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The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.
Here’s an excerpt:
19,000 people fit into the new Barclays Center to see Jay-Z perform. This blog was viewed about 110,000 times in 2012. If it were a concert at the Barclays Center, it would take about 6 sold-out performances for that many people to see it.
The Las Vegas housing market had a strong year in 2012 with increased sales and rising prices.Most of the deal flow was at the lower end of the market, where investors keep picking up cheap homes to rent out. The luxury-homes sector, while accounting for a small portion of overall sales, had a fair number of deals, as well.
via Posh pads: The priciest Las Vegas home sales of 2012 – VEGAS INC.
Las Vegas is expected to be among the 50 fastest-growing metropolitan areas over the next five years, according to a computer projection released today by Pitney Bowes Software.The city ranks 48th in percentage of anticipated growth and 23rd in the expected number of new households in Pitney Bowes’ first Metro Magnet Index report.The model, which examined trends in 384 U.S. metropolitan areas, forecasts slow, steady 1 percent annual growth for Las Vegas over the next five years, adding 33,500 households by 2017.The growth forecast for Las Vegas is comparable to Phoenix, which was one of the fastest-growing cities in the first decade of the 21st century. In terms of number of real households, Las Vegas is on par with projections for the Chicago and Nashville metropolitan areas.Pitney Bowes created the model as a way of helping businesses map future expansion plans.“Projected household growth is a critical indicator for the economic prospects of a specific geographic area, and this data can help real estate, retail and a range of other businesses, plan their growth strategy scientifically,” John O’Hara, president of Pitney Bowes, said in a statement.
via Las Vegas ranked in top 50 of fastest-growing metropolitan areas – VEGAS INC.
Here was a summary of forecasts for 2012. Right now it looks like new home sales will be around 370 thousand this year, and total starts around 770 thousand or so. Tom Lawler, John Burns and David Crowe (NAHB) were all very close on New Home sales for 2012. Lawler was the closest on housing starts.
The table below shows several forecasts for 2013. (several analysts were kind enough to share their forecasts – thanks!)
From Fannie Mae: Housing Forecast: November 2012
From NAHB: Housing and Interest Rate Forecast, 11/29/2012 (excel)
I haven’t worked up a forecast yet for 2013. I’ve heard there are some lot issues for some of the builders (not improved until 2014), and that might limit supply. In general I expect prices to increase around the rate of inflation, and to see another solid increase in 2013 for new home sales and housing starts.
via Calculated Risk: 2013 Housing Forecasts.
A New York investment firm has paid $119 million cash for more than 60 percent of the condos at CityCenter’s Veer Towers.
The bulk sale of 427 units to Ladder Capital, recorded Thursday in Clark County, means almost all the available inventory has been snapped up.
The 37-story luxury high rises on the Strip are 98 percent sold, developers said today. The 11 remaining units are all penthouses.
via Veer Towers virtually sold out with bulk sale of 427 units – VEGAS INC.
According to the National Association of Realtors (NAR), existing-home sales continued to improve in November with low inventory supply pressuring home prices.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 percent higher than the 4.40 million-unit pace in November 2011. Sales are at the highest level since November 2009 when the annual pace spiked at 5.44 million.
The number of improving housing markets grew by 76 in December to a total of 201, according to the National Association of Home Builders/First American Improving Market Index. The index identifies U.S. metro areas that have shown improvement in home sales, employment, and housing values for at least the past six months.Some of the new markets added to this month’s improving list include Atlanta; Bloomington, Ill.; Ann Arbor, Mich.; Seattle; and Green Bay, Wis.”The big gain in improving markets this December indicates that key measures of housing and economic strength have now been holding steady or improving in metros across the country for six months or more, which is an important signal of stability amidst the slowly emerging recovery,” says NAHB Chairman Barry Rutenberg. “The main thing thats limiting the progress were seeing right now is the difficulty that potential buyers continue to experience with regard to overly tight mortgage qualifying standards.”
via Number of Improving Housing Markets Soars | Realtor Magazine.
Each year, 12 million people will make the trek from Southern Californias metropolitan area to Las Vegas on the I-15 highway.Thats a whole lot of people on the road who want to gamble and drink. So why not skip the drive and start the party 5 hours earlier?The brainchild of Nevada entrepreneur Michael Barron, the Las Vegas Railway Express X Train is expected to be “essentially a nightclub on wheels.” Its tricked out with flat screen TVs, two lounges, a fully-stocked bar, and plush recliners.
via X Train From Los Angeles To Las Vegas – Business Insider.
If Las Vegas and Southern Nevada can limp through the next two years, the region could see long-term economic growth rivaling the days before the Great Recession.The valley isn’t alone: the entire West could see steady and sustained economic growth after 2015, economists told local business leaders today during a meeting sponsored by UNLV at the M Resort in Henderson.“We’re still a long ways away from where we were in 2007, but we’re improving,” said Stephen Brown, director of UNLV’s Center for Business and Economic Research. “Our growth is slower than the rest of the nation but, of course, we’re recovering from a lot steeper losses.”Economists are basing forecasts on analysis of trends regionally and across the nation.
via Economists: Las Vegas poised for steady, sustainable growth – Las Vegas Sun News.
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