Developments in southwest valley rise after years of delays and defaults – VEGAS INC

When Las Vegas’ construction industry was white hot last decade, few places grew as fast as the southwest valley.

Buoyed by new freeway access and Wall Street’s easy money, investors flipped land for profit and built subdivisions, strip malls, office buildings and hospitals, with even more plans for an area that years earlier was largely open desert. But business plunged with the recession.

Today, as the economy improves, few places are getting as much action. Developers are building or planning to construct apartment complexes, industrial properties, big-box retail and single-family homes around the 215 Beltway between Interstate 15 and Flamingo Road.

via Developments in southwest valley rise after years of delays and defaults – VEGAS INC.

New-home sales, prices pick up steam in March – VEGAS INC

The Las Vegas homebuilding industry picked up the pace in recent months as sales volume climbed and developers laid out more construction plans.

Builders sold 543 new homes in Southern Nevada in March, bringing the year’s first-quarter total to 1,378 deals.

That’s up 8 percent from the same three-month period in 2014, according to a report out today from Las Vegas-based Home Builders Research.

via New-home sales, prices pick up steam in March – VEGAS INC.

Developers selling 65 condos in bulk at Strip tower – VEGAS INC

Another bulk-condo sale has hit the market in Las Vegas.Developers of Sky Las Vegas, a 45-story luxury residential tower on the north Strip, have listed the remaining 65 units that never sold after the building opened in 2007.Las Vegas brokers with CBRE Group sent out marketing materials today for the bulk deal, with a listed price of “best offer.” The sale includes about 28,600 square feet of empty commercial space on the second and third floors.The 65 residential units, totaling almost 95,500 square feet, are 92 percent leased, brokers said.

via Developers selling 65 condos in bulk at Strip tower – VEGAS INC.

Smart Landlords Require Renters Insurance | Zillow Pros Blog

Purchasing landlord insurance is a no-brainer when you buy an investment property — but despite offering greater protection than homeowners insurance, it doesn’t shield you from all liability on your property.

You can, however, increase the coverage on your rental and lower your costs in the long run — without adding to your own expenses — by requiring your residents to purchase renters insurance prior to moving into your property.

via Smart Landlords Require Renters Insurance | Zillow Pros Blog.

A Definitive Guide to Understanding Cap Rates and Cash-on-Cash Returns

There are several means of determining the return on an investment property.

You may hear the term “ROI” (or “ROR”), which means “Return on Investment” (or “Rate of Return”), which can be calculated in all sorts of ways.

Unfortunately, a lot of people will determine this number based on whatever factors will yield the highest number, regardless of how accurate to real-life it might be.

ROI is very general and encompasses your overall return on investment and it includes a lot of estimates and unproven numbers.

via A Definitive Guide to Understanding Cap Rates and Cash-on-Cash Returns.

Leveraging vs. Paying Cash: A Look at the Infamous Debate

Oh, the famous debate. Should you pay cash for your investment properties, specifically rental properties, or should you leverage them? If you are new and don’t know what leveraging means, it means using a loan or some other form of money (basically anyone’s money other than your own) to buy property. Buying a house using a mortgage is a perfect example of leveraging.

If you haven’t caught wind of this debate yet, just search for about five seconds on the BiggerPockets Forums and you should find enough entries about this to hold you over for hours! If you have seen these posts or been involved in the debate, you already know exactly what I’m talking about.

via Leveraging vs. Paying Cash: A Look at the Infamous Debate.

Sale of Stirling Club in limbo three years after closing – Las Vegas Sun News

The last real tremors of activity at the Mansion and Stirling Club at Turnberry Place were the night the club closed three years ago, when Kelly Clinton-Holmes and Ronnie Rose belted out Donna Summer’s “Last Dance” to sound the end of a 10-year party.

The latest signs of a pulse from the party palace on Paradise Road is a group of investors from a New York hospitality company that reportedly is willing to make a $15 million offer on the property.

via Sale of Stirling Club in limbo three years after closing – Las Vegas Sun News.

