The construction of new condo developments in the area is virtually non-existent. There has been some finishing up of projects abandoned during the market downturn of a few years ago but no new construction to my knowledge. During the 1980’s and 1990’s this area was a hot bed of condo construction. Prior to the market downturn there was also a rash of apartment conversions. All this has ended rather dramatically. I think that construction defect lawsuits are most likely the major factor here. The condo community of “Elan” was the […]
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I just did the statistics for the Month of January home sales and the price increase over the last 12 months for free-standing homes was 5.8%. It is reflective of a downturn from December but it does remind me that, historically, over the last many years prices for homes have adjusted upward at a rate of around 5% a year. Perhaps we are back to that kind of stabilized market. As I have pointed out previously, there is still a large inventory of homes in the valley that are “underwater” […]
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I went out to Heritage at Cadence, yesterday for their grand opening. My initial plan was to just give my first impression of this newest local age restricted option. Since that visit it has occurred to me that it may be helpful to also give some history as to local age restricted developments and how they have evolved over the years. The first, Beverly Green is a co-op and was built in 1956. Another small co-op, Casa Vegas Apartment Homes, was built in 1971 and then was followed in the […]
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Short sales There are 831 short sales presently on the market inside the Las Vegas valley. That is roughly 9.5% of all available properties. There were also 166 short sale closings over the last 30 days. So they are still happening and probably will so into the indefinite future, given that around 22% of all home owners in the valley are still “underwater”, owning more than their homes are worth. There could be an increase in short sale listings this year. The Mortgage Forgiveness Debt Relief Act was signed into […]
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The median price of a resale home in the Las Vegas area has increased by about 10% from the previous year, December 2014 to December 2015. All of that increase occurred in the first six months with the market basically flat since then. I have tracked the median sales price on resale homes monthly since July 2006, when the median sales price was $319,000. The bottom of the market since then was a median price of $119,000 in December, 2011. Now the median sales price of a free-standing resale home […]
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Golf course frontage – Not a sure thing. Many prospective homeowners look for golf course frontage. This provides the ambiance of all the greenery as well as, in many cases, great views as there are no homes directly in back to restrict those views. The premiums for these homes will run an average of around 20% more that like homes not on the golf course. How secure is that frontage? This is a question that is asked more recently with the closing of two local golf courses, Badlands and the […]
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Turnberry Place visit Just took a look at this development again, after some time. My first impression on this go around is how well it is appointed. There are 4 towers just off the strip. Unlike many of the other high-rise possibilities, this is somewhat of a favorite of locals. Units range from 1,171 sq. ft. to over 9,000 sq. ft. There are 775 residences in all. My second impression is how secure the buildings are. To access Turnberry you have to go through the main guard gate. After that, […]
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Summerlin encompasses 22,500 acres of land. It is in the western foothills of the Las Vegas Valley. This is a very diverse planned community with commercial, retail, condos, free-standing homes, senior communities, guard gated communities and golf communities. It commenced building in 1988 and now has roughly 60,000 homes completed with a projected 100,000 homes. There is nothing like Summerlin in the rest of the valley. It dwarfs any other local planned community in terms of size, number of parks (150+), miles of trails (150+). There is also no comparison […]
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Hello from Las Vegas! The weather here is great this time of the year. Today, October 3rd, it is outstanding. The general market information that I will address is just a short overview of the present situation. If you look to the overview page on my web site you will see that this market, for free standing homes, bottomed December 2011 with a median selling price of $119,000. The high was June of 2006 with a median selling price of $319,000. This last month the median selling price was $220,000. […]
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Desert Shores is, in my opinion, somewhat of a “sleeper” in that it usually is not considered by most buyers. Perhaps should be. It is located between Lake Mead Dr. and Cheyenne Blvd. It is east of Rampart and West of Buffalo. I am always impressed when driving through Desert Shores. It is a beautiful community with lots of greenery. There are several developments here many of which are gated. Construction started here around 1988. The community was built-out around 1996. The most distinctive features here are the beautiful lakes. […]
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