Las Vegas Real Estate News

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Trump Las Vegas opening soon

Another new resort will be opening this spring just off of the Las Vegas strip. The Trump International Hotel & Tower Las Vegas is set to open its doors at the end of next month. Trump Tower will join sister properties in New York and Chicago as part of the newly founded Trump Hotel Collection. In typical Trump style, the property is being marketed as a new level of luxury in high end travel accommodations.

Although the street address is 3128 Las Vegas Blvd S, Las Vegas, NV 89109, the property resides further back from the strip.

Due to the success of first tower sales, there is a second tower being constructed and sales are ongoing. If you missed out on tower one, there are units still available in both towers.  Call 702-493-8033 for more information.

Past Trump posts:

Trump being sued

Trump gets his name on the strip

Trump being sued

Its not coming up all rosy for the "Don". A dispute over the Trump Towers Las Vegas leasing has evolved into a $4 Billion lawsuit filed against Donald Trump. The suite is being brought by a Las Vegas property management company accussing him of monopolizing the market in the city.

The property management company, Nights at Vegas, takes a 20 percent cut of the rental income when it leases out an condo in the tower. The management company that Trump owns takes 50 percent of the lease income (its no wonder he's got a few bucks). The dispute arises from a claim by Nights at Vegas employees that Trump has forbiddened them from using the Trump name in marketing the Trump condos, making it impossible for them to market the property at all.

The suit was brought on the grounds of unfair competiition, false promotion and violation of anti-trust laws, etc. Nights at Vegas is seeking a huge judgement against Trump, a whopping $1 billion in compensation and another $3 billion in punitive damages. No word yet on a trial date or whether it will even make it to trial.

Related:

Trump gets his name on the strip

Its just not home foreclosures

Usually when you hear the word foreclosure on the news, its referring to the plight of home owners across the country. Last Sunday 60 minutes did a piece on the foreclosure capital of the United States, Stockton California. However, that is only half of the foreclosure story. Its not only home owners that are in trouble. Some developers are in the same boat.

There are a few major projects around the Las Vegas valley that have gone into foreclosure. The biggest development to have trouble was Lake Las Vegas. Last fall the developer defaulted on a $540 million dollar loan after they failed to make option payments on 400 acres of land. The developer Transcontinental Properties, ended up selling assets (including shops and restaurants in Montelago Village, the aforementioned acreage and four golf courses) to a group of creditors.

The loft market was not without its own casualties. Newport Lofts which was completed last year has been taken over by the mezzanine lender. Newport Lofts sold roughly 100 of the 168 lofts for sale before the sales slump (proceeds went to the first lender).  Residents have moved into the project, and the first floor of retail has its first tenant. No official word yet on the remaining units.

What does this mean for buyers in these areas? Well, for bargain hunters in the loft market, for the first time in the market's history, there is a wide range of standing inventory of available lofts for sale, (which also includes high rise condos). Investors that bought in the boom times may be anxious to recoup their deposits back and potential buyers may be able to find some deals. I've been contacted by a few investors about units they purchased and are looking to liquidate. As for Lake Las Vegas homes, prices are remaining fairly steady. Some projects are having closeouts so there are deals to be had, but being a resort destination it's a fairly safe bet that prices won't dip.

Metreon grand opening

The latest new comer in the Las Vegas loft market is Metreon lofts. Riding the popular (and savvy) wave of mixed use developments, this mixed use project will feature two, five story residential loft buildings on West Flamingo, just a short drive from Summerlin.

Metreon is being developed by Kennedy Commercial. The community's commercial residents include Las Vegas Athletic Club, Sammy's Wood Fired Pizza, Einstien Bros and FedEx Kinkos.

The grand opening will be January 31st. Call 702-493-8033 for available units and pricing.

Fire breaks out on the strip

Around 11 am, a fire broke out at the Monte Carlo Resort and Casino at 3770 Las Vegas Blvd. S (on the Las Vegas strip, next to CityCenter). Firefighters are still battling the blaze which has been categorized as a 3 alarm fire. The fire broke out on the top floors of the Monte Carlo and plumes of oily black smoke are visible from the strip. The casino is being evacuated and there is no word yet on the cause of the fire.

The Monte Carlo was completed in 1996 and is 32 stories.

**Update

A little after 12:30 pm, the fire was put out. The fire was contained to most of the upper floors and roof. The cause of the fire was worker error. Welders working on the roof caused the fire.

V townhomes closeout

V is a luxury townhome community in Lake Las Vegas built by Centex Destination Properties. Currently there are only six townhomes left, so if you are looking for a luxury townhome in Lake Las Vegas, you better move fast. V prices start at $499,000.

V townhomes offer great views of the lake, fairways and the surrounding mountains. The community has both single and two story floor plans. Call 702-493-8033 for the remaining units and pricing.

Las Vegas Central from condos to hotel rooms

Las Vegas Central has overcome the odds. Announced back in 2005, the project stalled when the FAA retracted its approval of the twin 47 story tower design. Because of the redesign, refunds had to be given to purchases whose condos didn't exist under the new design.

Last year the LLC was forced to file bankruptcy and was able to secure a 12 month bridge loan. The convention center has decided on a billion dollar plus remodel that will place the entrance to the convention center about 300 feet from the Central project site (the current address is 3150 Paradise Road, Las Vegas, NV 89109). Several national hotel operators have expressed interest in building a hotel on the site instead. According to the developer, its very feasible  to change the design to a hotel instead. The new plans also call for the top floors to hold luxury penthouses. With the high rise market still going strong, I'm sure they'll have no problem selling the penthouse units, especially located next to one of the largest convention centers in the world.

No official word yet on when the project will be completed or condo pricing.

Summerlin to get a non-gaming hotel

Summerlin is continuing to grow. LaPour is building a new extended 123 room hotel under Westin's Element brand. This will be the first non-gaming hotel in Summerlin. Construction is already under way.

The project is located on the corner of Town Center Drive and I-215, next to the Nevada Cancer Institute. The hotel will be a modest four stories with a contemporary glass and steel exterior. The rooms will feature kitchens with stainless steel appliances and flat screen tvs. The hotel will also have a fitness center, pool, barbecue areas and a business center.

Summerlin's continued growth has helped keep it as one of the best selling master planned communities in the country. Two new villages are scheduled for construction this year. At build out, Summerlin will be home to 30 unique neighborhoods.

Changes to the site

If you are a regular visitor here, you'll notice a change on the right hand navigation bar. The search function has been integrated into the site. So now if  you are looking for a particular community, you can simply type in the name and let the search function find it for you.

My webmaster has been hard at work adding more pages of information. Summerlin has some new communities coming up soon, and information about Sun City Summerlin, The Canyons and Summerlin Centre is now available. If you like mixed use projects, information about the Village at Queensridge is available.

Real Estate price record in Newport Beach

It seems that some Nevadans are moving to California (quite a few people from California move to Vegas). According to the Wall Street Journal, Nick Cage sold his Newport Beach estate for $35 million dollars, setting a new record for Orange County real estate.

The property was bought by Las Vegas business man Jerry "Terrible" Herbst. Mr. Herbst is CEO of Terrible Herbst, Inc. The company owns the local gas station/convenience store chain and the Terrible's casino in Las Vegas.