Archive for the ‘Uncategorized’ Category

Plaza Las Vegas Venture Gone Kaput?

Monday, November 12th, 2012

Talks on a debt settlement on the planned Plaza Las Vegas casino and hotel project of Israeli tycoons Nochi Dankner and Yitzhak Tshuva appear to have failed, and the project is likely to be scrapped. The Plaza Las Vegas venture owes a bank syndicate $620 million which was used to purchase the land for the project.

The syndicate this October issued a warning letter to the Dankner and Tshuva over the non-payment of the loan on time. A meeting was subsequently held in New York where the borrowers presented a debt settlement proposal. The banks were offered a $250 million loan payment, with the proviso of a 50-82% loan discount or rescheduling payments over ten years. The lenders, however, balked at these terms and presented an undisclosed counterproposal on the terms of the loan settlement.

The counterproposal, however, were rejected by the Plaza partners who are now considering if there are any options left for further negotiations on the loan settlement. Notably, the bondholders of Dankner’s IDB Development Corp. Ltd., which owns 25 percent of the Plaza Las Vegas project, were at the outset in opposition to the company’s participation in the loan settlement. In particular, the IBD Development bond trustees oppose the $95 million share of the company in the botched proposal for debt settlement.

Because of the differences between the Plaza partners and the bank syndicate, plus the fact that the loan is a non-recourse loan, knowledgeable sources say that the partners will give up on the Plaza Las Vegas project. A $1.24-billion loan was actually secured for the project’s land purchase in 2007. The real estate crisis in the following year adversely affected the Plaza project, and there were repeated postponements of debt repayment. Almost the entire $500 million that the partners have invested in the project have already been written off.

Las Vegas and its Animal Shelters

Friday, November 9th, 2012

Pets are a part of so many people’s lives. They are considered man’s best friends and his most faithful companions, and nowhere is this more true than in the city of Las Vegas.
Sadly though, although pet lovers are a plenty in Las Vegas, not all animals have the good luck of finding a loving home, but it’s nice to know that there are several organizations in the city that can help to provide one for those that need it.
Nevada SPCA (Society for the Prevention of Cruelty to Animals)

Actively promoting their cause, the SPCA has stayed true to its calling and does not promote mercy killing in its shelter. As such, they have increased their efforts to gain more contributions from businesses, individuals, and other animal lover groups. They also campaign for more volunteers to support their cause.

One of their more popular projects they run is the online adoption program, with regularly updated listings of dogs, cats and others looking for a new home. The postings feature photos and brief information on the lovable animals, and families are welcome to apply to adopt one if they feel they can provide a loving home.

Professional services and adoption fees offered are much lower than those offered in veterinary clinics and breeding centers. This organization truly loves the animals it cares for, and as such, careful selection of all prospective new pet owners is carried out.

Nevada SPCA services include adoption services, low cost spray, neutering, surrendering animals, dog training and humane education.

The Animal Foundation

The Animal Foundation is the biggest pet care and animal protection home in Las Vegas, and is devoted to the cause of providing better lives and promoting the welfare of animals. To further this cause, the Animal Foundation not only oversees their adoption services hands-on, but also encourages community members and residents to take care of their animals properly by offering them animal health care services at low prices.

They also have a clean and spacious area for stray animals, where they can stay while waiting for their owners to come and collect them. This service has helped reunite numerous pet owners with their ‘best friends’ in the past.

Some of their services include adopting services, lost and found, low cost spaying and neutering, low cost shot clinic, and humane euthanasia.

Ghost Inventory Haunts Las Vegas Home Market

Friday, November 9th, 2012

A panel of real estate experts believes that the property market in Las Vegas has gotten as low as they will get and home prices have now stabilized. What is holding a full market recovery, they say, is concern about the “ghost inventory” in the single-family home market segment. It is estimated that there are nearly 80,000 homes in this shadow inventory, mortgages that are delinquent for thirty days or more.

