Archive for June, 2005

Brand New Las Vegas Homes: Still Looking Up!

Monday, June 27th, 2005

Numbers released earlier this week by Salestraq show that the demand for new homes in Las Vegas is outpacing supply. In the last 12 months, new-home sales exceeded new-home permits by nearly 1,500 units, and current monthly demand for Las Vegas new homes is about 900 units ahead of what builders are delivering. The mismatch between supply and demand isn’t likely to abate in coming months: Salestraq also reported that permits for new Las Vegas homes are down 29 percent in the first five months of 2005 when compared with the same period in 2004 — from 17,074 permits a year ago to 12,104 permits this year — a lagging indicator that could mean dwindling supply in coming months. Salestraq’s statistics showed a median new-home price in the Las Vegas Valley of $293,829 in May, a 22.9 percent increase when compared with $239,047 in the same month a year ago. Contact MS Las Vegas Real Estate to get in on the action at 888-349-2595.

Las Vegas Real Estate: The Donald Makes His Move!

Sunday, June 26th, 2005

Groundbreaking for Donald Trump’s first ever Las Vegas real estate development is set for July 12. The $500 million, 64-story Trump International Hotel and Tower will be built across from the Fashion Show mall. The project’s 1,282 Las Vegas luxury homes were 100 percent reserved as of early May, and Trump has said he plans to add an identical 64-story tower to the site. The first tower will include 880 studio units and 352 one-bedroom condominiums on floors 16 through 59, and 50 suites of one, two, or three bedrooms on the top five floors. Prices range from $600,000 to $6 million. Is Trump himself coming to the Vegas groundbreaking? Of course! Wouldn’t you want to make your claim to the finest in high-rise Las Vegas real estate in person?

Las Vegas Economic Conditions: Record Setting Job Growth

Tuesday, June 21st, 2005

Nevada’s jobless rate remained at 4 percent in May, in part because of a job growth rate that is four times the national rate, state officials reported Friday. Clark County job growth has been at least 7 percent in each of the past 12 months. The Reno and Carson City metropolitan areas are also producing new jobs at a rate much faster than the national average. Nevada’s seasonally adjusted 4 percent unemployment rate is 1.1 percentage points lower than the national average and 1.4 percentage points lower than that of California. In Clark County, the unadjusted unemployment rate in May was down two-tenths of a percentage point from April to 3.7 percent. Regular readers of this Las Vegas real estate blog are well aware of the strength of the southern Nevada economy. The market for Las Vegas homes continues to perform solidly in 2005 after a phenomenal 2004.

Las Vegas Real Estate: The Rising Cost of Land

Tuesday, June 21st, 2005

The average price paid for an acre of vacant land in the Las Vegas Valley in the first quarter was $423,800, a 55 percent increase from $274,200 an acre in the same quarter a year ago. There were 4,178 acres sold in the first quarter, compared with 1,817 in the fourth quarter of 2004 and 3,875 in the first quarter of 2004. Land prices on the Las Vegas Strip have skyrocketed, with land demanding more than $20 million an acre. Several midrise residential Las Vegas real estate projects are being developed on the south end of Las Vegas Boulevard, including the Manhattan, Loft 5 and Boca Raton condos and the mixed-use Urban Village. With almost 40,000 condominium Las Vegas homes in the pipeline and a massive new mall, South Las Vegas Boulevard will develop into a major residential hub over the next five to seven years. Contact MS Las Vegas Real Estate at 888-349-2595 for more information.

C2 Mid-Rise Lofts in Summerlin

Thursday, June 9th, 2005

Christopher Homes recently announced the opening of a preview center for its newest project, C2 Lofts, a loft-style mid-rise project of innovative Summerlin real estate. C2 Lofts is attracting buyers of Summerlin homes who are ready to break through the ordinary and enjoy a lifestyle that cannot be achieved in a traditional home or condo. Each floor plan design will allow the owner to exercise a high degree of self-expression in terms of how they utilize their personal living space. Plans for the project include 100 residential lofts configured in two five-story buildings. Prices start from the $500,000s. Contact MS Las Vegas Real Estate for more information at 349-888-2595.

