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  • Blue Heron Redefines Building in Vegas

    Blue Heron Redefines Building in Vegas

    Tyler Jones founded Blue Heron with a vision to redefine luxury living in the desert, recognizing an opportunity to move beyond traditional homebuilding. He created a design-driven company rooted in modern architecture, environmental responsiveness and experiential living. The idea was to create a homebuilding company centered around innovation, craftsmanship and deep connection to the Las Vegas landscape. 

    Blue Heron’s building philosophy is rooted in what the company refers to as “Vegas Modern.” This approach is grounded in designs that withstand the harsh desert climate, prioritize wellness and sustainability, while ensuring each home feels modern and in touch with the luxurious charm of Las Vegas. 

    “Our design philosophy has always centered on the idea that the spaces we inhibit should actively support how we want to live, including physically, mentally and over the long term,” said Jones. “At Blue Heron, that means integrating architecture, technology and environment in a way that feels effortless and deeply intentional. We’re not just designing homes, but creating living ecosystems that prioritize air, water, light and human performance.” 

    The builder’s design philosophy is evident in the Priva project, located in the MacDonald Highlands region of Henderson, Nev. 

    A Challenging Climate 

    Blue Heron seamlessly integrates the indoor and outdoor environments, enhancing wellness while bringing natural beauty to the forefront of the Priva project. Rather than shy away from construction in a harsh climate, the builder uses biophilic design so the project can withstand extreme heat while still feeling luxurious. 

    “We’ve embraced technology, advanced building systems and sustainability standards to meet the demands of a more informed and environmentally conscious buyer,” said Gonzalo Romero, Chief Design Officer at Blue Heron. 

    The builder approached the project’s design as a direct response to both environmental forces and human experience. The home’s architecture has layered planes and strategic overhangs to mitigate solar gain, while expansive glazing is carefully positioned to capture views without compromising performance. The company also installed advanced HVAC systems and smart home technology to optimize energy performance. The home’s seamless indoor-outdoor design reduces reliance on artificial lighting and encourages natural ventilation throughout. All of these strategies showcase Blue Heron’s commitment to sustainable luxury. 

    “The goal is always to create a home that feels open and connected, yet remains comfortable year-round in a desert climate,” said Romero. 

    Building with Precision 

    Development on Priva began in the early design phase with extensive site analysis and planning, followed by construction throughout 2024. Blue Heron completed the home in October 2025. The project’s topography allows architecture to actively engage with the landscape. The home is positioned along a ridge to create a cohesive, elevated streetscape of Las Vegas while maintaining individuality. Designing on such a prominent ridge line required careful precision from the in-house architectural and design teams. The project’s location was also the primary challenge; balancing expansive openness while adhering to environmental performance in Nevada required meticulous planning. Large glass openings had to be carefully engineered to maintain both comfort and efficiency. The builder designed the 8,800 square-foot home with a strong emphasis on flow and energy to create a sense of harmony within the project. Priva’s exterior is defined by a composition of intersecting planes that create depth, shadow and movement through the day, producing a dynamic facade that evolves with the sun. 

    Designing for Luxurious Lifestyle 

    Luxury and Las Vegas go hand-in-hand; a belief that Las Vegas native Jones founded Blue Heron on. That belief is embedded in Priva’s design. Romero described the project’s design as both bold and restrained; modern yet grounded through materiality and proportion. Floor-to-floor ceiling pocket glass doors dissolve the boundary between interior and exterior spaces. The project’s great room features doors that open to panoramic views and an infinity pool, bringing the elevated feel of a luxury resort without having to sacrifice the comfort of home. Priva enables effortless entertainment, complete with a wine room, media lounge, in-home gym and multiple gathering areas to inspire connection. 

    The dining area’s open design on the first floor embodies the same look as a luxurious, vacation penthouse, further elevating everyday living. Dual staircases connect the two stories for both functionality and enhanced movement. Romero described the large, circular driveway as “wealth-embracing,” reinforcing arrival and symbolism. That same wealth-embracing look is what defines the Priva project, bringing a luxurious flare to the Nevada desert. 

    “Priva represents a convergence of intention, performance and experience,” said Romero. “It’s about how architecture can shape the way people live, connect and feel within a space. This home is a clear expression of where the future of home is headed.” 

    Photo Credit: Blue Heron

    By Taylor Moore. She is the Assistant Editor at Builder and Developer and can be reached at taylor@builder.media.

