News & Views of Las Vegas

Palms Place Luxury Condo For Sale!        

Palms Place is the success story of the Las Vegas luxury condominium market.  If you would like to become part of the “lifestyes of the rich and famous” in Las Vegas, you can purchase this beautiful 1,200 square foot Palms Place condo that is listed at $775,000.  Many residents are celebrities, while some are local and international buyers who were looking for a Las Vegas vacation home or Las Vegas investment property.

Maloof Brothers Succeed at Palms Place!

Several Las Vegas luxury condo projects have been postponed or have cancelled, but the Maloof brothers seem to have what the luxury condo market requires — a celebrity audience, upscale amenities, name recognition and the financial ability to have built this beautiful property and opened on time.  The 47-story luxury high rise features 599 suites, and is attached to the famous Palms Casino by an enclosed, elevated “SkyTube” that moves residents to and from their condos on moving walkways. Read the rest of this entry

TPC PGA Tour Summerlin

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 Last weekend Summerlin and Las Vegas hosted the Justin Timberlake Shriners Hospital for Children Open, formerly knows as the Las Vegas Invitational.  We are all proud of the community’s contribution to this great organization. 

Summerlin’s first golf course, TPC Summerlin, is the first PGA TOUR Tournament Players Club stadium golf course in Nevada.  Opened in 1991, this 18-hole, private championship course was designed by golf course architect Bobby Weed, with play consultant Fuzzy Zoeller.   Tiger Woods had his first professional win at the Las Vegas Invitational in 1996.

 SUMMERLIN GOLF COURSES

The popular master planned community of Summerlin is home to nine golf courses, including Nevada’s only two PGa Tour Tournament Players Club (TPC) courses.  Six of Summerlin’s villages are designed around golf courses, including The Hills South, The Canyons, The Ridges, Sun City, Red Rock Country and Siena.  The golf courses were part of the design of Summerlin to add recreational interest and picturesque settings for its residents.  I have sold many homes to buyers in Summerlin who love golf, or who enjoy the unobstructed views of surrounding mountain ranges and the Las Vegas “strip.” 

The second and only other Nevada TPC stadium golf course is TPC Las Vegas, formerly TPC Canyons, also located in Summerlin.  This daily-fee course opened in 1996 and was designed by Bobby Weed, with consultant Raymond Floyd.

Summerlin’s other popular golf courses are Bear’s Best, located in The Ridges, high above the Las Vegas valley, designed by Jack Nicklaus.   Red Rock Country Club, a private country club in Summerlin, was designed by Arnold Palmer.  Both courses are surrounded by beautiful semi-custom and custom homes priced from the high $600,000’s to several millions. 

Sun City Summerlin offers its residents a choice of 3 public golf courses, while Siena features one very popular public golf course Sun City Summerlin and Siena are age-qualified communities in Summerlin.

Whether you are an avid golfer, or a looking for a home with beautiful views and open spaces, Summerlin is one of the top choices in Las Vegas.  Las Vegas Homes and Condos can provide you with current inventory, pricing and details of amenities offered at every golf course and country club community.  Please call us today at 1-888-876-8383 or email terrilvp@cox.net.

In the Las Vegas real estate market, we have noticed that VA loans have made a comeback in recent months.  We had not seen VA loans much during the Las Vegas real estate boom, when appreciation was strong and mortgages were readily available to most homebuyers. But, with recent mortgage problems and challenges for buyers trying to take advantate of our “buyers’ market,” VA loans are a great choice for qualified buyers.  VA loans offer advantages for both Buyers and Sellers, and to the improvement of the real estate market.  In today’s real estate market, with the inventory of resale homes to choose from, many Las Vegas home sellers are considering paying buyers’ closing costs; this has not been the case in the past several years, as the market was so strong that sellers did not have to consider these types of incentives.  Las Vegas new home builders are also accepting buyers with VA loans in today’s market, as they realize that so many home buyers who qualify for VA loans are looking at the builders’ standing inventory.  Especially during the last quarter of the year, Las Vegas home builders want to liquidate their standing inventory before the end of 2008. Read the rest of this entry

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Cosmopolitan Resort On Schedule!

