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Las Vegas real estate investor Michael Shustek plans to bet big — $550 million — that he can profit off some of the hardest-hit markets in the country.
Through his new investment fund, MVP REIT, Shustek wants to raise up to $550 million from investors to buy commercial mortgage loans and commercial properties in Nevada, Arizona and inland California. He launched the fund in April and received clearance this week from the U.S. Securities and Exchange Commission to start selling shares.
With 30-year mortgage rates hitting new lows and recent borrowers’ payment performance the best by far in decades, you’d think that banks and other lenders might be loosening up on their hyper-strict underwriting standards.But new national data from inside the industry suggest this is not happening. In fact, in some key areas, standards appear to be tightening even further, and the time needed to close a loan is getting longer.
via Mortgage lenders set higher standards for the average borrower – The Washington Post.
McCarran International Airport passenger counts inched upward in August, reversing a two-month trend of slight declines.Airport officials said today that 3.64 million passengers passed through McCarran’s gates, a 0.3 percent increase over August 2011. June and July counts were down by fractions of percentages as well.A 9.1 percent increase in the growth of international traffic and flat numbers in domestic passengers offset a 10.5 percent decline in helicopter and scenic tour fliers for the month.
via Passenger traffic up at Las Vegas airport for August – VEGAS INC.
Canadians, Chinese, and Mexicans are flocking to U.S. real estate in droves. They’re looking for bargains on vacation homes.
Foreign purchases of homes in the U.S. have surged 24 percent since 2011, according to the National Association of REALTORS®.
“Foreigners purchase for a variety of reasons: trophy homes, desire to put money in the U.S. for safety, desire to have a place to visit for vacation, desire for a rental unit,” Jed Smith, an NAR economist, told NBC News. “These factors … tend to dampen the effects of changes in total overall cost.”
via Canadians, Chinese Target U.S. Real Estate | Realtor Magazine.
Real Estate Leverage & Appreciation Explained
New investors may be asking the question, “What do you mean by leverage?” Simply put, leverage is a term used in real estate (or any type of investing) to describe the effect of borrowing money to purchase an asset (i.e. property). It’s the idea that you can buy a $100,000 property by investing only $20,000 of your own money. You are essentially “leveraging” somebody else’s (i.e. the bank’s) capital to buy the property.
via The Power of Appreciation and Leverage: Boost Your Real Estate Returns.
Mira Villa Las Vegas Condos For Sale | MyLvCondos.com
Just fifteen minutes from renowned Las Vegas Boulevard, Mira Villa’s coveted Summerlin location offers residents golf-front condominium living, with sweeping views of the Red Rock Mountains, and Las Vegas Strip. Here, resort-style living also comes with privileged access to world-class TPC Golf Course and the JW Marriott Resort & Spa.
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For more information on this community, please call Anthony Phillips at 702-482-8885
A rise in new orders and finished new homes sent Lennar Corp.’s earnings rising more than four times higher in the third quarter.
Lennar reported that it earned $87.1 million for the three months ending Aug. 31, which is up from $20.7 million a year prior. The Miami-based home builder also reported home deliveries up 28 percent and new orders increasing 44 percent.
via Home Builder Lennar Quadruples Earnings | Realtor Magazine.
NEW YORK (CNNMoney) — Sales of new homes were little changed in August, but prices rose sharply in a signal of continued improvement in the housing market, according to a government report issued Wednesday.
New homes sold at an annual rate of 373,000, down 1,000 from the July reading from the Census Bureau, which tracks the sales. The number is 28% above year-earlier levels.
The economic revival sweeping downtown Las Vegas has ushered into the area restaurants, bars, entrepreneurs and residents. High-rise towers are filling up with renters and ground-floor tenants. Bars are taking over vacant buildings. New restaurant ideas are being hatched, and tech startups might soon outnumber casinos.
via The Zappos effect: Companies follow the retailer downtown – VEGAS INC.
S&P/Case-Shiller released the monthly Home Price Indices for July (a 3 month average of May, June and July).
This release includes prices for 20 individual cities, and two composite indices (for 10 cities and 20 cities).
via Calculated Risk: Case-Shiller: House Prices increased 1.2% year-over-year in July.
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