Category: Uncategorized

Upwards of $1.5 billion will be invested in the Las Vegas gaming market over the next two years.That’s Mike Mixer’s prediction.Mixer is the head of a new national gaming group established last summer by commercial real estate brokerage Colliers International. The firm already is known as a major player in the hotel, industrial, office and retail sectors. Now, it is adding gaming to that list.Mixer’s Las Vegas-based team includes longtime industry executives Josh Smith and Gabe Telles, who both most recently worked for Colliers’ competitor CBRE.The investments Mixer and his team anticipate include new casino sales and updates, including the renovation of the Sahara into SLS Las Vegas, the transformation of Imperial Palace into the Quad, construction by Caesars Entertainment of the Linq entertainment promenade behind the Flamingo and the Quad, the redevelopment of Bill’s Gamblin’ Hall, the development of a Nobu Hotel at Caesars Palace and the redevelopment of the Lady Luck into the Downtown Grand.

via Colliers Gaming Group expects Strip revenue to grow in coming years – VEGAS INC.

October visitor volume in Southern Nevada increased by 2.9 percent over the same month last year to 3.52 million, the second-highest monthly total for tourists this year, officials said.The average daily room rate for the month, $117.70 a night, was the highest since May 2008.The Las Vegas Convention and Visitors Authority credited the strong numbers to robust convention attendance, spurred by a favorable show rotation schedule.

via Southern Nevada visitor volume up to 3.52 million in October – Las Vegas Sun News.

Prices for foreclosed homes in Nevada jumped this year as sales volume plummeted, underscoring the states high demand and slim inventory.A total of 5,560 homes that were bank-owned or in some stage of foreclosure were sold in Nevada in the quarter ending Sept. 30. Thats down 51 percent from the same period last year, according to a report out today from Irvine, Calif., research firm RealtyTrac. The majority of the sales, 4,650, were in the Las Vegas Valley.The average sales price was $139,301, up 12.5 percent from a year earlier. However, buyers of distressed homes received an average discount of 17.8 percent compared to buyers of non-distressed homes.

via Shrinking volume, rising prices for foreclosed homes in Nevada – VEGAS INC.

Here are some tips for finding and managing quality contractors and creating rewarding relationships with them:

Get Multiple Quotes from Different Contractors: It may seem obvious but so many people don’t do it. The disparities between quotes for the exact same job is sometimes mind numbing. If you are only getting one or two quotes you are potentially wasting money and marring your return on investment. On our very first rehab we had to deal with a fairly major foundation problem. The first quote was almost eight thousand dollars, which we initially thought was reasonable until we received additional quotes. The repairs were completed by a reputable company for half that, saving us money and boosting our returns.

Be Specific when Seeking Bids: Just like other professions, there are contractors looking to take advantage of vulnerable people; don’t be vulnerable. To provide defense from predatory contractors be as specific as possible and leave no room for interpretation. Specificity will also demonstrate confidence, awareness, and knowledge, compelling shady contractors to look elsewhere.

Ink It – Get a Detailed, Written Scope of Work: In a perfect world a handshake is all you need to ensure an agreement is upheld, but a handshake is not enough today. Once you have selected a contractor and agreed on a price, use a scope of work agreement to put EVERYTHING in writing. The scope of work should describe in detail the work to be performed and should be signed by both parties. This document will come in handy should any disagreements arise.

via Nine Tips for Choosing and Managing Contractors.

Home builder confidence for the new, single-family home market posted its seventh consecutive month gain, reaching its highest level since May of 2006, according to the November index by the National Association of Home Builders and Wells Fargo.

“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” says NAHB Chair Barry Rutenberg. “In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to …

move forward with a purchase in order to take advantage of today’s favorable prices and interest rates.”

NAHB Chief Economist David Crowe says, “At this point, difficult appraisals and tight lending conditions for builders and buyers remain limiting factors for the burgeoning housing recovery, along with shortages of buildable lots that have begun popping up in certain markets.”

via Home Builders Feeling Better About Market Conditions.

In the city of Wenling, located in China’s eastern province of Zheijang, a highway has been built around a residential building that refuses to relocate. Luo Baogen, unsatisfied with the relocation compensation offered by the government decided to remain in the half-demolished building with his wife. According to China Daily, the road, which leads to the Wenling Railway Station, hasn’t been put into use yet.

Even though all of the other residents have moved out, the government has not demolished the other rooms for sake of the remaining couple’s safety.

via China Builds Highway Around House That Refuses to Move «TwistedSifter.

In a triumphant victory for the producers of Hoarders, the city of San Francisco gave developers the go-ahead on Tuesday to enter a trial run of 375 “micro-apartments.”

At 220-square-feet, these Lilliputian dream homes were planned with the utmost efficiency in mind — space-saving hydraulic furniture, included — in order to follow the Board’s stipulations: Developers must allot at least 150 square feet to living space and bathroom and kitchen must be kept separate.

The tiny homes are marketed towards single adults who want to live in the city without breaking the bank. A current San Francisco complex with similar apartments, “SmartSpace,” is just barely roomier at 285 to 310 square feet and carry a price tag upwards of $959 a month.

via San Francisco Approves Tiny Apartments For Normal-Sized People With Tinier Budgets.

Last week the MBA released the results of their Q3 National Delinquency Survey. One of the key points was the difference in the number of mortgages in the foreclosure process between judicial and non-judicial foreclosure states.

The first graph below (repeat) is from the MBA and shows the percent of loans in the foreclosure process by state.

The second graph shows all stages of delinquency (and in-foreclosure) by states, sorted by the percent seriously delinquent (90+ days plus in-foreclosure).

via Calculated Risk: Serious Mortgage Delinquencies and In-Foreclosure by State.

According to a report by the Multifamily Research Group of Freddie Mac, landlords can expect steady, slow economic growth with an additional 1.7 million new multifamily renter households between now and 2015.

In addition, the paper forecasts that the multifamily market and demand for rental housing will remain solid and healthy during the same period of time.

The forecast analyzes demographic trends, housing supply and economic data.  The scenario-based approach explores rental market conditions under different economic environments: slow growth, no growth and accelerated growth.

Forecast Highlights

Recent declines in homeownership related to economic stress and high foreclosures in the single-family housing market have benefited the multifamily market.

The homeownership rate will drop 1 to 2 percentage points if the current slow recovery continues.

The single-family rental market, a growing and distinct market from multifamily, has expanded 16 percent (about 3 million units) since 2007.

Multifamily market demand is expected to be strong through 2015 primarily due to demographic trends and a decreasing national homeownership rate.

via Experts Predict 1.7 Million New Renters | American Apartment Owners Association.