Sunday, December 07, 2014

New Summerlin development to be most expensive in Las Vegas

By JENNIFER ROBIS
Southern Nevada will soon see some of its priciest homes yet.
The Howard Hughes Corp., which is developing Summerlin, is announcing a joint venture with Discovery Land Co. of Scottsdale, Ariz., to build about 250 homes on 555 acres near Tropicana Avenue and Town Center Drive, just south of The Ridges, in the foothills near Red Rock Canyon National Conservation Area.
When it breaks ground in 2015, the currently unnamed project will be the lowest-density neighborhood under construction in the local market, with lots as big as three acres, said Steve Adelson, a partner in Discovery. It probably will be the most expensive as well, with vacant parcels starting in the low seven figures, though it’s too early in planning to peg construction costs or home prices.
The announcement comes weeks after The Howard Hughes Corp. said it will construct Manhattan-like residential densities in Downtown Summerlin, where as many as 10,000 people are expected to move onto a third of a square mile in the next decade. The developments are five minutes apart, making Summerlin South possibly the only corner of the Las Vegas Valley with two such disparate density levels in such close proximity.
LUXE LIFE
“The two projects are a sign that the local economy continues to evolve, and the housing market continues to improve,” said John Restrepo, principal of Las Vegas research firm RCG Economics. “The Howard Hughes Corp. is trying to meet different market niches as those improvements happen.”
The Discovery project also will mean a new level of exclusivity, even for Summerlin, where the average price of a new home sold in May was $454,000, compared with a citywide average of $279,900, according to Home Builders Research. Summerlin’s highest-end community now is The Ridges, a custom-home development where prices on current listings range from $2 million to $9 million.
The new neighborhood will go beyond that, the developers say.
It will have a private, 18-hole Tom Fazio-designed golf course, a private fitness facility and a spa with a five-star chef on staff and consulting physicians who will design nutritional and wellness plans for residents. Its Outdoor Pursuits program will coordinate adventures ranging from Red Rock hikes to fly-fishing trips. There will be a kids’ camp, and the private club will arrange for cold drinks to be waiting when residents return from vacation.
Membership rates haven’t been set, but in other Discovery communities they range from a one-time cost of $75,000 to $150,000 and can be sold with the home.
“Ours is really a lifestyle model. It takes the exclusivity and the high-end nature of The Ridges and maybe, in our opinion, goes a notch above, and combines that with more of a family atmosphere and lifestyle, versus what you get with just a golf club,” Adelson said.
Housing experts said they don’t know any other Las Vegas Valley community that matches Discovery’s plans.
“Wow. I’m trying to understand where we would see that kind of luxury in Las Vegas, and I can’t picture anything like it,” said Dennis Smith, president and CEO of Home Builders Research.
This kind of project is now possible both because of economic recovery and because, after 20 years of development, Summerlin has advanced far enough south to bring the land into play, said Kevin Orrock, president of Summerlin and vice president of master-planned communities for The Howard Hughes Corp.
The 555-acre site always was destined for low-density housing, Orrock said. Its location next to a national conservation area and its hilly topography make routine subdivisions with uniform, 6,000-square-foot lots difficult to develop.
But it’s going to be the first and last time Summerlin goes this luxe, Orrock said.
“As we move west, you will certainly see some other custom-lot developments, but this is very one-of-a-kind,” he said. “You won’t see another Discovery project in Summerlin.”
That’s good, according to some local brokers, because the market will have all it can handle in absorbing the only one.
The luxury-home market has been on the upswing since 2012, but it has slowed in recent months. And Discovery’s sheer volume of home sites, though they won’t come online all at once, will add significantly to local inventory.
The valley moved 325 homes priced at $1 million or higher in 2013. That was up from 150 closings in 2012, but 2014 is flat, said Mark Stark, CEO of brokerage Berkshire Hathaway HomeServices Nevada Properties. So the Discovery site will contain the equivalent of nearly two-thirds of today’s entire high-end market.
“That’s a lot of product for that price range,” Stark said.
There should be more luxury buyers in coming years as the national economy continues to improve and affluent Californians relocate to Nevada for lower home prices and taxes, he said.
Still, expect a pitched battle for buyers.
WORLDWIDE MARKET
“There are only so many purchases in the market. You’re going to compete, and someone is going to get hurt, or other parts of the market will slow down,” Stark said. “Price still matters. Summerlin will absolutely be a draw, but that doesn’t give you a free-for-all to charge whatever you want. You’re going to have to price it right based on the size of the lots.”
Stark also said the project probably would take at least five to 10 years to sell out.
Restrepo agreed, saying it would be a lot for the community to sell more than one home a month.
But Smith said the partners have “obviously done their research on market demand or they wouldn’t be investing these kinds of dollars.”
Nor will Discovery rely just on local and regional buyers.
The company has 4,200 members in 17 other communities in markets including Scottsdale, Silicon Valley, Maui and Southampton, N.Y. A big part of its business is selling homes to existing residents who want second, or even primary, homes in other markets, Adelson said. Discovery has done nearly $1 billion in sales in 2014, which he said speaks to broad demand for its products. The company expects it could sell out here in five years.
“Las Vegas is a place we’ve always coveted. It’s a place that a lot of our current members love and would love to have an address in,” he said. “We found the right piece of property, and The Howard Hughes Corp. is a fantastic development company. We think Summerlin is one of the country’s great master plans, and now that the opportunity has presented itself, we feel it’s the right time.”
Contact reporter Jennifer Robison at jrobison@reviewjournal.com

