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3 disparate cities lead U.S. foreclosure list
2007-08-16 16:42:00
Mcclatchy-tribune August 15, 2007 WASHINGTON - A central California agricultural town, the automobile capital of the world and a down-on-its-luck gambling hot spot had the nation's highest rates of foreclosure filings for the first half of 2007, according to real estate data released yesterday.Stockton, Calif., Detroit and Las Vegas - three areas with vastly different economies and demographic trends - have all been hit hard by the nation's growing foreclosure crisis, which is ravaging both major urban areas and middle America.Averaging one foreclosure filing for every 27 households during the first six months of 2007, Stockton had the highest filing rate among the 100 largest metro areas of the United States, according to RealtyTrac, a real estate data firm.Located in the heart of California's famous Central Valley, where tomatoes, almonds, apricots, grapes and cotton are grown, Stockton and the surrounding area have become a respite for Bay Area and Southern California residen...
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How Bad Are Interest Rates? Ask Jim Cramer...
2007-08-06 22:57:00
On a better notion, Don't ask Jim Cramer how bad interest rates are, you will definately get an ear full. Yo,Cramer: Dude...get a grip..come to Las Vegas & relax. -Steve
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Cosmopolitan Resort Rising On Vegas Strip
2007-08-01 17:27:00
Cosmopolitan Resort Rising On Vegas Strip By Tony IlliaAugust 13, 2007Rocky Mountain ConstructionNew resort will bring urban high-rise design and sophistication to the Las Vegas Strip Just at a time when the Las Vegas real estate industry expressed the need to have more vertical and urbanized approaches to architecture on the Strip, Ian Bruce Eichner, CEO of 3700 Associates LLC, owner and developer of the Cosmopolitan, was also setting his sights on Las Vegas for his next real estate endeavor. Eichner has already made his footprint in the high-rise real estate market with projects including the Manhattan Club in New York City and the Continuum development in Miami's South Beach district."The challenge for the Cosmopolitan project was to find a prime location at the center of the Strip where I could create a mixed-use, urban, high-rise property," notes Eichner. "I wanted to merge the concept of a luxury condo-hotel with an equally spectacular full-service hotel, retail, gaming, and m...
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And You Thought Sales Were Bad In Your Neighborhood!
2007-07-22 15:30:00
With the massive amount of tourism, new jobs and construction going on in Las Vegas, I am staying put right here! Viva Las Vegas!!!
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Still afloat despite worst housing recession in 15...
2007-07-09 22:53:00
Still afloat despite worst housing recession in 15 years click here
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Just Recieved This Information On The Latest Housing In Las Vegas
2007-07-02 21:16:00
Dear Steve,Attached please find a file on current market information. If you are interestedin receiving this information on a regular basis please visit www.salestraq.comAnd don't forget about the Crystal Ball seminar coming up!"Good morning,May's Las Vega s housing statistics tell us that we're on a real, not a false,bottom.Every market goes in cycles. It is vital to understand when a cycle hasbottomed out. The reasons we think Las Vegas is now on a real bottom are: 1. SALES: Both new and existing home sales have traded in a narrow rangeover the last four months. New home sales improved slightly to 1,756 andexisting home sales dipped slightly to 2,416 in May. 2. PRICES: Prices have remained relatively stable despite the salesslowdown. Existing home prices were off 3.5% (year over year) in May, but aredown a scant 0.5% for the entire year. ALL new home median closing prices dipped3.7% in May but are ahead 1.1% for the year. (If you look at just new singlefamily a...
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MGM Mirage, Kerzner International to develop Las Vegas resort
2007-06-20 19:29:00
LAS VEGAS, Nevada -- (PRESS RELEASE) -- MGM Mira ge (NYSE: MGM) and Kerzner International Holdings Limited ("Kerzner" or "Kerzner International") announced today that the companies have entered into a letter of intent to form a 50/50 joint venture to develop a multi- billion dollar integrated resort property on the Las Vegas Strip. The parties plan to enter into immediate negotiations with a view to concluding a definitive agreement in the third quarter of 2007. The new resort will be designed for approximately 40 of the 78 acres of land owned by MGM Mirage, located on the corner of Las Vegas Boulevard and Sahara Avenue. Kerzner will lead the planning and conceptualization of this project. The joint venture is expected to draw upon MGM Mirage's substantial presence and experience in Las Vegas and Kerzner's experience in developing and operating some of the world's most recognized and successful destination resorts. "We see this type of relationship as a major part of our company'...
