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Great Article on Las Vegas’ Real Estate Market
2007-12-28 10:58:00
Las Vegas, the neon city in the middle of a desert, has seen its housing market expand and collapse in the blink of an eye. But Las Vegas is a town where millionaires are made overnight and even Las Vegas real estate investors can win big. Las Vegas’ neighborhoods are still recovering from the slump caused by overbuilding, speculation and subprime lending. Foreclosures line the streets and planned luxury high rise condos on the Las Vegas Strip are incomplete or sitting vacant. Looking ahead, changes to the job market and lending industry are about to put new pressure on Las Vegas’ housing market. “The change in the market over the last three years has gone from an extreme hyper lack of supply to a severe glut,” Sean Brown, CEO of the National Association of Residential Real Estate Investment Advisors (NARREIA), said. “We’ve gone from [a] market where it was a cash flow positive, below national median house price…to something where you’re going to have negative cash f...
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Las Vegas Predicts a Housing Shortage
2007-12-27 10:06:00
With Las Vegas having more than 29,000 homes, townhouses and condos on the market, the Southern Nevada Home Builders Association released a report last month that the region would have a shortage of workforce housing by 2009. The report, drafted by Las Vegas consulting firm Applied Analysis, said it’s possible because of the opening of resorts on the Strip in 2009 and 2010. The creation of jobs will fuel the demand for migration to Las Vegas and the need for more homes, the report said. If that is true, it means people looking for bargains better buy homes in 2008 because strong demand will only increase housing prices. “We think it is a matter of grave concern to the community,” said Monica Caruso, spokeswoman for the homebuilders. “With the resorts opening, that is going to bring in tens of thousands of jobs, and our industry has to rachet up to address workforce housing at the end of 2009. People are well served to get a roof over their head quickly. We ar...
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Merry Christmas
2007-12-25 10:54:00
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Las Vegas May Talks about City’s Development
2007-12-22 09:55:00
With a constant eye toward improving downtown, Las Vegas Mayor Oscar Goodman gave his usual unfiltered assessment of the state of the city to a group of business leaders at a recent luncheon. “You’re going to be so impressed with Las Vegas,” the flamboyant Goodman said about recent development announcements, including a sports stadium, a music hall and multiple condominium projects. “Your friends will say they never thought Las Vegas could get to this level. It’s going to be iconic. World-class performing.” With a twinkle in his eye, the former mob lawyer came out swinging as he shot down detractors during his address to more than 100 people at Lawry’s The Prime Rib. The event was part of Vanguard Media Group’s quarterly Development Roundtable. The Las Vegas Business Press co-sponsors the events. Bookmark to:      &n bsp;   
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op Experts Converge in Las Vegas to Determine if the Condo-Hotel Boom is Ov
2007-12-18 09:47:00
Las Vegas real estate expert Paul Murad will lead a Round Table discussion at IMN in Las Vegas. Las Vegas, Nevada (PRWEB) November 30, 2007 — The Third Annual Las Vegas Symposium on Constructing, Financing, Developing and Operating Condo -Hotel s and Branded residences is being held December 3-4, 2007, at The MGM GRAND Hotel and Casino. Organized by The Information Management Network (IMN) to better equip finance and commerce investors—over 600 builders, owners, developers, analysts and financial lenders both nationwide and internationally will exchange knowledge on today’s condo-hotel market. What lies ahead for Las Vegas Real Estate? Read More Bookmark to:      &n bsp;   
More About: Las Vegas , Experts , Boom

Las Vegas is Opening Up a Mob Museum
2007-12-16 16:05:00
This city is building a museum about some of its founding fathers and most influential figures - guys with names like Bugsy, Lefty and Lansky. The mob museum will stand as frank acknowledgment of the major role mobsters played in developing Las Vegas into the gambling capital of America and giving the city its rakish glamour during the 1940s and ’50s. “Let’s be brutally honest, warts and all. This is more than legend. It’s fact,” said Mayor Oscar Goodman, a former defense attorney whose clients included mobsters Meyer Lansky and Anthony “Tony the Ant” Spilotro. “This is something that differentiates us from other cities.” Bookmark to:      &n bsp;   
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Las Vegas Condo Selling Tips
2007-12-12 09:43:00
A December 2007 Redfin (a discount real estate advertiser) analysis of its online traffic for 119,079 listings across seven markets found that listings that debut on Friday get on average 7.7 percent more visitors in their first seven days than those that debut on the worst day, Thursday. So if you are putting up your condo for sale make sure that you list it on Friday, and if you are looking to buy a Las Vegas Condo try calling on Thursday when sellers are expecting a slow day and more willing to negotiate. Bookmark to:      &n bsp;   
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Construction Boom in Las Vegas
2007-12-09 09:39:00
Construction cranes are everywhere, and so was the sound of development, especially emanating from CityCenter. Literally thousands of construction workers are working around the clock from now until November 2009 to build this 76-acre complex that will span roughly the part of the Strip between the Bellagio and the Monte Carlo. The total cost will be about $7.8 billion. The city-within-a-city will likely feature the Strip’s first grocery store (I’m guessing it won’t be your basic Safeway), a post office, public art, entertainment centers, a natural-light casino, and a convention center. There will be thousands of luxuriously appointed hotel rooms, for-sale condos and condo/hotel configurations. In true Las Vegas Real Estate style, the developer, MGM Mirage, spent more than $25 million on the sales center and sales presentations for CityCenter, and they’ll rip it down when the project is ready for occupation. Bookmark to:      &n b...