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Saturday, November 29, 2014

Gorgeous NW Pool Home * GREAT POTENTIAL!


Terrific 2 story home with 6 bedrooms, 3.5 baths, 2 car garage and in-ground pool (missing equipment).  Master bedroom is downstairs and has access to backyard,  all other bedrooms upstairs.   Neutral colors throughout. Large kitchen with dining area. HVAC system will need replaced.  A HOME THIS LARGE WILL NOT LAST LONG, SEE TODAY!

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Tuesday, September 16, 2014

LAS VEGAS REAL ESTATE SNAPSHOT FOR 9/16/2014

Las Vegas housing inventory today
Single family homes 8,268
Condo-townhome 2,002
Vacant 4,510
REO 398
Shortsale 1,321

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Monday, September 01, 2014

GREATER LAS VEGAS REAL ESTATE REPORT

GREATER LAS VEGAS AREA
• Median home prices improved by 1.3% to
$202,578 from $200,000.
• The average home sales price rose by 0.2% to
$243,465 from $242,914.
• Home sales Down by 2.6% to 2,478 from 2,544.
• Total inventory* increased 1.3% to 16,439 from
16,225.
• Sales price vs. list price ratio dropped by 0.0% to
98.8% from 98.9%.
• The average days on market dropped by 0.9% to
58 from 58.
CONDOMINIUMS
Year-Over-Year
• Median condo prices increased by 18.0% yearover-
year to $108,000 from $91,500.
• The average condo sales price dropped by 13.7%
year-over-year to $136,693 from $158,466.
• Condo sales fell by 2.9% year-over-year to 640
from 659.
• Total inventory* rose 30.7% year-over-year to
4,507 from 3,449.
• Sales price vs. list price ratio fell by 2.9% yearover-
year to 97.5% from 100.4%.
• The average days on market rose by 42.5% yearover-
year to 66 from 46.
Compared To Last Month
Prices for single-family, re-sale homes went higher
again last month.
Pending sales and active listings were up sharply
again last month, year-over-year. Pending sales
rose 16.3%, while active listings jumped 17.3%.
Home sales continue to lag. Home sales have
been lower than the year before for the past ten
months and for 24 out of the past 26 months.
JULY MARKET STATISTICS
Year-Over-Year
• Median home prices increased by 12.5% year-overyear
to $202,578 from $180,000.
• The average home sales price rose by 9.3% yearover-
year to $243,465 from $222,672.
• Home sales fell by 11.4% year-over-year to 2,478
from 2,796.
• Total inventory* rose 20.2% year-over-year to
16,439 from 13,679.
• Sales price vs. list price ratio fell by 3% year-overyear
to 98.8% from 101.9%.
• The average days on market rose by 26.4% yearover-
year to 58 from 46.
Compared To Last Month Steve Harless| (702) 217-1680 | stevesellsvegas@gmail.com www.ViewLasVegasRealEstate.com
Vegas Market Continues to Improve

