“Home price appreciation has settled into a nice groove over the past few months, and ought to remain there going forward. This is still more proof that the for-sale market, while certainly not yet fully healed, is continuing to return to normal,” said Zillow Chief Economist Dr. Stan Humphries. “But relative strength in one indicator shouldn’t be confused with full recovery. Inventory is very low and the housing market is still very much out of balance, particularly on the rental side, where rapid rent increases and tepid wage gains are contributing to a deepening rental affordability crisis. This will make it more difficult for current renters to save up and make the transition into homeownership, particularly for younger would-be buyers the market so sorely lacks and needs.”
Our forecasting model incorporates previous data points of the Case-Shiller series, as well as Zillow Home Value Index data and national foreclosure resales. To see how Zillow’s forecast of the February Case-Shiller indices compared, see our research brief from last month.
via Case-Shiller Home Price Appreciation in “A Nice Groove” at End of Q1 ‹ Zillow Real Estate Research.
More than 300 construction workers and ironworkers celebrated with MGM Resorts International officials this morning as a giant crane lifted into place the last of some 7,000 steel beams weighing a total of 7,100 tons to top off and encircle the new MGM Arena that will open behind Monte Carlo next spring.
Now begins the interior work on concession areas, steps, seating and boxes for patrons. Execs with MGM Resorts and partner AEG, along with Clark County officials, signed the final beam before it was hoisted into place.
via Photos: MGM Resorts, AEG commemorate topping off at new arena – Las Vegas Sun News.
A home inspection is a vital part of the homebuying process. Some potential buyers tend to view home inspections as something that is not necessary or too expensive. But home inspections can save buyers time and money in the long run.
Here are some things you should know about home inspections:
What is a home inspection?
A home inspection is a visual examination of the physical structure and major interior systems of a home. It’s important to distinguish that a home inspection is not an appraisal, building code inspection or an insurance policy examination.
It is also important to note that a home inspection is not a guarantee of any kind — it’s simply an assessment of the property’s condition at the time of the inspection.
via The ins and outs of home inspections | Inman.
Nevada gaming revenue rose significantly in April, with some particularly strong increases in the Las Vegas area, the state said today.The Gaming Control Board said state casinos won $897.9 million last month, up 5.39 percent from the same month a year ago. For the fiscal year, however, gaming revenue is still down 1.44 percent.On the Strip, which accounts for more than half of the state total, casinos won $498.9 million in April, up 7.77 percent from April 2014. Slot revenue there increased 11.07 percent to $262 million, while baccarat revenue increased 5.33 percent to $95.2 million.
via Nevada gaming revenue up more than 5 percent in April – VEGAS INC.
Homebuilder Kent Lay knows all too well that Summerlin land isn’t cheap. His company, Woodside Homes, is paying double what it did a few years ago.
It’s not alone. Land prices have been climbing at a faster rate in the sprawling Las Vegas community than in the valley at large, with the gap growing even wider in recent months.
Summerlin land prices soared 31 percent in the first quarter from a year earlier, while prices valleywide fell 34 percent in that time.
The price jumps are slowing land sales but by no means scaring off builders, who spend big dollars tying up land in the 22,500-acre project, one of the most affluent and popular places to live in Southern Nevada.
via Summerlin land prices keep rising, but homebuilders aren’t shying away – Las Vegas Sun News.
Ground has broken on the Summit Club, a 555-acre ultraluxury country club community.
The Howard Hughes Corp., which is developing Summerlin, and Discovery Land Co. of Scottsdale, Ariz., plan to build about 250 homes near Tropicana Avenue and Town Center Drive, just south of The Ridges, in the foothills near Red Rock Canyon National Conservation Area.
The community is expected to open late next year. It will offer lots for custom homes priced at $2 million to $10 million, the most expensive in the Las Vegas Valley.
The private golf community will feature a Tom Fazio 18-hole course and a two- to three-story clubhouse.
Steve Adelson, a Discovery Land partner, said the community was named the Summit Club not just because of the elevated property that overlooks the Las Vegas Valley, but to hark back to the Rat Pack days when service and elegance wrapped the neon like a white linen glove.
via Ground breaks for new ultraluxury country club community | Las Vegas Review-Journal.
The Ridges village in Summerlin was conceived in 2000 as an exclusive, guard-gated luxury community that would include custom and semicustom homes built on 793 acres, and be at the master-planned development’s far western boundary. Jack Nicklaus designed the Bear’s Best Golf Course as the community’s centerpiece, adjoined by Club Ridges, a recreational gathering place for active residents.When Real Estate Millions arrived at The Ridges sales office for a visit, cyclists from the 2015 Tour de Summerlin bicycle race were swarming and encircling the village. More than 700 participants rode the racecourse and set a new attendance record.The Ridges is home to seven custom neighborhoods and four high-end production home neighborhoods. Two custom neighborhoods and one high-end production neighborhood are left to develop in the Summerlin luxury community.
via The Ridges offers luxury community within Summerlin | Las Vegas Review-Journal.
Las Vegas’ used-home market had rising sales and prices last month, although ignored listings kept climbing, a new report shows.
The median sales price of single-family homes in Southern Nevada in April was $212,568, up 3.7 percent from March and 10.7 percent from a year ago, according to the Greater Las Vegas Association of Realtors.
Buyers picked up 2,753 single-family homes last month, up 1.7 percent from March and 5.3 percent from April 2014, GLVAR reported.
via Sales and prices of used homes rise in April in Las Vegas – VEGAS INC.
Station Casinos, the Las Vegas locals gaming giant whose properties include Green Valley Ranch, Red Rock Resort and Palace Station, reported its first-quarter earnings today.Company: Station Casinos LLCRevenue: $342.8 million, up 5 percent from the same quarter last year.Earnings: $37.8 million, compared to net income of $15.3 million in the first quarter of 2014.What it means: Station said its quarterly performance was assisted by strong consumer confidence and spending levels. The company noted in a statement that those factors helped drive a 4.5 percent same-store net revenue growth in Las Vegas.
via After strong first quarter, Station CFO optimistic about Las Vegas economy – VEGAS INC.
Nevada’s jobs outlook continues to point up, with employment expected to return to pre-recession levels by mid-2016, Nevada’s Department of Employment, Training and Rehabilitation reported today.Job growth is expected to climb by 45,000 jobs in 2015, 52,000 jobs in 2016 and approach 60,000 jobs in 2017, surpassing peak levels last seen in 2007. Employment peaked in 2007 at 1.28 million jobs; as of third quarter 2014, the state is at 1.20 million jobs.The quarterly projections were presented Friday as part of the state’s daylong Economic Forum, a twice-yearly meeting of five independent economic experts that projects Nevada’s revenue and helps lawmakers set the state budget for the next two years.
via Nevada employment headed toward pre-recession levels – VEGAS INC.