Archive for October, 2012

Revitalization and Increased Development Revving up Downtown Las Vegas

Wednesday, October 31st, 2012

Downtown Las Vegas is attracting a lot of attention right now. Although the Sin City has been popular for hotel-casinos, other attractions have been added to the Sin City. Oscar Goodman, former mayor of Las Vegas, has been a strong supporter of reviving downtown Las Vegas. He was a key player in the creation of the Mob Museum. This is one of the newest attractions in the area. It showcases the city’s exciting history of organized crime.

The Neon Museum and Neonopolis are also expected to draw in a huge crowd. The Neonopolis, near Fremont Street, is being advertised as the world’s biggest gay night club to be opened in the next few months. Another crowd drawer is The Smith Center which houses world-class performance of the arts. After being open for just half a year, the center already received raving reviews both from visitors and locals alike. Atlas, the clamor for the long-awaited presence and emphasis on the arts has been felt in Las Vegas.

There are a lot of new things happening in the area that adds spice and flavor to the town. The Art’s Festival celebrated its 10th birthday on the first Friday of October. And a new festival, called “Vegas StrEATS” was born, where several food trucks all drove outside the El Cortez Hotel for a month-long gathering. The continued growth happening in the area, with several hotels renovating and remodeling their buildings, brings in a new sense of pride for the locals.

Holding center stage of this new growth is the $350 million worth of investment from the Downtown Project. This huge chunk of investment comes from Zappos and is being placed in education, real estate, small business, and residential development. The project is geared to create and boost the community in the area.

With a lot of significant financial investment gracing downtown Las Vegas, it’s no wonder that life is breathing back in the area. These new attractions are expected to get the crowd’s attention and hopefully draw in more business possibilities too.

The new face and character will provide a more interesting feel to Downtown Las Vegas. Although, the Las Vegas Strip will always be brighter and bigger but Downtown Las Vegas will hold its own identity. It’s well on its way as being recognized as the cultural side of the region.

Torn Between Two Houses?

Tuesday, October 30th, 2012

When scouting for houses, sometimes you’re bound to bump into more than just one choice. So what do you do when you’re in such a dilemma?

House hunting is exciting but it can also be frustrating. Frustration comes when you don’t see a house that you like in the market, but it’s the same frustration you’ll feel when you’re faced with two choices. In this situation, you may be just be tempted to play the “eenie-meenie-miney-mo” game in your head just to get the selection process over and done with. But that’s not really the best solution to your problem.

One way to make a decision is to have a rational and practical approach rather than be guided by your emotions. The best course of action is to sit down and make a pros and cons on both houses. When making your list, take into consideration your family’s needs, your financial capability, and the location of the houses. Make a comparison of the houses and you’re sure to see the more appropriate home that will suit your lifestyle.

• Location – The neighborhood is an important factor that you should highly consider when making your choice. Various factors will affect your choice. If you’re a young independent single person then you may want a house that’s just a short commute from your home with some cool places for you to hang out with your friends. If you’re a married couple with kids or planning to have kids in the near future then it might be wise to explore the area and see for yourself how close the school, shopping, restaurants, church, and other establishments are.

• Market Value – You can ask your real estate agent to give you a copy of the annual sales report over the past few years and look at the rates of the real estate sales. If one neighborhood shows an increase of 5% and the other shows an increase of 10% then it’s a no-brainer which direction you should go.

• Crime Rate – Your family’s safety is a very important so it wouldn’t hurt to get some information from the local police about the neighborhoods you have in mind.

• Undesirable – You may also want to focus on some of the drawbacks or the cons list. One house may present you with more negatives which could affect your lifestyle.

Another Chance Loan to Homebuyers Offered By Premier Mortgage

Friday, October 12th, 2012

Las Vegas Valley ranked as the 3rd perfect place for home buyers in 50 leading cities in U.S. by Trulia.com, which has caught the interests of renters and residents with houses on foreclosure. People are wondering if they can afford even a low-priced home or have lower mortgage than their previous.