The Cosmopolitan Resort and Luxury Condominium developent will be completed!  The development has encountered several challenges during the past several months, with its future uncertain.  But construction has continued to progress and the property will open, while several other Las Vegas strip condo projects have postponed or cancelled.  The $3.9 billion property was being developed by Bruce Eichner, who recently defaulted on his construction loans.  At that time, the future of the development was uncertain.  Hyatt Corp invested substantial money into the project, and the Global Hyatt brand of hotels will manage the Cosmo’s hotel rooms.

New Owner

Deutsche Bank took over the property and has hired The Related Cos., New York, as owner’s representative.  The original general contractor is still involved, and the property is scheduled to open in December, 2009.  Plans for the complex are much like the original scheme for two 600-foot towers with 2,998 hotel and condo-hotel units atop a four-level retail, casino and entertainment podium.  Approximately 80% of the 1,825 condos have been sold, with sales totaling more than $1.35 billion.

Deutsche Bank will most likely sell the property upon its completion.  The completion of The Cosmopolitan is great news for the Las Vegas economy, with so many of the Las Vegas Strip projects like Echelon Place and The Plaza being postponed or cancelled.   The Cosmopolitan is a great addition to the luxury high-rise resort and condominium market in Las Vegas.  If you would like floor plans, pricing and current availability, contact Las Vegas Homes and Condos at 1-888-876-8383 or email terrilvp@cox.net.

Las Vegas Buyers’ Real Estate Market!

The daily “doom and gloom” of the national economy and real estate markets continue to bring us negative news.  But, there is one “bright light” that does not seem to warrant much media attention.  It is the Buyers’ Market in Las Vegas!  Having been involved in Las Vegas real estate for 18 years, I have never seen such great opportunities for home buyers and investors as I see now.  Investment advisors tell us to “buy low and sell high” and this is the time in Las Vegas to do just that!

Las Vegas Real Estate Auctions

I have experienced first hand the great buying opportunities offered at real estate auctions.  In addition to my traditional brokerage, Las Vegas Properties, I am the Nevada Corporate Broker for Real Estate Disposition Corporation (REDC).  REDC auctions foreclosed properties for lenders throughout the country.  In Las Vegas, REDC has sold several hundred Las Vegas, North Las Vegas and Henderson this year.  This weekend, more than 200 properties were sold to the highest bidder, and the buyers were really excited with the properties prices.  Most properties had financing available, while some were cash transactions with rehab loans available for renovation.  Some Las Vegas buyers who might have been unable to purchase a home until now had great success with auction properties.

Foreclosures and REO’s

Those of us in the Las Vegas real estate industry are hoping for a market turnaround in the near future, but, in the meantime, we recognize the value in finding and negotiating on Las Vegas foreclosures and REO (bank owned) properties for our buyers.  In many cases, the properties are in good condition; not all of them are “trashed.”  Last month I closed escrow on a beautiful home in a new community that was priced at least $100,000 less than the normal market value.  The house was in “move-in” condition and was a great buy for my clients.  There is more research and due diligence involved in foreclosures, but there are some properties that warrant the extra time and effort needed to complete a purchase.  The lenders and banks have become more realistic over the past 30 days, allowing some properties to sell at really low prices so that their inventory is reduced.

Motivated Sellers

During the past 18 months, we have all seen listings sit on the market for months with no offers because they were overpriced for these market conditions.  As the market has stabalized with the newly reduced market values, sellers who do not have a good reason to sell usually withdraw their properties from the market, waiting for prices to increase again.  The inventory still remaining among sellers is now priced correctly, sometimes less than what the seller originally paid.  These homes offer great opportunities to Las Vegas home buyers looking for particular communities or school districts.  Many of these homes have pools, upgrades and options that would have cost thousands more in a better market.  Sellers are offering incentives by way of buyers’ closing cost contributions, or reduced sales prices.

