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

Why does the media give Vegas the “bum rap”?

CNBC

I have been showing you several articles of late that see the value of  buying real estate in Las Vegas for investment or for second or vacation home purposes.  Some periodicals have however, been telling readers to expect “prices” to decline in Las Vegas another 20-30% over the next year and not to expect any improvement until 2010 or even later. 

These periodicals like Money magazine tell readers if they were to buy in Las Vegas to offer “30% less than asking price”!  Most bank owned properties list at well below current market value to attract multiple offers and then counter the highest few  and then settle on a price higher than originally asked.  In these situations, I tell my clients that if they want the property they need to offer more than the asking price since they will be competing against many other buyers for the home. 

So how does this jive with offering 30% less than asking on any property in Las Vegas- It does not work!  Maybe compared to the original price but not in this market!  This has only created confusion and misunderstanding among potential buyers and sellers in this crazy market.

Check out the Video about the Vegas market with Jane Wells:

Less Sin in Sin City

I just attended the Southern Nevada Housing Day…

 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!

Thank you to my loyal and appreciative clients!

Thank you to my loyal and appreciative clients for voting me the 2008 Five Star: Best in Client Satisfaction Las Vegas award for real estate!  Surveys were mailed out to local home-buyers or seller which asked questions regarding the satisfaction with the Realtor who handled the transaction.  And I was selected as one of about four percent of all Real Estate Professionals in Las Vegas to receive the award- a group that I am glad to be a part of!  I will be a part of the feature in the May 2008 issue of Las Vegas Life magazine.  This is a testament to my knowledge, hard work and commitment to superior customer service I provide to all my clients large and small!