Top 10 Condo Deal | Las Vegas Condo Market Report

LRA-Logo-Blue.jpg

Southern Nevada’s economy had a strong 2014, and looks poised to grow stronger in 2015. Unemployment in the Las Vegas  stood at 7.5 percent as of January 2015, down from 8.9 percent in January 2014 and Mccarran Airport set a record for 41,126,512 visitors.

The following articles/bullet points provide more insight to our economy:

Report: Nevada cracks top 10 in economic outlook

Prediction: Las Vegas Home Prices Up by 8.4% Through June 2015

Las Vegas/Clark County Economic Data

Total $ amount of new construction projects planned per year.

  • 2015 $1,570,000,000

  • 2016 $624,000,000

  • 2017 $4,000,000,000+

Average sales price for single family/condos and town-homes.

  • 2009 $170,118

  • 2010 $166,917

  • 2011 $152,924

  • 2012 $165,998

  • 2013 $214,218

  • 2014 $237,041

  • 2015 YTD $242,049

Current Luxury Real Estate Advisors Promotions:

  • List your residence for sale for only 5% commission.

  • Leasing fees of 1 months rent capped at $2,000

  • 6% property management (5% for multi-residence clients.)

  • We will match Redfin’s buyers rebate program.

Featured Luxury Real Estate Advisors Resale Deals

Click Here For Resale Deals

Developer Deals

Veer Towers

  • Studio 1810 E – Leased at 1,350 Sales price $271,000 w/ two years of free HOA dues.

  • Studio 1809 E – Leased at 1,400 Sales price $271,000 w/ two years of free HOA dues.

Turnberry Towers

  • 1 bd, #704 @ $285,000 with tenant in place paying $1,650 w/18 months of HOA dues

  • 2 bd, #401 @ $400,000 with tenant in place paying $2,375 w/ 18 months of HOA dues

Park House

  • 2bd #123 $240,000 with a tenant in place paying $2000 w/ six months of free HOA dues.

  • 2bd #208 $240,000 with a tenant in place paying $2170 w/ six months of free HOA dues.

Sales and leasing data January-March 31 2015. Data pulled from MLS and deemed reliable but not guaranteed and may not include all developer/non-MLS sales.

