I sold homes, you know, back during COVID that. You know, like maybe there were things wrong, there was floor plans or whatever it is, but I feel like in the market that we're currently in, I think that disconnect between what buyers want and then the value proposition that you're offering becomes, there's a wider gap. Well, and you, you know, we talked about the arches the last time around. Right. A similar product that Lennar had during COVID. Correct. Much more competition, much hotter market. Yes. Those had arguably nicer finishes in there, and they didn't have any trouble selling. Yeah. And because it was a combination of nice enough and value. Yes, correct. It was good value for the dollar. And so now, you know, it's a softer market. They're going to have to do more. And I liked the Arches floor plans a little bit better, too. And I liked the finishes better, and I liked the exteriors better. I think they did a much nicer job. And I feel like in this market, if you don't bring your A-game, then I think you're going to be exposed. I think it does feel like they had anticipated a much hotter market maybe for this product than they wound up getting just because. There's not much going on. So those are our five reasons. So essentially, we'd love to hear from you. Um, you know, This is all about transparency, talking about what's happening here locally. If you're coming from out of state and you really want to understand what's happening here, there's a lot of great information I, Tony, too, would love to share with you, obviously, but I'm the only one licensed. So I guess you have to talk to me. Talk to her. Tony could come along, but again, this is all about the conversation, seeing here the disconnect between the, the amount of sales that they're having here and really trying to understand why is really the purpose of our video today. Hey, so thank you so much for taking the time to watch our video today. I hope you found the information helpful. We'd just love to share with you what's going on in our market because it is getting more and more interesting, if nothing else. So if you did enjoy this video and you want to talk a little bit more about your situation and how I could potentially help you, well, please go ahead and book a call with me. You can do that. I'm going to put the QR code It'll take you to my website at jennifergraffrealtor.com. Thank you so much for spending some time with us today. We appreciate it. Please make sure to like and subscribe. And as you know, we'll see you next time. If you're still here, we're still, we're talking and this is after our video is done. But Tony, you had some great, you were kind of had some great conversation we were having off camera. So we decided to jump back on and talk. Well, one of the things that's so important. So I bought here recently in a slower market up here in Summerlin West and use Jennifer as my realtor. And that's part of the reason why I enjoy helping with these videos is because there's buyer perspective and things that I can help provide and also that Jennifer helped with me. With me, You know, when we were talking about You know, what price to pay in a challenging market, what the issues might be in terms of if I have to sell right away versus waiting a few years. And one of the things Jennifer cautioned was, you know, give me five years, make sure that you're willing to stay where I'm buying at least five years because then Grand Park will be built out. There'll be a lot of incentive and reason for people that would want that resale home. And I think here... ...is another example where, you know, if you're interested in any of the Fairview models, call Jennifer because she's going to talk to you about the risks associated with... Purchasing now with a price that is not terribly competitive in a market that's slow and then just the fact that Lennar is also they become very aggressive on price when things are slow when things are not selling and it's slow here it's not selling and so the prices are going to come down and then it's just a matter of how much. How much they're going to come down. And one of the things too, we were talking about is the fact that the finishes follow you. That would probably be my best thing to say is that how these houses get finished. And it's not even if you take a house here and then upgrade the crap out of it. Um, all of your, you, you, you have to consider what your neighbors are doing and no matter how much you upgrade it after close of escrow, there's going to be people that are your neighbors that are, might just take the basic finishes and that will affect the overall resale of a community. And I know specifically where that's happening now. And these are just conversations I have with my potential buyers as far as like, just know the finish level. And I know a lot of people just think about what they're doing, but I'm also thinking about your neighbors and what they're going to be doing. Yeah, and location will help to a point, and the view will help to a point. So you could buy one of these homes here at a more aggressive price and potentially have a great view, have some opportunity to make sure that you don't lose too much of your investment or that it's any sort of... You know, multi-year endeavor to get some money back out of the property. Right. And here, I mean, Summerlin, I think overall is going to hold its value really well. But we just wanted to chat with you more. So I hope you enjoyed staying a little bit longer with us. As we said earlier, it's great to have you here. And we'll see you next time.