Las Vegas Properties Blog

Las Vegas has always been known for its glitz, glitter and gaming.  But we have so much more to offer!  A team 15 high tech companies have joined forces to develop The LINQ360 Innovation Center, with headquarters located in the master planned community of Summerlin.  The LINQ360 Innovation Center is home to various technology companies that address the needs of Las Vegas’ huge resort/hotel industry.

The design of the LINQ360 building is quite unique – it has an open-display, convention center-like feel.  Each vendor has its own booth, with displays that offer a hands-on experience.  One of the displays is an actual hotel room, where clients can see future technology and how it will improve guests’ hotel experiences. 

The Nevada Development Authority has been successfully bringing new companies to the Las Vegas area, in an effort to diversify our economy.  This high tech venture oneof th most exciting new companies who promise employment opportunities to Las Vegas residents. 

Las Vegas is a great place to live and work.  If you are thinking of relocating to the Las Vegas, Henderson or North Las Vegas areas, please contact Las Vegas Properties - or email terrilvp@cox.net

Las Vegas’ best “gamble” is for real estate investors looking at the Las Vegas market!  At no time in the last 20 years have investors controlled our real estate market as they do today.  More than 45% of all real estate sales this year have been cash investor transactions.  Cash is King in this market!  Investors can negotiate great deals, some more than 30% under the already discounted prices.  In the past yeaar, I have had 300+ REO listings, and investors have purchased more than 200 of those.  Asset Managers and Banks choose cash deals over any others; those transactions close faster and easier, which is the goal.  With the stock market declining every week, banks paying less than 1%, investors need to consider other options for their money.  So, if you are looking at Las Vegas as the “gambling mecca” of the country, think about real estate as your “casino.”

Finding the right Broker to represent you is key to success!  Brokers who specialize in REO properties have the experience and knowledge to find the most suitable properties — wither that be single family, condominium, land or commercial property.   Not all REO properties are good investments.  The price might be right, but the price is only part of the equation.  Your Broker will provide you with an in depth analysis of the market values for that area,  general comparable statistics that will affect future value, and a market analysis of rents and future profitability of your real estate investment.  Your Broker will know how to structure and present your offer so that you are considered by the Bank or Asset Manager, who probably has multiple offers on every property.   Presenting offers on REO properties is quite different from negotiating on traditional properties.   Your REO Broker will be instrumental in seeing this tranaction through the escrow/closing process, ensuring that the Seller and Escrow Officer fulfill their responsibilities in the escrow process.  To search for REO properties in Las Vegas, call Terri White, Las Vegas Properties, at 702-379-6627 or email terrilvp@cox.net.

Las Vegas has been known during the past 2 years as the “Foreclosure Capital” of the country! And, that is accurate. I have not written very much recently about our Las Vegas real estate market, but, rather, I have devoted the past 15 months to marketing and selling REO/Bank Owned properties. This market has exploded, and my office has sold more than 150 foreclosed properties just in the past 6 months! We are now transitioning into Short Sales, which are an entirely different niche. I would love to hear from other real estate brokers and real estate agents as to how this Short Sale and REO market has affected your transactions and business model.
Have you experienced more bank cooperation in negotiating Short Sales? Has your REO pipeline slowed down, or dried up, over the past several months?
How are you managing your agents and how are you generating sales and revenue? I would really welcome comments from Brokers, Agents and from the buyers and sellers who are trying to navigate this real estate market! Please contact me at terrilvp@cox.net!  Also, visit my website at www.lasvegasproperties.com.  I value referral business, and also appreciate all comments and insight!

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.