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Allure Las Vegas Leads Way for North Strip Development
2007-06-14 18:45:00
With the flurry of recent announcements regarding property acquisitions and real estate transactions, the north end of the Strip has quickly become the focus of redevelopment activity. More than three years ago, developer Steven Fifield had the foresight to put down stakes on this prime real estate. As a result, residents of Allure Las Vegas , one of the very few true high-rise condominium projects, are expected to move in this fall thus pioneering a new era of North Strip living.Las Vegas, NV (PRWEB) June 13, 2007 -- With the flurry of recent announcements regarding property acquisitions and real estate transactions, the north end of the Strip has quickly become the focus of redevelopment activity. More than three years ago, developer Steven Fifield had the foresight to put down stakes on this prime real estate. As a result, residents of Allure Las Vegas, one of the very few true high-rise condominium projects, are expected to move in this fall thus pioneering a new era of North Str...
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USA. Verge Living Corporation makes Las Vegas real estate history
2007-06-09 18:42:00
Friday, 08 June 2007 Verge, a $135 million mixed-use, mid-rise condominium project planned for downtown Las Vegas and developed by Verge Living Corporation, made real estate history in Las Vegas Saturday selling 229 units or 74.1% of the project in a single day. This event marks not only a record for most total units for any individual project downtown but also the most unit sales downtown in a single day. Verge Living Corporation President Darren Dunckel also announced to his new residents that Verge would be home to three new restaurants/bars, fulfilling his promise to make Verge a major player in the downtown revitalization. Downtown favorite Tinoco’s brings continental cuisine highly regarded by critics in Las Vegas while Bonjour Bistro, a French concept awarded a Review Journal ‘Best of’ Award in 2007, serves up its Southern French cuisine from the rooftop of Verge. Classic Vines will give residents a place to socialize, offering wine tasting and purchase all under one r...
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Peebles to Build $2.5 Billion Las Vegas Hotel and Mixed-Use Condo Project
2007-06-07 16:40:00
LAS VEGAS--(BUSINESS WIRE)--Real estate mogul, entrepreneur and best-selling author R. Donahue Peebles has closed on the purchase of 13 acres of land a half mile from the Strip for the development of Las Vegas ’ largest and only five-star, non-gaming hotel. The total retail value of the project will be $2.5 billion. The acquisition financing was provided by Credit Suisse, signaling the continued strength of the Las Vegas real estate market. This will be the first Las Vegas hotel and the largest real estate project in the country to be developed and owned by an African American. Located just east of the Wynn Las Vegas Golf Course on Paradise Road, Peebles’ new development calls for four 55-story glass towers consisting of 800 luxury hotel suites and 1,000 condos designed by famed architectural firm Arquitectonica. Amenities include a 40,000-square-foot destination spa, exclusive retail, restaurant with an acclaimed chef and dramatic sky lobby with infinity-edge pool 400 feet above...
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This may be the best time in history to buy a home in Las Vegas.
2007-05-23 01:20:00
This may be the best time in history to buy a home in Las Vegas .April's housing data for Las Vegas, as expected, was a continuation of thehousing bottom we have been scraping along for nearly six months. But, for thefirst time, there appeared to be some minute improvements worth noting.Despite the negativity of national reports - particularly Fiserv LendingSolutions which has predicted that Las Vegas will be the worst market in the USfor housing appreciation this year - pricing in the market remained very stable. ----->In fact, prices for existing homes remained above last year's levels andwere an improvement on March's median ($284,900 median).----->And despite very weak sales, the new home sector also maintained relativeprice stability ($323,990 median).Another improvement in the market appeared to be the increase in New Home Permits, a continuation of the trend reversal that began last month. But, thisinformation must be tempered by the knowledge that laws regarding how permi...
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New Frontier Casino Sold For 1.2 Billion!!
2007-05-16 18:18:00
Another good example of building and progress in Las Vegas. The re-LasVegasnization on the strip continues ....enjoy the article, StevePlaza Hotel Owners Develop Vegas ComplexWednesday May 16, 9:46 am ET Plaza Hotel Owners Elad Group to Develop $5 Billion Complex on Vegas Strip Using Plaza Brand NEW YORK (AP) -- Commercial real estate development firm Elad Group, which owns New York's Plaza Hotel, said Wednesday it is developing a $5 billion multi-use complex on the Las Vegas Strip under The Plaza brand. The Plaza Hotel was closed in 2005 to create a mixed-use property consisting of condominiums, retail space and some hotel rooms.The Las Vegas Plaza will contain a luxury hotel, private residences and restaurants, as well as retail, convention and gaming space. It will sit on a 34.5-acre site currently occupied by the New Frontier & Casino , which will be demolished early next year. The complex will be directly across from the Wynn Las Vegas and the Anchor, Wynn Resorts Ltd.'s new...
