Las Vegas Real Estate Blog

reviewjournal.com — Business - High-rise market taking some hits: “The Related Cos. officially pulled the plug Friday on Icon, a twin-tower luxury condo project on Convention Center Drive, taking 500 units off the Las Vegas high-rise market.
Related insists that its $3.5 billion Las Ramblas project on Harmon Avenue is still proceeding and that developers are negotiating with major hotel partners. The sales staff for Icon has been let go and deposits are being refunded, though some buyers are being steered from Icon to Las Ramblas.
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The recent demise of proposed condo projects such as Ivana Las Vegas ”

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 16%

Nationwide in 2005, investors accounted for approximately 23% of new home loan originations. In Las Vegas, the number was closer to 35 – 40%. This is beginning to raise a few red flags among housing and financial industry experts. To read the complete story, click here

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

According to the Mortgage Bankers Association, U.S. mortgage applications fell to a 3 ½ year low. Its seasonally adjusted index of mortgage applications for the week ending Dec. 23 decreased 6.8% to 554.1 from the previous week’s 594.6. This is the lowest level of volume noted since the week ending May 24, 2002. At that time, the index hit 516.9.

Additionally, refinancing applications dropped 11.2% to 1,259.1, compared with 1,418.1 the previous week. Volume was at its lowest level since the week ended April 12, 2002, when the index reached 1,246.1.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate brokerat 702.212.3513.

Popularity: 16%

A recent Gallup poll taken in November focused on ethics in 21 professions. Consumers were questioned on what they thought about the veracity and character of the various professions. Real Estate agents ranked 10th and home builders/contracts ranked 11th in ethic ratings among consumers. How does that compare overall?

Nurses, Druggist/Pharmacists, and Medical Doctors held the top three spots respectively. The bottom three were held by Advertising Practitioners (19), Car Salesmen (20) and Telemarketers (21).

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 11%

The Las Vegas Sun is reporting that the Las Vegas Valley is about to become home to a master-planned community suggestive of life prior to WWII. Inspirada, to be located in Henderson, will be a community offering dense, pedestrian-friendly neighborhoods interconnected with narrow streets, village squares, parks and open space.

The venture is being billed as one of the nation’s largest “new urbanism” communities, spread across nearly 2,000 acres and featuring 11,500 residences. Focus Property Group, the master developer, is projecting that the first homes should be ready for occupancy by the end of 2006 or early 2007 with home prices possibly ranging from $300,000 to $700,000.

The planned development is expected to feature seven villages of 200 to 250 acres. Each will contain at least four mini-neighborhoods of 20 to 60 acres. Each mini-neighborhood will be built around parks and village squares. The centerpiece of the plan is a 300-acre Town Center expected to include a resort casino, possibly high-rise office buildings and as many as 3,000 dwellings, including mid-rise, condos, apartments and town homes.

Popularity: 15%

A recent study done at the University of California, Los Angeles predicts that a sustained decline will hit the U.S. housing market in 2006. This decline will cost the nation close to 800,000 jobs – 500,000 construction jobs, and 300,000 financial sector jobs.

The report went on to say that 8 of the last 10 economic recessions were started by housing market slowdowns. While the coming market cool down will drag on the U.S. economy, it is expected to fall short of triggering another recession.

The report cited several signs that the decline is already underway including:
• New construction of housing in October was down 5.6 percent from the previous month. New construction of single-family housing accounted for a 3.7 percent dip.

• New home sales have declined.

• Applications for home mortgages have trended downward since late September as rates increased.

• In some areas, homes are remaining unsold longer and the pace of housing construction is outpacing population growth, which could spell a decline in demand.

Source: MSNBC

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 14%

Spanish View Towers was conceived 2 years ago by developer Rodney C. Yanke. Mr Yanke’s vision was to have a guard gated community of 3 towers of luxury residential high rise living. He wanted the location to be away from the hustle and bustle of the inner city, but with easy access to all the action. A community that would appeal to local Las Vegans who were seeking the pampered life style.

Spanish View is strategically located in the booming Southwest, just south of the 215 Beltway and just west of Buffalo Drive. From the Buffalo onramp, it is just 5 miles to Las Vegas Blvd and 7.5 miles into McCarran International Airport. Also using the Beltway, Summerlin or Green Valley become a short commute.

The Towers are approved for 248 feet in height in an area that has since been made part of a Mixed Use Development area for 50 feet. This will assure spectacular views of the Las Vegas Strip and all the surrounding mountains.

Floors 5 through 18 will have 1 to 3 bedroom units, from 1835 sq ft to 3610 sq ft. Floors 19-21 will house the Penthouse Suites from 2560 to 9500 sq ft.
Unit amenities include many luxury standards: 11 or 12 foot ceilings, 12 foot wide bay windows, natural stone floors, granite counters, Sub Zero refrigerators, Dacor cooking appliances to include convection and regular ovens, microwave and warming drawer. Asko dishwasher, a trash compactor, and intercom system, Grohe faucets and shower heads, Toto commodes, and 8 inch base boards. Each residence includes a minimum of 2 climate controlled parking spaces on one of the 4 floors of parking.

Community amenities include: a Health/Fitness/Wellness Center, a Business/Events Center, a Day Spa, putting greens, tennis courts, a one mile walking/jogging track, dog runs, Horseshoe pits, Picnic areas, separate concierge for each tower with limo services included.

We are going straight to contract right now with 10% down payment money. The foundation digging is almost complete and The first of the construction cranes is being erected.
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For informationon Las Vegas Real Estate call MillionSaverHomes.com at 702-212-3513 or visit Spanish View Towers info page at HomesParadise.com

Popularity: 15%