The National Association of Home Builders say the Las Vegas-based builder, Domanico Custom Homes, is having difficulty completing the project because lenders have cut off money.
The tight U.S. credit market may soon have another casualty: the New
American Home 2010, the “show home” at the annual International Builders' Show.
Organizers the National Association of Home Builders say the Las
Vegas-based builder, Domanico
Custom Homes, is having difficulty completing the project because lenders have
cut off money for it, leaving it only 60 percent finished.
The 6,000-square-foot house
is designed to be a sustainable, near-net-zero-energy dwelling and follows the
NAHB’s new Green Building Standard. The house is to be part of the display at
the Builders Show, Jan. 19-22, 2010, in Las Vegas.
"Instead of being a
showcase for innovative new products and green building technologies, the New
American Home 2010 has become a showcase of excessively restrictive lending
practices and failed regulatory oversight," said Joe Robson, NAHB chairman
and a home builder from Tulsa, Okla. "We've been hearing from builders
across the country that banks are cutting way back on loans for construction,
and this is a prime example."
Adam Knecht, general manager at Domanico Custom Homes, acknowledged the tough Las Vegas real estate market, where home values have dropped 40 percent in many areas, is partly to blame.
"But this is a beautiful home in a great location and it is the state-of-the-art in green building," he said. The New American Home is seen by thousands of people -- millions if you include feature articles in newspapers and magazines. We're not going to have trouble selling this home.
"If there is an investor out there looking for a good lending opportunity, I would love to hear from them," Knecht added.
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