One analyst ventured to say that banks are mum on ghost inventory, realizing that their release into the market has to be managed in the name of short-term price stability. There are also appraisal issues that continue to hound the Las Vegas market, another analyst noted, saying that even with the increase in median home prices for eight months in a row, the market is still considered a declining market.

On a brighter note, there is an unprecedented demand for multifamily properties, according to one realtor. This demand is said to be caused by the depressed real estate values and low interest rates. Notably, investor preference lean toward distressed properties, notwithstanding the fact that there’s very little left in the listings of distressed homes for sale. Nonetheless, some buyers also go for those multifamily deals that are loan-unencumbered. To them, these deals appear much better than assuming a loan with a higher rate of interest, the realtor added.

Institutional investors, like hedge funds and pensions funds, are among the avid buyers of single family dwellings. As the market has fewer apartments, these funds are seeing an opportunity to purchase pools of residences for the purpose of renting them out. This tack appears as a sound business decision. For while the commercial real estate market is having difficulty finding tenants for industrial, retail, and office properties, there’s a 90 percent occupancy for rental apartments, as per one estimate.

Last Call for Pardee Homes in Las Vegas

Thursday, November 8th, 2012

Only a few ready to move in homes remain available at Solstice in Aliante and Riverstone at Prescott Park, two popular neighborhoods of Pardee Homes in North Las Vegas. Aliante is a master-planned community, and one move-in-ready home available here has six bedrooms and four baths, all within its 3,959-square-foot floor area. Its features include a den/office, a fireplace, and a three-car garage. The home has stainless steel appliances like a refrigerator, washer, and dryer. The interior has a charming two-tone paint, and flooring design. Located in a spacious cul-de-sac lot, this home has a $347,675 price tag.

For a little below $305,350, Solstice has another ready to move in home offering a similar cul-de-sac home. This place has a floor plan of 3,643 square feet. Among its features are five bedrooms, plus a bonus room and a hobby room, three baths, and a three-car garage.

Sliding the price scale a little further down, there’s a ready to move in home option in Riverstone at Prescott Park, which is being offered at $236,550. This place has a floor area of 2,890 square feet, which encompass five bedrooms, bonus room, and three baths. It also features stainless steel kitchen appliances and a three-car garage. A slightly smaller move-in-ready dwelling with a 2,617-square-footage is also available at Riverstone with a starting price of $224,050. Among its features are four bedrooms, a bonus room, two-tone interior paint, and a three-car garage.
Outside of these two subdivisions, Pardee Homes offers alternatives in the master-planned community of Eldorado located near the Las Vegas Beltway at Aliante Parkway in North Las Vegas.

These new homes are at its gated neighborhood of LivingSmart Homes Eldorado Ridge. The residences here have floor plans of between 1,849 and 3,001 square feet. Their prices start from $209,950, and options for one- or two-story designs are available. These residences can have up to seven bedrooms.

Nevada Commercial Real Estate Market Hits Even Keel

Wednesday, November 7th, 2012

A ray of hope has risen on the horizon for the commercial real estate market at both ends of Nevada. Commercial property analysts are saying that market stabilization is ongoing, or at the very least, there’s some market improvement. Notably though, there are no major gains in the number of new locator companies. However, business owners are taking advantage of the shifts in rent values to transfer to better locations and properties.

The improving commercial real estate market outlook looks promising, especially the recent deals in Las Vegas and Reno. The recent announcement of Apple Inc. that it will open a business office and a data center in Sparks and Reno has further improved the tech company portfolio of Northern Nevada. With more e-retailers such as BizChair also moving in, a robust health for the retail market could also be just around the corner, despite the struggles at big box stores like Best Buy. Meanwhile, news is abuzz in Las Vegas that construction will restart at the long-stalled development of the retail district ballyhooed as the Shops at Summerlin Centre. Then there’s some excitement generated by talks that Zappos CEO Tony Hsieh is embarking on a multimillion-dollar project to revitalize downtown.

