Las Vegas, Nevada Real Estate News

Las Vegas Homes, Condos and High-rise condo news

A note of caution from Masoud about Las Vegas real estate news articles.

The Las Vegas homes and condos statistics which are used in these real estate news articles are based on the "closed transaction prices". Due to the fact that most home residential transactions are financed by a mortgage, the closing can take a month or more after opening the escrow, and it can take the city or county up to several weeks to enter the transaction data in their system. Depending on how fast these analysts get their hands on the required data, their analysis could reflect the market condition which was at least a month to several months old.

We have tried to shed some light on the usefulness of average and median pricing in the Greater Las Vegas Valley and expert predictions that are based on these numbers. You can find a couple of blog post links below.

1. Las Vegas median home price statistics, to believe or not to believe, that is the question
2. Las Vegas median home price statistics, to believe or not to believe, conclusion

 Las Vegas residential real estate news articles open in new windows. Please close the windows to get back to where you came from and please advise us about any dead links.

1. Las Vegas new and resale homes market news articles
2. Las Vegas condominium market news articles
3. Las Vegas high-rise condos news articles
4. Las Vegas real estate, alleged criminals and crimes
5. For an in depth discussion of buying and selling Las Vegas homes and condos read our Las Vegas real estate blog and chat about all related topics in our Las Vegas real estate and mortgage forum

