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.