Category: Las Vegas Condos For Sale

Summerlin, launched 25 years ago this month with the opening of Summerlin Parkway — would become much more than a bedroom community for the resort district.

Following the lead of a smaller Henderson master plan before it, Summerlin would take planned communities to a new level, shaping how all of Southern Nevada grew and how most Las Vegans live.

Don’t take it just from us.

Summerlin “has evolved into an extraordinarily large and mature community, and in the process has redefined for its region the concept of a master-planned community,” said researchers with the Urban Land Institute, a national nonprofit that promotes sustainable land use, in a 2002 case study.

via How Summerlin helped shape modern Las Vegas | Las Vegas Review-Journal.

The company that owns the Stratosphere, Arizona Charlie’s and the Aquarius in Laughlin, reported its fourth-quarter and full-year earnings today.

Company: American Casino & Entertainment Properties LLC

Revenue: $84.8 million for the quarter, an 8.3 percent increase from the fourth quarter of 2013. For all of 2014, the company’s net revenue was $351.1 million, a 4 percent increase from the previous year.

Earnings: $200,000 for the quarter, compared to a net loss of $2.8 million in the fourth quarter of 2013. For the year, the company’s net income was $7 million, compared to a loss of $15.1 million the year before.

via Fourth-quarter revenue, income up at Stratosphere parent company – VEGAS INC.

The price tag on a Spanish Trail home may scare most away with its seven-figure asking price, but what’s really up for sale is “design genius, privacy and the perfect home for entertaining,” according to its owner.

Located on an acre lot at 26 Vintage Court, the 12-bedroom, 10-bathroom home is on the market for $7.95 million. It was designed by owners Laura and Jack Sommer, whose family made their fortune in real estate.

via Photos: 20,000-square-foot Spanish Trail home on the market for cool $8 million – Las Vegas Sun News.

Las Vegas’ soaring home prices outpaced wage growth at one of the fastest rates in the nation the past few years, a new report shows.

The average weekly wage in Southern Nevada in the second quarter last year was $825, up just 2.2 percent from two years earlier. But the median sales price of homes shot up 30 percent in the two years ending December 2014, to $165,500, according to RealtyTrac.

Housing prices outpaced earnings here at the 17th-fastest rate in the country, by a ratio of roughly 14 to 1, the company found.

via Las Vegas home prices leave wage growth in the dust – VEGAS INC.

LAS VEGAS (AP) — Visitors to Las Vegas last year spent an estimated $723 each says a report that pins the value of tourism at $50 billion total.The Las Vegas Convention and Visitors Authority commissioned the economic impact report presented at the agency’s Tuesday meeting by Applied Analysis.

via Las Vegas tourism impact rises to $50 billion in 2014 – 8 News NOW.

CARSON CITY — Taxable sales in December were strong in Nevada, up 10.2 percent compared to the same month in 2013.

The state Department of Taxation reported Wednesday that taxable sales reached $4.8 billion, with big jumps in furniture sales and construction.

The increase was the largest monthly percentage gain since a 10.4 percent rise in May 2012.

via Nevada taxable sales up 10.2 percent in December – Las Vegas Sun News.

Southern Nevada will soon see some of its priciest homes yet.

The Howard Hughes Corp., which is developing Summerlin, is announcing a joint venture with Discovery Land Co. of Scottsdale, Ariz., to build about 250 homes on 555 acres near Tropicana Avenue and Town Center Drive, just south of The Ridges, in the foothills near Red Rock Canyon National Conservation Area.

When it breaks ground in 2015, the currently unnamed project will be the lowest-density neighborhood under construction in the local market, with lots as big as three acres, said Steve Adelson, a partner in Discovery. It probably will be the most expensive as well, with vacant parcels starting in the low seven figures, though it’s too early in planning to peg construction costs or home prices.

via New Summerlin development to be most expensive in Las Vegas | Las Vegas Review-Journal.

A Tuesday report from a national real estate research firm ranked Las Vegas No. 1 for its share of boomerang buyers — homebuyers who experienced foreclosure or short sale in the downturn but are set to purchase again.

It’s a segment that will make up more than a quarter of the city’s potential single-family homebuyers from 2015 through 2022, California-based RealtyTrac said. With such a large portion of the market, boomerang buyers could have a big effect on Southern Nevada’s real estate climate for much of the next decade, as long as lending and pricing factors cooperate.

“It’s similar to how a lot of people look at how millennials will really impact the future of the housing market,” RealtyTrac Vice President Daren Blomquist said. “It’s not going to make or break the market, but the market is better served if boomerang buyers do become homeowners again in larger numbers.”

via Report: Foreclosed-on homeowners may return to market | Las Vegas Review-Journal.

In a room packed with state dignitaries, reporters and political leaders, Gov. Brian Sandoval delivered a surprise in his State of the State address: a bold statement about the future of technology in Nevada.

Las Vegas data company Switch, he said, will dole out $2 billion to build 4.5 million square feet of additional warehouse space in Las Vegas and Reno, bringing an estimated 5,000 new jobs to the economy.

via The next Silicon Valley – Las Vegas Sun News.