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Customizable Condo Come to Las Vegas
2007-12-06 16:06:00
A common complaint of residents in high-end, Las Vegas high-rise condominiums is that they pay exorbitant prices for a cookie-cutter look that is indistinguishable from other units in a project. Chet Nichols of AmLand Development was determined to make sure that didn’t happen at his project ONE Las Vegas. The combination of sizes, distinct floor plans and available upgrade options almost guarantees that residents of ONE Las Vegas can create a living space that is unique. There are 14 floor plans available with sizes ranging from 830 to 2,850 square feet. Although a few of the plans have only subtle variations, most are markedly different. Read More… Bookmark to:      &n bsp;   
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Las Vegas Goes Green
2007-12-02 16:05:00
Solar technology developer Ausra Inc. said Thursday it is building a factory in the Nevada desert that will turn out equipment for large-scale solar thermal farms. Palo Alto-based Ausra said the Las Vegas facility will create the components used by solar facilities in the sunny Southwest, including a farm Ausra wants to build in San Luis Obispo County. In November, Ausra said it inked a deal with Pacific Gas and Electric Co. for 177 megawatts of solar power from the San Luis Obispo plant, which it said should begin producing by 2010. Ausra’s power plants drive steam turbines with sunshine. Locally manufactured solar concentrators made of steel and glass focus sunlight to boil water, generating high-pressure steam that drives conventional turbine generators. New thermal energy storage systems using pressurized water and low cost materials will provide for on-demand generation day and night. Bookmark to:      &n bsp;   
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Las Vegas Buling Slowdown
2007-11-28 13:14:00
Las Vegas Valley homebuilders have been forced to slash their prices to lure buyers, and the credit crunch has worsened the problem as evidenced by an increasing cancellation rate. In some cases, builders have made little or no profit by selling homes during the housing slowdown. But the question is, if that’s the case, why don’t builders shut their operations down and wait for the market to rebound? Well, according to some of the analysts monitoring the Las Vegas housing market, builders have essentially done that. There is somewhere between a one-month and two-month supply of new homes — considered a small amount in the industry. Builders are on pace to construct fewer than 21,000 homes by the end of the year, which is 46 percent off a high of 38,782 in 2005. They are also on pace to take out fewer than 15,000 building permits, less than half of the 30,149 issued in 2005. Bookmark to:      &n bsp;   
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Investors targeting local apartment properties
2007-11-25 13:04:00
Multifamily builders are increasing their Southern Nevada activity this year amid healthy renter demand and an optimistic rental outlook fueled by rising unemployment and foreclosure rates, reports Marcus & Millichap Real Estate Investment Services. State unemployment climbed to 5.1 percent in September — its highest figure in nearly four years — yet more than 11,000 private sector jobs were also created since 2006. “While the pace of job creation is well below recent norms, the private sector — excluding the gaming and construction industries — has produced jobs at a respectable 2.5-percent annual rate in the past 12 months,” said Larry Mosley, director of Nevada’s Department of Employment, Training and Rehabilitation. “That rate compares favorably to the state’s overall 1.3 percent job growth during the same period.” Foreclosures, however, have skyrocketed with one filing per every 185 Nevada households in the third q...
