Las Vegas Industrial Park

Las Vegas topped 100 million square feet of industrial space, with the addition of more than 1.5 million square feet during the second quarter of this year, according to Applied Analysis, a Las Vegas business advisory company.

Great Las Vegas Industrial Spaces at Premium Prices!

Among the most recent completed developments are the Northern Beltway Industrial Center, Venture Point Speedway and North Point Business Center in North Las Vegas.  With the addition of industrial space, the vacancy rate increased slightly to 7.7% in the second quarter, compared with 7.1% in the previous quarter.  This is good news for companies looking for industrial space, which has been offered at premium prices until this year.  There are some great incentives for businesses signing new leases in the Las Vegas area.

Las Vegas Industrial Property Demand

Las Vegas industrial property demand has decreased, due to the overall economic conditions around the country, with fewer companies expanding or relocating to the Las Vegas and southern Nevada areas.  The industrial market has started to feel the effects of a declining real estate market.  The number of Las Vegas industrial buildings currently under construction is down from the 6.5 million square feet in 2007, which is the result of the short term concern over more supply than demand.

Signs of a Strong Las Vegas Leasing Market

Las Vegas industrial leasing is strong, with several major tenants having signed long term leasing on large warehouse buildings.  Analysts expect to see the absorption of this industrial space during the next year; the construction of new industrial buildings has stopped temporarily, due to costs and lack of available financing.

Las Vegas Commercial Real Estate Forecast is Positive

The overall forecase for Las Vegas industrial and commercial real estate is positive.  Las Vegas is still a popular choice among business owners; low taxes, lower land prices, corporation benefits, Foreign Free Trade Zone and favorable incentives for new businesses continue to make Las Vegas, Henderson and North Las Vegas cities that companies select when relocating or expanding.

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The Brookings Institution report last month named Nevada as one of five states that are poised to become a “new American heartland.” Rapid growth, economic and demographic changes in 5 “megametro” areas are reasons cited for this report.

Las Vegas

is among the cities named.

The region includes Nevada, Arizona, Colorado, New Mexico and Utah; this region “is growing up, flexing its muscles, and distancing itself from California, which historically has had an outsized impace on the West’s development,” accoridng to the Washington, D.C.-based Brookings Institution. Although Las Vegas is suffering with other cities from the mortgage crisis and declining property values, it is expected to make a strong recovery, as compared to other cities. Las Vegas is emerging as a global convening place, according to one of the analysts. With its economic climate and anticipated employment growth in 2009 and 2010, Las Vegas will once again be one of the fastest growing cities in the country.

Nevada and other states in the region are regarded as possible “swing states” in the November election, and as it gains electoral votes from the population boom, the region can play the “kingmaking” role held by the Midwest. The Brookings report predicts that by 2030, the 5 southern Intermountain West states will have added 3 times as many new residents as Wisconsin, Ohio, Illinois, Michigan and Indiana.

Las Vegas is, according to the report, the prime example of a “megametro” in the region that needs forms of travel other than long ribbons of concrete highways. Regional cooperation in southern Nevada have helped it deal with intense mass transit issues associated with growth in a city of its size. “With the rapidity of growth, it is relatively easier for a place like Las Vegas to retrofit and reinvent what it is,” the study said. One example is the Bruce Woodbury Beltway, which is being completed ahead of schedule due to the cooperation of

local governmental agencies in Las Vegas, Henderson and North Las Vegas.

Although there are many opinions about the validity of this study, it is exciting to hear that Las Vegas can be a part of the anticipated “New American Heartland.” We are definitely more than “just casinos and gambling.” Las Vegas is a great place to live, with the benefits of a growing metropolitan city, great climate, strong economic outlook and the entertainment capital of the world!

If you would like more information about this, or other reports about the Las Vegas and Nevada growth and economic indicators, call Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

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For the past year, the luxury home market in Las Vegas has been the only market unaffected by the real estate downturn. But, that has changed recently. It has been reported by Marketing Solutions consultants that the luxury market has declined in recent months. It is not that buyers are not wanting these homes in the $1 million-plus range, but that they are finding it difficult to find mortgages for those homes due to the ongoing mortgage crisis throughout the country. In the first 6 months of 2008, 161 luxury homes sold - which is less than half of the number sold during that time period of 2007. It is interesting to see how the Las Vegas real estate market has changed…in 1995 there were only 2 homes for sale that were priced more than $1 million. This city has changed so much with the addition of new communities like Summerlin, Southern Highlands, Anthem Country Club, Red Rock Country Club and MacDonald Ranch, Lake Las Vegas, etc.