     

  • The Housing Outlook for late 2026

    The Housing Outlook for late 2026

    The housing market in the first half of 2026 was largely characterized by stabilization, ongoing affordability constraints and muted transaction volume. While demand for homes clearly exists, it remains highly sensitive to mortgage rates. At the same time, supply is improving overall, but those gains are uneven across regions. Taken together, these dynamics point to a market that is no longer deteriorating but not yet poised for a strong rebound. So, what does the rest of the year in housing look like? The outlook is one of cautious optimism: demand is present, but near-term frictions are likely to persist.

    Demand remains the central driver of that outlook, but it is tightly constrained by financing conditions. We saw just how rate-sensitive buyers are during the period from mid-January to late February, when the 30-year mortgage rate hovered around 6%. During this time purchase applications increased by 14%. Existing homeowners also acted quickly to lower monthly mortgage costs, as refinance applications rose by 46%. However, as mortgage rates increased, buyers pulled back. Applications for purchases fell by 11% and remained low in May. This pattern reinforces that much of what happens with home sales for the rest of 2026 will depend on mortgage rates, giving an advantage to builders offering rate buydowns or other financing incentives.

    Importantly, sellers are just as sensitive to interest rates as buyers. According to Cotality data, the weighted average mortgage rate on outstanding mortgages is 4.3%, meaning that the typical homeowner would face an increase of more than two percentage points if they were to move and finance a new home at current rates. For the median-priced home, that translates to roughly a $350 increase in monthly payments. While the gap between outstanding mortgage rates and prevailing rates has narrowed somewhat as borrowing costs have stabilized, the lock-in effect remains significant. 

    As a result, resale supply remains constrained. Through April, active inventory was up 7% compared with the same period in 2025, but newly listed home inventory was down 3%, likely reflecting the continued reluctance of homeowners to give up low-rate mortgages. However, inventory trends vary widely by region, with the largest increases in resale supply seen in states such as Florida, Colorado and Texas and with declines persisting in parts of the Northeast. This uneven recovery in supply continues to create opportunities for builders to fill local gaps, although elevated land, materials and financing costs remain meaningful constraints that are unlikely to ease substantially this year.

    Against this backdrop, home price growth has slowed, but remains supported by limited supply. Affordability pressures helped push annual price gains to below 1% nationally in the first quarter, according to the Cotality Home Price Index. At the same time, regional divergence is becoming more pronounced. Northeastern and Midwestern states continue to post annual home price gains in the 5–6% range, while some markets, particularly in parts of the South and West, are seeing modest price declines. These declines, however, do not necessarily signal broader weakness, as they can help restore affordability and support the rebalancing of supply and demand. For example, some Florida markets experiencing price decreases had some of the largest increases in home sales in early 2026. 

    Even as affordability challenges persist, homeowners remain in a strong financial position. While home equity gains have moderated alongside slower price growth, the average borrower still holds approximately $300,000 in equity.  This elevated equity position supports the housing market by reducing default risk and providing owners with a potential source of liquidity. The combination of low mobility by locked-in borrowers and high amounts of home equity presents another opportunity for builders, as some owners may opt to invest in their current homes rather than move. According to The Harvard Joint Center for Housing Studies, remodeling spending is likely to increase modestly for the rest of 2026.

    So, what are the risks for the housing market through the rest of the year? So, what are the risks for the housing market through the rest of the year? On the downside, further increases in mortgage rates would place additional pressure on affordability, making it even more difficult for first-time buyers to enter the market. A reacceleration in inflation is a key risk here, as it would likely push rates higher while simultaneously eroding purchasing power, compounding affordability challenges.

    On the upside, even modest declines in interest rates could help unlock pent-up demand, particularly among move-up buyers who have been waiting on the sidelines for financing conditions to improve. Beyond rates, continued income growth and steady labor market conditions could also support housing demand, allowing the market to gradually gain momentum even if borrowing costs remain elevated by historical standards.

    Looking ahead, a few key indicators will be critical to watch. Foremost is the path of inflation and mortgage rates, which will continue to shape both buyer demand and builders’ cost environment. Labor market conditions also remain essential, not just the unemployment rate, but payroll growth and income trends, which better capture households’ ability to sustain housing demand.

