Las Vegas Real Estate News

Realtors counting on homebuyer tax credit

Las Vegas home sales traditionally slump at the end of the year as people wait until the spring to consider buying, and analysts are wondering how strong the market will be as the holidays and 2010 approach.

16 October 2009
By Buck Wargo

Nevada bucks nationwide downward trend in foreclosures

A foreclosed home is shown in the Silverado neighborhood of Las Vegas.

Residential mortgage foreclosure filings fell nationwide in September -- but not in Nevada. Statistics released today by RealtyTrac of Irvine, Calif., show the numbers were up for Nevada and the state continued to lead the nation in foreclosure filings in both the third quarter and in September. With unemployment running at 13.2 percent in the state, 18,766 foreclosure filings were reported in Nevada in September.

15 October 2009
By Steve Green

Unpaid bills may deter a bid for Fontainebleau

The stalled Fontainebleau, the 3,800-plus-room project on the Strip, would require an estimated $1.5 billion to complete.

Whether front-running bidder Penn National Gaming buys the unfinished Fontainebleau Las Vegas resort out of bankruptcy in coming weeks may turn on the success of recent negotiations with attorneys representing the resort’s subcontractors. They are owed about $375 million for work completed in the months leading up to the end of work on the resort. Penn wants to use the Fontainebleau as the flagship destination for customers who patronize its nationwide network of smaller casinos, much as Harrah’s Entertainment does with its Las Vegas properties.

13 October 2009
By Liz Benston

Henderson HOA to pay up for board member's mistake

A former board member of a homeowners association in Henderson whose landscaping company performed work for the association he represented -- while he sat on the board -- was disciplined last week by the state board that regulates homeowners associations.

13 October 2009
By Jeremy Twitchell

Las Vegas home sales, prices increase in September

Las Vegas area home sales and prices bounced back in September after declining in August.

9 October 2009
By Buck Wargo

Effort will look at diversification of Vegas economy

A group of business leaders, academics and politicians is trying to provide some insight about what Southern Nevada can do to live up to its potential.

9 October 2009
By Buck Wargo

Commercial developers hope there's nowhere to go but up

At a NAIOP seminar, attendees listen to John Restrepo, center, of the Restrepo Consulting Group.

The bad news is easy to see: Commercial vacancy rates continue to rise, rents keep dwindling and the potential exists for a large number of foreclosures to hit the market.

9 October 2009
By Buck Wargo

Vegas men arrested in alleged mortgage scam against elderly

Two Las Vegas men have been arrested on several charges of theft, mortgage fraud, identity theft and forgery against senior citizens, Nevada Attorney General Catherine Cortez Masto said today.

8 October 2009
By Mary Manning

Removal of debris by Clark County spurs an angry response

Kirk Ingram sits in front of his home with a copy of the Clark County complaint near Windmill Lane and South Eastern Avenue Monday, October 5, 2009. Ingram says after a long-running dispute, the county raided his property Thursday and hauled away cultured stone, marble, tile and tools from his backyard. They also impounded three Ford trucks and a 28-ft boat, he says. "If they (the county) came for things that are on there (in the complaint), that's one thing. But they took everything." "Now (without tools) I can't work. If I can't work, I can't make the house payment. It's a big snowball effect."

When Clark County hauled away tools, building materials, a boat and inoperable vehicles from Kirk Ingram’s cluttered front and back yards last week, his was an unusually large case, but an example of yet another ripple effect of the housing market crash. Property owners are “more concerned” these days about any additional devaluation inflicted upon them by their neighbors, according to Joe Boteilho, chief of the county’s Public Response Office.

7 October 2009
By Joe Schoenmann

CityCenter reduces condo prices 30 percent

CityCenter has reduced prices of its condos by 30 percent in an effort to satisfy concerns from condominium buyers who signed purchase contracts for the units more than two years ago, when the real estate market was booming. "We believe that in this economic climate this price reduction is an appropriate step to take on behalf of our buyers as to provide them greater flexibility in closing on their residences," Bobby Baldwin, president and CEO of CityCenter, said in a statement.

5 October 2009
By Liz Benston

Ruling by judges rattles mortgage industry

A bankruptcy judge here, joining judges across the country, is throwing a bit of sand in the gears of the mortgage machine and its ruthless foreclosure blade. She has raised this issue: In many home foreclosures springing out of bankruptcy proceedings, the foreclosure is being triggered by a representative of the lender — a surrogate that may not have a legal, equity stake in the proceedings.

3 October 2009
By J. Patrick Coolican

Two Las Vegans indicted for alleged foreclosure scam

Two Las Vegas residents were indicted today for allegedly operating a foreclosure rescue scam in Las Vegas, Nevada Attorney General Catherine Cortez Masto said. Jack Ferm and Mario Saunders allegedly operated the foreclosure scheme from September 2008 through September 2009 under the business name US Justice Foundation.

2 October 2009
By Mary Manning

Investors take advantage of Las Vegas housing deals

Investors in local housing don’t seem to be going away, but analysts are waiting to see if the biggest decline in sales from July to August carries through the rest of the year.

2 October 2009
By Buck Wargo

Vacancies, poor sales slow retail development

Several big-box retailers, including Circuit City, Wild Oats and Copeland Sports, closed during the recession at the strip mall at Stephanie Street and Warm Springs Road in Henderson.

Numbers showing retail sales in Clark County declined 21 percent in July are adding to the anxiety of those who are waiting on the sidelines when it comes to development.

2 October 2009
By Buck Wargo

Company sues to block foreclosure sale of hotel

A company planning to renovate and reopen a Las Vegas hotel on Paradise Road has sued bankrupt Lehman Brothers Holdings Inc. in hopes of blocking a foreclosure sale of the property. A/P Hotel LLC filed suit against Lehman Brothers on Tuesday in Clark County District Court.

1 October 2009
By Steve Green
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