NAR Says it Looks Like a Record in 2005!

Wednesday, June 8th, 2005

Housing industry economists raised their forecast for home sales this year, noting that demand remains strong due to lower-than-expected mortgage rates. Economists at the National Association of Realtors said they expect home sales to total a record 8.13 million units in 2005, up 1.8% from last year. Of that total, sales of previously owned homes are expected to reach 6.89 million units, up 1.6% from 2004. Sales of newly built homes are expected to total 1.24 million this year, up 3.2% from 2004. The trade group also estimates that home builders will have started construction on 2.02 million home units this year, up 3.4% from 2004 and the highest level of new-home starts since 1973. The NAR also estimates that home prices will continue to climb. The national median existing-home price for all housing types is expected to rise 8.8% in 2005 to $201,500, while the typical new-home price will increase 5.7% to $233,600. Contact MS Las Vegas Real Estate at 888-349-2595 for specific information on the market for Las Vegas homes.

Introducing The Ardiente Age-Qualified Community

Wednesday, June 8th, 2005

Centex Homes designed its Ardiente age-qualified community of North Las Vegas real estate to meet the changing requirements of buyers ages 55 and older. Community highlights are to include a 13,000-square-foot recreation center with two heated swimming pools. The center also will have areas for activities such as pilates and yoga. All North Las Vegas homes in the community will carry the Environmental Protection Agency’s Energy Star label and use at least 30 percent less energy than federal standards require. Contact MS Las Vegas Real Estate for more information.

Las Vegas Homes: Energy Star Leaders!

Wednesday, June 8th, 2005

The efforts of Nevada Energy Star Partners have boosted Las Vegas homes to a leading position nationally in energy-efficiency programs. Nevada Energy Star Partners helps valley residents to save more than just energy. The cooperative group offers cash savings on Energy Star-qualified appliances and electronics available through its Energy Star coupon booklet. The booklets, which are free to the public, offer savings on select products at RC Willey Home Furnishings, as well as rebates from Nevada Power, both of which are members of the partnership. The coupon booklets are a great way for the builders of Las Vegas homes and retail industries to join forces in promoting energy conservation. The partnership has effectively made Las Vegas the national Energy Star leader! The Energy Star coupon booklet is ideal for helping owners of Las Vegas real estate who are interested in saving money on environmentally friendly products.

Terrasini Condominiums at Aliante

Monday, June 6th, 2005

Pulte Homes’ gated Terrasini condominium complex in the Aliante homes master-planned community just held their grand opening celebration. Presales are already taking place, with condos priced from the $100,000s. Planned amenities include a pool, playground, and volleyball and basketball courts. Residents also have access to the master plan’s myriad amenities and special events, including the 20-acre Nature Discovery Park which hosts concerts and a movie series. Additionally, the municipal Aliante Golf Club offers an 18-hole, par-72 course. Contact MS Las Vegas Real Estate for more information at 888-349-2595.

Nevada Theatre Company Brings Shakespeare to Summerlin

Thursday, June 2nd, 2005

The Nevada Theatre Company is bringing Shakespeare to the Summerlin master-planned community with three presentations Thursday through Saturday evening of the troupe’s modern interpretation of “The Taming of the Shrew.” Summerlin Centre Community Park, 1800 Town Center Drive, is the venue for all three shows. Gates open daily at 5 p.m.; the Greenshow begins at 7:40 p.m. and the play begins at 8 p.m. This is the fourth consecutive year Shakespeare has been staged in the Summerlin homes community, according to Kim Haley, director of marketing for The Howard Hughes Corp., the developer of Summerlin. Situated along the western rim of the Las Vegas Valley, Summerlin real estate is comprised of more than 100 neighborhood and village parks, more than 100 miles of trails, houses of worship, shopping centers, medical facilities, cultural facilities, business parks and dozens of model homes. MS Las Vegas Real Estate is your guide to all that Summerlin has to offer.