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Flippers Flop As Housing Market Cools
2007-05-12 18:33:00
Good reading...enjoy- SteveFlippers Flop As Housing Market Cools By RYAN NAKASHIMALAS VEGAS (AP) - In the rampant real estate speculation of the Las Vegas valley three years ago, people lined up outside Pulte Homes sales offices overnight as if they were waiting for the release of the latest video game console or hot new movie.Having seen his house in an upscale part of suburban Henderson, Nev. jump $200,000 in value in 18 months, Sam Schwartz felt he couldn't miss any part of the boom.He spent the night in the parking lot with TV, snacks and drinks, along with about a hundred other people.Schwartz intended to buy a new home and then quickly sell it within the year - for a huge profit. Most people waiting were flippers just like him, he said."We had seen real evidence of what was possible in this crazy, inflated market, and we just wanted to get a piece of that investment equity," Schwartz said.But when home prices unexpectedly took a backward step, many investors seeking to cash i...

In Las Vegas, Too Many Hotels Are Never Enough
2007-04-24 17:29:00
In Las Vega s , Too Many Hotels Are Never EnoughBy GARY RIVLINLAS VEGAS — Stephen A. Wynn, the hotel and gambling impresario, still remembers the first time he was asked if he and other developers had lost their minds building so many casino hotels here. It was the mid-1970s, when Las Vegas had about 35,000 rooms.He was asked that same question in the 1980s, while building the 3,000-room Mirage, and again in the early 1990s. By that time Las Vegas was home to more hotel rooms — 106,000 — than any other city in the country.And so now, with Las Vegas in the midst of another big building boom, Mr. Wynn only shrugs when people suggest that the nation’s premier gambling center, with 151,000 rooms and counting, simply cannot absorb any more new hotels.Ever since the mobster Bugsy Siegel opened the first modern hotel casino here in 1946, the surest means for gaining attention has been to one-up the competition by building an even more monstrously immense pleasure palace.But even Las ...

LV housing slump worsens
2007-04-23 18:10:00
Don't shoot the messenger,,,,steveLV housing slump worsensPrices plummet as existing-home inventory hurts new-home salesBy Brian Wargo / Staff WriterToll Brothers homes are shown under construction at the Retreat at McDonald Highlands in Henderson. The luxury homes start at just under $1 million and run to almost $2 million.Photo by Steve MarcusThe price of new homes has tumbled nearly 10 percent this year, the inventory of existing homes has reached an all-time high and bank repossessions accounted for a greater percentage of existing home sales in Las Vegas, according to the March housing statistics.The ongoing weakness in the housing industry was reflected in numbers released Tuesday by Larry Murphy of SalesTraq. The housing research firm reported the median price of new homes sold in March was $308,471, down nearly 10 percent from $341,990 in December.The new-home market rebounded slightly in March with 1,771 sales, up 330 from February, but sales were down nearly 51 percent f...
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New Century, Biggest Subprime Casualty, Goes Bankrupt
2007-04-03 00:14:00
Just glad to be in Las Vegas.....SteveBy Bradley Keoun and Steven ChurchApril 2 (Bloomberg) -- New Century Financial Corp., overwhelmed by rising defaults from borrowers with poor credit records, became the largest subprime mortgage lender ever to fail as it filed for bankruptcy today.New Century plans to sell most of its assets within 45 days, said the Chapter 11 filing in federal court in Wilmington, Delaware. About 3,200 people, more than half the workforce at the Irvine, California-based company, will be fired. New Century said it already agreed to sell its mortgage billing and collections unit to Carrington Capital Management LLC for $139 million.The company rode the U.S. housing boom to become the largest independent mortgage lender to subprime borrowers, only to collapse as interest rates rose and home prices fell. New Century's market value soared to more than $3.5 billion in December 2004, and last year it made about $60 billion in loans. Like rival firms, the company lowe...
