Las Vegas Properties Blog

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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