THE BLOG

21
Apr

Las Vegas home analyst sees little chance of bubble in market – Las Vegas Review-Journal

Las Vegas homebuilders are off to a robust start this year, fetching near-record prices and fast-rising sales totals. Driving around the valley and seeing all the new subdivisions taking shape, locals still wary from last decade’s housing crash might wonder if another bubble is inflating. But builders aren’t selling nearly as many homes as they did in the go-go years of the mid-2000s or even in the 1990s, before the U.S. housing craze took off. Builders sold about 1,200 new homes in Clark County this year t

Source: Las Vegas home analyst sees little chance of bubble in market – Las Vegas Review-Journal

21
Apr

Nevada unemployment down in March to 4.8 percent – Las Vegas Sun News

Nevada’s unemployment rate declined to 4.8 percent in March with an estimated 67,600 out of work or 8,400 fewer than February. The state Department of Employment, Training and Rehabilitation reported Wednesday that the number of people working grew to 1,370,400, an increase of 2,400 from the previous month. The jobless rate in February was 4.9 percent. And the nation’s unemployment was 4.5 percent. Gov. Brian Sandoval said Nevada is now fourth in the nation in job growth and first-time filings for joble

Source: Nevada unemployment down in March to 4.8 percent – Las Vegas Sun News

16
Apr

New rooftop pool at Plaza getting additional upgrades – Las Vegas Sun News

The rooftop pool and recreation deck that the Plaza opened in July is getting more attention as the weather heats up.The resort added $25,000 of upgraded furnishings, including cocktail side tables next to lounge chairs, new wet deck lounge chairs and more dining tables, chairs and umbrellas. All six day beds were re-upholstered with a vibrant green fabric.A $300,000 renovation to five suites with access to the pool deck amplifies the pool’s vintage Palms Springs feel with décor that mixes contemporary

Source: New rooftop pool at Plaza getting additional upgrades – Las Vegas Sun News

16
Apr

Monte Carlo will transform to Park MGM in $450M makeover – Las Vegas Review-Journal

The 3,000-room Monte Carlo will undergo a two-year, $450 million makeover that will create a new luxury brand for MGM Resorts International and bring the NoMad Hotel concept to the Strip. MGM and the New York-based Sydell Group announced Friday that work on the transformation of the property, which will become known as Park MGM, would begin this year and be completed by the end of 2018. The design of Park MGM, a 2,700-room luxury property, will build on the property’s history, incorporating European design

Source: Monte Carlo will transform to Park MGM in $450M makeover – Las Vegas Review-Journal

16
Apr

30 Luxury Home Design Trends And Features Adorning 2017

A ranch-style featuring a designer kitchen, blended living space and mixed-metal trimmings — such a house would embody 2017 luxury, so long as it was also decked out in smart home technology.That’s according to twin brothers Jonathan and Drew Scott, co-founders of Scott Brothers Entertainment and Scott Living.The duo and HGTV hosts — real estate agent (Drew) and fixer-upper transformer (Jonathan) — launched their first book this year, New York Times’ best-seller Dream Home: The Property Brothers’ Ultimate Guide To Finding & Fixing Your Perfect House, along with a luxury home project in Las Vegas: Dream Homes by Scott Living.The project offers well-to-do buyers the chance to snag a new build from their portfolio of customizable original designs.What do the brothers have to say about this year’s biggest luxury design trends, features and homebuyer requests? Which investments add value, and where should the top 1 percent of sellers refrain from splurging?

Source: 30 Luxury Home Design Trends And Features Adorning 2017

16
Apr

Check Out a Glass Bottomed Pool, 43 Stories Above Houston | Apartment Therapy

Luxury apartment buildings are getting more and more creative with their amenities. Take Market Square Tower in Houston, which goes beyond the usual doorman and fitness room. There’s a rooftop infinity pool that hangs over the edge of the building, and happens to also have a glass bottom.Dubbed “the tallest pool in Texas,” Market Square Tower’s sky pool is 43 stories above downtown Houston. While most of the pool is of the regular, non glass bottomed variety, there is a part of it that hangs over the edge of the building for those brave enough to look down. The cantilevered section is also edged in glass so that the view isn’t obstructed above the water’s surface, either.

