New numbers released show a huge jump in the number of homes sold in Las Vegas. The Greater Las Vegas Association of Realtors says the number of homes sold jumped 181-percent in September, compared to the same time last year.
The association indicates that home sales were high due to lower selling prices.
The median price of a single-family home in Las Vegas went down from $210,000 in August to $195,000 in September.
Credits: Las Vegas Now
Glen, Smith & Glen Development is seeking entitlements for a planned $1 billion, 40-acre mixed-use project in Henderson. The property is near Stephanie Street and Wigwam Parkway, adjacent to a city-owned 100-acre former gravel pit that will soon become a park. GSG acquired the land in spring 2007 for $51 million from KB Homes, which had acquired it months earlier for $50 million from Centra Properties.
The proposal, which goes before the planning commission Oct. 16, calls for a combination of retail, residential, hotel and office space. The project, dubbed Park Heights, won’t break ground until 2010. It will be completed in phases over 10 years; the first portions will come on line as soon as 2011.
The development will consist of 1,588 residences and 850,000 square feet of commercial space. Kirkor Urban Solutions is the master-plan architect.
“This an entitlement package with a whole lot of flexibility,” GSG Development managing partner Kenneth Smith said. “We believe in the long-term outlook for Las Vegas. I don’t think people will stop coming. We’re in a recession, but it will end.”
Park Heights will contain five towers, including two 30-story towers and a 13-story building — all three will be residential. The other two will be a 12-story, 200-room hotel and a 13-story, 182,000-square-foot office tower. The city must waive height restrictions for the towers, the tallest of which is 330 feet, for the project to win approval.
The development also combines lofts, brownstones and townhomes in two- to four-story structures. There will also be 475,000 square feet of stores and restaurants with retail promenades, neighborhood centers, and midsized shops. Park Heights will be a sustainable project that aims to get 30 percent of its energy from solar power, along with cooling towers for natural ventilation and high performance glazing for daylighting. It will likely seek a Leadership in Energy and Environmental Design certification from the U.S. Green Building Council, GSG says.
“The future of real estate is going to be these infill sites,” Smith said. “We can’t be building single-family subdivisions endlessly in the desert. It doesn’t work from a cost point of view or environmentally either.”
PROJECTS
SR Construction completed a $5.5 million Henderson International School expansion at 1165 Sandy Ridge Ave. The two-building, 24,528-square-foot addition consists of a cafeteria, classrooms and administrative offices. Carpenters Sellers Associates was the architect.
Wells Cargo Construction is performing $3.4 million in sewer upgrades along Stewart Avenue between Maryland Parkway and Las Vegas Boulevard in downtown Las Vegas. The project will finish in the second quarter of 2009.
Kitchell Contractors recently completed The Shoppes at Coronado Canyons at 670 S. Green Valley Parkway in Henderson. The nine-building, 121,890-square-foot complex is anchored by a Fresh & Easy supermarket and Wells Fargo bank. The development, on 10 acres, consists of 64,400 square feet of retail space, 13,000 square feet of restaurants, and 15,600 square feet of offices. There is also a 3,000-square-foot pad site. Asking rents range from $3.25 to $4.50 per square foot. Grubb & Ellis’ Kent Preston, Chris Godino and David Lipp are the leasing agents.
COMPANIES
ProLogis was added to the New York Stock Exchange’s list of firms that can’t be sold short. The Denver-based firm is traded under the ticker symbol PLD.
ProLogis has 40 distribution centers in Southern Nevada, totaling more than 6.7 million square feet, making them the valley’s largest industrial landlord. A short seller makes money from the stock’s decline by borrowing shares from a brokerage and selling them back after the stock has fallen, pocketing the difference. An NYSE spokesman didn’t explain why ProLogis made it on the list, except that REITs (real estate investment trusts) qualified for the inclusion.
MILLION-DOLLAR DEALS
Equity Based Services bought the 112,000-square-foot Storage One complex at 6380 Annie Oakley Drive in Las Vegas for $4.85 million, or $43 per square foot, from Annie Oakley Storage Partners LLC. The facility, on 1.43 acres, consists of 455 self-storage units and 28 recreational vehicle parking spaces. It will be rebranded under the American Mini Storage chain. EBS now owns eight self storage centers in Southern Nevada.
James Allan-Gorski I LP received a $2.4 million, 10-year loan to refinance the 22,413-square-foot Business Park Court at 2881 Business Park Court in Las Vegas. CommCap Advisors’ Kyle Nagy placed the financing.