Allure

# of Sales-4

Average Sale Price-$360,750

Average Sale Price/SF-$235.42

Average Days On Market-164

# of Leases-18

Average Rental Price-$1500

Average Rental Price/Sf-$134

Average Days On Market-42

Click here to view current sale listings at Allure

Boca Raton

# of Sales-3

Average Sale Price-$152,667

Average Sale Price/SF-$173.19

Average Days On Market-26

# of Leases-4

Average Rental Price-$1099.75

Average Rental Price/Sf-$1.05

Average Days On Market-117

Click here to view current sale listings at Boca Raton

Juhl

# of Sales-N/A

Average Sale Price-N/A

Average Sale Price/SF-N/A

Average Days On Market-N/A

# of Leases-10

Average Rental Price-$1723

Average Rental Price/Sf-$1.37

Average Days On Market-88

Click here to view current sale listings at Juhl

Loft 5

# of Sales-N/A

Average Sale Price-N/A

Average Sale Price/SF-N/A

Average Days On Market-N/A

# of Leases-18

Average Rental Price-$1719

Average Rental Price/Sf-$0.99

Average Days On Market-59

Click here to view current sale listings at Loft 5

Mandarin

# of Sales-14

Average Sale Price-$1,850,196

Average Sale Price/SF-$733.86

Average Days On Market-88

# of Leases-9

Average Rental Price-$5928

Average Rental Price/Sf-$2.99

Average Days On Market-36

Click here to view current sale listings at Mandarin

Metropolis

# of Sales-2

Average Sale Price-$501,500

Average Sale Price/SF-$200.74

Average Days On Market-96

# of Leases-4

Average Rental Price-$2550

Average Rental Price/Sf-$1.24

Average Days On Market-62

Click here to view current sale listings at Metropolis

MGM Signature

# of Sales-15

Average Sale Price-$212,885

Average Sale Price/SF-$349.55

Average Days On Market-184

# of Leases-5

Average Rental Price-$1669

Average Rental Price/Sf-$3.21

Average Days On Market-40

Click here to view current sale listings at MGM Signature

Newport Lofts

# of Sales-2

Average Sale Price-$313,000

Average Sale Price/SF-$238.25

Average Days On Market-3

# of Leases-5

Average Rental Price-$1855

Average Rental Price/Sf-$1.31

Average Days On Market-40

Click here to view current sale listings at Newport Lofts

One Las Vegas

# of Sales-1

Average Sale Price-$205,000

Average Sale Price/SF-$163.61

Average Days On Market-139

# of Leases-19

Average Rental Price-$1752

Average Rental Price/Sf-$1.28

Average Days On Market-49

Click here to view current sale listings at One Las Vegas

One Queensridge Place

# of Sales-8

Average Sale Price-$2,149,375

Average Sale Price/SF-$452.51

Average Days On Market-110

# of Leases-10

Average Rental Price-$5705

Average Rental Price/Sf-$2.09

Average Days On Market-50

Click here to view current sale listings at One Queensridge Place

Palms Place

# of Sales-45

Average Sale Price-$246,931

Average Sale Price/SF-$309.69

Average Days On Market-36

# of Leases-1

Average Rental Price-$2500

Average Rental Price/Sf-$2.05

Average Days On Market-27

Click here to view current sale listings at Palms Place

Panorama Towers

# of Sales-9

Average Sale Price-$334,250

Average Sale Price/SF-$248.15

Average Days On Market-105

# of Leases-23

Average Rental Price-$2252

Average Rental Price/Sf-$1.71

Average Days On Market-49

Click here to view current sale listings at Panorama Towers

Park House

# of Sales-1

Average Sale Price-$199,000

Average Sale Price/SF-$164.19

Average Days On Market-123

# of Leases-N/A

Average Rental Price-$N/A

Average Rental Price/Sf-$N/A

Average Days On Market-N/A

Click here to view current sale listings at Park House

Park Towers

# of Sales-N/A

Average Sale Price-$N/A

Average Sale Price/SF-$N/A

Average Days On Market-

# of Leases-N/A

Average Rental Price-$N/A

Average Rental Price/Sf-$N/A

Average Days On Market-N/A

Click here to view current sale listings at Park Towers

Sky Las Vegas

# of Sales-3

Average Sale Price-$243,333

Average Sale Price/SF-$265.95

Average Days On Market-174

# of Leases-18

Average Rental Price-$1817

Average Rental Price/Sf-$1.45

Average Days On Market-95

Click here to view current sale listings at Sky Las Vegas

The Martin

# of Sales-12

Average Sale Price-$391,875

Average Sale Price/SF-$330.62

Average Days On Market-51

# of Leases-12

Average Rental Price-$2415

Average Rental Price/Sf-$1.80

Average Days On Market-86

Click here to view current sale listings at The Martin

The Ogden

