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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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.  

click to enlarge

 

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!

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!

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! 

More Great Summerlin Homes News!!

Boulder Ridge Plan 2 Kitchen

Boulder Ridge Plan 2 Kitchen

I was recently asked by Christopher Homes to participate their new education seminar, the Realtor Ambassador program.  I was blown away by these homes and the floor plans, upgrades and the area! First, Boulder Ridge is located in The Ridges in Summerlin , which in my opinion, is the finest place to live in the entire Valley.  These beautiful homes range from 4400sf to 5900sf and start in the upper $1 millions.   The standard upgrades and finishes available here are much more elaborate than I have seen even in most custom homes!  Features like pivot front doors, kitchens with two of everything, slick wall texture, unique door hardware, stone flooring and counters and exotic hardwood cabinetry (like zebra-wood and gum wood)!  All this and home-sites of 1/3acre to 1/2acre at prices that in many cases is lower than building it yourself!  In addition to these incredible homes, Christopher is offering  jumbo financing at 6% with only 25% down.  For those of us who don’t want to sell our homes at the current prices, Christopher has a solution:  sign a contract to purchase a B. R. home but only buy the home-site at that time and then they give you 24 months to sell your home all the

Boulder Ridge Plan One Living Room

Boulder Ridge Plan One Living Room

while your new home is under construction.  So this gives you time to sell your home in a more favorable market and lock in today’s prices on the home of your dreams at Boulder Ridge!   They also offer a sale/leaseback for investors looking for locked in cash flow.  The plan one home is available with out artwork but fully furnished with a lease payment of $19,630/month (8%)  for a guaranteed year!  An investment that yields an 8% return!  Please contact me for more information about these tremendous homes and these incentives!  And remember to contact your Ambassador to schedule a tour of Boulder Ridge!

Ladera Canyon

Ladera Canyon

Ladera Ridge at Ladera Canyon my Richmond American Homes is closing out their community located in The Mesas.  The floorplans are unique for Richmond in Las Vegas and they offer some great spaces!   I got a call from a sales person and they told me that the homes they have left in the Mesa can be purchased with free upgrades!!  So think of this buying a home with the natural stone floors and upgraded finishes for no additional cost!  This is a tremendous opportunity in the Mesas and I love these homes! 
If you are interested in touring Boulder Ridge and seeing these fabulous homes or Richmond American’s models in the Mesa please contact me on my mobile and we will set up an appt!  Please leave me a comment and make sure to visit http://vegasdreamsellers.com!  

Next post: The return of Mira Villa!

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