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

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What is going on in the Las Vegas real estate market you ask?

Las Vegas Lifestyle

Las Vegas Lifestyle

I get this question quite frequently and most people who ask are very surprised at the answer.  Las Vegas is experiencing tremendous sales activity and in the month of June an all-time sales record was exceeded.  The number of resale homes available to be purchased is around a three months supply at the current consumption rate.  Clients of mine who travel to Las Vegas from out-of-town are amazed at the quality of life here and the low prices of homes.  The local Las Vegas Review Journal recently reported that Nevada is in the top ten states in the Nation for the best Economic Outlook.  Right now in Las Vegas we have more resale homes under contract then are available to purchase and it costs less to own a home than it costs to rent!  These are both indicators that the current housing market is undervalued because when you consider the tax benefits and appreciation potential of owning a home it should cost more than renting.  You also must insure a home in Las Vegas for more than the current prices because it will cost more to rebuild if damaged! 

I think that our low tax structure will most assuredly be a driver of our economic growth as is our warm climate since 7918 people in the US turn 60 every day(according to the US Census Bureau) !  When the Baby Boomers retire they will be looking for warmer climates and environs that have low tax structures which Nevada and especially Las Vegas have.  This is not a political blog but with the Bush tax cuts expiring next year and the current Administration’s expansion of government higher taxes is a certainty!  Those in the highest tax brackets in the higher tax states like New York, New Jersey and California may be facing tax bills in excess of 50% including property, income and business taxes.  Nevada is one of the states with the lowest tax burden and we just FELL a notch and are now number four in the Nation for lowest business tax environment!  And as proof of this more high net worth individuals are moving to Nevada and relocating their businesses here in growing numbers. 

Major Institutions are also investing in the Las Vegas community:   the prestigious  Brookings Institute just announced a joint initiative with UNLV to improve the quality of life in the US Southwest with an emphasis on Las Vegas,  and the World-Renowned Cleveland Clinic, partner in the Lou Ruvo Center for Brain Health  in  Symphony Park in Downtown Las Vegas is starting a feasibility study on head-quartering a Clinic location within Symphony Park. 

Las Vegas is a great place to live and will make a great place to relocate, purchase your second or vacation or investment property!  Please leave me any questions or comments in the space below and make sure to visit Vegasdreamsellers.com!

Senior Economist says the Las Vegas Housing Market is poised to rally!!

NAR Senior Economist Lawrence Yun

NAR Senior Economist Lawrence Yun

The National Association of Realtors’ Chief Economist made a statement at the Realtor’s Rocky Mountain Regional Conference in Las Vegas last week that may surprise you.  He not only said what I have been saying all along that “Low mortgage rates combined with first-time home-buyer assistance from the stimulus package, will push buyers off the fence and into affordable homes”, Mr Yun said.  I paraphrased most of his speech as reprinted from the Las Vegas Review Journal.   “I think Vegas will be the bell weather of how the nation will recover”, he said.  “Rising sales could help stabilize prices by the end of the year.  Vegas is a leading edge and portends what’s coming for the rest o f the country and also for financial institutions.”  He went on to say that “…monthly sales of existing homes have doubled for the past few months, a precondition for prices to stabilize.  The long-term prospect for Las Vegas is bright because baby-boomers reaching retirement age are migrating to cities with warm climates and favorable tax structures, the economist said. (see my post National Publications are Buzzing about Las Vegas)  ”  The home buyer tax credit accounts for less than $10 billion of the new $787 billion stimulus package, a rather small amount, but nonetheless sufficient to help spark a comeback, Yun said.  “I’m a little disappointed that it didn’t address as much as it could have, given the size of the bill,’ he said.  The plan features an $8000, non-refundable tax credit for first- time home buyers and it raises FHA limits to $400,000 in Las Vegas.  The media has led us to believe that new home sales have totally collapsed but their production has been cut way back, which is keeping inventory levels in check so naturally fewer sales will result. 
So prices are low and a PHD in economics predicts that Las Vegas will the first to emerge from the housing crisis!  So what have we learned?  The window of opportunity to take advantage of the current price levels is slowly closing and recovery is coming in the near future!   If you have questions or comments please leave them in the space below and make sure you visit my website Vegasdreamsellers.com to search for homes and to contact me directly for more information! 

New Residential Opportunities in Summerlin!

Boulder Ridge by Christopher Homes

 

 

I recently toured the models at Boulder Ridge by Christopher Homeslocated in the Fabulous Ridges Village in Summerlin.  The Ridges is a large multi-neighborhood, guard-gated custom home community which was named the Third Most Expensive Gated Community In the US by Forbes.com.  Christopher homes is building this small neighborhood of 46 Frank Lloydesq palaces nestled in the hillside bordering the Red Rock Canyon National Conversation Area to the west and the glittering Las Vegas Strip to the East.  Bordering Red Rock is a very uncommon and rare feature of these beautiful homes because nothing will be built behind this community, so put on your hiking boots and grab the Camelback and enjoy hiking in one of the most spectacular places in the world right from your back yard gate!