Las Vegas New Homes

I can remember buyers camping outside of sales offices to buy new homes, just a few years ago.  Now, new home builders are trying to liquidate their standing inventory and close out the phases in their developments before the end of this year.  I have not seen such great price reductions and buyers’ incentives in more than 8 years in the new home market!  New home buyers should always engage their own real estate broker to represent them in a new home purchase, as there are some developers who are might not be financially able to complete the development.    A broker is also able to do the necessary due diligence to check on future zoning, building codes and other factors that might affect the future value of a new home development.  The sales agent who works for the developer represents only the developer.  Having your own real estate broker does not cost you, as a buyer, anything, as the builder pays the broker’s fees.  There are some great new homes available in Las Vegas, North Las Vegas and Henderson.  If you would like a list of inventory, special incentives and availability, contact Las Vegas Properties today at 1-888-876-8383 or email terrilvp@cox.net.

Amazon.Com North Las Vegas   

We are all excited to learn that Amazon.com is opening a distribution center in North Las Vegas.  The online retail company signed a five year, $8.6 million lease to occupy more than 280,000 square feet of industrial space at the ProLogis Park North in North Las Vegas.  The cneter will be used to fulfill amazon.com Web orders throughout the southwestern United States.  The Seattle based company’s new plant will create 300 local full-time jobs and 200 seasonal positions.  This is great news at a time when unemployment is high among across the country! Read the rest of this entry

Nevada Still Growing Strong!

Nevada companies are among the Inc. 500 list of the nation’s 500 fastest-growing businesses, based on revenue between 2004 and 2007.  This is great news for Las Vegas, Henderson the state of Nevada.  We are still growing strong!  Inc. Magazine’s September issue features Nevada, the “Silver State,” companies in a variety of industries, including real estate, finance, security and printing. 

Congratulations To These Nevada Companies!

The eight businesses on this year’s Inc. 500 list doubled 2007’s four Nevada-based Inc. 500 companies.  And these companies grew faster than any other states’ grouping.  Its average expansion rate of 4,690 percent puts these companies’ growth at the top of all other states.  The companies on this year’s list are GroupGemstone,  Just Like Sugar, SellingSource, Modern Concrete, Sting Surveillance, The Siegel Group, HealthDataInsights and Abbott’s Custom Printing.   In a difficult economy, we are excited to see our local companies growing.  These companies help show the promise of a strong Nevada economy.

More Than Gaming and Glitter!

One of the challenges faced by Las Vegas and other Nevada cities in recent years is the ability to show how diverse our economy has become.  Over the past 15 years, Nevada’s economic climate has changed from being mostly casino/gaming based.  And, although casinos and resorts emply thousands of people in Nevada, we have seen a dramatic increase in other industries.  Nevada is still the number one state for new businesses and relocating businesses.  This business growth will continue to make Nevada among the strongest economic markets in the coming years.

If you are considering Nevada or Las Vegas for your new business, or thinking about relocating your business, we can help direct you to the state and local agencies who can help.  Call Las Vegas Properties  today for a free Relocation Package or email terrilvp@cox.net.

Las Vegas History Museum

Las Vegas history has been captured at The Springs Preserve.  This unique historic museum, named an “ORI-GEN EXPERIENCE,” is really a great addition to the Las Vegas valley for both residents and visitors.  On my first visit, I was really impressed with the  geological and biological history of the Las Vegas Valley and the Mojave Desert.  The Springs Preserve was designed as an interpretive focal point for history; it is comprised of 3 galleries featuring more than 75 exhibits, an indoor theatre and traveling exhibit space.  Exhibits and displays illustrate the history of the Las Vegas Valley from early American cultures to Anglo-European settlers. 

Springs Preserve Gardens

The eight-acre botanical Gardens at the Springs Preserve features a variety of desert landscapes and demonstrate native and non-native desert plant life with hands-on-activities and interpretive stations.  I have lived in the deserts of Nevada and Arizona for more than 20 years and still found desert plants that I have never seen before!  Read the rest of this entry

Las Vegas Housing Update

The Las Vegas Review Journal has published its monthly Market Report for the Las Vegas area.  It was reported that Clark County increased its population by about 5,500 residents in June, which is an increase of 18% from the previous month.  The number of people relocating to Clark County has declined 16% from 2007, but Las Vegas relocation is growing again.  With Las Vegas real estate prices still falling, this is a great time for homebuyers who are relocating to Las Vegas, North Las Vegas and Henderson!

