Las Vegas Real Estate News

CityCenter in the green

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As I had reported in an earlier, Why going green makes dollars and sense, the Nevada legislature in 2005 had passed a law giving very generous tax breaks to Green projects. Earlier this year, they decided perhaps they were too generous among concerns that state revenues may be negatively affected.

Only 5 projects would be affected by the change in the law, but after debate those projects will be grandfathered in to the original statute. Some of the projects, like the Molasky center have already been completed. Out of the five, CityCenter is the biggest winner by a landslide. The project is estimated to cost 7 billion dollars and will be the largest green project in the state.

The estimated tax savings under the '05 law were estimated at around $900 million dollars. The revised law reduces the tax breaks by about half.

CityCenter isn't the only Las Vegas strip property to cash in. The Palazzo which is due to be completed next year and the Fountainebleau are also grandfathered in. Both properties have also planned to add residential units to their properties as well.

There is still a catch however.  All of the properties still need to meet the green certification upon completion in order to be eligible for the tax breaks according to the state's Energy office.

PubCon in Las Vegas

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The strip is being invaded, yet again by conventioneers----Pubcon has come to town. This is the second year Pubcon has been held in Las Vegas. Website owners, internet marketers and SEO experts from all over the world are arriving today for the conference.

The convention is being held at the Las Vegas Convention Center at 3150 Paradise Road. There are several posts on the internet already about surviving Pubcon in Vegas as well as many different games and contests going on. One of my personal favorites is the walk of shame----spotting attendees dressed in the same clothes as they had on yesterday to give presentations. Another is finding free wifi spots, so since I live here, I'm going to help everyone out. Here is a list of free wifi hot spots around the Las Vegas valley.

Good luck to everyone on their hunt!

What's in a name?

As Shakespeare once asked, what's in a name?  Quite a bit when there's potentially billions of dollars at stake. Name recognition is a very powerful force in marketing. Fortunes have been made and lost because of it. That's why there has been quite a stir about a new proposed project to replace the new Frontier that was demolished earlier this month.

What is all the fuss about? The New York-based Elad Group, owner of the land that was just cleared of the Frontier has planned to replace the casino with a Las Vegas version of the world famous New York Plaza, named (wait for it) the Plaza. Sounds good right?  Well, not to the current owners of the Plaza in downtown Las Vegas.

This past August, the owners of the historic downtown property, Tamares Las Vegas Properties sued the Elad Group to prohibit them from using the Plaza name on the Las Vegas strip property. The case eventually wound up in Federal court. After reviewing the case, the federal judged kicked it back to Clark County.

With the potential revenue involved, I doubt Elad is giving up the fight so quickly. It looks like this will be a long drawn out battle, but at least for the downtown Plaza's owners, they get to fight in their own backyard. Who knows, it may even be resolved by 2012 when the new resort is supposed to be completed.

In other news, there was a new addition to the Las Vegas strip, Planet Hollywood had there grand opening Wednesday. The property was built on the old Alladin site. At one time, the property was adverting high rise condos, but there isn't anything on their site about it. There may have been a change in plans, all things considered.

Related:

Historic Frontier soon to be dust

The Las Vegas Great Santa Run

Next week Saturday, December 1st, is the Great Las Vegas Santa Run to benefit Opportunity Village in downtown Las Vegas. The Santa Run is a 5k run and there is also a Kris Kringle Jingle (one mile walk). The registration fees before the event are $45 for participants age 13 and over and $25 for kids 12 and under. You may also register onsite on the day of the run for $75.

The goal is to break the world record for the largest Santa gathering while raising much needed funds for Opportunity Village. All participants will receive a 5 piece Santa suit to wear and keep after the event, plus a goodie bag valued at $100. There will be great prizes, live entertainment and displays for all ages.

The day begins at 8 am with a welcome from Mayer Oscar Goodman. Check-in, live entertainment and vendor displays are at the Neonopolis. The walk and the race start at 10 am on Las Vegas Boulevard. There is discounted parking ($5) available at the Fremont Street Experience Parking Garage if you show your Great Santa Run bib. So join honorary team Captains Siegfried & Roy and help raise money for a great charity. Register online at Opportunity Village.

Union Park accepted for LEED pilot program

The 61 acre master plan in downtown Las Vegas has received another major shot in the arm. The 6 billion dollar commercial project has been accepted into the U. Green Building's Leadership in Energy and Environmental Design (LEED) pilot program (the only one in Nevada). The program uses a system blending urbanism, green building design and smart growth. The site is located adjacent to the Union Park rail yards, just east of the I15 freeway.

Union Park at a glance

The project is scheduled to be complete in 2018 and will house the Lou Ruvo Brain Institute, designed by architect Frank Gehry, the Smith Center for the Performing Arts, the World Jewelry Center (possible site of a FTZ) and the Charlie Palmer Hotel a 400-room boutique hotel and condominium tower. There will also be a medical office and hotel campus adjacent to the Brain Institute.

