Las Vegas Properties Blog

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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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!

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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. Read the rest of this entry

Las Vegas Luxury Home Market

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.

CITY CENTER ANNOUNCES RESORT CASINO

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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