Las Vegas Real Estate Blog

TheStreet.com is reporting that Morgans Hotel, owner of the Hard Rock Hotel and Casino in Las Vegas is working on a deal to build luxury condos. The project is said to be very similiar to the $1.2 billion project that Hard Rock founder Peter Morton scrapped before selling the site to Morgans. Several of the original investors of the Morton project are also expected to return to this project.

Some are, however, questioning the success of the project given current market conditions for luxury condos. Morgan paid $11 million an acre, or a total of $259 million for the land. If they are planning to offer units at $1,300 per square foot, around where Morton’s planned condos started, many believe it should really have something spectacular to attract potential buyers because today’s market will not as easily support the high asking price.

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

Popularity: 13%

Local real estate observers are disputing the findings of two national analysts who claim the Las Vegas market is overpriced. They believe the findings of the national analysts forget to take into account Las Vegas’ strong job market.

However, both the Local Market Monitor and a joint survey by Global Insight and National City Corp. report that Las Vegas is overpriced. Ingo Winzer, president of Local Market Monitor reports that the average home price of $296,500, is 28% above the $231,000 average that he said economic fundamentals warrant. The Global Insight survey states that home prices, at a median of $282,600, is 41.8% higher than it should be.

The chief economist for National City takes note of Las Vegas’ higher-than-average rates of unconventional mortgage products, such as interest-only loans and option adjustable-rate mortgages, and a higher-than-average share of investors. Indicators, he believes, that are “symptoms of speculative elements. These same indicators may soon drive home prices lower in Southern Nevada as the need to turn over financed homes increases.

Source: The Las Vegas Sun.

Popularity: 13%

Pulte Homes is offering incentives to potential buyers in the Pavona or Treviso neighborhoods of Aliante. Pavona  offers a popular 1,923 square foot plan with October move-in with various upgrades included.  Incentives are also available for buyers who finance through the builder’s preferred lender.

Pavona offers a 1690 square foot, 3 bedroom, 2 1/2 bath floor plan starting at  $312,990. Treviso has a 3 bedroom, 2 bath floor plan starting at  $457,990.  There are several other floor plans available in both neighborhoods at varying prices.  For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 12%

Residences in the first of two buildings at the C2 Lofts in Summerlin are almost sold out.  However, interested buyers can still score one of the few remaining lofts at pre-model-opening prices.  Ranging in price from $700,000s to $1.2 million, the 100-loft, two-building development at the southwest corner of the Las Vegas Beltway and West Charleston Boulevard feature single- and two-story loft designs up to 2,800 square feet.

Each loft includes a private outdoor terrace and amenities such as stainless steel appliances, upgraded cabinetry, granite counter tops and Kohler plumbing fixtures.  Buyers can also choose custom options such as  fireplaces, brick wall treatments and various flooring and stone countertop options.  For more information, call  MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 5%

CBS News recently reported on a study by Marshall & Swift/Boeckh LLC that found 59% of homeowners are underinsured. According to the report, the median value of an existing single family home in the U.S. is approximately $227,500, and the typical shortfall in coverage that a homeowner is at risk to pay is an additional $30,000 to $50,000, or more, towards the actual cost to rebuild their home. A shortfall that insurance does not cover. Additionally, most standard homeowner’s insurance policies today no longer provide “guaranteed replacement cost” coverage. This is a provision that stated a homeowners home would be replaced regardless of the coverage limits in their policies. Most insurance companies have deleted that provision from their policies.

Homeowners that are concerned about whether they have adequate replacement coverage can check using an online MSB computer program which is also used by insurance agents to calculate home replacement cost. This program is offered by MSB at accucoverage.com. For $7.95, homeowners can receive an AccuCoverage report that will include an estimate of the insurable replacement cost of their home based on the same reconstruction cost data for their local area that is used by much of the insurance industry.

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

Popularity: 10%

The community of Mesquite is offering buyers a new construction options with great views of the Virgin Valley in a virtual desert oasis.   HawkRidge condominium homes, a 152-residence condominium development,  has two floor plan options of two and three bedroom condos that range from the $170,000s to the low $200,000s.  Both design plans include marble vanities in the baths, tile and carpeting throughout and window treatment, and a full-size washer and dryer in the base price.  Additionally,the kitchens come with GE built-in microwave, dishwasher, oven, range and full-size refrigerator.  For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 14%

So comes the pessimistic words of the NAR’s chief economist, David Lereah.  Up until this point, the NAR had remained relatively optimistic about the real estate market.  However, recently, David Lereah remarked that falling home sales were “a bit worse than we had anticipated.”

NAR now expects sales to fall about 7.5 percent this year compared to an earlier projection of a 5 percent decline. It also expects prices to drop nationwide  during the next few months, instead of appreciating modestly. If that happens, it would be the first time since 1993 that median home prices have fallen in any given month.

Popularity: 5%

Richmond American Homes is now offering their new “6 -months, No Payment” program.  Richmond American will make the Homebuyer’s first six months of mortgage payments and interest.  This is available at all of their Las Vegas communities. I don’t know if you want to advertise this part but for your records the minimum requirements are a 700 fico score, 30 yr fixed loan at 6.5%, Owner occupied only, full documentation loan.

See more information about new homes specials in Las Vegas.

Popularity: 18%

Looking for an online directory which provides visitors with the latest contact information in several residential construction categories, such as builders, developers, financial services including mortgage brokers, real estate agents, subcontractors, material vendors, and more?

Then, check out ASSISTBUILDERS.com. The website boasts that it can provide visitors with accurate and timely information in an easily navigated directory. The company founder Joseph Abraham announced his intention to also create a paperback edition of the same directory and make it available to the general public, and most especially area home builders, in February of 2007. Check it out and see what you think.

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

Popularity: 13%

Centex Homes will celebrate the grand opening of StoneBrook on Sept. 9 and 10. Festivities will be held from 10 a.m. to 6 p.m. on both days, and will include a home-style barbecue and a children’s craft station.

The North Las Vegas neighborhood is comprised of 100 home sites. Model homes will showcase the five designs available, ranging from 1,235 to 1,783 square feet and with as many as three bedrooms and two baths. Prices start from the $260,000s. For more information call MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 20%