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Las Vegas Real Estate Investment
2007-09-24 13:12:00
One of the main issues for Las Vegas Real Estate Investment is knowing whether or not this unprecidented market growth is sustainable. The explosive growth and economic success of our community has been exceptional, but with that success come issues and problems that do not have easy answers. As our community struggles with the result of that success, issues such as affordability, traffic congestion, water availability, air quality, education and quality of life must be discussed and debated so that real solutions can evolve. The most important question we need to ask our planners, government and community leaders is: “Is Las Vegas sustainable?” If we continue the growth and development patterns of the past, the answer is almost certainly no. Sustainability is the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable development usually is framed as a balance between the economic, social, and...
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Las Vegas Real Estate Tips
2007-09-21 12:06:00
If you are looking to sell your property before you buy a new one, you are probably finding out that this is a very competitive buyers market for Las Vegas Real Estate . One Douglas County homeowner is taking a new approach to selling his home in today’s volatile real estate market, at auction under the auspices of the Boren Group, a local realty firm. “This is another tool in the sales process and the implication is, buyers will get the home at a lower price,” said Mike Leonard, Realtor with the Boren Group. “That’s generally true, but last fall Sierra Shores at Lake Tahoe auctioned their timeshares and got more. That’s always a possibility too.” The initial bid price is usually set well under market and the bidders decide when to stop. In this case, the owner approved the bid package and will set the minimum bid on the day of the auction, on Saturday. The property was open for preview for three consecutive Saturdays. The conditions of the ...
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Las Vegas Land Prices are Dropping
2007-09-18 12:00:00
If you are planning to buy a home or a Las Vega s Condo, now is the time to get a deal. Las Vegas Valley land values are seeing a slight dip due to rising development costs, increased interest rates and a housing market slowdown, according to a new report. Median vacant land prices were $718,500 per acre in the second quarter, 31.2 percent higher than the previous quarter, but $90,600 less than the previous year, according to Applied Analysis, a Las Vegas-based economic research firm. The average sales price was $16.49 per square foot in the second quarter, an 11.2 percent drop from 2006. Yet land values skyrocket when megaresort deals are thrown into the mix. MGM Mirage acquired nearly 33.5 acres along the Strip in two separate transactions, including 7.65 acres at the northwest corner of Las Vegas Boulevard and Circus Circus Drive for $131.6 million, or more than $17 million per acre, from Concord Wilshire Acquisitions. The Strip-front property was the planned site of a Maxim magaz...
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Las Vegas Real Estate Million Dollar Deals
2007-09-14 11:43:00
Artisan Real Estate Ventures bought a 440-unit apartment complex at 2150 N. Tenaya Way for $52 million, or $118,181 per unit, Great American Capital. CB Richard Ellis’ Spence Ballif and Jeff Swinger represented the seller. AZZ Properties, LLC bought the 9-year-old, 16,754-square-foot Dino Plaza Professional Suites at 3365 E. Flamingo Rd. for $3.8 million, or $226.81 per square foot, from Dino Plaza, LLC. The Bentley Group’s Mark Musser represented the buyer. Ron Bures bought a 2-year-old, 11,520-square-foot office complex at 8978 W. Nevso Dr. for $2.2 million, or $194.88 per square foot, from TSE Holdings, LLC. The Bentley Group’s Mark Musser represented the seller. Checker Auto signed a 15-year, $2 million lease for 6,000 square feet of retail space at the southeast corner of Sahara Avenue and Sloan Lane. Grubb & Ellis’ Kent Preston represented the tenant, and Wall Street Realty’s Allen Hamika represented the lessor, Hamika-East Inc. The reported a...
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Las Vegas Condo Advice
2007-09-13 11:34:00
Las Vega s Condo advice: be careful when taking out a loan. While the market is dowm, this is a great opportunity for buyers to find good deals. Southern Nevada’s housing market has seen better days. A total of 3,147 new foreclosures were reported in the second quarter, 792 percent more than a year ago, reports Applied Analysis and Urban Environmental Research. And the dramatic slide doesn’t look like it will slow anytime soon, with another 4,535 foreclosures actively under way in the second quarter — 820 percent more than in 2006. Unincorporated Clark County — the area where much of the new area development is happening — led in foreclosures, followed by Las Vegas and North Las Vegas, respectively. As foreclosures occur they inevitably add to the valley’s swelling home inventory. There was a record 24,087 units on the market at the end of July, reports the Greater Las Vegas Association of Realtors. It marks an 18.8 percent increase from 12 months...
