Las Vegas and Henderson Homes and Real Estate

According to a report published by MDA DataQuick last month, sales in Las Vegas are up for the year, and prices are showing a slight rise although they are not yet calling it a trend.  The total number of homes and condos sold in June jumped to 4,480 or a whopping 16% from May, but were down from June of last year.  Suprising news is that new homes and condo sales rose a total of 917, a 75% increase from May and a 93% increase from last year.

The median price of a home in Las Vegas is now $136,290, which is an increase of 1.7% from May and 1% for the year.  This news may not sound too exciting compared to appreciation seen years ago, but as a sign of stabilization it may be the best news in years. 

Foreclosures have dropped 27.4% in June 2010 compared to June 2009.  Overall foreclosures have now dropped to around 46% of total sales as compared to 63% in January of this year.

Lake Las Vegas, the luxury community in eastern Henderson, NV has recently been granted to right to emerge from Chapter 11 bankruptcy protection after almost two years.  The U.S. Bankruptcy court in Las Vegas approved the resort's restructuring plan, allowing it a fresh start under the ownership of Highland Capital Management and lenders led by Credit Suisse Group Inc.

One important aspect of the plan is that it allows the resort to continue development of it's 3,600 acre masterplan, allowing for long term sustainability.  Atalon Group is the company responsible for managing the development and operations until at least 2011.

Lake Las Vegas is one of the most exciting new developments in Greater Las Vegas in recent years, and an important part of the City of Henderson.  The award-winning resort once featured two award-winning golf resorts designed by Jack Nicklaus (Reflection Bay Golf Club and Southshore Golf Club) and one by Tom Weiskopf (The Falls Golf Club).  These courses have been closed over the past year and resort guests and residents are anxiously awaiting their return.

In addition, MonteLago Village at Lake Las Vegas - a once triving amenity to the resort - should also benefit from a new surge of capital and construction around the community.

There are currently a number unprecedentedand exciting real estate opportunities at Lake Las Vegas.  Because of the nature of the bankruptcy, some of the best deals in town can be found at this community, before the resort fully recovers.

If you are interested in Las Vegas, Henderson, of Lake Las Vegas real estate, contact:

Michelle Natale
The Natale Team
Prudential Americana Group

www.natalesellsvegas.com

Michelle Natale leads a top 25 ranked team of agents for Las Vegas based Prudential Americana Group, the largest real estate brokerage in the state of Nevada. Michelle started her career in real estate over 10 years ago, and is ranked in the top 1% nationally in Prudential's national network since 2000.

The Las Vegas Convention and Visitors Authority reported a rise in visitors to Las Vegas for the eighth straight month, an exciting trend that continues in the local economy.  According to the LVCVA, almost 12 million peoplde have visited Las Vegas so far in 2010, a 1.3 percent increase over the total visitors last year at this time. 

In other good news, convention attendence is up for the second straight month, 2.9 percent increase over last year.  Additionally, the average room rate was up 3 percent over last year in April to $96.87.  The overall hotel occupancy rate in April in Las Vegas was 84%, even though the city now has 8,300 more hotel rooms than in April 2009 (due in large part to CityCenter).

All of the statistics bode well for a city that has been hit hard by the recession and lack of consumer spending which has further added stress to our housing market.  If this data holds steady through the summer it will be a huge lift to our job market and will have long term positive factors on the real estate market that by the numbers has seemed to have bottomed over the past 12 months (give or take 5% in pricing).

Source:  Las Vegas Review Journal
Howard Stutz, June 9, 2010

If you are interested in Las Vegas, Henderson, Green Valley, North Las Vegas, Summerlin, Seven Hills, Lake Las Vegas, or Southern Highlands real estate, contact:

Michelle Natale
The Natale Team
Prudential Americana Group

www.natalesellsvegas.com

Michelle Natale leads a top 25 ranked team of agents for Las Vegas based Prudential Americana Group, the largest real estate brokerage in the state of Nevada. Michelle started her career in real estate over 10 years ago, and is ranked in the top 1% nationally in Prudential's national network since 2000.

Just a reminder that every Tuesday from 4:00 pm to 8:00 pm in Summerlin's The Garden's Park, over a dozen vendors offer produce and handmade products from all over the Western United States.

Regularly featured items include fresh fruits, vegetables and herbs; homemade salsas and sauces; soaps, lotions and other beauty products; crafts; and a variety of prepared food items.

WHEN:
Tuesday, January 05, 2010 to Tuesday, December 28, 2010
4-8 p.m. every Tuesday

WHERE:
The Gardens Park, 10401 Garden Park Drive

Price:
Free

For more information, visit www.lasvegasfarmersmarket.com or call 702-562-CORN (2676).

If you are interested in Summerlin real estate, contact:

Michelle Natale
The Natale Team
Prudential Americana Group

www.natalesellsvegas.com

Michelle Natale leads a top 25 ranked team of agents for Las Vegas based Prudential Americana Group, the largest real estate brokerage in the state of Nevada. Michelle started her career in real estate over 10 years ago, and is ranked in the top 1% nationally in Prudential's national network since 2000.

Many national real estate metropolitan markets are still questioning whether or not they have experienced the worst yet in housing price declines, citing concerns about the expiration of the housing tax credit that expired in April 2010.  However, here in Las Vegas where we have seen some of the greatest declines already in the country, the bottom may have already passed.

Monthly home sales (including both resale and new home sales have remained steady over the past year at levels near or above 3,000 transactions per month.  In addition, the median home price has remained largely flat now for over 12 months with a modest gain in the past two.

This chart from DataQuick's website, a company that reports real estate market news for major west coast cities, shows the median price of homes has remained steady (although under $100 / square foot) for quite some time.  These two figures together mean that Las Vegas was stable before the tax credit was even a factor.

This recent article in from the DQ News website even attributes the modest rise in the median home price in Las Vegas to the decline of foreclosure inventory over the past several months, meaning that we have past the worst in troubled properties.

Although no one is predicting a sharp rise in home prices until the demand for new homes begins to outweigh the current drip of homes coming back onto to the market each month, or until the economy in Las Vegas begins to grow again, it is safe to say that we have already reached the "flat bottom" in Las Vegas that many cities have been waiting for.  This leads us to believe that Las Vegas may in fact be a bellwether city, meaning we could be the first to truly rebound from the whole crisis.

I guess everything truly does happen faster in Las Vegas.

If you are interested in Las Vegas, Henderson, Green Valley, North Las Vegas, Summerlin, Seven Hills, Lake Las Vegas, or Southern Highlands real estate, contact:

Michelle Natale
The Natale Team
Prudential Americana Group

www.natalesellsvegas.com

Michelle Natale leads a top 25 ranked team of agents for Las Vegas based Prudential Americana Group, the largest real estate brokerage in the state of Nevada. Michelle started her career in real estate over 10 years ago, and is ranked in the top 1% nationally in Prudential's national network since 2000.