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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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!

The return of Mira Villa!

Mira Villa

Mira Villa

The long awaited and much talked about Mira Villa condominiums in Summerlin was recently opened for sales.  This community started pre-sales about four years ago and was under construction until litigation halted progress.  From what I understand, the development group had financing issues and ultimately filed for bankrupcy protection which collected the builder, Westmark Homes in the process.  This was unfortunate because Westmark is a quality, local builder that as a result of the litigation has halted construction of Coronado in the Paseos and Montechiro. 
Mira Villa

Mira Villa

These are large homes.  They start around 2000 square feet to 4000 square feet and are located near the JW Marriott on the TPC Las Vegas Course.  All of the homes are one level,  have two car garages, private elevators and large verandas.  The common ammenities include a state of the art gym, barbecue ramadas firepits and hottubs.  The location provides a tranquil setting and ideal place to take in the  tremendous views of Red Rock Canyon and the beautiful environs of Summerlin.  These homes start in the $400,000’s  and if you are interested in touring this community just call or email me!  As always remember to visit Vegasdreamsellers.com and don’t forget to ask questions or leave me a comment or two! 

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

CNBC's Jane Wells

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:

Summerlin Mall Update!

Summerlin Centre Mall Under Construction

This is a photo I recently took of the construction activity on the Summerlin Centre Mall located at the 215 and Sahara in Summerlin.  The Las Vegas Review Journal reported that the mall would be delayed by one year due to the fact that only about 50% of the rentable space had been leased.  Construction has not been halted, only slowed which in my opinion, is good news because it shows activity and ongoing construction progress.  Also under construction in Summerlin Center is Minnesota based Lifetime Athletic,  an upscale health club chain that will bring the residents of this area a much needed amenity.  I am looking forward to the completion of both of these projects and I feel that when the economy starts to recover next year that we will see an increase in leasing activity at Summerlin Centre and the construction will accelerate so that we see a grand opening in the first half of 2010.  This mall will be a great addition to the area as an amenity but will also be a big positive to the Summerlin real estate market!  You heard it here!

National Publications are Buzzing about Summerlin!

NY Times article on SummerlinSummerlin has been the glowing subject of several articles in the National Press lately touting its high quality of life and close proxmity to several outstanding outdoor recreation opportunities.  The New York Times recently did a piece on Summerlin entitled “Leaving Las Vegas for the Suburbs” which profiled why second-home owners chose Summerlin over other locations for R&R.  In addition to the myriad shopping and dining opportunities the article states “Summerlin has endless options for outdoor recreation; the area is home to more than 100 parks, 150 miles of trailes and 9 golf courses, including the TPC Summerlin and TPC Las Vegas.”   The Times goes on to say that there are financial benefits as well: “the state (Nevada) has some of lowest property taxes in the US at less than 1 percent of assessed value and for those who stay more than 6 months in a year there is no state personal income tax!”  

National Geographic AdventureNational Geographic Adventure has recently named Las Vegas the “Number One Best Place to Live and Play” in the US!  Las Vegas was awarded this distinction because of our quality of life but also the “Immediate access to the outdoors” afforded to residents in both Summerlin and many other parts of the Las Vegas Valley.  Take a look at this website called “Adventures in Summerlin” for more information! 

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! 

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