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Short Selling is helping relieve Mortgage Woes
2007-11-23 12:58:00
The so-called “short sale” of a home can be a viable alternative to foreclosure and will become more prevalent as millions of adjustable-rate mortgages reset over the next 18 months, real estate industry observers say. Short sales, an agreement that allows a home to be sold for less than the amount owed, have been around for a long time, but have come to prominence lately because of the unprecedented increase in foreclosures, said Arthur Marvin, broker for Wingate Mort gage Group in Las Vegas and class instructor on foreclosures and short sales. He said there are 3,350 homes listed as short sales in Las Vegas, more than double the number from four months ago, and 1,450 of them are vacant. That’s a good indicator that many of the short sales are investor-owned, Marvin said. “That’s a lot of homes that are short sales and every one of them is overencumbered,” he said. “It’s grown exponentially since last year and it’s going to keep on going. Just a reminder — there ...
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Best Places For Real Estate Deals
2007-11-19 11:39:00
Home sales have sunk to their lowest levels since 2001. Investors are jumping ship, foreclosures are mounting and lenders are exercising caution. Still, there are areas of the county where it makes sense for some to buy. That’s because, in a market slump, sellers eager to unload their homes often accept less money from buyers. New construction also slows. Both bode well for buyers hoping to score a deal–if the market in which they are buying is expected to experience increased sales. The first are undervalued, affordable markets like Fort Worth, Texas, which haven’t felt huge, post-boom price corrections, but where there is an expected acceleration in sales volume, making now the time to buy. Second are markets like Long Island, N.Y., and Washington D.C. These are traditionally strong markets that are recovering from speculation, especially in the D.C. condo market and by Long Island’s second-home buyers. Once these areas stabilize, the market as a whole shou...
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Las Vegas is Kid Friendly
2007-11-16 11:37:00
Fun Places for Kids to Visit in Vegas -Three rides at the top of the Statosphere Tower (2000 S. Las Vegas Blvd.) are not for the faint of heart. Insanity—The Ride extends riders in “escape-proof” seats 64 feet over the tower’s north edge, spins them at up to 3 Gs and angles them 70 degrees. Big Shot launches riders 160 feet before dropping them at 45 miles per hour — several times. And X Scream is an eight-car teeter-totter that shoots 27 feet over the tower’s edge and dives at 30-degree angles. One sudden stop leaves the car suspended in air, 900 feet above the ground. It’s open 10-1 a.m. Sundays-Thursdays and 10-2 a.m. Fridays-Saturdays; $10.95 adults and $7 for children 4-12 years for tower; $9 each for ride; packages available; 800-998-6937. -Adventuredome at Circus Circus (2880 S. Las Vegas Blvd.) is an indoor amusement park stretching over 51/2 acres that has something for everyone. Daredevils will love the Canyon Blaster, a 90-foot-high roll...
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Las Vegas Could Become the Home to USA Basketball
2007-11-13 11:20:00
Already a hotbed of summer hoops activity, Las Vegas is in the mix to become the capital of the sport in the country. Las Vegas is one of 25 cities that has received proposal requests from USA Bask etball , which plans to move its headquarters from Colorado Springs, Colo., in 2009. USA Basketball is a nonprofit organization that oversees men’s and women’s national teams, from youth s to pros, and sanctions international competition. The National Basketball Association and the National Collegiate Athletic Association are two of 15 groups that operate under its umbrella. Bookmark to:      &n bsp;   
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September was Las Vegas’s Slowest Month of the Year
2007-11-10 11:16:00
Las Vegas home sales hit their lowest level in nearly seven years in September , local housing analysts reported. Home Builders Reasearch recorded 1,399 new home sales in September, and SalesTraq showed 1,328 sales. Those are lowest numbers since January 2000, the two companies said. For the year so far, homebuilders said home sales are down 44.3% to 15,475 from a year ago. Median home prices were also down from a year. SalesTraq said median home prices were down 3.3% to $312,639. Bookmark to:      &n bsp;   
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Reasons to Buy Now In Las Vegas
2007-11-06 11:11:00