Source: Check Out a Glass Bottomed Pool, 43 Stories Above Houston | Apartment Therapy

16
Apr

Read later

Mortgage rates set new 2017 lows for the third straight day today, although only in terms of “effective rates” (which take upfront costs into account). “Note rates” (which simply refer to the rate applied to one’s loan balance) are unchanged from yesterday, with most lenders continuing to quote 4.0% for top tier conventional 30yr fixed scenarios. There are still quite a few lenders quoting 4.125% and a very small minority already down to 3.875%. There were no new motivations for bond market movement (which

Source: Read later

13
Apr

Up next for NFL stadium project: Finalize Raiders lease, UNLV’s role as co-tenant – Las Vegas Sun News

It’s all about the paper. Las Vegas officially reserved its place in the National Football League more than two weeks ago. Cementing that move will require stacks of paperwork generated through months of continuing negotiation among the team, the Las Vegas Stadium Authority and UNLV. The stadium authority board will convene next week for the first time since NFL owners approved the Raiders’ move. The board spent most of its last meeting on March 9 discussing potential issues with the lease agreement that

Source: Up next for NFL stadium project: Finalize Raiders lease, UNLV’s role as co-tenant – Las Vegas Sun News

13
Apr

The inside story of how owner Mark Davis moved the Raiders to Las Vegas

IT HAS ALWAYS been easy to underestimate Mark Davis. After all, he is known for his wacky bowl cut and silver-and-black suits and for managing the Raiders from the bar at a P.F. Chang’s. Since his Hall of Fame father, Al, died six years ago, Davis has been an afterthought in league circles, easy to malign and hard to take seriously. A year and a half after that dinner at Dan Tana’s, Davis’ fellow NFL team owners publicly embarrassed him when they voted for the St. Louis Rams to move to Los Angeles and gave the San Diego Chargers — who had partnered with the Raiders in a losing effort to move to Carson, California — a year to decide whether to join them.”I finished third in a three-horse race,” Davis told associates. Few owners cared that they had put the Raiders in franchise purgatory. Sit tight, Davis had been ordered, while the league’s power brokers determined which teams would play where.Few knew at the time, but Davis saw a chance to dust off an old pipe dream.On Friday afternoon, Jan. 29, 2016, 17 days after the LA vote, Davis found himself sitting opposite Sheldon G. Adelson in the casino magnate’s vast cream-colored office at the Venetian, high above the Las Vegas Strip. Adelson was 82 years old at the time and the 14th-richest person in America, worth around $32.5 billion. Short and all but bound to a motorized scooter, with rosy cheeks and a comb-over of dyed auburn hair, Adelson was the most powerful man in the state of Nevada, the imperious owner of its largest newspaper, a kingmaker who one week before the 2016 election would donate $25 million to a super PAC to help elect Donald Trump president. “A government” in his own right, an NFL source calls Adelson. Nobody dared cross him, especially Nevada politicians. Adelson couldn’t “give a f— about the NFL,” or any sports, in the words of a lawyer who knows him well. His aides say he has attended only two or three NFL games, including this year’s Super Bowl in Houston, and he isn’t starstruck by anyone connected to pro football. (His private assessment of commissioner Roger Goodell: “He’s an idiot.”) But the proposition Davis brought that day to Adelson grabbed his attention: Help the Raiders move to Las Vegas.

Source: The inside story of how owner Mark Davis moved the Raiders to Las Vegas

13
Apr

Rates Push 2017 Lows For 3rd Straight Day

Mortgage rates set new 2017 lows for the third straight day today, although only in terms of “effective rates” (which take upfront costs into account).  “Note rates” (which simply refer to the rate applied to one’s loan balance) are unchanged from yesterday, with most lenders continuing to quote 4.0% for top tier conventional 30yr fixed scenarios.  There are still quite a few lenders quoting 4.125% and a very small minority already down to 3.875%.  There were no new motivations for bond market movement (which dictates rates) today, but in general, rates have benefited this week from geopolitical risks and Trump’s comments on the strength of the US dollar yesterday.  Markets will close early today in observance of the Good Friday holiday and will be closed tomorrow.  Banks will also be closed, which means no potential mortgage rate movement until next Monday.