Las Vegas Home Market News Articles

1. Homeowners allege construction defects in lawsuits. Las Vegas Sun 02/24/09. Lewis Homes of Nevada and KB Home Nevada were sued this month in Clark County District Court by 17 homeowners alleging defects in their homes in the Napa Hills by Lewis Homes and Sonoma Hills by Lewis Homes development near the Las Vegas Beltway and Far Hills Avenue in Summerlin.
2. HOUSING: Recession sends home values down in many Las Vegas Valley ZIP codes. Las Vegas Review-Journal 02/22/09. The 30,000-plus foreclosures in Las Vegas are largely to blame for falling prices. Of the 3,140 existing-home closings in December, 65 percent were bank-owned homes with a median closing price of $150,000, SalesTraq reported. The remaining homes had a median price of $183,000. “First of all, we recognize there’s no such thing as absolute value,” he said. “However, regardless of what these homes are selling for, what is the replacement cost? I would say it’s undervalued when you can’t re-create it for that price. There are homes selling at less than it costs to build.”
3. REAL ESTATE: LAS Vegas new home sales hit new low. Analysts pessimistic as construction stalls, foreclosures multiply. Las Vegas Review-Journal 02/19/09. Dennis Smith of Home Builders Research and Larry Murphy of SalesTraq both reported 284 new-home sales in January, the lowest monthly total on record and a fraction of the number sold during the market's boom in 2005 when nearly 40,000 new homes closed escrow. Las Vegas new Homebuilders are not going to start new projects unless they can make a profit, which is difficult if not next to impossible in today's business environment, Smith said. They have to compete not only with foreclosures, but with other builders selling homes for less than $100 a square foot.
4. Next wave of foreclosures may drive housing prices even lower. Las Vegas Sun 02/06/09. Banks and other companies that are selling foreclosures have gotten smarter in how they go about listing them, Dugan says. Banks are taking homes appraised at $300,000 and listing them at $270,000 to $275,000 as a way to generate multiple offers and get an even better price. Units at the MGM Signature, for example, have fallen 60 percent to 70 percent in value for anyone who purchased them in 2006 and 2007, he says. Residential condominiums have fallen 40 percent to 50 percent in value in the last two years and that market is still falling with no end in sight, he adds.
5. Nevada leaders welcome foreclosure crisis aid. But some worry home loan plan might not be enough. Las Vegas Review-Journal 02/19/09. The plan does not provide much for Nevada homeowners who owe more than 5 percent more on their mortgage than their home is now worth, according to the Mortgage Bankers Association. "This will limit the plan's success in some of the hardest-hit areas in California, Florida, Nevada and Arizona, as well as some areas on the East Coast," MBA Chief Executive Officer John Courson said in a statement.
6. LV home prices fall to level not seen since 2003; analyst sees no need for new homes. Las Vegas Review-Journal 2/11/09. The median home price fell to $160,000 in Greater Las Vegas, a 36 percent decrease from a year ago and an 8.6 percent decrease from December. Median home prices were last at that level in 2003, according to Home Builders Research. Las Vegas Condos and townhomes experienced similar trends. Sales increased 161.9 percent to 440 units, while median prices dropped 50.6 percent to $80,000.
7. FORECLOSURE REPORT: Foreclosures in Las Vegas drop in January, Index shows 25 percent dip across U.S. as prices tumble.  Las Vegas home foreclosures declined 20 percent in January to 2,609 from 3,283 the previous month, online source Foreclosures.com reported Friday. However, the number increased 48 percent from 1,763 in January 2008. Las Vegas had 31,416 real-estate owned, or bank-owned, homes in 2008 and some analysts are projecting as many as 50,000 foreclosures this year.
8. Astoria homes and Concordia homes, new home builders in Las Vegas stop work. Las Vegas Sun 01/30/09. Las Vegas homebuilders have been struggling to compete against falling prices spurred by foreclosures in the existing-home market. Sixty-five percent of existing homes sold in December were owned by banks, and that pushed the median price to $157,250. In comparison, the median price of a new home was $240,880 in December. Builders are struggling to compete with the existing homes on the market because it is tough for them to lower prices further because of land costs.
9. Las Vegas Real Estate, negative equity casualties. In Business Las Vegas 1/09/09. In 2009 Las Vegas will start seeing a different wave of foreclosures from people who can afford their mortgages, says Mark Baker, a loan originator with Meridias Capital. Even homeowners who have the ability to pay may walk away if they are making payments on a home they bought for $400,000, only to see its value drop to $275,000, Baker says. Baker says he expects many to walk away in the next 12 to 18 months and not care about their credit.
10. Experts say it's plain: Housing pain to remain, observer says fate of LV home market tied to foreclosures. Las Vegas Review-Journal 12/21/08. Las Vegas, once the darling of the nation's housing boom, is feeling unloved for the holidays. Median home prices have dropped 30 percent in the past year, foreclosures have doubled and the inventory of homes for sale in the valley is hovering around 23,000, slightly below its all-time high.
11. Analyst calls housing atmosphere 'horrific, humbling'. Las Vegas Review-Journal 12/18/08. If falling home prices and rising foreclosures aren't enough to show how distressed the Las Vegas housing market has become, take a look at November's residential permit total. Home Builders Research reported a dismal 180 new home building permits issued in Las Vegas, Henderson, North Las Vegas and Clark County, the lowest monthly number since the firm started tracking the local housing market in 1988.
12. Las Vegas Realtors: Home sales up more than 100 percent from last year. Las Vegas Sun 12/17/08. Greater Las Vegas The Realtors' association reported that the median price of all houses, condos and townhouses being sold in Southern Nevada continued to decline in November, dropping more than 32 percent from November 2007. However, sales are up 125.5 percent for homes and 142 percent for condominiums and townhomes, compared to November 2007.
13. Strapped? Maybe lien strip will help; upside-down owners may use process to shed extra mortgages. Las Vegas Review-Journal 12/14/08. Lien stripping gives Las Vegas homeowners the opportunity to sell or refinance and, in many cases, helps prevent them from losing their homes to foreclosure, Bunce said. Creditors no longer have the right to foreclose if payment is not made. The debt itself can be eliminated as part of Chapter 13 bankruptcy.
14. Opportunity seen for rebound in housing industry. Las Vegas Review-Journal 11/13/08. Houses are selling below replacement costs. Supply is being consumed in a market that really does have limited lot supply, the San Diego-based analyst said at his housing seminar. Standing inventory of new homes is down to about a one-month supply and home builders have cut new permits to about 6,900 this year. Resale inventory is at a seven-month supply, well below the national average of 10 months, Sullivan said.