To answer these questions certain factors must be considered first like lifestyle, personal goals, credit history, and finance. Being updated of the financial options available will help make a wise decision when buying a home these days according to Rick Piette.

He added also that the main step is to get an advice from a mortgage professional who is well-experienced and knows everything about mortgages especially on any latest finance program for borrowers with low credit and have experienced recent foreclosure. One of these programs is being offered by Another Chance Nevada in Las Vegas.

Piette said that making a decision whether to rent or purchase a house is a personal decision that one should make after considering various options and facts.

To know if your family’s financial status is capable of buying a home, you must know every available option. You can achieve this by visiting Premier Mortgage Lending and talking with a lending specialist to learn the mortgage programs offered and to know if you can purchase a house through the mortgage pre-qualification.

Those who have experienced short sale are delighted to know they can own a home through the help of Another Chance Nevada. Through Another Chance, institutional and private lenders offer housing loans with complete documentation underwriting guidelines. These loans with 15-30 years fixed rate have interest higher compared to the rates of traditional mortgage and down payment of 20% is required. In 30 days upon approval of loan, borrowers may close and refinance their loans with no penalty.

The lending company also offers chance of homeownership to those who do not qualify for traditional mortgage and refinance loan with no penalty.

Another program of Chance Loan is using the loan to resale or purchase a new home. The lender works with housing companies like Pardee Homes, D.R. Horton, Beazer Homes, Pulte Homes, and more.

Piette said that interested home buyers should visit their office. They can provide help to individuals who want to know if they can qualify for mortgage.

Cutting-Edge Block Data Center Soon in Las Vegas

Thursday, October 11th, 2012

Telecom Real Estate Services or (TRES), a Data Center developer, has launched the Block Data Center in Las Vegas. The project aims to showcase the company’s recently developed strategy when it comes to developing the wholesale data center space. Located in Losee Road, the project will offer power capacity of 13.8 megawatts in blocks and will be leased to enterprise clients, specifically in the healthcare industry.

TRES has announced construction of the Block Data Center in Northern Las Vegas with 7,500 sq. ft. data center space suites. This can provide clients with various options on how they want their space to be priced and developed.

TRES CEO Kevin Keating stated that the program is built with its shell, core, and N+1 systems. Tenants can select if they want to shell out money for any program improvements and keep the same rent with those of office rents or if they want TRES to create and finance the program at the collocation rent. Each of the blocks is self-sufficient. Tenants have their own HVAC, generator, and power. The building provides the N+1 back-up.

Construction of this project illustrates how the industry of data center is building up in the Las Vegas area and how Nevada is able to attract new projects. The Data Center is the 2nd in the state, with the recently opened Rubicon Data Centers being the first one.

The Block will have its two-phase construction. Phase I offers 4 space blocks and 10-megawatt power. Each block comes with UPS capacity of 1.2 megawatts. This phase includes completely retrofitting the existing 50,000sq.ft. building. There are four blocks on the building’s 30,000 sq.ft. raised floor part and the blocks are 7,500 sq.ft. each. The blocks are independent of each other, which provides clients the option to have 1 or even up to 4 blocks. The facility will be managed by TRES. The company will also be responsible for the project’s critical operations.

TRES is a veteran of the industry. The company has been responsible for developing data center and telecom facilities since 1998. The company developed Carrier Center, which was sold to 360networks, and built more than a million square feet area of space. Recently, TRES redeveloped a Sacramento property, which was purchased by Digital Realty.

According to Keating, after selling the company’s Sacramento Data Center, a lot of companies wanting affordable yet cutting-edge data centers with quick market time have been in contact. Keating stated that with its complete design, power, and block configuration set, Block Data Center is ready to be delivered within 6 months.

Distressed Properties to Be Revived by Las Vegas Investor

Wednesday, October 10th, 2012

Michael Shustek, a Las Vegas real estate investor is willing to bet a whooping $550 million on some of the country’s hardest hit areas saying he’ll be able to profit off them.

