Las Vegas Real Estate News

Foreclosed, vacant homes pressure apartment rents

When the foreclosure crisis hit Las Vegas, many expected apartment-complex owners to be the beneficiaries because those out-on-the-street homeowners needed to live somewhere. But the shadow rental market of homes and condominiums continues to put pressure on apartment-complex owners, whose vacancies are increasing.

10 April 2009
By Buck Wargo

Homebuilders Pulte Homes and Centex to merge

Pulte Homes and Centex, two homebuilders active in Las Vegas, today said they will merge in a $1.3 billion all-stock deal that will create the nation's largest homebuilding company.

8 April 2009
By Steve Green

Price of homes falls again in Las Vegas

The demand for Las Vegas homes jumped in March, but it continued to come at a price, with the value of homes dropping to their lowest level since the fall of 2001.

8 April 2009
By Buck Wargo

Market for new million-dollar homes drying up

Million-dollar homes, such as this one in a gated Summerlin community, have not been selling well of late. The sale of only one new home in that range closed in February.

Sales of homes priced at $1 million or higher are at a standstill. Home Builders Research reported that in February only one new home priced at more than $1 million closed escrow.

7 April 2009
By Buck Wargo

Housing collapse evident in falling tax appraisal values

This map shows the average change in tax appraisal value between the close of rolls for fiscal 2009-10 and the previous year for single family homes in the valley, by ZIP code.

6 April 2009
By Chris Morris,
Alex Richards

High-end Henderson development on hold

The most expensive gated community in the Las Vegas Valley won’t have homes anytime soon. Developers of Ascaya, a 664-acre residential development on the north side of the McCullough mountain range in Henderson, announced they will push back the timeline for selling custom lots.

3 April 2009
By Buck Wargo

Realtors endorse in municipal primaries

With more than 14,000 members and a couple hundred thousand dollars to spend, the political action committee of the Greater Las Vegas Association of Realtors is looking to make its mark on the 2009 municipal elections.

3 April 2009
By Buck Wargo

Cold million-dollar market depresses home-sales numbers

Sales of homes priced at $1 million or higher is at a standstill. Home Builders Research reported that in February only one new home priced more than $1 million closed escrow.

3 April 2009
By Buck Wargo

Report: In 2010, 99.8 percent chance of lower home prices

A new report shows the Las Vegas Valley has a 99.8 percent chance of seeing lower home prices through 2010. PMI Mortgage Insurance Co., the second largest U.S. mortgage insurer, released its risk index for 381 metropolitan areas.

2 April 2009
By Tim Richardson

Economist: Despite tough times now, city's future is bright

The Las Vegas economy still has some rough patches ahead, but a local economist today said the region’s long-term prospects remain bright. He said analysts expect "some type of recovery by the time we get to 2012."

1 April 2009
By Buck Wargo

Rhodes homebuilding companies file for Chapter 11

Rhodes Design and Development, a big homebuilder in Nevada and Arizona, and several affiliated companies filed for Chapter 11 bankruptcy protection Tuesday in Las Vegas when they were unable to meet a principal and interest payment on a key loan, the companies said.

1 April 2009
By Steve Green

Home swapping trend could bypass valley

Leland Wong, a San Francisco businessman, says he's looking to retire with his wife to a warmer climate -- hopefully Las Vegas -- if the right deal pops up. He's offering to swap his $1.23 million condo in the lower Pacific Heights for property here. "The ideal trade for me would be something like a condo - very close to Las Vegas Strip or somewhere in the resort area," he says. He's advertising on Craigslist.

Peggy Magee would like to retire to northwest Las Vegas to be close to family. On a fluke, her son placed her $100,000 house on the popular online classifieds site Craigslist. In this tough market they didn't want a sell -- they wanted a swap. Generally, one of the parties needs to own their home, which Peggy Magee does. And in most cases, the other party would have to have substantial equity in their property. And that's hard to find in the valley.

31 March 2009
By Becky Bosshart

Homebuilder's stock tumbles on disappointing earnings

The stock market today punished Lennar Corp. of Miami, a big homebuilder in Las Vegas, after it reported disappointing first quarter results Monday.

31 March 2009
By Las Vegas Sun Staff

Report: Homes lost nearly one-third of value in a year

A closely-watched national index today showed continued declines in home values in Las Vegas and other big cities nationwide. Prices in Las Vegas, S&P said, were off 32.5 percent in January compared to January 2008.

31 March 2009
By Steve Green

With credit tight, more paying cash

Cash is king in the Las Vegas housing market.

31 March 2009
By Buck Wargo
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