While the green of money has been pouring into Las Vegas for many decades, vacation home developers are banking on a new way for green to grow in the Sin City: build sustainable communities and give buyers an opportunity to purchase more than they can afford on their own through fractional ownership.
An example of this movement is the Enchantment Way Development, a recently announced project with eight luxury homes on five acres in the highly sought and quickly developing Southwest valley of Las Vegas. The half-acre vacation homes, designed with the most forward-thinking and innovative green building techniques, offer views of the Las Vegas Strip, Red Rock, Southern Highlands, and the entire east valley.
The Enchantment Way Development is part of the U.S. Green Building Council's pilot program to bring LEED (Leadership in Energy and Environmental Design) certification, a hallmark of design and construction in commercial and public buildings, to residential buildings. "Green Living" Consultant, Steve Rypka, Founder of the Clark County chapter of the United States Green Building Council, counseled Enchantment Way Development on all aspects of the project. The entire development achieved LEED Gold or Platinum certification for its environmentally sensitive and energy efficient design and technology.
According to Enchantment Way Development, the project, "will serve those growing numbers who desire a discreet, relaxed, multi-faceted vacation experience in an eco-friendly, green built, nature rich environment. Residents will find The Enchantment Way the vacation experience of a lifetime as a second home, a respite from their busy lives as a vacation haven, and the perfect setting for a corporate retreat, which gives them access to the multitude of attractions in Las Vegas, and the sanctuary of a home environment."
Buyers in The Enchantment Way project can take possession of the homes under a fractional ownership plan, and receive complete concierge services. The Fractional Ownership Plan will offer each of seven homes in one-twelfth (1/12) shares, with each co-owner receiving use of the home for four weeks per year. If the co-owner chooses not to use the home for any of those weeks, management will rent the home as a vacation home on the co-owner's behalf and the co-owner will receive seventy percent (70%) of the rental revenue, after accounting for administrative expenses.
"Large vacation homes are strongly sought after here, but are typically single homes located in residential developments, and therefore do not lend themselves to being vacation retreat environments," the builders added. "The development sits within one of the valley's two rural nature preserves, and provides easy access to horseback riding, exploring the desert, or just a walk through the nature-rich area surrounding the community."
It's important to note that the project will also include a Desert Tortoise Habitat to enhance the lives of this federally-protected species, and will serve to preserve desert growth such as cactus and yuccas, for re-planting after the homes are completed.
Projects like The Enchantment Way will put builders into the forefront of the hearts and minds of the consumers they want to reach most: Generation "Y" (those born between 1980-1994) and teenagers who will grow up green. For their own sustainability, as well as the communities in which they build, developers should take note: green building and green living is here to stay. Is your business?