Great Time To Buy Luxury Homes!

What does that mean? If you are a buyer who is looking for a luxury home in Las Vegas, this is the time to buy! As of June, Las Vegas had approximately 1,200 homes valued at $1million and higher. Most of these homes are now being offered at discounted prices. This is a great opportunity for buyers, many of whom are looking for these luxury properties as second homes or vacation homes. There is financing available, but buyers need to know where to look and how to approach the loan process. We have lenders who can help with financing these homes, so please call Las Vegas Properties if you are considering buying a luxury home in Las Vegas. You can reach us at 702-379-6627 or email terrilvp@cox.net.

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Waterford Falls Las Vegas

Las Vegas Communities

The community where I live in Las Vegas recently coordinated its first Neighborhood Watch program. We are all excited about this; although we have not had many problems, there are now vacant homes due to the current foreclosure problems, which causes some concern among homeowners. We are all looking forward to the celebration of the 25th Annual National NightOut. This event is “a nationwide effort to heighten crime prevention awareness, generate support for local anti-crime programs and strengthen neighborhood spirit and police-community partnerships,” according to the Las Vegas Metropolitan Police Department. In our neighborhood, we have found this new effort a great way to get to know our neighbors.

Community Involvement

The cities of Las Vegas, Henderson and North Las Vegas are participating in this annual event, along with thousands of communities across the country. The event is being held in Las Vegas at 6pm on Tuesday, August 5. National Night Out is celebrated with events across the U.S., Canada and military bases around the world; it is expected to draw more than 34 million people this year. The events around the country will include musical performances, gymnastic performances, food and beverages, presentation of Colors by police departments and welcome announcements. Sponsors include the FBI, HELP NEVADA, Target and McDonald’s. For more information about this great event, contact National Night Out.

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CityCenter has announced the name of its unique resort casino, scheduled to open in late 2009. ARIA, the resort casino, will form the core of CityCenter, the exciting vertical city that is under construction on the Las Vegas strip, between Bellagio and Monte Carlo resorts. City Center will also feature The Harmon Hotel Spa & Residences; Vdara Condo Hotel; Veer Towers, a residential high-rise; The Crystals, which is a 500,000 square foot retail and entertainment district. CityCenter if a joint venture between MGM Mirage and Dubai World.

AIRA RESORT CASINO

Aria, according to MGM executives, will introduce “a new generation of resort experiences” to the Las Vegas market. ARIA will include two curvilinear glass towers, revealing clean use of natural elements, lush foliage, wood and stone. Open spaces include A three-story lobby and casino, which will fill with natural light. Unique art and interior design will fill the guest rooms and public space.

ARIA will host a collection of lounges, bars and nightclubs; a luxurious spa offering a complete menu of skincare, massage and hydrotherapy treatments, three spa suites designed to accommodate couples’ treatments and small parties. The spa’s balcony will overlook the resort’s beautiful pool.

The contemporary architecture will offer 4,004 guest rooms, including 568 suites. Guest room corridors will open to areas of enclosed glass, providing beautiful views of the Las Vegas mountains and city. The entertainment certerpiece of ARIA will create a production celebrating the musical legacy of Elvis Presely, which is a perfect choice for Las Vegas.

MGM CityCenter is scheduled to open late 2009, and is sure to be the most exciting mixed-use, luxury high-rise condominium development to become part of the Las Vegas lifestyle. There are still condos available for sale; if you would like prices, floor plans and availability, contact Las Vegas Homes and Condos at 1-888-876-8383 or email terrilvp@cox.net. (Scenes and improvements are not within the project, are proposed, artist’s renderings only and NEED NOT BE BUILT. Plans, architectural renderings, specifications, pricing and locations are subject to change without notice. © Project CC, LLC. Unauthorized use of the images, artist renderings, plans or other depictions of CityCenter is strictly prohibited.)

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Las Vegas, Henderson and North Las Vegas will join in the nationwide celebration of the 25th National NightOut on August 5, 2008. National Night Out is co-sponsored by these cities and the National Association of Town Watch. It was designed to promote neighborhood unity, safety and police and community partnerships by focusing on crime prevention, drug resistance and violence prevention.

The annual celebrations across the country will include refreshments, musical performances, gymnastic performances, welcome announcements and Presentation of Colors by Honor Guards.

For more information about this August 5th event, contact the National Night Out Organization.

