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Archive for the ‘Vegas Happenings’ Category

postheadericon Road to Recovery Started

How is real estate doing in Las Vegas?  Depends who you talk to!  There are definite signs of recovery and optimism in the air!

Las Vegas Homes are backAfter nearly a two year gaming slump, the city's tourism numbers are climbing and room rates are on the rise.  Does the improved gaming and tourism numbers mean Las Vegas has begun to rebound from the recession?  A better indication is the job market.  As the job market improves, people start to buy homes. 

The sale of homes, condos and townhomes totaled 46,879 last year compared to 28,618 the year before.  Home prices have begun to stabilize as inventory of homes declines and we see investors and home buyers competing for good deals..  The Las Vegas commercial market is viewed as still being distressed.  The market is going to have to work thru existing inventory and rents increase before any new construction is considered and that could be not until the year 2015. 

The commercial market is going through a period of re-pricing. The floor in pricing won't be seen until there are more transactions.  The buying and selling market are pretty much at a standstill wile the rental market is still negotiating downward.  We are seeing more businesses wanting to set up shop and bargain hunting for great space at a good price. 

For financially well positioned buyers and all cash buyers, the Las Vegas market continues to be a wealth of opportunity as Las Vegas has much better recovery prospects than other regions of the United States, particularly the Midwest and the Northeast.  Make no mistake, Las Vegas is the entertainment capital of the world and will make a full recovery.  When it does, today's smart buyers will reap the benefits of investing now.
 

postheadericon City Center is Open!

With Aria, the centerpiece of MGM Mirage's CityCenter project, opening earlier this week, I decided that it was time for me to get my first glimpse of the eleven billion dollar project.  When fully opened, this amazing mixed-use development will be composed of a “skyline” of two small boutique hotels, one4,000-room hotel and casino, a condo-hotel tower, two towers of  residential units, and 500,000 square feet of high-end retail, dining, and entertainment space. The total number of buildings will be between 40 and 50.  Even by Vegas standards, this project is stunning.

City Center is Open

Half of the center is not ready for prime time and about 30% of the high end shops at the retail shopping center, Crystals, are not open yet but if what is available is any indication of what is left to come, then this project is a must see when you come to Las Vegas!

The Veer Towers

Crystal Retail Shopping

Forget Shopping in New York and Rodeo Drive in Beverly Hills. When all of the retail stores open at Crystals

Prada – Coming Soon

 

 

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