Las Vegas Real Estate News

Assembly bill scores one for lawyers in construction defect tug of war

Assembly Bill 215 was proposed as a way to allow homeowners and their attorneys to sue contractors over construction defects, even if contractors go bankrupt.

22 April 2009
By David McGrath Schwartz

Las Vegas braces for commercial foreclosures

A view of the southwest Las Vegas Valley. Analysts say that high commercial real estate vacancy rates will contribute to lenders foreclosing on many properties. The southwest valley has the highest office vacancy rate at 25 percent.

A tsunami of commercial real estate foreclosures is on the horizon and is threatening banks and undermining developers who are already struggling with high vacancy rates. It’s another looming blow for many banks that are sweeping up after the financial wave of the residential real estate bust. Since the first of the year, a growing number of developers of offices, industrial space and retail centers are in default and face foreclosure, according to local real estate analysts.

17 April 2009
By Nicole Lucht,
Buck Wargo

Industrial vacancy rate soars in Southern Nevada

The lack of demand for industrial space has pushed the vacancy rate to its highest point in a decade.

17 April 2009
By Buck Wargo

Office vacancies climb as rents head south, analysts say

The office vacancy rate in Las Vegas surpassed 20 percent during the first quarter and rents are tumbling with no sign of slowing, according to a consulting firm.

17 April 2009
By Buck Wargo

Store closings, new retail space drive vacancy upward

Retail vacancy reached a record level in the first quarter as many stores closed their doors and new space came on line, research firm Applied Analysis reported.

17 April 2009
By Buck Wargo

Homebuilders finding it tough to hang on

Homebuilders finding it tough to hang on

Some Las Vegas homebuilders, especially small private ones, are going the way of the dodo. And if they have not gone away forever, many have shuttered their operations until the housing market turns around.

17 April 2009
By Buck Wargo

Lenders give Summerlin condo project new life

You wouldn’t think anyone would be brave enough to restart construction of a condominium project given the soft economy and continued credit crunch that has prevented many people from obtaining financing.

17 April 2009
By Buck Wargo

Henderson working out details of $4 million foreclosure program

Henderson housing officials are trying to work out the logistics of a federal program that will give the city nearly $4 million to help qualified families and individuals purchase foreclosed homes. The Neighborhood Stabilization Program is giving municipalities nationwide money to aid home-buyers with down payments, closing costs, mortgage rate buy-downs and rehabilitation expenses.

16 April 2009
By Jeremy Twitchell

Nevada leads nation as foreclosures set record in March

Nevada set a record in March with 10,351 homes defaulting on their mortgage payments as the state continued to lead the nation in foreclosure filings. California-based RealtyTrac reported Nevada had 19,849 foreclosure filings in March, a 26 percent increase from February.

15 April 2009
By Buck Wargo

Redevelopment czar for Vegas?

Scott Adams, director of Las Vegas' Business Development Office, takes part in an interview at City Hall in April 2008. He will become the city's chief redevelopment officer if the council approves creation of the $164,912-a-year job, one Adams says would be like that of a deputy city manager in terms of managerial responsibility.

Today the City Council is set to create a high-level leadership position — chief urban redevelopment officer — as part of its focus on revitalizing downtown Las Vegas.

15 April 2009
By Sam Skolnik

Outlook dim for apartment complexes

Construction is nearly complete on an apartment complex on Durango Drive behind Centennial Hills Hospital. Industry officials say such complexes are having to run specials to compete with single-family homes and condos for tenants.

When the foreclosure crisis hit Las Vegas, many expected the owners of apartment complexes to benefit because those out-on-the-street homeowners needed to live somewhere.

13 April 2009

Sue Naumann, president of the Greater Las Vegas Association of Realtors

Sue Naumann says the business she and her husband own, Tsunami Properties, is seeing more home sales each month, but for lower prices.

Sue Naumann, president of the Greater Las Vegas Association of Realtors, has spent her career in real estate. She and her husband, John, own Tsunami Properties.

13 April 2009
By Buck Wargo

Fighting the foreclosures

Ian Hirsch of Fortress Credit Services, with his 10-person staff, has taken on nearly 300 clients facing mortgage difficulty in the past year. With more homes going into foreclosure every month in Las Vegas, Hirsch says he doubts the market has reached bottom.

About a year ago, Ian Hirsch, a debt adjuster and manager at Fortress Credit Services, discovered that his ability to cajole and badger could be put to use helping people hang on to their houses.

12 April 2009
By Timothy Pratt

Two sides of the economic coin

How is the Las Vegas economy doing and where is it heading?

10 April 2009
By Buck Wargo

Rhodes Homes files for Chapter 11

The housing market downturn has hit again with local homebuilder Rhodes Homes filing for Chapter 11 bankruptcy protection.

10 April 2009
By Buck Wargo
« Older Newer »