Las Vegas Real Estate News

Why history has no place on the strip

Each year the Las Vegas strip (S Las Vegas Boulevard) continues to set records for the price of land. Its no wonder that you have a hard time finding any buildings that are over 30 years old still standing. But, when it comes to gaming properties, you have to adjust that figure even lower. Here is a brief time line going back two years of the number of casino/resorts that were demolished:

  • The Castaways January '06 (on Boulder Highway)
  • Bourbon Street February '06
  • The Boardwalk May '06 (to make room for CityCenter on the strip)
  • The Stardust March '07
  • The New Frontier November '07

Possibly on the chopping block:

  • The Tropicana (ancient by Las Vegas standards and bought up last year)
  • Sahara

Currently remodeling/adding to the property:

  • Caeasar's Palace
  • Luxor
  • Wynn Las Vegas

Sadly, a lot of history has been erased. Some of the old Vegas showrooms saw performances by Elvis, the Rat Pack, Johnny Carson, Rodney Dangerfield and many, many other legendary performers. Makes you wonder if the price of progress is to steep. Looking for more of the same? Check out some vintage Vegas.

High rise condos nearing completion

This year we'll an influx of high rise and loft units come into the market. Several towers are due to be completed this year. Here is the short list:

There are also several projects slated to be completed next year, most notably among them is CityCenter. While the high rise craze has leveled off, because of Las Vegas' status as an international tourist destination, demand has been steady over the last year and will continue to be this year as well.

Related:

Allure gets certificate of occupancy

One Las Vegas nears completion

Trump gets his name on the strip

Allure gets certificate of occupancy

allure tower oneWith so much hype about CityCenter, its easy to overlook some of the other great projects in and around the strip. Last year, residents moved into Sky Las Vegas, currently the only residential high rise on the strip. Earlier this week, Allure received its initial certificate of occupancy for phase one. Residents were able to move in before the end of December, just in time for the New Year's Eve strip fireworks.

Allure condos

The community is planning for another tower in phase two. Allure still has units available in phase one. For a list of available condos, pricing and location within the building, email or call (702) 493-8033.

DDA for World Jewelry Center approved

The World Jewelry Center just bypassed another major hurdle. Earlier this week, the Las Vegas city council approved a disposition and development agreement (DDA) for the center in Union Park. The tower will include over 800,000 square feet of for sale office space, 98 residential luxury condominiums and 225,000 square feet of retail space and structured parking.  The current pricing is approximately $800 per square foot and the developer has LOIs for about a third of the office space. The tower is a designated Foreign Trade Zone, which will hold enormous appeal for the major jewelry industry companies due to the significant savings that it will offer. It wil allow companies to import raw goods without paying duties, add value and export them without paying duties, or sell them inside the US and pay a reduced duty rate. The potential savings are astronomical and it could make Las Vegas become the western jewelry hub of the US.

The top 10 floors of the towers will house the residential penthouse type condominiums. They will be some of the most luxurious Las Vegas high rise condos available. Owners will have their own elevator bank and private lobby. According to the developer, the residential units will cost about double per square foot of the commercial space.

This is great news for owners of Newport, Verge, Soho and Streamline Tower high rise units. Its not unreasonable to foresee property values going up with such a high profile neighbor.  Union Park is a green project. In addition to the Premium Outlet Mall and World Market, the list of projects  in Union Park includes the Smith Center for the Performing Arts, Lou Ruvo Brain Institute, the Access Medical-Kimpton Hotel projects and the Charlie Palmer Hotel. 

One Las Vegas near completion

me in a hard hatYesterday I took I hard hat tour of One Las Vegas. Phase one is due to be completed within the next few months and I was invited to take a look behind the scenes and see how far along construction has come.

One Las Vegas Overview

One Las Vegas will consist of five residential towers and two newly added hotel towers in the front of the property. The original renders released only showed the residential towers without the added commercial property, but in this market is a smart bet to build mixed use, since the commercial market is still booming in the valley.

one las vegas modelBoth towers have some great views of the surrounding mountains and the city. We weren't able to stay too long due to the strong fumes from the new paint and carpet being put down. Crews are finishing up individual units and will then move on to finish the rest of the building. 

If you are interested in buying a One Las Vegas condo, there are units available in this phase and future phases. The model pictured above is located in the sales office (along with the a unit model). The towers in front will be the hotel towers. There may also be some residential units located in each, but there isn't anything set in stone yet.

High rise special

Usually you only see specials and deals right before the holidays and of course, the day after Christmas and Thanksgiving. With several builders showing a surplus of new homes, there are bargains everywhere when looking for a single family home. There are lots of places where buyers can still put very little down and purchase a home. When it comes to high rises however, they are a lot more scarce.