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MGM Goes Arabian
2007-09-09 11:34:00
In a move solidifying its preference for joint venture projects, casino operator MGM Mirage Inc. said Wednesday it would sell off half of its newest megaproject on the Las Vegas Strip, CityCenter, to Dubai World in return for a $5.1 billion investment and the promise of hefty management fees. The investment from Dubai’s government-owned holding company includes a $2.7 billion equity infusion for the massive CityCenter casino-hotel complex under construction and up to $2.4 billion in purchases of MGM Mirage common stock, half of which would be in newly issued shares. The investment gives the Dubai company, which is developing luxury resorts on reclaimed land in the Persian Gulf, its first step into Las Vegas and takes a significant debt load off of MGM Mirage’s books for developing the $7.4 billion CityCenter. It also allows MGM Mirage to access Dubai World’s rolodex of wealthy clients that could purchase luxury condo units at the site at the heart of the Strip, sai...
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Las Vegas Mortgage News
2007-09-06 11:28:00
While many bemoan the plight of homeowners who signed up for more mortgage debt than they can afford — investors account for a big portion of the home loans in default in Nevada, the Mortgage Bankers Association said. The trade group reported that investors account for one-third of Nevada’s prime home loans and about one-quarter of subprime loans. Prime loans are made to individuals with squeaky-clean credit histories, and subprime borrowers have black marks on their records. Nevada, a national leader during the real-estate boom, is now burning out like a comet, as Las Vega s residential real estate investments blow up. Many investors, including those from California, bought units in high-rise condominium towers in Las Vegas, said Delores Conway, director of the Casden Forecast at the University of Southern California’s Lusk Center for Real Estate. Investors used low interest rates to buy rapidly appreciating real estate only to see the appreciation rate decline. Wh...
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Las Vegas Condos - Now is the Time to Buy
2007-09-02 11:14:00
Las Vega s is in a good position long term given its growth and its status as America’s playground, but it is facing short-term challenges because the condo market was overbuilt and the credit crunch has made the market’s prospects worse, said Hessam Nadji, managing director of research of Marcus & Millichap Real Estate Investment Services. Concerns about foreclosures can’t be ignored, but he said investors and second homebuyers in the Las Vegas condo market are in stronger financial positions than in other markets. But he said that doesn’t mean there won’t be problems. Condo developers will be getting some of those units back and if they don’t have deep-enough pockets to be patient, will have to discount the units or rent them out, Nadji said. In other cases, they may help buyers buy down interest rates in order to close the sale, he said. There are 5,849 luxury condominium units in Las Vegas and another 14,149 units under construction, accord...
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Las Vegas Condo News
2007-08-28 11:12:00
The credit crunch, slowdown in appreciation and rising defaults that have plagued the single-family home sector in Las Vega s are looming as problems in the Las Vegas luxury condominium market, analysts said. The high-rise and mid-rise condo markets continue to weaken as demand has softened and supply continues to increase - a problem that will worsen as more and more projects come on line in the next year, analysts said. Given the current pace of sales in the resale market, several years of inventory remain. Those who already closed on their condos with the intention of flipping them aren’t finding the buyers they expected. The rental pool for the high-end units is shallow, and the rent owners can charge is limited. That could lead to defaults in the high-rise market. Bookmark to:      &n bsp;   
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Las Vegas Luxury Condo News
2007-08-23 11:08:00
Existing and under-construction, high-rise condos have a median price-per-square-foot of nearly $599, compared to a median price per square foot of $443 for existing and under construction mid-rise projects reported by Hanley Wood Market Intelligence. • In the second quarter, there were 2,689 existing and 5,805 under-construction and actively selling Las Vegas condo-hotel units in the resort corridor. Those units had a median price-per-square-foot of $1,038. • As of June 30 on the resale market, there were 227 luxury high-rise units, excluding condo-hotels, with a median price-per-square-foot of $499. In addition there were 221 condo hotel units with a median price of $832 per square foot. On the average, luxury high-rise condos stayed on the market for 114 days while condo-hotel units stayed on the market for 125 days. • About 20 percent of the existing, actively selling and canceled projects are located in suburban areas where there is increased interest for development beca...