# of Sales-6

Average Sale Price-$400,333

Average Sale Price/SF-$290.74

Average Days On Market-8

# of Leases-2

Average Rental Price-$1538

Average Rental Price/Sf-$1.89

Average Days On Market-31

Click here to view current sale listings at The Ogden

Trump

# of Sales-9

Average Sale Price-$306,611

Average Sale Price/SF-$429.61

Average Days On Market-100

# of Leases-3

Average Rental Price-$2667

Average Rental Price/Sf-$3.38

Average Days On Market-57

Click here to view current sale listings at Trump

Turnberry Place

# of Sales-11

Average Sale Price-$488,455

Average Sale Price/SF-$241.62

Average Days On Market-130

# of Leases-17

Average Rental Price-$2735

Average Rental Price/Sf-$1.23

Average Days On Market-90

Click here to view current sale listings at Turnberry Place

Turnberry Towers

# of Sales-4

Average Sale Price-$398,750

Average Sale Price/SF-$322.68

Average Days On Market-55

# of Leases-20

Average Rental Price-$2153

Average Rental Price/Sf-$1.81

Average Days On Market-62

Click here to view current sale listings at Turnberry Towers

Vdara

# of Sales-1

Average Sale Price-$399,800

Average Sale Price/SF-$635.61

Average Days On Market-9

# of Leases-3

Average Rental Price-$3000

Average Rental Price/Sf-$4.03

Average Days On Market-53

Click here to view current sale listings at Vdara

Veer Towers

# of Sales-17

Average Sale Price-$523,959

Average Sale Price/SF-$497.59

Average Days On Market-60

# of Leases-38

Average Rental Price-$1898

Average Rental Price/Sf-$2.29

Average Days On Market-39

Click here to view current sale listings at Veer Towers

Subdivisions:

Anthem

# of Sales-166

Average Sale Price-$405,104

Average Sale Price/SF-$175.40

Average Days On Market-84

Click here to view current listings at Anthem Country Club

Click here to view current listings at Anthem Highlands

Mountains Edge

# of Sales-79

Average Sale Price-$266,634

Average Sale Price/SF-$119.58

Average Days On Market-83

Click here to view current listings at Mountains Edge

Red Rock Country Club

# of Sales-16

Average Sale Price-$975,588

Average Sale Price/SF-$266.96

Average Days On Market-66

Click here to view current listings at RRCC

Southern Highlands

# of Sales-14

Average Sale Price-$534,557

Average Sale Price/SF-$154.81

Average Days On Market-80

Click here to view current listings at Southern Highlands

The Ridges

# of Sales-4

Average Sale Price-$3,577,222

Average Sale Price/SF-$445.13

Average Days On Market-111

Click here to view current listings at The Ridges

Please contact us if our office can assist you with buying/selling or managing residential and commercial real estate.

Anthony Phillips

Luxury Real Estate Advisors

Summerlin Office

1980 Festival Plaza Dr. #300, Las Vegas, NV 89135

Strip/Property Management Office

4625 Polaris #114 Las Vegas, NV 89103

P: 702.482.8885 | F: 702-302-4486

MyLvCondoSales.com | MyLvHomeSales.com

Gazing at the Horizon: Why the Buy/Rent Equation is Changing ‹ Zillow Real Estate Research

As of Q4 2014, the U.S. Breakeven Horizon is 1.9 years, up by 1.5 months from Q2 2014.

Among large metros, Los Angeles (5 years), Washington, D.C. (4 years and two months), San Diego (3 years and 10 months) and Boston (3 years and 5 months) have the longest Breakeven Horizons.

Large metros with the shortest Breakeven Horizons include Dallas-Fort Worth (a little over one year two months), Indianapolis (1 year and 3 months), Detroit (one year and 4 months) and Riverside (almost one and a half years).

via Gazing at the Horizon: Why the Buy/Rent Equation is Changing ‹ Zillow Real Estate Research.

Discovery Land Company ~ Summerlin, Las Vegas, NV

The Howard Hughes Corporation® (NYSE: HHC) announced today a joint venture development with Discovery Land Company, the world’s leading developer of private clubs and luxury communities to create an unparalleled luxury living experience in the Summerlin master planned community in Las Vegas, NV.

The joint venture will produce Summerlin’s most exclusive luxury community, consisting of 555 acres of the most scenic, secluded and pristine land only minutes from Downtown Summerlin.

Development on this new resort community is expected to begin in mid-2015 with the first lot and home sales commencing in the latter part of 2015.

via Discovery Land Company ~ Summerlin, Las Vegas, NV.