Neighborhood Watch Programs

The community where I live in Las Vegas recently started its first Neighborhood Watch program, with the help of the Las Vegas Metropolitan Police Department. It seems to be a great program for increasing awareness among neighbors, many of whom are too busy to really notice unusual things going on in our own neighborhoods. We have seen an increase in vacant homes in Las Vegas with the growing number of foreclosures; vacant homes lead to vandalism and other problems. The Neighborhood Watch program in our subdivision has already worked by making all of us more aware. If your neighborhood is not already involved in a Neighborhood Watch Program, you might want to consider starting one. It is an inexpensive, and fun, way to get to know your neighbors. If you would like some suggestions and contact information as to how to get started, call Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

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In the midst of the real estate “slump” and long list of cancelled luxury condo projects, a few Las Vegas luxury condo developments continue to thrive.  Palms Place luxury condominiums in Las Vegas is one of the success stories of the Las Vegas luxury condominium market that started in 2006. Several of the new residents of the famous Palms Place are the “rich and famous,” but many are local and international buyers looking for a vacation home.  Some want to own a Las Vegas luxury home for those times that they visit, since they are able to take advantage of the finest amenities and services offered by any Las Vegas resort.  Palms Place had a unique and very successful marketing plan that attracted luxury condo buyers from around the world, some as homeowners and some as investors.

 In the midst of a “credit crunch” and declining property values, several Las Vegas condominium projects have cancelled.  Some condo buyers in Las Vegas are still awaiting their earnest money deposit refunds, while others have received refunds, but are still disappointed that their new luxury condos will not be built.  And, with other condo owners in litigation over the rental pools at the MGM Signature, possible delay of Cosmopolitan Condominiums and Mira Villa’s bankruptcy, Palms Place condo buyers are excited and happy to be closing escrow.

Maloof Brothers Succeed at Palms Place

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 the property and opened on time.  The 47-story luxury high rise  features 599 suites, and is attached to the popular Palms Casino by an enclosed, elevated “SkyTube” that moves residents to and from their condos on moving walkways. 

The 520-foot tower offers 600 square foot studios, 1,200 square foot one-bedroom units and 21 penthouse condos that range from 2,000 to 7,000 square feet.  The tower features a 50,000 square foot pool and spa complex, a Turkish bath treatment and Sunset Tan studio.    Studios start in the $600,000’s and penthouses are priced as high as $5 million.

Condo owners can enter into the hotel rental program, whereby owners will receive 50% of the rental money under subleasing agreements with The Palms.  Palms guests will be able to use the Drift Spa at Palms Place, which has a separate staff facility.  Guests will also be able to enjoy The Simon Restaurant and Lounge.  There are cabanas for rent and the pool are also features waterfalls and fire pits.

Sunset Tan will feature 8 treatment rooms, high-pressure European tanning beds and sunless spray tan roosm.  The 8.400 square foot Simon Restaurant, overlooking the pool area, will offer an upscale menu of steaks, seafood and sushi.  The restaurant will also provide in room service for Palms Place guests.

There are still a few unsold brand new condos available.  We also have a list of new condos that have not been occupied, offered by original buyers.  If you are interested in one of the new Studio, One Bedroom or Penthouse condos still available, call Las Vegas Homes and Condos at 1-888-876-8383 or email terrilvp@cox.net.

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This is a beautiful, fully built out Medical Office Complex available for sale in Henderson, Nevada, one of the fastest growing cities in the country!  This building offers more than 6,000 square feet, which can be divided into two separate offices. It is situated on .81 acres. There are 2 separate entrances, 12 Exam Rooms, an Laboratory Area, Break Room, File Room and spacious waiting areas for patients.  Customized features include glass block, 4 doctors’ offices with separate entrances and rest rooms and beautiful interior design.   The building is perfectly located, on a high-visibility street, just minutes from the I-215 Interchange.

Las Vegas Commercial Real Estate

Las Vegas Commercial Real Estate is one segment of the Las Vegas real estate market that has been unaffected by the current slow down and falling prices!  Rents are strong and vacancies are low.  This type of investment property is perfect for a owner/occupant or for an investor wanting to purchase Las Vegas income producing property. 

Investors wanting to complete a 1031 Tax Deferred Exchange might consider the purchase of a Medical Building in Las Vegas, as the number of physicians and health care providers continues to increase with the growing Las Vegs population.  This is a great time to invest in Las Vegas commercial real estate, as prices are slightly lower than last year and financing programs are available.  