Las Vegas Condominium (condo) market News

1. Condos struggle in icy market. Las Vegas Sun 02/06/09. The credit crunch and economic downturn are taking their toll on the Las Vegas high-rise market. Las Vegas research firm SalesTraq reports that of the 15 high-rise projects in the valley, nearly half have less than 60 percent of the units sold. And of those already sold, a growing number are in foreclosure proceedings.
2. Construction halted on Manhattan West, a mixed-used condo project in southwest Las Vegas. Las Vegas Review-Journal 12/17/08. Construction has been suspended on the Manhattan West mixed-use condo development in southwestern Las Vegas, the developer said Tuesday. "The main problem is a mismatch of what it costs to build one of these things and what people are willing to pay for condos and office space," he said. "We are very sorry to have to suspend construction. We are looking for ways to finish it. We're going to try and get it done."
3. Henderson Planning Commission approves Jericho Heights. Las Vegas Review-Journal 11/26/08. The Henderson Planning Commission approved Jericho Heights Thursday, the 752-unit residential development that would be located on 81 acres on the southwest side of U.S. Highway 95 at Railroad Pass.
4. Condo financing motions OK'd. Bankruptcy judge's ruling paves way for finishing of Mira Villa in Summerlin, Las Vegas, Nevada. Las Vegas Review-Journal 10/08/08. Bankruptcy judge Bruce Markell approved all motions Tuesday to finance completion of the Mira Villa luxury condo project in Summerlin, which left buyers in the lurch when construction was halted in February. Markell's decision paves the way for $37 million in post-bankruptcy financing to finish the first 113 units, procedures for unit sales and payment of $10 million in mechanics' liens. Some 84 buyers had signed contracts for the condominiums.
5. Lien holders battle over deed could affect future cases Condo creditors take fight over repayment order to court. Las Vegas Business press 10/01/08. With equity in property quickly evaporating, legal fights are beginning to surface about which creditor has dibs when it comes to trust deed claims. The case of one failed Las Vegas condo project may cast doubt on the priority order of liens placed on Nevada titles.   
6. LEASE-BACK DEALS: Condominium owners file lawsuit. 16 sue developer, alleging fraud. Las Vegas Review-Journal 9/29/08. Along with 15 other Meridian owners, the Taddeos have sued the property's developer and operator, alleging fraud, conspiracy and wrongful taking of furniture and funds. This is another example of Las Vegas condominium buyer’s troubles because they didn’t think that they should be represented by a real estate agent in their transactions.   
7. LV apartment rents remain flat. Concessions, home rental competition help curb growth. Las Vegas Review Journal 8/07/08