Source: Rates Push 2017 Lows For 3rd Straight Day

06
Apr

Winter growth bodes well for local real estate market – VEGAS INC

The normally slow winter season for the Las Vegas real estate market continued a slight warming trend in March. Existing-home prices jumped just less than 1 percent last month, bringing the median resale price to $242,000 in Southern Nevada, according to statistics released today by the Greater Las Vegas Association of Realtors (GLVAR). Growth in the winter months always flashes as an encouraging sign for the local market, as spring and summer historically stand as the strongest months for home sales. Las

Source: Winter growth bodes well for local real estate market – VEGAS INC

04
Apr

Owners of Juhl in downtown Las Vegas to begin selling units – Las Vegas Review-Journal

The investor group that owns the bulk of Juhl is gearing up to turn rentals into sales. KRE Capital, Dune Real Estate Partners and Northcap plan to start selling units at the downtown Las Vegas residential complex in late April, management announced Thursday. The group owns 306 of Juhl’s 341 units, having acquired them as part of a bulk condo purchase at five Las Vegas properties, including downtown high-rise The Ogden.   ADVERTISING Units at Juhl range from 600 to almost 2,000 square feet, and prices sta

Source: Owners of Juhl in downtown Las Vegas to begin selling units – Las Vegas Review-Journal

04
Apr

Pulte project Reverence ‘officially underway’ in Summerlin – Las Vegas Review-Journal

A sprawling residential project in Summerlin that’s been on the drawing board for a decade is coming out of the ground. Pulte Homes’ parent, PulteGroup, and Summerlin developer Howard Hughes Corp. announced this week that Pulte’s 300-acre Reverence community, at the northern tip of the Las Vegas master-planned community, is “officially underway.” Work crews are grading the site, building model homes and scheduled to break ground on the community’s recreation center in early April, the announcement said.

Source: Pulte project Reverence ‘officially underway’ in Summerlin – Las Vegas Review-Journal

04
Apr

Investment pro reflects on hot Las Vegas apartment market – Las Vegas Review-Journal

In Las Vegas real estate, few aspects of the market are as heated today as apartments. Construction keeps ramping up, vacancy rates have dropped, rents keep rising, and landlords are paying more for buildings. And in the past few years, one person involved in some of the valley’s biggest apartment deals ever is Scott McClave.   ADVERTISING McClave is senior principal of acquisitions and finance at The Bascom Group, which in 2015 teamed with investment giant Oaktree Capital Management to buy Vantage Lofts,

Source: Investment pro reflects on hot Las Vegas apartment market – Las Vegas Review-Journal

04
Apr

Siegel Group developing 1st newly built Siegel Suites property – Las Vegas Review-Journal

The Siegel Group is developing its first newly built Siegel Suites property, after buying dozens of existing complexes and converting them to its namesake, low-cost brand. The Las Vegas real estate firm, led by founder and CEO Steve Siegel, held a ceremonial groundbreaking Monday for a four-story, 96-unit apartment building on Swenson Street just north of Flamingo Road, about 1 1/2 miles east of the Strip. The $6.5 million project is expected to open in early 2018 and would be managed as part of an existing

Source: Siegel Group developing 1st newly built Siegel Suites property – Las Vegas Review-Journal

01
Apr

Pulte to build 300-acre housing development in Summerlin | Las Vegas Business Press