For owner/users, special SBA loan programs are available at attractive rates and terms, making this type of purchase easy and logical, as compared to rental rates on Las Vegas commercial property.  Investor loan programs are also available through several commercial banks.  If you would like additional information about this property, or other Las Vegas commercial properties, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

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Las Vegas Summers

When people think of the Las Vegas climate, they think “dry” and “desert.”  We love our weather, with the sun shining about 340 days of the year!  For those of us who moved to Las Vegas from the midwest or northeast, we are thrilled not to face the snow and cold!  Our summers, though, are hot.. we in Las Vegas call it a “dry heat!”  And summers in the desert also bring the “Monsoon” season, when we see rain storms from Mexico during July and August.

Do I Need Flood Insurance?

Many of my clients ask if Flood Insurance is necessary in Las Vegas and Nevada.  While it might not be necessary (meaning that the Las Vegas mortgage company does not require this insurance) it is still a very good idea.  I, personally, am not an advocate of buying unnecessary insurance of any type.  But, having lived in Las Vegas for 19 years and having lived in Tucson, Arizona for 10 years, I always suggest to my clients that Flood Insurance offers great piece of mind.  Las Vegas has added excellent flood control structures and drainage systems during the past 15 years, but those are no guarantee again water damage in a heavy rain.

Homeowners insurance policies have many exclusions; most homeowners never take the time, and cannot understand the insurance jargon to understand what the exclusions mean.  I have found that an insurance company can deny a water claim for any number of reasons and call it “flood damage.”  If your insurance company does deny a claim, it would take too much time, effort and probably a good attorney, to win the argument.  In the meantime, it is up to the homeowner to coordinate and pay for repairs, construction and temporary living accommodations.  So, it is better to be “safe than sorry.”

The National Flood Insurance Program advises that, although you might not live in a “flood plain,” you face the possibility of flood damage during heavy seasonal rains.  Flooding can be caused by rains, drainage systems and failed flood control structures.  The term “100 -year flood” does not mean that there is only a major flood every 100 years.It means that a 100-year flood has a one percent chance of occurrring again in any given year.

Flood insurance is one of the most cost effective insurance policies one can buy.  Residential NFIP policies provide up to $250,000 of insurance for an owner-occupied home and up to $100,000 for personal belongings.  These limits are in addition to your existing homeowners insurance policy.  The cost of these policies for homeowners who do not live in a high-risk flood zone, is about $300 per year. 

You can read more about the National Flood Insurance Program and data about flood zones, flood plains and other flood related information by visiting  the NFIP website at FloodSmart.gov.   If you would like to talk with us about our exprience with local Las Vegas flood insurance carriers, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

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We are all really excited to see the ongoing development of the MGM City Center on the Las Vegas Strip.  This unique luxury condominium/resort development is scheduled to open fall 2009.  City Center offers an exclusive collection of residences, including a 4,000-room resort, casino, 1,850-seat showroom theatre, spa, fitness center, salon and four pools.  The Crystals is CityCenter’s beautiful retail center, showcasing top brands and high-end couture.   Residents and guests will enjoy a choice of 18 restaurants, 6 bars and cocktail lounges, a nightclub and the CityCenter automated transit system connecting to Bellagio and Monte Carlo. 

MGM City Center offers VDARA - an upscale condo hotel with internaional flair located on the Las Vegas Strip.  This 57-story condo hotel features a unique crescent shape and patterned glass, creating a unique and beautiful design.  VDARA will offer 1,543 residences, open floor plans with unparalled views of the mountains and city.  These condos are fully furnished, delivered to condo buyers as a “turn key” home.  VDARA offers studios, deluxe studios, one and two bedroom residences, studio, one and two bedroom penthouses.  VDARA offers a great lifstyle for a primary or vacation residence.  Floor palns range from 500 to 1,750 squre feet and connecting units are also available.  Amenities include a beautiful pool deck, lobby lounge, destination restaurant, branded salon and full-service wellness spa.  Conference suites are available for executive groups and events for 10 - 250 guests.  Residents and guests will also enjoy the gourmet coffee bar, grocery, fully-equipped fitness center, in-suite dining, banquet and catering services.

To learn about availability and pricing, call Las Vegas Properties.  We will send you a complete brochure and price list of available condos.  Call 1-888-876-8383 or email terrilvp@cox.net.

Scenes and improvements are not within the project, are proposed, artist’s renderings only and NEED NOT BE BUILT.  Plans, architectural renderings, specifications, pricing and locations are subject to change without notice.  ©2006 Project CC, LLC.  Unauthorized use of the images, artist renderings, plans or other depictions of CityCenter is strictly prohibited.

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