Excitement builds in Summerlin!

Shoppes at Summerlin

Shoppes at Summerlin

After an almost three-year hiatus (work stoppage), I have heard that the Shoppes at Summerlin has obtained building permits to resume construction on this 1$ Billion Dollar lifestyle mall!  My post of September 4, 2008 detailed why the work was stopped and that it was predicted to restart in one year. 

Almost three years later, I have learned that the permits were pulled and that they have six months to restart work.  I am sure that they will have a grand re-ground breaking ceremony or announcement and or celebration to mark the occasion which I will absolutely cover here! Resumption and soon subsequent completion of the Lifetime Fitness Diamond facility in Summerlin Centre  is underway with completion on May 15,2011.  This should be a good indication of demand for higher end products and services which should be a signal for the Howard Hughes Corporation to pull the trigger and restart the Shoppes! 

 

Restarting construction of the Shoppes is a big milestone for the area because the closest mall, The Meadows, is around 30 years old and the Fashion Show on the Strip is around a 25 minute drive.  We are in need of an upscale shopping experience close to Summerlin!  Completion of the Shoppes will take about 2 1/2 years when most predict economic conditions will be greatly improved from today.  The Shoppes will be an 1.6 million square feet  outdoor, regional mall with committed tenants including Nordstrom, Dillard’s, Macy’s and Crate and Barrel.  This will be a fabulous addition to the area and will be great for area real estate values as well.    When  people from around  the Valley and out-of-town see this incredible development and how it is so close to the homes in the area, I believe it will increase sales and values!   What do you think?  Please leave me a comment or two and contact me for more information about Summerlin Real Estate!

Shoppes at Summerlin

High Taxes have you considering a move elsewhere? Why not Las Vegas?

I continue to hear about states like Oregon, Illinois, Maryland and California raising taxes.   In some cases, these taxes are focused on the “wealthy” and small businesses facing increases of as much as 60%!  As a native Las Vegan, I ask why not consider a move to Nevada?  How could anyone plan for the future with the uncertainty of taxes rising at these levels with no end in sight!  How can a business plan for hiring and growth with an uncertain business and tax environment?  May I suggest consideration of a move to Las Vegas? 

I can hear people asking why would anyone think about a move to Las Vegas let alone Nevada!  The fact is that Nevada is the Fourth LOWEST state for business taxes in the US!  That goes double for individuals as well! 

Nevada has:

• No State Business Income Tax
• No State Income Tax (actually is prohibited by the constitution)
• No State Estate Tax
• No State Franchise Tax
• No State Gift Tax
• No State Inventory Tax
• No State Tax on Corporate Shares
• Cap on Property Tax Increases
• Minimum Tax Increases
• Minimum Payroll Taxes

How does that compare to your state?  I am getting several calls a week from people who are begging me to help them relocate to Las Vegas to establish residency so they can avoid the crushing taxes in their home states!  You can take back 30% of your gross or more by a move to Nevada!  I can assist you with your relocation (even if you maintain homes in other parts of the country) and establishment of residency for FREE!  How is that possible you ask? I am a real estate professional, a Realtor, and will help you find and purchase your new residence here.  The sellers usually pay my fee so its free to you!  I will assist you with the rest at no cost to you!  Feel free to email me or leave a comment on the site  if you have any questions or if you would like more information!  I have spent my life in this great community and am very knowledgable in this process so contact me!  I am happy to help!  Watch for my next blog post about a new residential development in Summerlin you will love!

Exciting Summerlin News!!

Big moves have been happening all over the Las Vegas Valley with lots of land being bought up by home builders and commercial developers!  In the last couple of weeks the Howard Hughes Company, a subsidiary of General Growth Properties announced new land sales in the Summerlin area.  A recent article in the Las Vegas Sun detailed that 503 finished lots are being sold to Pulte Homes and Richmond American Homes in the Mesas Village in Summerlin.  In addition to these residential lots, a 7.21 acre parcel is in the process of being sold to commercial developers to construct a in-line strip center focusing on Luxury Car Dealerships and two restaurants.  Summerlin’s top executive, Kevin Orrock said that the time is right for Summerlin to resume development. 