According to the Center for Business and Economic Research, the number of existing home sales increased to 2,731, which is almost 5% higher than the previous month; new home sales totaled 777 for the month, which was also an increase.  The number of existing homes reflects the large inventory of foreclosure properties in Las Vegas; it is great to see some of that inventory being absorbed, which will help stabalize the real estate market in Las Vegas.  We do not anticipate the end of the foreclosure crisis until late 2009, or early 2010, at which time prices on resale homes will definitely begin to increase.

Business, Gaming and Tourism

The Nevada Dept of Employment, Training and Rehabilitation reported that the unemployment rate for Las Vegas increased to 4.8%, which is still lower than many other large cities.  Natually, the construction industry’s loss of jobs in the real estate market decline has contributed to the unemployment numbers. The Center for Business and Economic Research Clark County Business Activity Index increased by .71% last quarter.  This index consists of indicators of the overall state of business in Clark County.  This index includes gross gaming revenue, nonfarm employment and taxable sales.  Gross gaming revenue declined due to the drop in tourism over the past quarter. 

The Review Journal “FUN FACT” -  The Consumer Confidence Index increased from the previous month.  The Expectations Index, which measures shoppers’ outlook over the next sx months increased by 2% last month.  This is a great indication of the overall economy in Las Vegas; it is still true that “when the going gets tough, the tough go shopping!.”  We are all optomistic as to the Las Vegas economy.  We expect the real estate market to continue to improve, construction to resume on large mega resort properties and luxury condominiums…and for the Las Vegas economy to thrive!  For any further details from this or any other economic report for the Las Vegas area, call Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net. Read the rest of this entry

National Clean Energy Summitt

Las Vegas is more than entertainment, gambling and mega-resorts!  This week’s National Clean Energy Summitt was an exciting and interesting event.  The conference was organized by Senate Majority Leader Harry Reid, and hosted speakers including T. Boone Pickens, President Clinton, governors from several states and energy experts at the University of Nevada, Las Vegas.  More than 750 people attended to learn about the challenge of reducing America’s reliance on oil, gas and coal by tapping solar, wind and geothermal energy.  The details of the conference can be found in the press release by the National News Service.

Las Vegas Solar Facility

One of the most interesting aspects of this conference was the discussion by Rhone Resch, president of the Solar Energy Industries Association.  Resch predicted that the Senate Bill 3335 will pass in September;  this bill would allow for tax credits for solar, wind and geothermal power.  Resch pointed to the Ausra solar equipment manufacturing facility that opened in Las Vegas in June, with a 130,000 square foot robotic assembly plant and 25 workers.  This is an example of an industry that should realize incentives for “paving the way to an energy revolution.” 

Jon Wellinghoff, Nevada’s first consumer advocate and a member of the Federal Energy Regulatory Commission, offered a three-step energy plan at the conference.  The plan includes the government establishing short-term less-costly solutions to consumers, such as solar penales located on customers’ premises.  The second step involves steps being taken to enable renewable energy development, including proposed financial incentives for building advanced transmission line systems around the country.  Third, the government should, according to Wellinghoff, take steps to electrify auto and truck transportation, including plug-in hybrids and electric battery vehicles.

The federal commissioner suggested that the government require its car fleets run on electric, provide tax breaks for electric cars, establish higher fuel efficiency standards and give loan guarantees for auto makers to retool their factories for electric vehicles.

Las Vegas Bank of America

Jim Thoma, senior vice president and manager of energy services at Bank of America, says the bank is already participating.  The bank arranged $2,5 million in low-interest loans for the Las Vegas Valley Water District to use in building parking shades at the Springs Preserve with solar power panels.  The debt bears low interest because the bank gets tax credits from making the loans, which is a “win-win” for both companies. 

Nevada could also export solar power and geothermal power, which comes from hot udnerground water, to utilities in surrounding states.  Lenders and investors are becoming more interested in renewable energy projects, according to Thoma, with significant growth in the ventural capital market for  the renewal energy sector.  This conference is exciting for Las Vegas and Nevada, in terms of both energy conservation and potential new business growth for southern Nevada.

What Do You Think?

If you have any opinions or thoughts about the ideas presented at the Las Vegas conference, please share them with us on this blog!  For any additional information about the Las Vegas Springs Preserve, or other Las Vegas news, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

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