What we see out there is opportunity. We all know the old cliché “buy low, sell high”. What the average person actually does in reality is just the opposite, and that is a recipe for disaster in the world of investment. We believe that the recent softening of the market creates a window for entry in the local real estate market. With lots of supply, comes a certain amount of opportunity. There are people here that need to get out (job transfer, retirement, new home purchase…..) and it is taking longer than expected to liquidate their current property. Many of these people are willing to deal more so than in the past. We also believe that the wave of creative (3/1, 5/1 ARMs) financing is starting to come due and that is contributing to the number of properties on the current market – also creating opportunity for the shrewd investor. Bookmark to:      &n bsp;   
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Real Estate Appraisals Growing as Comsumers Take Advatage of a Down Market
2007-11-02 11:07:00
Las Vegas commercial appraisal continues to show growing construction and leasing activity and shrinking inventory. The Federal Reserve’s “Beige Book” report for the district including Las Vegas noted the city’s strong commercial market in assessing the overall real estate economy over the summer. “Most contacts from this sector expect further sales declines in coming months, due in part to more restrictive credit standards and higher interest rates for residential mortgages,” the Fed reported. “By contrast, construction and leasing activity for commercial and industrial space grew further and vacancy rates have reached low levels in some cities, most notably Los Angeles and Las Vegas.” Bookmark to:      &n bsp;   
More About: Estate , Real Estate , Market , Real , Growing

Celebrities are Working the Real Estate Market
2007-10-31 15:26:00
Three-bedroom apartments with ocean views at Las Olas River House, a new condominium building on the beach in Fort Lauderdale, Florida, typically sell for $1.8m – unless you’re former US football star Dan Marino. To help set the 278-unit, 42-storey residential tower apart from all the others in the area, its developer, Tarragon, gave the retired Hall of Fame quarterback and television commentator a discount of more than 15 per cent on a 3,382 sq ft unit, according to people familiar with the deal. (A Tarragon spokesman would not confirm the exact amount but acknowledged there was a price reduction.) In exchange, Marino agreed to help with publicity, lending his familiar image to billboards and magazines ads. And it has apparently paid off. More than 80 cent of the Las Olas condos are now sold, thanks in large part to the celebrity endorsement. Read Full Article Here Bookmark to:      &n bsp;   
More About: Estate , Real Estate , Real Estate Market , Market , Celebrities

Las Vegas - A good Place to Rent or Own
2007-10-27 16:25:00
Las Vegas has made two more Forbes.com lists. No, it’s not updated lists about the least affordable housing markets or metropolitan areas that face the steepest decline in home appreciation — issues Forbes and other publications often write about when it comes to Las Vegas. But some people may be scratching their heads when Forbes included Las Vegas on two lists reviewing markets for renters and landlords. On Aug. 30, Forbes.com ranked Las Vegas as the fourth-best market in the country for renters. Less than a week later, Forbes.com listed Las Vegas as the seventh-best market for landlords. Read Full Article Here Bookmark to:      &n bsp;   
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Defying Down Market, Adoption of AxisPointe Surges Among Las Vegas Real Est
2007-10-24 16:22:00
AxisPointe, Inc., the national leader in warranty documentation management, outsourced call-back management, and subcontractor certification, announced today it has seen a significant up-tick in interest in and adoption of its warranty and document management solution in the multi-family market. Marquee multi-family and condo projects in Las Vegas have recently adopted AxisPointe and experienced nearly immediate return on their investment for their developers. These projects include Boca Raton Luxury Condominiums, Panorama Towers, Vantage Lofts, Newport Lofts, and Loft 5. AxisPointe’s market-leading post-construction services will be on display October 2-4 in booth 418 at the Multi-family Executive Conference in Las Vegas. Read Full Article Here Bookmark to:      &n bsp;   
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Las Vegas Real Estate Market Data
2007-10-21 16:20:00
Las Vegas real estate ranks as one of the nation’s more affordable housing markets in the 2007 Home Price Comparison Index by Coldwell Banker. The average price for a four-bedroom, 2,200-square-foot home in Las Vegas is $362,188, on par with similar homes in West Hartford, Conn. ($365,000), and Provo, Utah ($363,975). Las Vegas is much closer to Killeen, Texas, the most affordable U.S. housing market at $136,725, than Beverly Hills, Calif., the most expensive market at $2.1 million. Bookmark to:      &n bsp;   
More About: Estate , Las Vegas Real Estate , Las Vegas , Real Estate , Real Estate Market

Las Vegas Homes are Affordable
2007-10-18 16:14:00