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Stay in Control When Making a Real Estate Purchase
2007-08-18 08:44:00
Buying real estate is an emotional experience and one of the most important decisions and investments that most people make. It is challenging to be a logical, rational, decision maker when you see home after home and the excitement and/or frustration builds inside. Your agent should take a look at helping you make a decision that can save you time and money both at the time of purchase and on an ongoing basis. Your agent should help you answer questions to see through a few well placed flowers and a new shiny coat of paint to consider what’s below the surface. He/She should also guide you to make sure your home fits your situation and should also help you establish your real estate team. Bookmark to:      &n bsp;   
More About: A Real Estate , Estate , Real Estate , Real , Control

Stay in Control When Making a Real Estate Purchase
2007-08-13 08:44:00
Buying real estate is an emotional experience and one of the most important decisions and investments that most people make. It is challenging to be a logical, rational, decision maker when you see home after home and the excitement and/or frustration builds inside. Your agent should take a look at helping you make a decision that can save you time and money both at the time of purchase and on an ongoing basis. Your agent should help you answer questions to see through a few well placed flowers and a new shiny coat of paint to consider what’s below the surface. He/She should also guide you to make sure your home fits your situation and should also help you establish your real estate team. Bookmark to:      &n bsp;   
More About: A Real Estate , Estate , Real Estate , Real , Control

Real Estate Dictionary
2007-08-13 08:43:00
If you are trying to do some real estate work on your own and are having a hard time with the lingo then you should check out the Real Estate Dictionary .  It contains almost all of the words and phrases you will ever need to sound like a pro when buying or  selling a house.  http://www.aboutestate.com/ Bookmark to:      &n bsp;   
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Cleaning up the City
2007-08-11 10:21:00
Las Vegas recently held the first ever graffiti clean up.  Keeping Las Vegas looking nice is an expensive cost, every year Clark County spends over $30 million just on cleaning up Graffiti.  Volunteers came out and materials were made available at the Hollyood Recreation Center and the West Flamingo Senior Center.  The city of Las Vegas and the County are also handing out materials as well.  Bookmark to:      &n bsp;   
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Tips for Buying Property in Las Vegas Part 3
2007-08-09 08:42:00
Here is the conclusion to our Las Vegas Real Estate Purchasing Tips . 8. Let your agent save you time and effort. Spend time in the office narrowing down the possibilities. You may spend several hours total in the agents office instead of many hours ineffectively picking around. Make use of the resources your agent is paying for to your advantage. 9. Learn About Contruction A seller’s goal is to create great curb appeal and cover/repair glaring defects in an economical manner. As a buyer you need to acquire the skill to see beyond curb appeal as much as possible. It would be great if you could see into the walls. You probably can’t but you can sure keep an eye open for possible problems like water stains, bowing walls, dry wall, flaking paint, cracked walls, crumbling brick, dripping pipes, new materials in an older location (i.e. new pipes between old pipes, patched drywall), unleveled floors/ceilings, etc. Be your own private investigator. You will find things that wil...
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Tips for Buying Property in Las Vegas Part 2
2007-08-06 08:42:00
Here are more tips in our ongoing post for Las Vegas Purchasing Tips . 4. Do your research There are many books out there in real estate. Find several that fit what you want to do. Learn the terms. Learn the processes. Learn the negotiations. Learn the market of the area you are buying or selling in.  5. Be Prepared Many home buyers know the typical escrow period as “hell month”. Regardless of how long it is, most people will hate this period of time. There are many factors to deal with and often emotions run high. It is likely you will experience one major road block and three small bumps in your transaction — and that’s if you use a qualified real estate agent. If you don’t plan on your transaction falling out of escrow because many more than half of transactions without an agent never close. Only experienced investor buyers find success in closing for themselves. However, it is interesting to note that even though an investor can do the work himself,...
