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

America’s Biggest Open House This Weekend In Summerlin of course!

America's Biggest Open House

America's Biggest Open House

Well its back America’s Biggest Open House this weekend in Summerlin!  This is a great event for those who are not as familar with Summerlin as those of us who live here because all of the model homes in all of the communities are open for viewing.  This is a great opportunity to view all of the new construction homes modeled by the builders and have a chance to win prizes while doing it!  If you visit all of the models you get a chance to win a $500 American Express gift card to any General Growth Mall Property and smaller prizes like a $200 gift card for a nights stay for two at the Red Rock Resort, $150 for the fabulous Vinter Grill Restaurant and memberships for the Friends of Red Rock Canyon and a guided hike in the canyon.  
In addition the various builders will have Open House specials and incentives good for only this weekend so if you are thinking about buying a new home this is the weekend to shop!  I am also getting into the Open House spirit and if you contact me it would be my pleasure to give you a guided tour of the community as well as the model homes!  Just give me a call and we will set up a time!  Thank you so much for reading, leave comments and as always visit: Vegasdreamsellers.com

Celebrate Earth Day in Summerlin!

Summerlin Earthfaire Celebration

 

 

 

 

 

 

 

 

I attended the annual Summerlin Earth Faire over the weekend at Summerlin Community Park.  This is a large event sponsored by the Howard Hughes Corporation and featured many organizations demonstrating sustainable or “green” practices  to living in the Mojave Desert.  The participants ranged from the Sierra Club to the Sothern Nevada Water Authority and everything in between!  The Metropolitan Police Dept. K9 unit demonstrated their dog handling techniques which gave us all something sobering to think about when “out on the town”!  It was a great time despite the gusty spring winds! 

Thank you… (part 2)

Best in Client Satisfaction!Since the monthly publication of Las Vegas Life magazine will end with its April 2008 edition the 2008 Five Star: Best in Client Satisfaction section and my piece will be moved to the May 2008 editions of Las Vegas Magazine and Las Vegas Home and Design.  So check it out! 

I just attended the Southern Nevada Housing Day…

Dennis Smith, President of Home Builders Research (Courtesy of Las Vegas Review Journal) I just attended the Southern Nevada Housing Day 2008 conference for members of the local home building industry.  This event was attended by myself and about 700 real estate, building and development professionals.  I was there to hear the economists speak on the health of the local economy and real estate market.  The keynote speaker was Bernard Markstein, director of forecasting and analysis for the National Association of Homebuilders.  Mr. Markstein is a very knowledgeable man and spoke mainly about the National economy and housing market -I however,  was there to hear the local perspective.  Mr. Dennis Smith, President of Home Builders Research, Inc.of Las Vegas delivered just that,  a detailed analysis of the local housing market and when or if a bottom has been reached. 

Mr. Smith said that since the supply of both resale and new housing are contracting and the demand being steady we are either at the bottom or very near it.  “Any recovery will not be in a “V” shape but a flat bottom “U”!”  Meaning that we could be here in the bottom for a while before sales and prices pick up but it may take until end of 2008 or 2009 before we see much in the way of relief!  So if you are a buyer or thinking about buying real estate in Las Vegas your time is slowly ticking away to take advantage of the current price levels!  Like I have said before, the time to buy is now and we may never see prices this low again in Las Vegas!  Even a recent post on the Trump Blog states “The truth is, now is a great time to invest in real estate! Whether it is for your primary use or investment, there are great deals to be had.“!  (Remember about the data in my recent post)  So search for real estate on Vegasdreamsellers.com and leave me a comment, ask questions or just chat!

A great group to be a part of!

Tom Warden, Vice President of Community and Government Relations for the Howard Hughes CorporationI recently joined the Summerlin Friends of Red Rock, a group incubated by the Howard Hughes Corporation developers of Summerlin.  The group is a branch of the Friends of Red Rock Canyon which originated in 1985 to preserve the canyon’s resources and provide a volunteer organization to assist the BLM.  I had a great time at the welcome chuck-wagon breakfast and interpretative hike on the Moenkopi trail near the visitors center.  We had a great naturalist, Athena, with the Red Rock Canyon Interpretative Association.  Athena pointed out plants that the native Americans used to wash their clothes, eat and use as a straw and rock formations that geologists come from all over the world to study at Red Rock Canyon- all stuff the typical person sees as desert wasteland!  I had a GREAT time listening to Athena and laughing at Tom’s many jokes and one liners!  This is a great way to meet your neighbors and do something good for this national treasure! 

Local Economic statistics and forecast

Somer Hollingsworth, President and CEO of the Nevada Development AuthorityI attended a membership luncheon for our local Realtor Association, the GLVAR last week and I want to share some of the facts presented by Somer Hollingsworth, (Also a Native Las Vegan) President of the Nevada Development Authority about state and local economic activity:

  • No local or state income tax
  • No business income tax
  • No estate tax
  • 95% of companies hire locally
  • Between 200,000-250,000 miles of fiber optic cable in the ground
  • Cheapest operating cost in the US for a corporate headquarters
  • 96,000 people (net) moved here in 2006
  • Median family income up 66% from 1996-2006
  • Value of a home up 168% in ten years
  • Over 38 million visitors in 2006, up 31% in ten years
  • Convention business up 95% in ten years
  • Room inventory 132,000, up 42%
  • Over $40 Billion in new construction in the next five years

This is data validates my opinion that the Las Vegas economy is thriving and despite the critics, the demand for housing and real estate in general is strong but will greatly increase in the next few years!  I stongly feel that we will see the start of the recovery in the housing market in 2008 and demand will gradually grow over the next couple of years!  So what are you waiting for, get off the sidelines and take advantage of these lower prices, foreclosures and builder incentives- they will not last forever!             

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