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Carlisle at Summerlin nears sellout
2007-03-25 01:09:00
Carlisle at Summerlin is fast approaching its 75 percent sold-out mark, according to Shane Blocker of Century 21 Infinity.The luxury condominium complex offers one-, two- and three-bedroom models, with prices starting at $193,490. There are six floor plans, four condominium designs and two townhome styles with two-car attached garages.AdvertisementBlocker said the complex is offering a $10,000 incentive package through its preferred lenders. Models range from the Clifton, a one-bedroom, one-bath home, to the Cambourne, a three-bedroom, two-bath model with optional den.The townhome-style models are the Abbington, which has two master bedrooms, 2 1/2 baths, gas fireplace and a two-car attached garage. The Aldridge, which has three bedrooms, 2 1/2 baths, gas fireplace and a two-car attached garage.Standard features include open, 9-foot or vaulted ceilings; two-tone designer paint; multi-media/entertainment niche; custom maple cabinetry; and an appliance package that includes a washer a...
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Existing Home Sales Up 3.9 Pct., Largest Amount in Nearly 3 Years on Subpri
2007-03-24 01:25:00
Existing Home Sales Rise 3.9 PercentFriday March 23, 6:19 pm ET By Martin Crutsinger, AP Economics Writer Existing Home Sales Up 3.9 Pct., Largest Amount in Nearly 3 Years on Subprime Lending WorriesWASHINGTON (AP) -- Sales of existing homes rose in February by the largest amount in nearly three years, but worsening troubles in subprime mortgages were viewed as a roadblock to a full-fledged rebound. The National Association of Realtors reported Friday that existing home sales climbed 3.9 percent last month, pushed up by a milder-than-normal winter that boosted sales in areas of the country such as the Northeast.It was the biggest one-month gain since March 2004 and left sales at an annual rate of 6.69 million units, a pace that was still 3.6 percent below a year ago.On Wall Street, the Dow Jones industrial average rose by 19.87 points to close at 12,481.01 as investors were encouraged by the better-than-expected showing on home sales. Even with the improvement in sales, the median p...

Las Vegas' Sahara casino to be sold
2007-03-04 23:09:00
Las Vegas ' Sahara casino to be soldFri Mar 2, 2007 9:38PM ESTNEW YORK, March 2 (Reuters) - The Sahara Hotel & Casino , one of the oldest casinos on the Las Vegas Strip, is being sold by Gordon Gaming Corp. to a private investor group.The buyers, SBE Entertainment Group LLC of Los Angeles and Stockbridge Real Estate Funds, on Friday said they plan to revamp the property, which was built in 1952 and is located on the Strip's northern end.Terms of the transaction were not disclosed.The Moroccan-themed Sahara has more than 1,700 rooms, and was featured in the 1960 "Ocean's Eleven" movie. It is dwarfed in size by many Las Vegas rivals, which now generate more than half of their revenue from non-gambling sources such as hotel rooms, retail, and food.Stockbridge Real Estate Funds are managed by Stockbridge Real Estate Partners LLC, which has invested $7.6 billion in large real estate offerings since 1994, the buyers said.
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Sales of Existing Homes Jump in January
2007-02-27 18:16:00
Sales of Exist ing Homes Jump in January Feb 27 10:17 AM US/EasternBy MARTIN CRUTSINGERAP Economics WriterWASHINGTON (AP) -- Sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the severe slump in housing may be coming to an end. Median home prices, however, fell for a sixth straight month.The National Association of Realtors reported Tuesday that sales of previously owned homes rose by 3 percent last month, the biggest one- month increase since a 3.3 percent increase in January 2005, a time when housing was roaring toward the peak of its five-year boom.The median price of an existing home sold in January dropped to $210,600, a decline of 3.1 percent from a year ago. It marked the sixth straight month that the median price has been down compared with a year ago. The January decline was the third-biggest drop in history.Analysts said that the decline in prices was actually an encouraging sign that home sellers are starting to adju...
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Real Estate and Development
2007-02-11 05:10:00
Real Estate and Develop ment For a true picture, look past the statisticsBy Brian Wargo / Staff WriterWhen it comes to the price of land in the Las Vegas Valley, Derek Rafie said he's telling clients to look beyond the statistics.Rafie, a first vice president of the land services group at CB Richard Ellis in Las Vegas, said media accounts last week portraying the price of land jumping 78 percent in the Las Vegas Valley during the past year has left some explaining to do with clients who have been sitting on the sidelines waiting to purchase property.The clients didn't make a mistake by not jumping in and avoiding paying steeper prices later, Rafie said. Instead, he tells them the raw numbers don't tell the true picture.The price per acre of all land transactions during the fourth quarter rose 78 percent over the same quarter in 2005 as reported by consulting firm Applied Analysis.That number, reported in a Review-Journal news story, can't be taken at its face value because it incl...
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