Las Vegas High-Rise Condo News

1. CityCenter starts taking reservations. Las Vegas Review-Journal 02/24/09. MGM Mirage began accepting hotel reservations Monday for rooms at two of the $9.1 billion CityCenter's properties, the Vdara hotel and condominium tower, and Aria, the project's centerpiece hotel-casino. Vdara, a nongaming resort, will open Oct. 1. Nightly rates will run from $159 to $2,000. Designed by RV Architecture, LLC, led by Rafael Viñoly, Vdara will have 1,495 suites ranging in size from 500 square feet up to 1,650 square feet.
2. Fontainebleau, what's really up with you? Many questions linger as sales center opens. Las Vegas Review-Journal 12/17/08. Fontainebleau Las Vegas' preview center opened last week with little fanfare but lots of questions about when, or if, its 1,018 condominium units will go on sale. Officials for the $2.9 billion mixed-use development insist the 3,815-room project is on schedule to open in 10 months despite a recession that has slashed gaming revenue and visitor numbers on the Strip.
3. Upset condo buyers want cash returned. Delayed opening irks Cosmopolitan customers. Las Vegas Review-Journal 11/01/08. A few Cosmopolitan condominium buyers who signed contracts as long as 31/2 years ago have been asking representatives of the Strip development to return their deposits after learning the project won't be completed until the second quarter of 2010. No estimated closing date was ever given, however, on a series of signed purchase and sale agreements. Also, the agreements say the seller is "not liable for delays" and any "delays will not permit buyer to cancel, amend or diminish any of the buyer's obligations."  OOPS
4. HOUSING: Credit squeeze hits high-rises .Buyers of high-end condos struggle to secure mortgages. Las Vegas Review-Journal 10/14/08. Potential buyers are struggling to secure mortgages at two major condominium-hotels as credit has tightened, even for the well-to-do. Only 21 percent of the 1,284 condos at Trump International Hotel & Tower had closed sales by Sept. 29, while the number at Palms Place is just more than half, a report by Deutsche Bank shows.
5. PLAZA VERSUS PLAZA, Which hotel is which? Lawyer says style will help consumers tell. Las Vegas Review-Journal 10/02/08. There's no telling yet whether developers will ever complete a $6 billion replica of the Plaza Hotel in New York on the Strip. According to Morris, the proposed Plaza Hotel on the Strip will have a spa, condominiums, $800 per-night hotel rooms and a facade in the style of a French chateau.
6. Most CityCenter financing secured. Despite deal, shares fall for third straight day. Las Vegas Review-Journal 10/07/08. "Even in the current difficult lending environment, strong well-conceived projects attract financing. CityCenter is such a project," D'Arrigo said in a statement. "We appreciate the strong support CityCenter has received from these participating financial institutions."
7. Deutsche Bank bets big on Cosmopolitan high rise condominium tower, resort condo development likely to be sold upon completion. Las Vegas Business press 10/01/08. The Cosmopolitan resort and casino, a $3.9 billion condo development is currently under construction along Las Vegas Boulevard. Yet its fate wasn't always certain.
8. Construction on City Center hotel hits snag. Las Vegas Business press 10/01/08. Construction has slowed on The Harmon Hotel, Spa & Residences at CityCenter after some structural work was found not to match building plans submitted to Clark County.
9. STRIP DEVELOPMENT: CityCenter construction hits snag. Structural work doesn't match plans filed with county. Las Vegas Review-Journal 9/17/08 Construction has slowed on The Harmon Hotel, Spa & Residences at CityCenter after some structural work was found not to match building plans submitted to Clark County. However, the county has agreed the building is structurally safe for workers to correct the nonconforming work, which is believed to exist on 15 of the 22 existing floors. Ultimately, The Harmon will have 47 stories.
10. Construction on Mercer project continues, About 60 percent of units sold, official says. Las Vegas Review-Journal 8/25/08. Developer Jim Letchinger is "proceeding cautiously" with construction of the $50 million Mercer condominium project on Tropicana Avenue west of the Las Vegas Beltway. Letchinger, president of Chicago-based JDL Development, said the 113-unit midrise condo project is about 60 percent sold and scheduled to open by the middle of next year.
11. CITYCENTER DEVELOPMENT: Financing fears 'overdone . MGM Mirage reports decline in profits. Las Vegas Review-Journal 8/06/08
12. Housing slide hits home for buyers of condo hotel units. Lawsuit alleges exaggerated sales pitches used. Las Vegas Business press 07/14/08     TOP

Las Vegas real estate, alleged criminals and crimes

A bank robber was asked why he robs banks and answered "that is were the money is". Real estate is about money and where money is, so are criminals. Following are some news articles that discuss crimes and alleged criminals and how they scam people.

1. HOUSING SLUMP: No notice, no home, more renters left suddenly homeless when homeowners don't pay mortgage. Las Vegas Review-Journal 3-16-07

The lady whom the next article discusses was honored as one of the movers and shakers in Las Vegas and was featured in an article about Las Vegas 30 under 30 business persons.

1. Real estate broker, spouse indicted on fraud charges. Authorities say LV pair allegedly in scheme involving inflated home prices, straw buyers. Las Vegas Review-Journal 03-15-08

2. LV at center of mortgage-fraud bull's-eye, official says feds come 'in droves' to investigate chicanery. Las Vegas Review-Journal 3/15/08

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