Completed projects in the area include the Las Vegas Outlet mall and the soon to be completed World Market. At its completion, the Union Park development could be the biggest green project in Nevada.

The impact the project will have on the property values for the surrounding Las Vegas real estate should be very positive, especially for the residential properties like Newport Lofts, Soho, Streamline Tower and Verge. The thousands of jobs the project will create should also help increase the demand for close, quality housing.

Related:

Why going Green makes Dollars and Sense

Condo living in the Spanish Trail area

The condo conversions that were sweeping the Las Vegas valley have cooled considerably in the last six months. Last year at this time, there were roughly two dozen different communities offering completely remodeled condos all over the valley with an impressive list of upgrades.

spanish palms condosProbably one of the beautiful condo communities is Spanish Palms. It was a relatively late comer to the condo conversion rush. The community is located near Spanish Trail, on the west side of Las Vegas. The community features all of the luxury amenities you would expect (the pool area has a beautiful waterfall) as do the condos themselves. Some of the nicer unit amenities include fireplaces, direct access garages, granite countertops and stainless steel appliances.  There is also free internet access in the community business center.

If you are thinking about purchasing a Las Vegas condo, you should consider Spanish Palms. To have listings of the current Las Vegas condos for sale sent to you, call (702) 493-8033 or just send me an email.

Why going Green makes dollars and sense

Over the last two years, southern Nevada has seen a huge increase in the amount of "green" building in both the commercial and residential sectors. Many would attribute the growing green trend with rising fuel costs and a growing awareness by the consumer of global warming. While that is a reasonable assumption, its only part of the reason why builders are going green.

As usual, its about the money and I'm not talking about the dollars that consumers will save in utility bills. Back in 2005, the Nevada Legislature debated and unanimously approved a measure to cut property taxes up to 50% for 10 years for energy-efficient construction.  The measure also lowered sales taxes for building supplies to 2% as well. For an enormous project like CityCenter, the resulting savings in taxes are huge. Other residential Las Vegas high rise condos have followed suit, seeking the LEED certification. The latest one is the Verge, located downtown.

molasky green buildingIn this slow market, these huge tax breaks could be critical in the success of a project. Both CityCenter and Verge have done very well in sales, despite the huge inventory of high rise and lofts in the Vegas valley.

However, its not just residential projects that are cashing in on the green. The Molasky commercial center (pictured above) was the first commercial green office building in Las Vegas.  The new construction at the Lied animal shelter is another green project. The new kennels use the latest green technology and are powered by solar panels mounted between the kennels. The odds are we'll be seeing a lot more of these projects in the future.

Realtors descend on Las Vegas

When it comes to conventions, Las Vegas is near the top of the list. Ask anyone that lives someplace else, given a choice, where would you like to go for a convention.....VEGAS BABY!  This year, the National Association of REALTORS(R) convention and expo is in town. Last year, it was held in New Orleans, giving the local economy a nice shot in the arm.  Conventioneers were treated to a truly Las Vegas event, the demolition of the Frontier Hotel and Casino. The property was located center strip, near the Fashion show mall and Trump Tower.

The convention has brought thousands of Realtors(R) from all over the world to exchange ideas, discuss marketing strategies and of course, view the latest and greatest wares being marketed to the real estate industry. Given the amount of bloggers that are attending, I doubt what happens in Vegas will stay in Vegas this year!

Historic Frontier soon to be dust

Within the next 24 hours, New Frontier Hotel will be imploded. As usual for Las Vegas, change is constant. The Frontier is being demolished to clear the way for the Plaza Hotel complex, that will be like the one in New York City. The project will be in the multi-billion dollar range. The 34.5 acre property was purchased for over one billion dollars, making it some of the pricest Las Vegas real estate on the strip.

Construction is slated to start in 2008 with a completion date some time in 2012. Early reports state that the project will have a 3,500 room ultra luxury hotel, retail shops, convention space, dining and condominiums. No word yet on whether they will condo hotel units like the Cosmopolitan or regular residential high rise condos like ones at the Sky Las Vegas.

Yet another huge construction project to hit the strip.

Remembering our Veterans

Today undoubtedly you will see many tributes to our veterans on television, in print and on the web. Last week when I spent a day in Boulder City, I spent some time driving through the different neighborhoods and visiting the historic part of the city. One of the recent additions to Boulder City was a Veteran's cemetery located off of Veteran's Memorial Drive and Commons Way. There is an onsite chapel and a computer terminal that will help you locate a loved one's resting place. There are also pavers and monuments to the various branches of the armed forces. As for what we can say to describe our vets, I think this monument sums it up best.

uncommon valour was a common virtue

To all our members of the armed forces, thank you. Your sacrifices are appreciated.