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Condo Market is Still Going Stong
2007-08-04 10:20:00
There is no better site for the Las Vegas Economy than the continued building of high rise condominiums.  Here are some great photos of Las Vegas Condo s being built which i found at a fellow blogger site.    You can read his whole post here to get the photo descriptions http://lasvegasnv.blogspot.com/2006/05/hi gh-rise-construction.html Bookmark to:      &n bsp;   
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Tips for Buying Property in Las Vegas Part 1
2007-08-02 08:41:00
One would think that with as many Las Vegas homes as are purchased every year they would make buying a home a simple process. However, for many it is the biggest investment they will ever make and there is responsibility that comes with the privilege of ownership. Financial, legal, and real estate experts have years of experience in these fields because they are trying to make things work for everyone including lending companies, sellers, brokers, etc. When it comes down to it a home is a business venture regardless if you are on the buying or selling end or whether you are somewhere in the middle. When buying a home there are many things to keep in mind. 1. When in doubt use an agent Most Las Vegas home buyers don’t realize the huge amount of work that goes into closing and purchasing a home. Orchestrating inspections, appraisals, contracts, negotiations, etc. is best left to a professional. Interestingly enough, many very successful real estate investors use real estate agen...
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Hard Rock - Rocks too Hard
2007-08-01 10:19:00
The Hard Rock in Las Vegas was planning to expand its facilities to include an 80 unit luxury condo section.  Owner Peter Morton of the Hard Rock Casino, announced that he is postponing plans to expand the Hard Rock with residential condos. Morton was quoted as stating “You can’t hold someone’s money while the decision is in the process of being formulated as to the future of the Hard Rock. So we sent out letters and gave people the option. If they want to stay in the project, that’s cool. If they want their money back plus interest, that’s cool, too.”  Maybe the Hard Rock condos will rock it another time, but for now they are on hold. Bookmark to:      &n bsp;   
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MonteLago Village - Sold for $23 Million
2007-07-31 10:19:00
MonteLago Villa ge At Lake Las Vegas real estate has been sold for $23 million to a Roseville, California investment firm. The retail village in MonteLago Village is part of the $500 million real estate development from Intrawest Corp. The project in Henderson, NV includes Luna di Lusso and Viera condos, Ritz Carlton Lake Las Vegas and Casino MonteLago.  Full article HERE Bookmark to:      &n bsp;   
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Las Vegas Real Estate Market Update
2007-07-30 08:40:00
The Las Vegas Review Journal reports that the Las Vegas real estate median home price for 2006 rose nearly 15%.  In 2006, the median new home price increased 14.8 percent to $327,436 and the existing homes sold median price rose 3.6 percent to $284,980. Bookmark to:      &n bsp;   
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North Side Las Vegas Prices are Rising
2007-07-29 10:17:00
Las Vega s real estate prices are rising on the north side of the city.  North Las Vegas has grown a great deal in recent years. At one point it was ranking in the top growing cities in the US. It continues to add a large number of citizens to thethe general Las Vegas Area. Real estate agents have found great values to the north and have guided clients to the quickly developing part of town. Even in a market slowdown communities continue to sell homes and home buyers continue to settle in. Bookmark to:      &n bsp;   
More About: Las Vegas , Side

Avoid Forclosure
2007-07-27 10:18:00
I assume that since you are reading this blog that you are a somewhat internet savey person.  Well this post is a reminder that you can use the tools that the internet offers, like blogs, to help you in real life situation.  I found a great blog called http://iamfacingforeclosure.com/ about a person who dealing with forclosure.   Besides being able to read the posts you can ask the writer questions and make comments.  Stay on top your purchase to avoid starting your own blog like the one mentioned here. Bookmark to:      &n bsp;   
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Fend Sui for Las Vegas
2007-07-24 10:16:00
I found a great article about Fend Sui in Las Vega s .  Here is a section of that article, very interesting stuff. Reflecting Disharmony Remove or cover large mirrors in the bedroom if you don’t sleep well. Room with a View Place your bed to give you the widest view of the room. Your bed shouldn’t be in direct line with the door. Paint the bedroom walls in a color scheme that is both pleasant and inviting. Calming Sounds Hang wind chimes outside your front door to create a soothing environment for occupants and guests. Writing on the Wall Try to avoid having completely bare walls. Group together non-personal pictures or hang up interesting art pieces in a diagonal or staggered pattern. Go with the Flow Place a blue or black doormat at your front door to encourage good things to flow in like water. The Color of Love Include the romance colors–white, pink and red–in your room. But don’t overdose with a red wall because too much red can trigger anger. Plants for Energy Health...