    Domestic migration patterns are another important factor. Some markets have already experienced a slowdown in inbound migration, which could weigh on local housing demand and contribute to increased regional divergence in both sales activity and pricing.

    Finally, home equity trends bear watching. While homeowners continue to hold near-record levels of equity, only a small share has been tapped. Any shift toward increased equity extraction or higher turnover could have broader implications for both housing supply and consumer spending in the second half of the year.

    Taken together, these forces suggest that the housing market is not entering a new expansion phase, but rather a period of gradual adjustment. Conditions are stabilizing and the foundation for future growth remains intact, supported by demographic demand and strong household balance sheets. However, the pace of improvement is likely to be uneven and dependent on the trajectory of inflation and interest rates. For builders, this environment presents both challenges and opportunities, particularly in meeting demand where supply gaps persist. The remainder of 2026 is likely to be defined less by a sharp turning point and more by incremental progress, as the market continues to work through affordability constraints and slowly moves toward a more balanced state.

    By Molly Boesel. She is a Senior Principal Economist at Cotality. She can be reached at newsmedia@ cotality.com

    This column is featured in our June issue of Builder and Developer. Read the print version. 

  • Rugged Wild Meets Refined Luxe

    Rugged Wild Meets Refined Luxe

    Colin Wright founded Cole West in 2016 after a successful career across large residential development companies in the state. He was heavily influenced by his father, Gary Wright, a prominent developer in Utah and applied generational career lessons to his business. After 10 years of growth, Cole West remains privately owned and operated in Centerville, Utah. The company focuses on both ground-up development and strategic acquisitions.

    Mid-Year Update 

    Bryce Willardson, Vice President of Construction, Cole West, noted the building industry in Utah is seeing more support from its local and state governments to improve housing affordability by addressing the shortage of units. The increase in permit approvals aids responsible community growth in line with market demand. 

    “We’re really watching three main things right now: interest rates, growth along the Wasatch Front and how quickly resale inventory is building,” said Willardson. “Utah still has strong long-term growth because of steady job creation and people continuing to move here, but affordability is a much bigger obstacle than it was a couple of years ago.” 

    Despite this obstacle, there still is great demand for move-up and luxury living. Willardson noted that for his clients, lifestyle is at the forefront of the planning process. 

    Serene at SAGE

    Cole West’s latest development, SAGE, is a boutique estate community in Huntsville, Utah. 

    Lot 3 at SAGE is 4,403 square feet and includes four-bedrooms, five-and-a-half-bathrooms, a bunk room and a four-car garage. It sits on just over three acres with sweeping views of the Wasatch Mountains. The location was central to the development, with the intentional choice to position each home with as many views as possible of the surrounding peaks and landscape while minimizing the interaction between homes. 

    “From my perspective, luxury today is less about excess and more about intentional living and design,” said Willardson. “In Utah’s market especially, authenticity, craftsmanship and lifestyle-driven design define true luxury.”

    The facade represents a blend between transitional and farmhouse styles, using a complementary combination of stone, board and batten siding that dually blends into the rustic landscape while delivering on curb appeal.  Throughout the home, Cole West capitalizes on these surroundings with large windows providing an abundance of natural light. The home comes pre-wired for motorized blinds, offering ease of upgrade. In the kitchen, custom cabinetry and large kitchen islands are paired with quartz and granite countertops, a cozy yet functional design decision. Attached to the kitchen layout is a dedicated breakfast nook with built-in convenience and more mountain views. The bathrooms charm with elevated Brizo faucets and a soaking tub. Additionally, pre-wired speaker connection delivers a whole-audio experience throughout the living room, kitchen and master bath. One of the most unique features of the home is the dedicated hot tub disconnect, installed for an easy future addition. 

    Behind the Beauty  

    While the location was central to development and offered access to nature and small-town charm, the high water table on-site was the most challenging construction headwind. To resolve this, each home was constructed using a slab on grade foundation, reducing the risk of water intrusion while eliminating the option of a basement. Additionally, beneath each slab, a gravel bed was installed to serve as a passive drainage reservoir. The reservoir allows for water to naturally flow through the gravel and out a sump-pump-equipped pipe. This forward-thinking engineering allows residents to easily resolve water removal if needed.  The home also features a dual-fuel hybrid heat pump system, running on both electrical and a gas backup. This technology is in tune with the integrated smart thermostats to monitor energy usage and tankless water heaters. Cole West also roughed in an EV charger in every garage, so when homeowners are ready to go electric, the infrastructure is already there.

