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
An estimated 700 owners of homes in the Sun City Summerlin Community in Las Vegas can join in a constructional defect suit, the Nevada Supreme Court has ruled.
They are part of a group of 1,200 owners that have sued on grounds effects exist in the exterior stucco of their residences.
The developers, including Del Webb Communities, Inc., maintained the 700 could not be part of the suit because they were not the original owners of the property.
But the court, in a unanimous opinion written by Justice Jim Hardesty, said the interpretation by the developers leads to “unreasonable results.”
The 1,200 owners sued the Webb company; Nevada State Plastering, MS Concrete Co., Pratte Development Co., and Dean Roofing Inc. They maintained that the 700 owners were not the original purchasers and were not entitled to join in the suit.
But Hardesty wrote that “the apparent fact that many homeowners in the underlying constructional defect action are not the original owners of their homes does not preclude those homeowners from obtaining the remedies available under the law for any constructional defects present in their homes.”
The court upheld the decision of District Judge Allan Earl in ruling the 700 homeowners could be part of the suit that will now return to district court for further proceedings.
Del Webb has sued the various subcontractors who worked at the development.
Credits: Las Vegas Sun
Pardee Homes was among the first home builders to open within the master-planned Mountain’s Edge community with its Montelano neighborhood in late 2004. Today Pardee continues as a trailblazer at Mountain’s Edge, where the builder recently opened its sixth new home neighborhood.
“Pardee Homes has been building in Southern Nevada for nearly 60 years, and we’re used to being trailblazers, as is evidenced by our Eldorado community in North Las Vegas and our projects in Mountain’s Edge,” said Pardee Homes’ Regional Sales Director Rob Tuvell.
Current Pardee neighborhoods in Mountain’s Edge include Serrano, Rosetta and La Puerta, where just a few homes remain available.
Serrano and Rosetta are both EnergySmart neighborhoods, which means that the homes are enhanced with money-saving and energy-efficient features, such as spectrally selective glass to keep the homes cooler in the summer and warmer in the winter, and ceiling insulation and sealed ducts for improved air quality.
In addition, each EnergySmart home is independently certified to assure that it exceeds energy code requirements.
Serrano’s three floor plans include one single-story design and two two-story plans that range from about 1,850 to 2,682 square feet with up to six bedrooms. Home sites average 4,675 square feet and prices start from $234,950.
The four two-story plans at Rosetta range from 1,444 square feet to 1,881 square feet with prices starting at $214,950.
Families in Mountain’s Edge have access to community parks, play areas, baseball fields, sports fields, outdoor amphitheater and picnic areas, according to Tuvell.
To reach Serrano and Rosetta at Mountain’s Edge, take Blue Diamond Road west to Buffalo Drive and turn left into the Mountain’s Edge community. Proceed south on Buffalo to Cactus Avenue and turn left and follow the signs to the neighborhoods. For more information visit pardeehomes.com.
Pardee Homes’ sales offices and model complexes are open from 10 a.m. to 6 p.m. daily, except Monday when they open at 11 a.m.
One of the West’s largest and longest-established home builders, Pardee has built homes for more than 35,000 families in Southern Nevada since 1952.
Credits: Review Journal