JSM Holdings LLC bought 5,532 square feet of office space inside The Park at Spanish Ridge at 8894 Spanish Ridge Ave. in Las Vegas for $1.4 million, or $250 per square foot, from GSG Spanish Ridge II LLC. Colliers International’s Tom Stilley, Lizz Stilley, Taber Thill and Dean Kaufman represented the seller.
Credits: LV Business Press
LFC Group of Companies, the industry trailblazer in online real estate auctions, is spearheading a 30-day end of year closeout sale of homes in the Las Vegas area on its residential real estate auction website FRE.com(R)
In the midst of a sluggish market, LFC is changing the way real estate is bought and sold with its innovative, convenient, and transparent online auction format. LFC offers sellers an accelerated sales program and, rather than wasting homebuyers’ time, crowding them into a cramped convention room for a traditional outcry auction–the trend in Las Vegas auctions so far–the online auction format provides an easily accessible means of buying that also responds to homebuyers’ desires to set their own prices. In a city overwhelmed by foreclosures, this event stands apart from the rest by offering deals on distinctive new homes.
With the click of a mouse, first-time buyers, as well as those looking to upgrade to something newer, can bid on a new home that fits their needs. The homes–located among six communities–give buyers access to the best in suburban Las Vegas living.
The well-planned communities, countless practical amenities, and vast natural landscape, leave no wonder why Las Vegas has been one of the fastest growing metro areas in America since 1990.
Minimum bids start at $99,000, giving buyers the chance to invest in Las Vegas real estate for well under suggested market values.
The gated neighborhood of Highgate, in the master-planned community of Providence, is marked by lush landscapes and beautiful architectural finishes. The spacious homes feature stately interiors and luxurious amenities.
Madera, part of the gated Vista Verde community, affords residents single- and double-story homes that are both stylish and earth friendly. Residents of Highgate and Madera can explore Floyd Lamb State Park or unwind with a game of golf at the nearby Silverstone Golf Club.
San Rafael, located near the builder’s Eldorado master-planned community, features charming two-story homes and a neighborhood park.
Fiesta del Norte features unique and comfortable single-story homes.
With opportunities for outdoor fun in nearby Lee Canyon or Mount Charleston and a variety of entertainment and shopping locations just off the US 95, there are plenty of ways to stay busy.
Residents can take day trips to Lake Mead, Hoover Dam, or the Colorado River. Or, for a more ambitious excursion, camping trips and hikes through the Grand Canyon, Death Valley, and the Valley of Fire make for an exciting taste of the natural southwest.
This is no typical auction. “Las Vegas has seen more than its share of unsuccessful outcry auctions this year but nothing like our online auction,” notes William W. Lange, president of the LFC Group of Companies. “We don’t waste buyers’ time with all day auctions. Instead, our auction is convenient, transparent and empowers the buyers to set the pace and price.”
Prospective buyers should register today for more information. To place a bid online, by the bid deadline of November 6, 2008.
Freedom Realty Exchange — part of the LFC Group of Companies
For more than 30 years, the LFC Group of Companies has served numerous Fortune 500 companies, real estate developers, investors, financial institutions and government agencies by auction-marketing thousands of commercial, industrial, land and residential properties with an aggregate value well in excess of $5 billion.
Credits:Market Watch
The City of Las Vegas is looking at some lean times.
Monday, city leaders are talking about expected budget shortfalls. News 3’s Collette Wieland has uncovered that the city must find ways to save millions of dollars.
Looking ahead to the year 2010, Las Vegas is facing up to a $30 million budget shortfall and up to $150 million over the next five years.
The numbers are shocking and the city can’t continue to operate under its current budget. There will be cuts and it’s possible that 83 full-time positions will be impacted before July of 2009.
The city already has restrictions on filling vacant positions, but they’re going to have to do more.
In March, City Management completed a review of all city operations, programs, and services. They came up with their own recommendations.
If they don’t eliminate full-time positions yet cut back in other areas, they can save $1.7 million. If the city does do away with certain full-time employees, they estimate saving close to $8.3 million per year.
The Las Vegas City Council will hold a special meeting at the Charleston Heights Arts Center near Decatur and Charleston to discuss the city’s budget crisis. The public is welcome to attend.
City Management was asked to rank city programs and services based on importance. Their opinions will be discussed beginning at 9 a.m. Monday morning.
Credits: KVBC