    Looking Ahead

    In the near future, Willardson anticipates the rise of AI in the architecture and design community to increase productivity and decrease the timeframe from conception to permit. In his daily construction duties, AI is integrated into scheduling between general contractor and subcontractors. He also believes the ability to process shop drawings, product data submittals, detect plan deficiencies and process payments will all continue to gain with the use of this technology.

    “Over the next decade, the developers who succeed will be the ones who can combine technology with practical housing solutions that align with how people actually want to live,” said Willardson.

    Photo Credit: Camelot Homes

    By Sofia Feeney. She is the Editor at Builder and Developer and can be reached at sofia@builder.media. 

    This story is also featured in B&D June, read the print version.

  • Post-Powell Era: A Housing Market Rebound

    Post-Powell Era: A Housing Market Rebound

    Jerome Powell’s term as Fed Chairman is over and now begins the inevitable process of assessing his time in power with the benefit of hindsight. I believe history will eventually show his tenure to have been marked by enormous mistakes that continue to distort the U.S. economy; particularly in housing where we may well remember Powell as the Fed Chairman who froze the American market.

    Over the last year, U.S. housing markets have seen two positive developments: inventories of existing homes for sale have returned to pre-pandemic levels and mortgage rates have drifted down from the 7% range to the low 6’s. Combined with a homeowner vacancy rate of just 1.1% lower than at any point from 1980 to 2020 and home prices growing more slowly than household incomes, we should be seeing signs of recovery in home sales.

    Instead, existing home sales remain below even the worst years of the Great Recession housing collapse. Inventories of new homes for sale are stuck at roughly nine months of supply, near record highs. Housing starts and homeownership rates are drifting downward, even as frustration among would-be buyers grows.

    Politicians call this an affordability crisis, but that misses the point. Existing homeowners are not struggling with affordability. Housing equity is at record highs, roughly $400,000 per homeowner and owner costs as a share of income remain historically modest at 18.9% in 2024, below levels seen from 2005 to 2015. Renters are not dramatically worse off either, with median rent-to-income ratios at 32%, well within the range of the last 25 years.

    The real problem is market paralysis. Most homeowners are sitting on mortgages far below current borrowing rates. According to the Federal Housing Finance Agency, four out of five mortgage holders have rates below 6% and two-thirds are below 5%. Moving to a similarly priced home would mean sharply higher monthly payments, giving owners little reason to sell unless absolutely necessary. 

    The result is a collapse in what economists call filtering. Entry-level homes are no longer becoming available because existing owners are not moving up. 

    Builders, facing high fixed construction costs, avoid lower-margin starter homes altogether. The market is trapped in a vicious cycle: too little movement, too little supply where it is needed and prices that stay elevated because turnover remains frozen.

    This mess is the direct consequence of the Fed’s extreme pandemic-era policies. Roughly $5 trillion in quantitative easing, far beyond anything the economy needed to deal with the short shock created by the pandemic, pushed mortgage rates into the mid-2’s even as home prices surged. Then the inevitable inflation caused by expanding the money supply by 40% in 18 months forced the Fed to reverse course at breakneck speed, hiking rates aggressively. Mortgage rates shot into the 7’s and the housing market seized up.

    Policymakers need to focus on breaking this logjam. One obvious solution would be to make mortgages assumable again, as many VA and Federal Housing Administration loans once were, allowing owners to move without losing low-rate financing. Another would be to reduce the fixed costs of building entry-level housing such as townhomes.

    Instead, politicians continue chasing headline-friendly but ineffective policies such as the 21st Century ROAD to Housing Act (H.R. 6644), which seeks to ban large investors from owning single-family rental homes, removing yet another potential source of housing supply. 

    These policy choices shouldn’t be that surprising. After all, Powell leaves his post still insisting that the Fed actions of 2020 and 2021 had nothing to do with the subsequent increase in prices. Inflation, failed banks, asset bubbles and a frozen housing market that could be with us for a long time to come. This is Jerome Powell’s real legacy and one we’ll continue to grapple with in the coming years. 

    By Christopher Thornberg, PhD. He is Founding Partner of Beacon Economics LLC. He can be reached at chris@beaconecon.com.

    This column is featured in our June issue of Builder and Developer. Read the print version. 

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