MVP REIT, Shustek’s investment fund plans on raising from investors the $550 million amount to be able to purchase commercial properties and mortgage loans in the areas of inland California, Arizona, and Nevada. The fund was launched last April and this week Shustek was cleared by US Securities & Exchange Commission to begin selling shares.

It is predicted that the Southwest real estate will not be able to fully recover soon. Because of this slow recovery, prices of the region’s foreclosed, bankrupt, and distressed properties remain low. Some are undervalued, making it difficult for borrowers to have the projects financed even with the property’s excellent quality and the borrower’s good financial strength.

These similar problems opened unique opportunities for individuals who are thinking of investing in such market. MVP believes that these opportunities can offer significant growth in the long run.

Shustek has worked in Nevada’s real estate market since 1990. He is the CEO and founder of Vestin Mortgage, which is based in Las Vegas. Vestin Mortgage invests in loans backed by real estate. The firm is in charge of managing two real estate investment trusts that are publicly-traded and an investment fund, with $135 million in total assets.

Shustek co-authored the books “If I Can Do It, So Can You” and “Trust Deed Investments” and also guest lectures at UNLV. He also taught the real estate law & ethics course at UNLV.

SEC investigated Vestin Mortgage’s various affiliates and funds. The inquiry was closed last September 2006 with issue of administrative order. SEC indicated that the firm violated the securities law in relation with the slideshow presentation prepared for investors.

Shustek neither admitted nor denied the wrongdoing but accepted the order. He settled the fine amounting to $100,000 and agreed not to associate with dealers or brokers for 6 months. The SEC order expired last March 2007.

Shustek’s MVP REIT could experience substantial gains by purchasing cheap property, which could rebound later value-wise. However, real estate could recover at a slow pace and most of the firm’s borrowers are most likely those who are unwilling or unable to apply for credit from traditional banks. The firm’s managers might misjudge the property value or the reliability of the borrower.

MVP REIT indicates that the firm’s strategy comes with significant risk.

Office Buildings of Summerlin Sold in Colossal Deal

Tuesday, October 9th, 2012

Thirty-two office buildings portfolio of General Growth Properties were sold out, which is considered as Las Vegas’ biggest deal in real estate over the years.

Summerlin’s portfolio of 1.1 million sq. ft. building was bought by Oaktree Capital Management LP and Hines Interests Limited Partnership. This was confirmed on Tuesday by Kim Jagger, the spokeswoman of Hines. However she refused to give details on the price.

On September 11, The Sun reported that Hines, which is a real-estate company based in Houston was partnering with Oaktree, a global investment company based in Los Angeles to purchase the properties.

The brokers shared that these big companies are paying $127 million ($115/square foot) even though many cautioned that the property’s sale price might be lesser than the announced amount.

As of this Tuesday, Clark Country does not have any record of the sale yet.

During Hines’ press release last Tuesday, the company stated that the acquisition was done through partnership with Oaktree managing the subsidiary of the real estate funds. Hines also stated that the deal has been their sixth transaction in more than two years.

Doug Metzler, the Managing Director of Hines said that their company will work on bringing back the portfolio to its previous market standing.

It was announced that half of the 32 buildings remain vacant and that whether Oaktree and Hines can fill them or how they will be able to fill them is still unclear.

The building’s location, Northwest Valley had 26 percent office vacancy in six months, which is higher compared to Southern Nevada’s vacancy rate of 24 percent.

But the sale can raise the commercial real estate of the valley partly due to the local market entry of Hines. The company has countless commercial properties around the globe and offices in 18 different countries. Hines has assets of almost $23 billion and buildings in China, Brazil, United States, and other countries except in Nevada.

With the deal, General Growth, which had been bankrupt before can now focus more on its shopping mall business. About 149 malls in different regions are owned or co-owned by this company based in Chicago. Grand Canal Shoppes and Fashion Show Mall are some of their malls.

