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Thursday, July 15, 2010, 01:36 PM PST
[ General]
Since the down turn in our national economy there has been many changes and stalled plans on our Las Vegas North Strip. The once planed Fountainebleau High Rise Condo project sits idle after being purchased by multi billionaire Carl Ichon who has not yet announced his future plans for the 70% completed site. Boyd gaming’s Echelon site still sits uncompleted with no sign in the near future of when this resort will be completed or what the outcome of it being stalled will be. The Elad group has not done anything with its purchased land of the Old Frontier property which was once going to be the home of The Las Vegas Plaza High Rise Condo Resort now it’s not clear what will be happening with this prime strip parcel that was purchased for a record amount during the boom.
All of these properties are not finished but when you look back at the timing of all 3 you can see they had already made a huge commitment all in their own ways which forced them to take certain actions due to the economy such as stall their projects and in some cases they were lost all together. Basically the timing of all the projects mentioned here today in this post were off and now they are suffering because of it. Despite the attention placed on these trouble stricken projects we have heard little about the turnaround Las Vegas has been experiencing since the begging of this year especially with the Las Vegas High Rise Condo market.
For starters my phone continually rings with questions and interest about the Las Vegas High Rise Condo market and for those of you who don’t know I am a Realtor here in Las Vegas with Realty One Group. People are now seeing the extreme value they can receive if they purchase a Las Vegas High Rise Condo in this market. Prices are lower than ever on just about every building that has inventory available and in some cases we are seeing 50-60% differences from original purchase price to current list price on the re-sale market. With the combination of low prices and excess inventory we now are seeing a true buyers market in the Las Vegas High Rise Condo sector. For more detailed information about the Las Vegas High Rise Condo market or a specific Las Vegas High Rise Condo development please feel free to give me a call at 702-542-1883 or you can send me a direct email with any questions you may have turnermakea@cox.net. Don’t forget to leave your comments about today’s post below and thanks for taking the time to stop by and read this post.
Monday, July 5, 2010, 04:28 PM PST
[ General]
I hope everyone had an awesome Holiday weekend! To kick things off this week I decided to write an update about the Las Vegas Single Family housing market. According to the local Las Vegas MLS there has been 17,124 homes sold in Las Vegas and Henderson since then beginning of 2010. As of today July 5 2010 there are 9, 144 homes listed available in Las Vegas and Henderson. There are 11,736 Las Vegas homes contingent or pending close of escrow. This information to me is quite interesting because more homes are contingent or pending close of escrow then are available for sale. This means that Las Vegas Single Family homes are in great demand at the current time. Last year for the entire year of 2009 19,636 Single family homes sold on the Las Vegas resale market total for the year. This year we are already well on tract to exceeding the number of Single Family homes sold in 2009 here in Las Vegas and Henderson. The reason that Las Vegas Single Family homes are in such high demand is because of the purchase price. Many buyers who were once not able to purchase a home are now able to become homeowners due to low prices and interest rates. First time homebuyers accounted for 5,602 of the homes sold this year which is about a third of the total sales. Cash buyers are dominating our market and have been doing so for about the last year. The majority of cash buyers are investors looking to capitalize on the low pricing and high demand in the rental markets which is making it a perfect storm for them to invest in the Las Vegas market. For more information about the Las Vegas Real Estate market call Makea Turner direct (702) 542-1883 or email me turnermakea@cox.net
Click Here To View Las Vegas Single Family Home Price Analysis
Tuesday, June 29, 2010, 04:08 PM PST
[ General]
Downtown Las Vegas has had its share of ups and down’s but despite our current economic times, down town is still one of my favorite places to visit in the city. There was once a hidden High Rise Jewel downtown but according to the most recent sales numbers this building is not so hidden any more. If you have not already guessed I am talking about the High Rise Newport Lofts. This building at one point had more then triple the inventory that is currently available for resale. Today I counted only 5 listings available on the MLS. Out of the 5 available listings 2 of them are short sales, one is bank owned and the other 2 believe it or not are non distressed listings. 52% of the lofts listed for sale in this building are selling within 30 days of being on the market. These Las Vegas high rise lofts are also selling slightly above list price which means they are most likely receiving multiple offers. In my opinion the reason that this building has seen a huge increase in interest this year is the price points that you are able to purchase a Las Vegas high rise loft for in this building. Another hot selling point is the amount of open space you get in this building. The open space in each loft provides a blank canvas for buyers to come in and use their imagination creating a truly custom loft in the heart of down town Las Vegas. Newport Lofts also feature a beautiful roof top pool and lounge area over looking the entire Las Vegas Valley. For more information on Newport Lofts or any other Las Vegas High Rise development contact Makea Turner (702) 542-1883 or send me an email to turnermakea@cox.net
Click Here To Access Newport Inventory and Price Analysis
Friday, June 25, 2010, 12:54 PM PST
[ General]
Come check out this amazing 3 story Las Vegas High Rise Condo penthouse directly on the strip. This Las Vegas High Rise Penthouse has it all including a roof top spa, 2 balconies, 4 bedrooms, 5 bathrooms and 5184 square feet of living space all overlooking the world famous Las Vegas strip located in the prestigious development Sky Las Vegas. This Las Vegas High Rise Condo Penthouse has just recently become an REO (Bank Owned) property and its priced to sell. Currently this Las Vegas High Rise Condo Penthouse foreclosure is listed for $1,850,000 which is a steal at $356 per square foot. Contact me Makea Turner today for more information about this fantastic deal by calling 702-542-1883
CLICK HERE TO WATCH VIDEO TOUR
Wednesday, June 23, 2010, 02:32 PM PST
[ General]
Last week I wrote a blog post where I talked a little bit about the
Las Vegas high rise condo market activity . I did mention briefly the top 5 selling High Rise Condo buildings here in Las Vegas. I have received inquires from people wanting to know more information in detail about each of the top 5 selling High rise condo developments here in Las Vegas . Over the next month I am going to give a brief over view of each building, the inventory and my opinion of the overall development. Today I am going to start off with the beautiful Trump International Hotel Las Vegas.Trump International Las Vegas is a condo-hotel High Rise development here in Las Vegas . Trump International Las Vegas opened its doors back in 2008. When Trump International Hotel Las Vegas first opened they were selling studio condos above $500,000. Through out 2008 Trump tried to work with contract holders allowing them extensions in order to come up with the money to close escrow on their units. Trump also looked into renting out the standing inventory but after a drastic price reduction today you can buy in the building starting around $160,000
I think Trump International Hotel Las Vegas is the perfect High Rise Development to purchase in for a second home or vacation home. Trump Las Vegas is located on a prime piece of Real Estate just off the world famous Las Vegas strip providing visitors and owners a wealth of amenities along with spectacular views of the entire Las Vegas valley. Owners at Trump Las Vegas will have the opportunity to enroll their condo units into Trumps in house rental pool making it possible for owners to off set some of their expenses. There is currently 31 active listings available for sale on the MLS. From the beginning of this year to date 18 Trump condos have sold according to the Las Vegas MLS. As of today Trump Las Vegas has 16 condos contingent or pending close of escrow. For more detailed information about owning a Trump Las Vegas High Rise Condo call Makea Turner at (702) 542-1883 or click here.
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