Doug Roberts, a partner at Pannattoni Development Co. Inc., observed that ownership stabilization has been achieved, saying that the property transfers in the past three to four years are pretty much done. The managing director of Voit Real Estate Services, Mike Montandon, likewise feel that the commercial real estate market may have reached bottom and is bouncing off a bit. Nonetheless, he can’t be certain how far up the market have gone or if a recovery is indeed going on a full swing. These prognostications mostly jibe with a Chase JP Morgan assessment this August that the commercial real estate market’s office vacancies, which soared with the slumping economy, may be stabilizing.

An Introduction to Las Vegas Print Media

Wednesday, November 7th, 2012

Newspapers are part of everyday life, and indeed for many people they are a necessity that will always grace their breakfast table or desk during the first hours of the day.

There’s good reason for wanting to keep up with the news in Las Vegas, where everything that happens seems to have headline potential. So what to read to keep up with the news? There’s four newspapers in Las Vegas that are generally considered to be the best bet – Las Vegas Review Journal and Las Vegas Sun are the two most popular daily newspapers, while weekly newspapers like Las Vegas Weekly and Las Vegas City Life are also available.

The Rival Dailies

The Las Vegas Review Journal

The Las Vegas Review Journal is the longest running and the largest daily newspaper in Nevada. One of its more popular sections is the gossip and celebrity column written by well known gossip guru Norm Clarke. The Las Vegas Review Journal boasts of almost 200,000 in daily circulation. It has made its mark for its Libertarian leanings and its strong political views and opinions. The Journal’s followers consist of those who are quite conservative and with Libertarian leanings as well, and those who love to keep themselves with the who’s who and what’s new in Vegas.

The Las Vegas Sun

The Las Vegas Sun has long been seen as the antithesis of the Las Vegas Review Journal. You can be sure that whatever comes out of the Journal, the Sun will always have the other side of the story. It’s almost like everyone who ones to get a clearer story of every controversy must buy both to have a balanced view. While the Journal is more conservative, the Sun is much more liberal in their ideas. That is why, much to the surprise of its readers, the Sun forged a partnership with the Journal for the distribution of their newspaper. This hasn’t affected the independence of its writers and editors however, who until today, continue to write with much passion and liberalism. The Sun’s followings are mostly the politically inclined liberals.

Moving to Las Vegas Tips: Getting the Electricity and Water Running!

Tuesday, November 6th, 2012

Moving to a new place, whether intentional or work-related, requires a lot of planning and organization. One of your most important priorities will be setting up the utilities for your new home. Here’s a few tips on what you need to do to ensure that you have power and running water in your new home asap:

First Stop: Power or Electricity

Las Vegas electricity is run and powered by a natural gas power plant owned by Nevada Power. Most people think that all the glowing lights and billboards are powered by the Hoover Dam, but Nevada is proud to say, they provide their own means of electricity.

To acquire new service, Nevada Power has conveniently made it possible for residents to apply online. For those who prefer to apply in person, they may do so by calling the office. As a standard procedure, Nevada power will require a deposit amount equivalent to one and a half month, based on the highest bill paid by the applicant during the previous year. The deposit can however be waived upon presentation of a certification of good credit standing from another electric power company. For those who are not able to acquire one, the deposit paid is refundable upon request after one year of good credit standing. The average deposit paid for most homes in Nevada is about $90.

Nevada Power also offers rebates and incentives for energy conservation and energy savings practices.

Second Stop: Water

After electricity, the next thing you want to see running before moving in to your new Las Vegas abode is clean water. Las Vegas, which is mostly a desert area, puts a premium on clean water, so be prepared for slightly more expensive bills than you may be used to.

Water being a precious commodity in Vegas, the Las Vegas Valley Water District has implemented strict guidelines and expansive rebates and incentives for a more aggressive water conservation campaign. They require a deposit of at least $150, or twice the amount of the highest monthly bill you had last year, whichever is higher. This is to be paid immediately upon request for service. To ensure that you have water on the same day of the request, an additional $15 will guarantee same day connection. Transferring service may also be done online through the transfer exiting service department.

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