Debunking the Myth
2007-07-23 08:36:00
Many people have said that the real estate market has been down lately. While that may be true nationwide, Las Vegas is proving to be the exception. The condo market especially is turning out to be quite robust.  Here are some statistics.  MGM MIRAGE CityCenter sold over 1.1 Billion in real estate in 100 days. The Cosmopolitan inventory is over 90% sold out while Trump Tower 1 is sold out and Tower 2 has reserved over 400 units. Properties including penthouses at Allure have done great while downtown has also experienced good results at places like Juhl, Streamline, Newport Lofts, Verge and Soho. Bookmark to:      &n bsp;   
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Las Vegas - A Jackpot for All
2007-07-20 10:16:00
One of the best benefits of living in Las Vega s is that you will have more money in you pocket.  Nevada is one of the few states that does not have a state income tax, so that means no matter the work or the location you will be taking home more of your salary in Nevada than in other places in the U.S. Bookmark to:      &n bsp;   
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Year End Statistics for the Las Vegas Real Estate Market
2007-07-19 08:35:00
The median sales price of a single-family home sold in the Las Vegas area in November was $308,000. That’s down $2,000, or .06 percent, from last month. This is also down .06 percent from the same time last year.For local condos and townhomes, the median sales price in November went down slightly to $199,950, from $200,000 last month. That is down less than 1 percent from last year. The total number of local homes sold in November was 1,547, down 8.4 percent from October and down 36.6 percent from one year ago. For condos and townhomes, 324 units were sold, down 9.2 percent from the previous month and down 46.1 percent from the previous year. Through November, 53.6 percent of all single-family homes and 55.5 percent of all condos and townhomes sold within 60 days. Bookmark to:      &n bsp;   
More About: Estate , Las Vegas Real Estate , Real Estate , Real Estate Market

60 Days To Close a Deal
2007-07-17 10:15:00
If you are reader of this blog than you would be familiar with the GLVAR, if you are new the GLVAR is the Greater Las Vegas Association of Realtors.  The GLVAR recently released their statistics from May and they showed that 50% of listings (homes and condos) were sold in the first 60 days.  So if you are looking to make a purchase in Las Vegas be prepared to act quick.  Make sure that you are pre-aproved for your mortgage so that you can pounce when you find your dream house or Las Vegas Condo. Bookmark to:      &n bsp;   
More About: Deal , Close , Days

Reasons to Live In Las Vegas
2007-07-16 08:35:00
Las Vega s is experiancing great city growth, both outward and upward, and it is anticipated to continue over the next decade. Job growth has been strong and with massive entertainment and retail projects currently under way it is expected that many more jobs will become available. Las Vegas weather and geological location suit many. The valley averages more than 310 days of sunshine and has little change of diverse weather like hurricane or snow and frost. The Vegas Valley is only 4 or 5 hours away from the west coast and all it has to offer. Snow skiing is on only an hour to an hour and a half away. Interestingly enough, some authorities claim that Las Vegas is one of the most secure locations for data centers because of the weather and geographical zones it sits in. It doesn’t get the typical snow from the north, hurricanes and tornados of the south, or earthquakes of the west coast. Though The Strip is exciting and constantly buzzing with activity it isn’t the only pl...
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ONE Las Vegas
2007-07-15 10:14:00
I found this great priced luxury high rise called One Las Vega s . They have a lot of material on-line so I will be posting some information in upcomming posts about this condo, they have some really cool videos. The One Las Vegas high rise project offers glamour, style and convenience. Located on the South Strip not just off the I-15 ONE provides great condos with easy access to the heart of Las Vegas, freeways, shopping, dining, health care and the airport. Five 20-story high rises with its own shops and special amenities offers a lifestyle-focused community. ONE features exquisite interiors and finishes, 24-hour guard-gated security, 24-hour health and fitness club, resort style pools with hot tubs and private cabanas, a perimeter fitness trail, secure access assigned parking, valet, concierge and more. Condos suites start at $300,000 providing quite a range of prices. ONE is touted to be a great investment just off the Strip. Great views and great ammenities provide residents with...