Category: Las Vegas High Rise Condos

Land and home sales keep climbing in the largest master-planned community in the Las Vegas Valley.Summerlin developer Howard Hughes Corp. said today it sold 76.5 acres of land to homebuilders for $29.7 million during the three months ending Sept. 30.That’s almost four times better than the same period last year, when it sold 21.7 acres for $7.7 million.Meanwhile, builders sold 153 new homes in Summerlin in the third quarter, up 20 percent from 128 sales a year earlier.

via Sales of homes, land continue to soar in Summerlin – VEGAS INC.

After soaring fast and crashing hard, Las Vegas home values are recovering at one of the fastest rates nationally.But this market isnt alone: Several other cities that experienced housing bubbles and economic destruction when the bubble burst are also leading the pack in real estate recovery.In Sacramento, home values climbed 34 percent over the past year, the fastest rate among major metropolitan areas, according to housing data firm Zillow. Las Vegas came in second at 33 percent, followed by Riverside, Calif., at 32 percent.Nationally, home values climbed just 6 percent during the same period.

via In real estate, those who fell farthest are now soaring highest – VEGAS INC.

Housing Leads Construction Industry to Moderate Growth in 2014, According to McGraw Hill ConstructionDodge Outlook Report Predicts Rise in Construction Starts for Housing, Commercial & Manufacturing Building Sectors; Stability for Institutional Building After Lengthy Decline; Weaker Activity for Public Works & Electric UtilitiesWashington, D.C. – October 25, 2013 – McGraw Hill Construction http://www.construction.com/, part of McGraw Hill Financial NYSE: MHFI, today released its 2014 Dodge Construction Outlook, a mainstay in construction industry forecasting and business planning.  The report predicts that total U.S. construction starts for 2014 will rise 9% to $555.3 billion, higher than the 5% increase to $508 billion estimated for 2013.“We see 2014 as another year of measured expansion for the construction industry,” said Robert Murray, McGraw Hill Construction’s vice president of Economic Affairs.  “Against the backdrop of elevated uncertainty and federal spending cutbacks, the construction industry should still benefit from several positive factors going into 2014.  Job growth, while sluggish, is still taking place. Interest rates remain very low by historical standards, and in the near term the Federal Reserve is likely to take the necessary steps to keep them low.  The bank lending environment is showing improvement in terms of both lending standards and the volume of loans.  And, the improving fiscal posture of states and localities will help to offset some of the negative impact from decreased federal funding,” said Murray.

via Housing Leads Construction Industry to Moderate Growth in 2014.

For the second consecutive week, fixed-rate mortgages declined, lowering borrowing costs and helping to alleviate some signs of softening in the housing market, according to Freddie Macs weekly mortgage market report. The 30-year fixed-rate mortgage averaged 4.10 percent this week, its lowest average since June. The Federal Reserve announced this week after its monetary policy meeting that it would be keeping its $85 billion per month bond-buying program in place for now, which should help sustain low mortgage rates in the near future, says Frank Nothaft, Freddie Mac’s chief economist. The Fed also noted an improvement in economic activity but a slowing in the housing market recovery in recent months as unemployment remains high, Nothaft notes. Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 31:

via Mortgage Rates Fall to Lowest Levels Since June | Realtor Magazine.

NAR says the biggest factors influencing neighborhood choice were quality of the neighborhood, cited by 63 percent of buyers; convenience to jobs, 48 percent; overall affordability of homes, 40 percent; and convenience to family and friends, 38 percent.

Other factors with relatively high responses included quality of the school district, 29 percent; neighborhood design, 28 percent; convenience to shopping, 26 percent; convenience to schools, 22 percent; and convenience to entertainment or leisure activities, 20 percent.

Commuting costs remain a significant factor, with 73 percent of buyers saying transportation costs were important in the purchase decision process.“Green” features also played a role, with 85 percent saying heating and cooling costs were important, and 68 percent wanting energy efficient appliances.

via 2013 home buyer and home seller trends report – AGBeat.

Americans are increasingly showing their desires for walkable neighborhoods that combine a mix of homes and stores. In fact, a new survey shows that the least popular neighborhood is a suburban one with just houses in it. Sixty percent of Americans surveyed say they favor neighborhoods with a mix of houses and stores and other businesses that are easy to walk to over neighborhoods that require greater driving among home, work, and recreation, according to the National Association of REALTORS®’ 2013 Community Preference Survey of 1,500 Americans. “Although there is no one-size-fits-all approach, smart growth is typically characterized by mixed-use development, higher densities, and pedestrian-friendly streets that accommodate a wide diversity of transportation modes,” says NAR President Gary Thomas. “Growth patterns, economic development, and quality-of-life issues are inextricably linked to the success of communities and residents.”

via Neighborhood Preferences Are Changing | Realtor Magazine.

Rhetorical question? Perhaps, for surely everyone does. But increasingly, successful people are taking a harder look at residency. The notion that a moneyed Californian would even consider it provokes outrage among some. Remember the public reaction to Phil Mickelson’s remarks?The question whether “making it” in California requires staying and paying may be a debate with no answer. Yet the tax laws recognize it has always occurred state to state and even country to country. Moreover, the income tax is uniformly an annual reckoning. This fundamental fact about income taxes itself belies the notion that one cannot earn, pay tax and leave before paying more.

via With California Taxes…..Who Wants To Be A Millionaire? – Forbes.

Rising home prices and short supply have investors setting their sights on a new real estate play. Home flipping, loosely defined as buying and selling the same home within six months, fell out of favor during the housing recession, as falling prices left no prospect for profit. Now the market is on the rise again, and flippers are testing the waters, but the game has changed. This time, high rollers are taking the lead, backed by private-equity cash. The million-dollar flip is a high-risk, high-reward play, with investors catering to the latest architectural whims of the highest-end buyers.

via Investors high on high-end house flips – MSN Real Estate.

Starwood Property Trust will spin-off its single-family residential business into a real estate investment trust, as the company looks to become one of the largest publicly-traded single-family property owners.  The new REIT, Starwood Waypoint Residential Trust, will be listed on the New York Stock Exchange and trade under the ticker symbol \”SWAY.\”As of September 30, 2013,

Starwoods single-family residential portfolio, which will be owned by the new REIT, included approximately 5,817 properties, totaling approximately $750 million in investment capital, the company said.The new REITs portfolio will be managed by Sway Management, a subsidiary of Starwood Capital Group, which is merging with Waypoint Real Estate Group. No details were announced for the Waypoint transaction.Barry Sternlicht, “Were buying $50 million to $60 million homes a month and the baby is getting a little large — like Moby-Dick,” Starwood chief executive Barry Sternlicht told Bloomberg. “With Waypoint, well have best-in-class management that has capability proven to get to scale.”

via Starwood Creates Single-Family-Home REIT – WORLD PROPERTY CHANNEL Global News Center.