Las Vegas Condos For Sale

The Howard Hughes Corporation® (NYSE: HHC) announced today a joint venture development with Discovery Land Company, the world’s leading developer of private clubs and luxury communities to create an unparalleled luxury living experience in the Summerlin master planned community in Las Vegas, NV.

The joint venture will produce Summerlin’s most exclusive luxury community, consisting of 555 acres of the most scenic, secluded and pristine land only minutes from Downtown Summerlin.

Development on this new resort community is expected to begin in mid-2015 with the first lot and home sales commencing in the latter part of 2015.

via Discovery Land Company ~ Summerlin, Las Vegas, NV.

This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported GLVAR reports local home sales spring forward

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in March was 3,358, up from 2,452 in February and up from 3,094 one year ago. Compared to the previous month, GLVAR reported that sales were up 37.8 percent for single-family homes and up 33.7 percent for condos and townhomes. Compared to March 2014, sales were 6.7 percent higher for homes and 17.1 percent higher for all types of condos and townhomes.

via Calculated Risk: Las Vegas Real Estate in March: Sales Increased 8.5% YoY.

Prediction: Las Vegas Home Prices Up by 8.4% Through June 2015

While home prices in the Las Vegas real estate market are still well below their bubble peaks, they have risen steadily over the last couple of years. They will likely continue to rise for the foreseeable future, due to current supply and demand trends. A recent prediction for this metro area called for additional gains through 2015.

The economists and real estate analysts at Zillow recently predicted that home prices in the Las Vegas metro area would rise 8.4% within the next year or so (through June 2015). They also reported a gain of 22% over the last 12 months, nearly matching the Case-Shiller numbers mentioned earlier.

This forecast is based on the company’s proprietary Zillow Home Value Index, or ZHVI, a tracking model that shows the “median valuation for a given geographic area on a given day.”

via Home Price Predictions for Las Vegas, Through Summer 2015.

Las Vegas tourism ended 2014 on a good note, breaking a visitation record. Tuesday, tourism experts will get a better idea on how to keep the momentum going this year.

Applied Analysis principal Jeremy Aguero will deliver a presentation to the Las Vegas Convention and Visitors Authority Board of Directors about the effect of the agency’s marketing efforts.

He says the LVCVA is seeing a return on its investment in advertisement.

“I think you’d be amazed. We’ve taken a look at it for some time. We’ve been doing this for awhile. Some of the numbers are pretty good in terms of return. It’s amazing how effective our advertising and marketing campaigns are, and what a great job they’ve done in terms of filling hotels rooms,” he said.

The official numbers have not been released, but the LVCVA says Las Vegas broke a tourism record in 2014 with more than 40 million visitors.

via Las Vegas marketing efforts paying off – 8 News NOW.

A study of the world’s largest metropolitan economies found that Las Vegas in 2014 enjoyed the eighth strongest economic improvement in the United States and ranked 68th globally.

In an examination of the 300 largest metro economies worldwide by the Brookings Institution’s Metropolitan Policy Program, Las Vegas ranked 210th in economic performance from 2009 through 2014.

via Brookings: Las Vegas produced strong economic gains in 2014 – 8 News NOW.

The Las Vegas Valley registered improvement in industrial, office and retail use in the fourth quarter of 2014 compared to a year earlier, according to a survey released recently by RCG Economics of Las Vegas and UNLV’s Lied Institute for Real Estate Studies.

The survey found the valley ended the quarter with an industrial vacancy rate of 7.2 percent, an improvement from 11.8 percent a year earlier. The vacancy rate peaked at 15.5 percent in the third quarter of 2012, after which demand for industrial space began increasing.

via Industrial, office, retail use rises from a year ago – 8 News NOW.

The American Legislative Exchange Council, based in Arlington, Va., also ranked Nevada 15th best in its economic performance from 2003 through 2013.

The council determined that Utah has the nation’s best economic outlook for 2015, and that Texas registered the nation’s best economic performance during the period that ended in 2013.

Nevada’s economic outlook ranking slipped slightly from eighth place last year but is better than it was in 2012 (18th place) or 2011 (17th place).

As has been the case with other comparative studies that examine taxes, Nevada emerged at the top of the council’s rankings in many categories because the state doesn’t have a personal or corporate income tax and also doesn’t have an estate or inheritance tax. The council also likes the fact that Nevada is a right-to-work state and also has only 367.6 public employees per 10,000 residents, the nation’s lowest ratio.

via Report: Nevada cracks top 10 in economic outlook – 8 News NOW.

The goal of a Las Vegas NHL franchise expansion team seems to have become a little more realistic today. Hockey Vision officials reported that the ticket drive has gone “very well” and “progress in the campaign has been phenomenal.”

I was told, “While we are not ready to make a formal announcement, we do anticipate having an announcement in the next several weeks.”

In the meantime, to ensure that support for ticket sales is as widespread as possible, Hockey Vision is now reaching out to corporations and casinos to ask for commitments to purchase tickets.

via NHL franchise expansion team nears reality in Las Vegas? – Las Vegas Sun News.

Developers of Ascaya, the long-delayed mountain-mansion project in Henderson, are promising to build one of the most luxurious communities in Southern Nevada.To help lure people in, they’re planning a clubhouse with more than the usual pool and treadmills. The developers unveiled plans today for the $25 million, 22,000-square-foot facility.Construction is expected to being by the end of the year.

via Mountainside Ascaya community getting over-the-top clubhouse – VEGAS INC.

Las Vegas’ Downtown Project, the $350 million urban renewal effort launched by Zappos CEO Tony Hsieh, has created an estimated $118.9 million in annual economic output since 2012, according to a report from economic research firm Applied Analysis.

An additional $70 million in impact was produced from completed downtown Las Vegas construction funded by the project, and a total output of $220.7 million is projected once all planned construction projects are complete.

via Report: Downtown Project brings nearly $120M annually to local economy – Las Vegas Sun News.