A 300-acre housing development stalled during the recession in Summerlin is moving forward once again, with a grand opening on several models planned for late spring.Pulte Homes is laying the groundwork on its Reverence project at the northern border of Summerlin. The development sits along the west side of the 215 Beltway, between Lake Mead Boulevard and Cheyenne Avenue.Jason Demuth, division director of marketing and market intelligence for Pulte Homes’ parent company, PulteGroup, said the project is still in its early stages, and crews are working on retaining and village walls, along with other infrastructure. Construction crews are also building model homes, which are expected to be ready in late spring.Demuth said Pulte is expecting a wide variety of demographics to purchase at Reverence.The community will be featuring floor plans in a gated area, which sits on the east side of the main drag, Reverence Parkway. Layouts will range from approximately 1,550 square feet to 2,775 square feet, with two collections of homes.On the west side of Reverence Parkway, a guard-gated neighborhood will feature larger floor plans ranging from approximately 2,150 square feet to 4,850 square feet. That area will feature four collections of homes, with one- and two-story options, including estate homes.Overall, the community will offer over 20 floor plans, with up to 11 model homes. Pricing has not been set at the community at this stage. Demuth estimated the community will have about 900 homes at buildout, but he added that some of the community has yet to be designed.The project’s history dates back to late 2006, when Pulte purchased 150 acres at the Reverence site for $123 million from Summerlin developer Howard Hughes Corp., according to records at the Clark County Assessor. Then the Great Recession hit and plans slowed for the project.Pulte purchased the remaining 147 acres in March from Howard Hughes for $40 million, according to county records. Pulte is the only builder inside the new village

Source: Pulte to build 300-acre housing development in Summerlin | Las Vegas Business Press

01
Apr

Discovery Land’s Summit Club sells custom lots from $3 to $10 million | Las Vegas Business Press

With the championship golf course complete and ready to open in April, the focus on Las Vegas’ ultra-high-end luxury resort community will now turn to the construction of multimillion-dollar homes.Foundation work has started on three homes, streets are being paved and home construction is expected to begin this summer at The Summit Club in Summerlin, a joint venture between Discovery Land Co. and Howard Hughes Corp. Between the golf course, clubhouse and other facilities, it’s expected to cost $350 million for the 555-acre development.Some 83 of the 146 custom lots at The Summit Club have been sold with an average price that exceeds $3 million, according to Tony Renaud, the vice president of sales and marketing. Lots with Strip views can cost $5 million to $8 million, and the highest-priced lot with views of the Strip and Red Rock Canyon costs $10 million.The homes, which the owners will custom-build, are expected to range between 8,000 to 20,000 square feet. They will cost somewhere between $500 and $800 per square foot, meaning some homes will cost more than $10 million to build.The homes will be situated on ridges between 15 and 40 feet above the golf course and will not be in the path of golf balls, Renaud said. The building heights are limited to 28 feet for two stories and 22 feet for a single-story to preserve the views, whether it’s Red Rock Canyon to the west or the Las Vegas Strip to the east. The development sits at an elevation between 2,800 and 3,100 feet.

Source: Discovery Land’s Summit Club sells custom lots from $3 to $10 million | Las Vegas Business Press

31
Mar
21
Mar

Why The Next Big Trump Project Could Be A Las Vegas Casino

It’s two days after Michael Flynn resigned as national security advisor, and the news is wall-to-wall Donald Trump, with a heavy emphasis on his relationship with Russia. Questions abound. What did Flynn discuss with a Russian ambassador weeks before Trump became president? Did he lie about the conversation to Vice President Mike Pence? Who told him to call Russian diplomats in the first place? Was Trump himself involved? Phil Ruffin sits inside the DJT restaurant, named for Donald J. Trump, at the Trump I

Source: Why The Next Big Trump Project Could Be A Las Vegas Casino

21
Mar

Train leaving the Station: Railroad theme jettisoned in Palace Station’s renovation – Las Vegas Sun News

Palace Station will soon be ditching its train motif as a multimillion-dollar renovation project on the 41-year-old casino continues. The remodeling began last fall, and work on the parking lot and landscaping has been completed. Work is progressing on the exterior, and workers will soon convert the steam locomotive theme to a more current “mid-century modern design,” Station spokeswoman Lori Nelson said. As part of those changes, the six faux locomotive noses and the train cars on the front of the build

Source: Train leaving the Station: Railroad theme jettisoned in Palace Station’s renovation – Las Vegas Sun News

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