There are some high rise projects that are trying a little harder to entice buyers. Streamline Tower in downtown Las Vegas in zip code 89119 (entertainment district) is currently having a special. Currently, buyers will only put down a 5% deposit, making it one of the lowest deposit requirements in the market. Construction on Streamline is well under way and the tower "topped off" in June of last year. No word on the official move in date for residents, but I expect it will be towards mid year.

If you have been thinking about buying a Las Vegas high rise as a seasonal or primary residence, there hasn't been a better time to buy. Streamline is located just a few blocks from the Union Park development that will host the new Alzhiemer's center, World Jewelry Tower (with high end residential condos), World Market and the premium outlet mall, not to mention the new downtown amenities. Streamline Tower is being represented by the high rise division of Prudential Americana Group, REALTORS.

Feel free to contact me with any questions or reservation requests at 702-493-8033 or by email.

Las Vegas foreclosures

Foreclosure news is not new. For the last several months, every major media outlet has been broadcasting about looming foreclosures, the increasing foreclosure rates, the latest foreclosure scams and the rising number of cases of mortgage fraud. The one thing that most of them haven't covered is what you can do to avoid losing your home to the bank.

The Federal government has finally taken notice and started talking about actually doing something about it. Nevada is one of the few states taking their own action to help home owners facing foreclosure. The issue was debated by the legislature earlier this year and now there is a help line and website that will answer some of the questions that homeowners face during a foreclosure proceeding. Nevada residents can simply dial 211 or visit the foreclosure help page on the Nevada government website.

The website has a Q&A section, how to avoid scams, information about predatory lending, home counselors you can contact, a list of information you will need when contacting your lender plus what you can do to prevent foreclosure. 

The Las Vegas real estate market has seen a significant rise in the amount of bank owned properties on the market. The city of North Las Vegas has had the highest foreclosure rate in the state, making national news. A trusted resource homeowners can turn to for answers should help reduce the amount of foreclosures. Some of the information provided is common sense, but with the amount of confusion that can come into play it may be just what people need to help them avoid losing their home, especially to a scam artist.

There is also a national help line number homeowners can call 888-995-HOPE. It connects you to a nationwide counseling service (provided by the Homeownership Preservation Foundation). The service is available 24 hours a day, seven days a week.

Speedway condos get the black flag

trophy towersAnother condo project has been canceled, but this time it's not what you think. The Las Vegas Motor Speedway had plans to add a 126 unit condo project out by the speedway. The project called Trophy Towers, had been approved by county planning commission in November and was modeled on similar projects at other speedways.

Opposition came from an unlikely source, Nellis AFB. Unfortunately for the speedway, the project would have been located just 1.3 miles from the end of a runway. Lawyers for the speedway tried a head in the sand tactic by sending a letter stating the hearing was invalid and then didn't show up. In true Las Vegas fashion, the hearing went on anyway for a little over two hours and the project was killed.  Truthfully, it probably wouldn't have mattered if the attorneys did show up, even the governor testified on behalf of Nellis. Even in this town, you couldn't get odds on that.

Another Las Vegas project cancelled

Another Las Vegas project has joined the ranks of those projects that will never be built. The Light Group's Spa Lofts has been cancelled. The project's website now redirects you to the main Light Group site. The project was going to be located on South Rainbow Boulevard, just a minutes from the I215 beltway.

In an interesting twist, another developer gave their opinion to the Las Vegas Review Journal. "Spa Lofts is getting canned because it doesn't have any buyers and it doesn't have any buyers because ManhattanWest is taking all of them," said Gemstone Chief Executive Officer Alex Edelstein (Gemstone is the developer of Manhattan and Manhattan West). "ManhattanWest came to the market with a tremendously superior offering at a dramatically lower price. We drove SpaLofts out of business."

The gauntlet has been thrown down. The Light Group still has a property they are promoting in CityCenter, the Harmon Residences. It will be interesting to see if Mr. Sasson will respond in the press to Mr. Edelstein's comments.

**Update

Manhattan West has been unable to get continued financing and looks like it will not be completed....at least not by Gemstone.

A ground breaking event

Not all of the cranes in strip and downtown area are building new casinos. Today, the Verge lofts had their ground breaking ceremony downtown. Local city officials and other dignitaries were on hand for the ceremony.

Verge Pre-construction Pricing

The ground breaking celebration is continued with an open house starting tomorrow through December 16th at the Verge lifestyle center. It will be the last chance for buyers to take advantage of pre-construction pricing and a small 5% deposit requirement.

Despite a relatively cool market for lofts and high rises, Verge is already 80% sold out. One of the reasons of Verge's success is due to being a LEED (green) project and the variety of floor plans being offered. There are still units of all sizes available, but they will not last long.

If you are thinking about buying a Verge or other Las Vegas loft, feel free to contact me for the latest available units and pricing.