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Tuesday, August 26, 2014

US home price gains slow in June


COMMENTSStart the Discussion
WASHINGTON (AP) — U.S. home prices increased at a slower pace in June — a cooldown that could continue for several more months.
The Standard & Poor's/Case-Shiller 20-city home price index rose 8.1 percent in June from 12 months earlier, according to a Tuesday report. That's down from 9.4 percent a month earlier and the smallest annual gain since December 2012.
Yearly price growth weakened in all 20 cities. Home values in Cleveland nudged up just 0.8 percent. Las Vegas led with a 15.2 percent gain. But prices in Las Vegas, Phoenix, Miami and Tampa, Florida, are still at least 33 percent below their housing bubble peaks of almost a decade ago.
The deceleration should help ease some of the price pressures on would-be buyers. After slumping at the start of 2014, existing-home sales have picked up as price gains have slowed. But buying remains 4.3 percent below the July 2013 level, according to the National Realtors Association.
Price growth should continue to slow now that the recovery from the Great Recession has entered its sixth year. Many economists project that the Federal Reserve will begin to raise short-term interest rates in 2015 because the economy has strengthened, which could cause mortgage rates to rise from relative lows and make it more expensive to borrow.
"Rising mortgage rates won't send housing into a tailspin, but will further dampen price gains," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
Even hot markets such as San Francisco_where a two-bedroom condominium can cost more than $1 million_are finding that price growth has slowed. Prices in that city rose 12.9 percent in June, compared with an annual growth rate of 18.4 percent in April.
The sharp price gains of the past few years had been part of a natural snap back in response to the devastating housing bust, which triggered the recession at the end of 2007. Still, the fallout from that downturn continues to cast a shadow over the real estate market.
Nearly 35 percent of homeowners are "effectively underwater" on their mortgages, meaning that they either have less than 20 percent equity in their homes or could not sell their properties and have enough money left over for a down payment on another home, the online real estate firm Zillow said Tuesday.
The consequence of this is that fewer homeowners are willing to list their homes for sale. The impact is disproportionately been felt among Generation X. More than 42 percent of this generation — 35- to 49-year olds— owe more on their mortgages than their homes are worth. Nearly a third of baby boomers between the ages of 50 and 64 are in the same predicament.
That in turn makes it harder for the younger millennial generation to afford homes, said Zillow Chief Economist Stan Humphries.
"Because so many homes are stuck in negative equity or are effectively underwater, the inventory of homes for sale is severely constrained, leading to more competition for those that are available," Humphries said. "And millennials likely don't have the resources to compete with cash offers or engage in bidding wars."
New construction is increasingly catering toward apartment rentals and high-end homes, pricing out many other would-be buyers.
The Commerce Department said Monday that new-home sales fell 2.4 percent in July to a seasonally adjusted annual rate of 412,000. New-home sales lost much of their upward trajectory toward the end of last year, hurt by modest wage growth and a bump in mortgage rates after the Fed initially signaled a shift in its policies.

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$ 189,990 - ABSOLUTELY STUNNING HOME!


 Call 702-217-1680 - ABSOLUTELY STUNNING home with NEW UPGRADES GALORE - NEW 20"x20" rectified tile; PLUSH new carpet, 2 tone paint; 4" baseboards. Gourmet kitchen w/GRANITE COUNTERS, TUMBLED stone backsplash, Stainless Steel appliances. 2 AC UNITS for energy saving. RECESS lights, Upgraded Hardware, CEILING fans, 2 inch FAUX wood blinds. Low maintenance yard. No neighbors in the back, backing to a wash. Mountain Views. Welcome home.





















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Gorgeous Henderson Pool Home

  


http://viewlasvegasrealestate.com/Listing.aspx?oid=1082240&ot=213

Call 702-217-1680 For Availability on this ABSOLUTELY STUNNING home with open floorplan and lots of windows. UPGRADES GALORE - New EXTERIOR 2 tone paint, NEW 20"x20" rectified tile; PLUSH new carpet, 2 tone paint; 4" baseboards. Gourmet kitchen w/Tier IV Granite, TUMBLED stone backsplash, top of the line SS appliances. Upgraded lighting and hardware. Paradise backyard  with COVERED patio, RECESS lights, POOL/SPA, plenty of palm trees. Welcome home

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Thursday, August 07, 2014

Las Vegas Monthly Real Estate Market Report for July 2014



There were a total of 3,139 Single Family, Condo’s and Townhouses closed in the month of July.

Resale 2,492– 79.4%       Short Sales  367 – 11.7%       REO  280 – 8.9%

1,084 Cash Purchases

1,081 Conventional Financing

675 FHA Financing

234 VA Financing

buying? Selling? call 702-217-1680
www.ViewLasVegasRealEstate.com

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Tuesday, August 05, 2014

Veterans - Looking For A Home In Las Vegas?


Photo


More Veterans choose to work with Steve because of his real estate experience and contractual skills in assisting them to get what they want in an orderly fashion.
 

Hi, my name is Steve Harless and I want to thank you for visiting my Las Vegas real estate website. Having lived In Las Vegas since 1992, I am a direct, no-nonsense, experienced, seasoned buying /listing agent that works with motivated, pre-qualified buyers/sellers. I know the Las Vegas real estate market very well and can refer you to a dependable lender and find the right home that you want to buy.
Steve works exclusively for you, not the banks.......
     Call 702-217-1680 To Get Started!
www.ViewLasVegasrealestate.com

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