People continue to move to Las Vegas for the lifestyle, new jobs and promotions and to raise a family, he said. “The real estate market in Las Vegas is different than a year ago,” Hamrick said. “Our market has experienced a slowdown in sales and an increase in inventory.” Nevertheless, buyer opportunities abound, he said. Those opportunities will begin to disappear as home builders reduce their inventories. Full Article Here Bookmark to:      &n bsp;   
More About: Las Vegas Homes , Homes

Best Places For Real Estate Deals - Las Vegas is On the List
2007-10-15 16:12:00
Home sales have sunk to their lowest levels since 2001. Investors are jumping ship, foreclosures are mounting and lenders are exercising caution. Still, there are areas of the county where it makes sense for some to buy. That’s because, in a market slump, sellers eager to unload their homes often accept less money from buyers. New construction also slows. Both bode well for those hoping to score a deal–if the market in which they are buying is expected to experience increased sales. Read Full Article Here Bookmark to:      &n bsp;   
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Banks Make $4 Billion Bet On Condos
2007-10-12 15:06:00
Javier Miglin may walk away from an $80,000 down payment on a condominium with water views in Miami. Randal Mills may give up a $130,000 deposit on a 15th floor condo on the Strip in Las Vegas. And in San Diego, Jeanette Graham would just like to meet the neighbors… Full Article Here Bookmark to:      &n bsp;   
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Las Vegas Housing Market to Rebound March 2008
2007-10-09 15:06:00
Largest Las Vegas Real Estate Appraisal firm principal announces Las Vegas Housing Market predictions for “rebound” to begin on 31 March 2008. Las Vegas housing market rebound prediction made by Las Vegas largest and most respected Real Estate Appraisal firm, considered the number one real estate appraisal firm as ranked by “In Business Las Vegas” and other industry journals. Vegas housing market rebound predictions made based upon emperical data and industry expertise. Full Article Here Bookmark to:      &n bsp;   

Now is the Time to Buy Real Estate in Las Vegas
2007-10-06 14:43:00
Edward Leamer, an economist at UCLA, predicts a 20 percent slide in prices in Nevada, California and Florida over the next three or four years. Nevada had one of the biggest price gains and so it will have the biggest drops, said Patrick Newport, chief U.S. economist at Global Insight, based in Lexington, Mass. He predicted the Las Vegas housing slump could last until 2010 and said prices could fall 15 percent. The continued predictions of doom and gloom for local housing have drawn the ire of Marketing Solutions Executive vice president Steve Bottfeld, a Las Vegas housing consultant who has long had a sunnier outlook than other analysts. He predicts a recovery in 2008 as new resorts come on line. “I am thinking that the price of the new-home segment is very close to the bottom, maybe a point or two to go,” Bottfeld said. “The pricing in the existing-home sector is about where it is going to get.” Bookmark to:      &n bsp;   
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Poor Forcast for the Las Vegas Real Estate Market
2007-10-02 14:19:00
The prices of new and existing homes have been steadily dropping in Las Vegas since mid-2006 and likely will continue to plummet, according to several professional traders and national economists monitoring the valley’s real estate market. Futures contracts on the housing market that trade on the Chicago Mercantile Exchange indicate that Las Vegas, which saw for several years one of the nation’s steepest housing price escalations, now is sliding toward the country’s largest price decline. While this is bad for the real estate economy, it is a positive sign for those looking to make a Las Vegas Condo or house purchase. Bookmark to:      &n bsp;   
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Tax Considerations for Selling a Home
2007-09-29 13:17:00
Some of them might be: 1. The length of time the house was occupied by the taxpayer as his residence before putting it on the market; 2. Whether the taxpayer permanently abandoned all use of the house for personal purposes; 3. The record of offers solicited and/or received to rent the property; 4. Any record of offers to sell the property. While the record is replete with court decisions favoring a taxpayer’s ability to deduct a loss on the sale of such a rental, some taxpayers have likewise lost the debate. Some courts have held that an unsuccessful attempt to rent one’s house isn’t “enough.” Nor does no longer using a house as a residence, and merely listing it with a broker constitute activity sufficient to constitute “conversion” from personal to business use. The case law, in general, does point to a few basic principles which taxpayers should consider to help them “bulletproof” the assertion that they truly did “conve...
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