Christopher Homes is taking the headache out of building a custom home in Boulder Ridge but still allowing buyers the flexibility to customize the home to match their uses and tastes!   The design is contemporary and they are so full of features they are hard to describe.  These home are perfect for entertaining or large family because they have huge kitchens with two of everything, butlers pantries and formal dining rooms.  The floorplans have large open areas that can be customized as family or living rooms or home theaters. 

Torino Model

Torino Model

Villa Trieste by Pulte Homes located in Summerlin Centre.  Pulte has done a fabulous job of designing and building LEED Certified homes here in Las Vegas!  These are very energy efficient and incorporate roof tile solar power units, tankless water heaters, bi-flush toilets, high efficiency a/c units and the Pulte insulation and quality we expect.  These homes are located in a small neighborhood in West Park in Summerlin Centre directly to the west from the Red Rock Resort and the now stalled Shoppes at Summerlin Centre. 
These are VERY UNIQUE HOMES that are different from every product available in Las Vegas at this time!  What makes them different is the power generating capability of the solar cells and all of the energy and water conserving features that are all part of the base price of the homes in addition to courtyards and small, low maintenance rear yards with just enough space for a small barbecue or cocktail party.  So the bottom line is dramatic energy savings,  high quality construction, appealing, well designed floorplans in a very low maintenance, efficient package!  Best of all, these homes start in the low $200,000s (prices not currently available for new single family residences) and will be within walking distance to the new mall!  What a tremendous opportunity this is for primary residents, a second or vacation home or even as  an investment property!  It would be my pleasure to answer any questions you may have so leave me a comment, contact me directly or visit Vegasdreamsellers.com!

Is Water a reason not to buy real estate in Las Vegas? (part 2)

Hoover Dam, Lake Mead and the Colorado RiverHow does the Las Vegas Valley and Clark County continue to grow if we are running out of water from our main source the Colorado River?  I am very impressed with Mrs. Mulroy and the Southern Nevada Water Authorityand the manifold methods in which they have searched for solutions to this problem!  First and most obvious way to find new supplies of water is through conservation.  I know most people do not think that this is possible but the SNWA started conservation campaigns that offered to pay property owners $1-$3  dollars per square foot of grass they removed and converted to drought tolerant or low water use shrubs and trees.  Mrs. Mulroy estimated that enough grass was removed in the Las Vegas Valley to almost encircle the globe!  Through this very successful program and conservation awareness in general Las Vegas is now using the same amount of water than it did in 1995! 

In addition to conservaton, the Authorityhas won battles to include the water from the Virgin River flowing into Lake Mead to the acre feet per year that can be taken from the River.  In addition to this new source of water the Authority has entered into water banking agreements with California and Arizona which will allow the states to bank their unused or uncommitted water in the other’s share adding to their allowed amount.  Both of these strategies effectively add to the allotment of Colorado River water that Southern Nevada can draw from. 

The last strategy and the most controversial is the SNWA’s plan to build a pipeline from Northern Nevada to Southern Nevada to tap the unused portion of aquifers in rural White Pine and Lincoln counties.  The ranchers in these valleys are envoking the memories of Los Angeles Water and Power’s stealing of the water from the now dried up Owens River and Owens Lake.  However, the Nevada State hydrologisthas granted the majority of the Authority’s requests for this “unused” water and when this supply is available it will ensure Southern Nevada’s growth for decades to come!  So don’t let water be an issue when considering a purchase of real estate in the Las Vegas area as Pat Mulroy says “We won’t run out of water, it will just cost more!” I hope you enjoyed this piece please leave me a comment and visit my website Vegasdreamsellers.com

Is Water a reason not to Buy Real Estate in Las Vegas? (part 1)

Pat Mulroy, General Manager of the Southern Nevada Water Authority

Is water really a reason not to buy real estate in Las Vegas?!  I hear this all the time from people who do not live in the Valley.  It is a valid question especially considering all the media attention given to global warming and the changing climate.  To start the discussion its important to know that when the Colorado River Compact was signed in the 1922 no one realized that lowly Las Vegas would grow to the extent that it has and our city was only allocated 4% or 300,000 acre feet of water per year of the total lower basin allocation.  In comparison, Arizona was granted 37.30% or 2.8 million acre feet and California was granted 58.7% or 4.4 million acre feet per year that can be drawn from the lower Colorado. 

So we start with a deficit!  In 1922 the population of Clark County was less and 5,000 people and now in 2008 we have more than 2 million and the allocation is still the same!  By the way, an acre foot of water is equal to an acre of land covered by water one foot deep or 325,851 gallons or what is considered the annual usage by a family of four for a year.  Family’s in the Southwest use only .25AF/year.  Since the compact is not changeable Mrs. Mulroy needed alternatives to ensure that Southern Nevada had enough water now and into the future assuming that we will have another million people residing in Las Vegas by 2030.

Part two next time…   In the mean time ask questions or comments!  Please visit my website as well!

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