Tuesday, August 12, 2014

LAS VEGAS REAL ESTATE HIGHLIGHTS


The supply-demand balance in the Las Vegas housing market has remained relatively stable in recent months. Prices in the resale market have continued to move north, availability has remained at a reasonable level and sales volumes are fairly robust.



Statistics released by the GLVAR show local home prices continued to climb in June while the percentage of buyers paying cash fell to its lowest point in four years.



Five Great Reasons to Buy a Home Right Now
Here are five reasons to buy a home right now.
1. More jobs are available
2. Houses are a great hedge against inflation
3. Housing price increases are slowing
4. Mortgage interest rates are still low
5. Pent-up demand ready to release  Read article



Summerlin developer Howard Hughes Corp. has secured a nearly $312 million loan to finance its massive retail and office project under construction near Red Rock Resort. Read article



Vegas on a roll with 8,500-home development- Henderson's 2,000-acre Inspirada master plan is launching a Saturday sales blitz of pre-recession magnitude, with 16 new model homes in nine subdivisions.




 
CONTACT STUART SHEINFELD FOR MORE INFO ON THE LAS VEGAS HOUSING MARKET

Monday, January 20, 2014

Las Vegas Home Values are Recovering at one of the Fastest Rates Nationally.

Las Vegas home values are recovering at one of the fastest rates nationally.

 Las Vegas, home values climbed 33 percent over the past year, the 2nd fastest rate among major cities in the United States. While still down nearly 50% off of the highs of 2006 when new home sales peaked, new home sales are up; way up. In October, sales were up 25% over September, and up 22% from last year. Realtor Stuart Sheinfeld sees optimism for more price advances in 2014 due to lower unemployment rates &;increased commercial construction

Here are some of the major projects:

 The $550 million Linq, and at its $185 million rehab of the former Bill’s Gamblin’ Hall owned by Caesars Entertainment. The world's tallest observation wheel(the High Roller) is also located on site.

 The 20,000-seat arena that MGM Resorts plans to build with AEG.They are investing $100 million in an outdoor plaza and pedestrian mall between New York-New York and Monte Carlo

 SBE Entertainment’s is remaking the Sahara into the SLS. The $415 million remodel is underway and will finish in the fall with 1,600 rooms, 12 restaurants and clubs and a 60,000-square-foot casino.

 Juno Property Group announced plans for the $50 million, 60,000-square-foot Grand Bazaar Shops near the entrance of Bally’s.

 The Resorts World Las Vegas by the Malaysian owned Genting Group’s, which is supposed to start construction in 2014 on the site of the former Echelon. They’ll invest from $2 billion to $7 billion in the megaresort.

 The Krausz Cos. Inc. spent $20 million in June to acquire the 20-acre failed project Manhattan West and will spend about $30 million to complete The project will be renamed, The Gramercy.

 The Shops at Summerlin, a 106-acre, 1.6 million-square-foot retail mall. There will be more than 125 retailers, restaurants and entertainment venues. Some of the anchors already committed are Nordstrom Rack ,Macy’s and Dillard’s and Crate and Barrel.

 Tivoli Village is building the second phase of their stylish retail and office complex near Summerlin. They are expected to add about 199,000 square feet of retail and 68,000 square feet

 The 2,200-acre, 13,000-home project Cadence master plan in Henderson, is under construction with the first homes planned for later in 2014.

Saturday, April 14, 2012

Las Vegas Home Inventory at 6 Week Supply-Stuart Sheinfeld

The inventory of single-family homes available for sale in Las Vegas without a contingent or pending offer dropped to 5,211 in March, about a six-week supply at current sales level, the Greater Las Vegas Association of Realtors reported Monday. As of April 14, 2012 the inventory of Single Family Residences in North Las vegas, Las Vegas & Henderson sank to only 4835 Homes.


Due to the robo signing law, banks are foreclosing on homes at a snails pace. We will see some REO inventory come onto the market, but there will not be a flood, like many had predicted. The banks are doing more short sales and even renting the homes back to homeowners.



We are seeing New Home sales rise due to the lack of inventory of resale homes says Stuart Sheinfeld. We have weathered the storm, and now is the time to jump in this market with both feet.