The most exciting news is that GGP recently signaled its intent to sell land to a high-tech manufacturer that will bring thousands of jobs to the region.  This manufacturer was not named in the Sun article but it appears to be the billionaire founder and CEO of Red Digital Camera.  Jim Jannard, founder of Oakley, Inc. won zoning changes to build an 80 acre high-end digital movie camera manufacturing plant, sound studios and homes for himself, actors and others from the movie industry.  This will eventually employ 1000-2000 and could create several support businesses to serve this huge complex!  This is all great news that will add many jobs and contribute to our local economy!  Feel free to leave a comment or question! 

 

I want to give a shout out to a new business in Las Vegas!

I have heard that people who open businesses in recessions put themselves ahead of the game when the economy recovers because they have weathered the storm.  So anyone who starts a new business in this economy must be a genius!  I recently met a young entrepreneur who has done just that and I wanted to give her some well deserved credit!  Kelly Villatoro started a design and home staging company called Luxurious Living here in Fabulous Las Vegas!  I love design and architecture so I decided to take a look at her portfolio and was very impressed!  Educated in design at UNLV and CSN, Kelly went to work for a firm here in Las Vegas that was based in Canada called Haverhill Home Staging before striking out on her own.  Kelly maintains membership in the Association of Design Education and is studying to be a Leed Accredited Professional.  I have found her to be very practical in her use of space and how it relates to the design and the elements within it. 

A home stager gives potential buyers ideas how to set up a space as well as making homes more attractive through incorporating colors and pieces that make it unresistable to buyers!  Home builders do the same thing with their model homes and as you can imagine the homes sell quicker and for more money when they are perfectly staged!    Kelly and Luxurious Living do it better than I have seen and I heartily recommend them for both impeccable design as well as home staging when selling your home!  So when you are ready to sell you home give me a call and we will put Luxurious Living on the job! 

Make sure to watch for upcoming posts about the recovering Las Vegas Real Estate Market as well as new developments in Summerlin!

Could the Recovery of the Las Vegas Housing Market be happening?

 

In my opinion, absolutely! I know there are the anonymous haters out there  who really don’t get Las Vegas, but its a fact and I will prove it here!  Here are some interesting facts that will give you a starting point to where I am going- it costs less to own than to rent, you cannot build homes for what they are selling them for, cash sales buyers make up 45% of total transactions,  the inventory of resale homes is rapidly shrinking which means demand is very high.   2009 sales of single family and condominiums were second only to 2004 in all time sales numbers.  So it is very affordable to buy and own a home in Las Vegas especially for our friends in California!  Prices on all types of housing are down as much as 70% from their highs!  This includes  Luxury and Country Club Homes, Luxury High-Rises and traditional single family homes and condominiums!  

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These graphs from the OFHEO  illustrate that Las Vegas prices are the lowest of major Southwest US cities and that Nevada has the lowest housing prices in the Western Region.  Please note that in both charts prices indicated are below the projected inflation line.  DSnews.com reports that Las Vegas is: “poised for a comeback” and buyers now can “look forward to long-term appreciation.”  The Wall Street Journal reported that: “Las Vegas is Second in the Nation for Diminishing Supply” and most recently the Las Vegas Review Journal reported “Las Vegas home sales up 36.9%“!  

So, to sum it up,  Las Vegas has the lowest housing prices in the region and demand is near all-time highs!  Prices have stabilized and projected  to rise up to 4% in 2010.  

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The biggest drivers for growth in the housing market and the local economy are the  low tax environment, retirement of the Baby Boomer Generation and Californians seeking lower costs of living and low tax environment  for themselves and their businesses.  Nevada also has huge wind, solar and  geothermal industries which are in their infancy.  The development of these energy resources and the delivery and distribution mechanisms will produce large amounts of jobs and added economic vitality!  So let me know what you think!  Feel free to leave a comment or question,  I will be happy to respond!