This recent sale is among the biggest commercial real estate deals for the past few years and competes with building sales in mid 2000s in the southwest of Las Vegas. s

The complex (400,000 sq. feet) was bought at $120 million or over $300/square foot during the time when building sales were booming.

The office buildings of General Growth are mostly in West Charleston Boulevard, Covington Cross Drive, and North Town Center Drive. Hines stated that the portfolio also has 2 parcels being developed, which totals to 19 acres.

Providence Promotional Event

Monday, October 8th, 2012

Did you happen to walk in to “Sunny 106.5 Ice Cream Sunday”, the free ice cream treats and frozen contests hosted by Providence Master Home Owners Association in association with Sunny 106.5 FM, The Providence master planned community, The Meadow Gold and The Planet Hyundai?

Meadow Gold sponsored the frozen treats, while Provident Master Homeowners Association organized ice-cream eating contests and facilitated the prizes for the winners, while Sunny 106.5 FM acted as the Media partner for the event. There were a few other interesting games, such as face painting, balloon animals and booths. The cars on display from Planet Hyundai were a marvelous treat for the eyes as well. It was a joyous morning for all the attendees.

In addition to the events, the Provident Master Homeowners Association helped the nonprofit organization “Spread the Word Nevada” to collect new and gently used books for its statewide children’s literacy efforts. The spokesperson for Capital Consultants Management Corp., the community manager for the Providence Master Homeowners Association, Brandon Exline, was quoted as having been happy about the opportunity to host the events, help support the nonprofit organization and provide an opportunity for the rest of the Las Vegas community to learn and explore the serene neighborhoods their builders were creating.

The Promenade is at 7195 Egan Crest Way, with a park, strategically and artistically crafted with children’s play area, Sun-shaded seats, and formally planted landscapes abounding in matured trees. The attendees were invited to explore the 1,200 acre community post the events, featuring Beazer Homes, Lennar, Pardee Homes, Richmond American Homes, Ryland Homes, Warmington Residential Nevada and Woodside Homes. The builders briefed and presented model homes and floor plans that fitted their budget and lifestyle. Also discussed were financial programs on offer, and energy saving features as well.

A few attendees stood to benefit from the promotional event. Alyssa Sagart bought a brand-new home under the financial program, which provided her the down payment funds and also won a membership to the club at Northern Terrace with unlimited access to three pools, a spa, and onsite fitness centre and so on.
The promotional event was a huge success for both the attendees and the organizers.

Chronicle of David Siegel and His PH Towers

Saturday, October 6th, 2012

David Siegel, chairman and CEO of the Westgate brand, is in the news again but this time for the right reasons. A chronicled documentary, “Queen of Versailles”, on the company’s efforts to promote its elite project PH Towers Westgate, has finished its Las Vegas run. The documentary, a big-screen reality TV show co-starring David Siegel, has documented the extravagant life of David and his family; their 90,000 square foot new house “Versailles” and its opulence.

Westgate’s chief operating officer Mark Waltrip said “The movie is interesting but has some inaccurate portrayals of both the company and the family”. PH Towers, the largest timeshare building in Las Vegas, is mired in problems. Buckling under pressure from lenders, David ceded control over the towers last November through a deed in lieu of foreclosure.

Eventually, the largest letters on the tower were replaced by the words “Hilton Grand Vacations”. Yet, even this wasn’t a solution Siegel’s growing list of problems. PH Towers is facing a nonjury trial in front of Clark County District Judge Elizabeth Gonzalez, on a series of construction issues. Tutor-Saliba Corp. is clamoring for $23.3 million on account of unpaid work, excluding interest and legal bills while Westgate has countered that Tutor owed $30 million for defective work and $100,000 a day for late delivery.

