Archive for May 23rd, 2006

The Las Vegas Monorail: The Bleeding Continues

Tuesday, May 23rd, 2006

Las Vegas MonorailThe MS Las Vegas Real Estate Blog continues the thankless task of chronicling the sad saga of the Las Vegas Monorail. How are things going this year? Well, it depends on how you look at it. The number of passengers is down again although by some miracle the monorail itself isn’t. Revenue is actually up slightly however, and this is due to a fare increase from three dollars up to five. One thing is for sure, the cab drivers continue to laugh hysterically. Once upon a time, they were highly concerned that the monorail would eat into their business considerably. Not any longer! The $650 million privately financed monorail has not turned a profit since opening in mid-2004. The monorail is believed to have lost around $20 million in 2005. What does $20 million buy here in the Las Vegas Valley? Well, let’s just say that the most expensive piece of Las Vegas luxury real estate sold to date went for $14.5 million. Twenty million is serious money and you can bet they wish they had it back. Why? Monorail officials are still trying to line up financing to run the thing from MGM Grand out to the airport despite hideous losses!

City of North Las Vegas: Bigger Budget / Lower Taxes / What Gives?

Tuesday, May 23rd, 2006

North Las VegasThe City of North Las Vegas put together a new budget last week that increases spending by just over thirty percent, yet maintains a balanced budget. How did they do it? The same way so many other amazing things happen in Southern Nevada, spectacular growth!

Here’s additional good news for owners of North Las Vegas homes, property taxes were actually decreased slightly. I know what you’re thinking, how much growth could there have been to pull this off? As it turns out, North Las Vegas is now the third fastest growing large city in America. Overall tax revenues are up, way up. North Las Vegas has adopted a highly positive pro-business approach to the municipality and it’s working. Centex homes has made a major commitment to North Las Vegas real estate with the Ardiente community. The master-planned community of Aliante homes continues to be one of the most popular in the valley. Overall infrastructure continues to improve and the added investment from the budget boost will benefit residents and businesses alike. If you’re thinking of relocating yourself and/or your business to Southern Nevada, by all means consider the advantages presented by the City of North Las Vegas.