Entangled in a mesh of legal issues, the bank laid out terms for Siegel to give up his control so as to continue living his “high-life”. Reeling under enormous pressure from all spheres, Siegel approved the sale of PH Towers to Resort Finance America, a unit of New York based Centerbridge Capital Partners L.P. David’s letter to the Lauren Greenfield, director of the so-called documentary, to add a final frame stated that David has refinanced and restarted construction on “Versailles”, just four days before screening has come as a surprise. This, however, did not make it to the documentary.

There are rumors that the lawyers have mused about adding this documentary “Queen of Versailles” as evidence to the trial.

Sheldon Adelson, Will He heed to the Break-up Parties?

Friday, October 5th, 2012

The shares of Las Vegas Sands (LVS) closed at $44.92 as of Sept 21, 2012. LVS, the casino operator, is controlled by billionaire Sheldon Adelson. The shares of another of Sheldon’s holdings, Wynn Resorts Ltd in the Las Vegas Strip, fell by 6.8% last year. Meanwhile, MGM Resorts International dropped by a little less than 1%, while Caesars Entertainment Corp has fallen by 24% since its IPO launch in February.

Sheldon, 79, owns 424 million shares or a 52% stake of LVS, to control and direct its operations. Jonathan Litt, founder and CEO of Greenwich, Connecticut-based investment firm LandandBuildings, owns 79,600 shares of LVS as on June 30. Litt opined that Las Vegas Sands Corporation must be spilt in to three companies; shopping mall and hotel properties, with two companies leaving the casino as an independent company. LVS, with operations in Las Vegas, Pennsylvania, Singapore and Macau, China is currently undervalued at half its price. Ideally, the price per share of LVS should be $85 for its proven growth record. The split would not only boost the market value of LVS but also benefit the mall and lodging REIT as debtless ventures. A REIT is venture which focuses primarily on income generating businesses and is excused from corporate taxes, provided it ensures to distribute 90% of its income to its shareholders. Equinix Inc (EQIX), a data centre operator and Iron Mountain Inc. (IRM) have announced their plans to transform in to REIT, by this year.

Meanwhile, LVS, the Las Vegas based company, has announced of its plans and intentions to invest $2.5 billion on its fifth resort in Macau, while it also wants to develop Europe’s largest casino in Madrid. The casino controller, Adelson, has disclosed that LVS is looking forward to viable opportunities to expand its operations in Japan, Korea and Vietnam.

Solera Offers Surreal Affordable Homes

Thursday, October 4th, 2012

Stallion Mountain is home to Del Webb’s Solera, which sits amidst one of the most sophisticated communities in Las Vegas. It features five single-story, energy-efficient home designs that range from 1,155 square feet to 1,716 square feet. The homes here offer as many as three bedrooms, two fully loaded baths, great rooms, adjacent two-car garages and fully covered back patios.

Linda Mamet, Vice President of sales for Del Webb’s Southern California and Southern Nevada division says, “This is the best time to buy a home at the Solera. With homes being offered at as low as $136,990, Solera offers a fantastic lifestyle right in the heart of Las Vegas. New buyers can also avail some great goodies from the builder. These include elegantly landscaped backyards”.

Over and above the fantastic facilities, Solera occupants will surely be able to enjoy the amenities within secure settings. There is a private, gate entry into the community that in itself lies within the larger guard-gated Stallion Mountain community. The amenities on offer are resort-style and include a 10,000 square foot recreation center that is meant exclusively for the residents. This recreation center has a state of the art fitness center and aerobics studio, friendly club & hobby rooms and plenty of gathering places to ensure that you catch up on all the gossip. Just outside the recreation center are a pool and spa, tennis & bocce courts and plenty of open areas.

The homes at Solera have been developed to ensure that they are energy efficient and are green. This has been done to ensure that there is greater quality of indoor air, reduced costs on account of heating & cooling and greater comfort, durability and quality.

Take the US Highway 95 to Flamingo Road and head east, crossing Nellis Boulevard to hit the entrance of Stallion Mountain on your left. Just follow the signs and you’ll reach Solera.