Las Vegas Real Estate News

Trapped by lawsuits, subcontractors seek relief

Sens., from left, Valerie Wiener, D-Las Vegas, Terry Care, D-Las Vegas, and David Parks, D-Las Vegas, listen to testimony during a Senate Judiciary committee meeting this month. Care, the committee chairman, has created a subcommittee to draft a bill on homeowner associations because of alleged corruption involving construction defect law firms.

In the fourth quarter alone, Pete King Nevada Corporation received 110 notices of alleged construction defect. The company, like other subcontractors, is a victim of the state’s system for dealing with defects.

22 February 2009
By J. Patrick Coolican

How Obama’s mortgage relief plan pencils out

The Obama administration’s secretary of Housing and Urban Development, Shaun Donovan, said the housing recovery plan’s approach was designed specifically to help Las Vegas and other hard-hit areas.

21 February 2009
By Lisa Mascaro

Times tough on the animals, too

Scratchy the cat has become something of a fixture at Siena Animal Hospital since being dropped off as a stray eight months ago. The hospital, on the western edge of the valley, has been inundated with strays as the recession deepens, leading some to abandon their pets.

The cat they would call Scratchy arrived in June. She was left outside the animal hospital in a crate, an older cat inside with her. There was a note.

20 February 2009
By Brendan Buhler

Expert: Foreclosures to dominate real estate in 2009

Foreclosure filings in Nevada dipped in January, but no one should take that as a sign the housing market is closing in on a recovery. Nevada continues to hold the top spot in foreclosure filings as a national push is intensifying to do something about the problem.

20 February 2009
By Buck Wargo

Apartment occupancy dips due to economy, unemployment

Job losses and the poor economy have lessened demand for apartments, and the Las Vegas occupancy rate dropped to its lowest point since early 2003, according to a report by Applied Analysis.

20 February 2009
By Buck Wargo

Bad numbers cloud outlook

After a rotten 2008, this year got off to a really bad start — so bad that even the most optimistic housing analyst in Las Vegas is extremely concerned. Sales of new and existing homes tumbled in January and foreclosures rose from December, according to statistics released by SalesTraq. The median price of existing homes sold in January tumbled another $10,000, dropping the price to $150,000. That’s a 48 percent drop from the highest price for existing homes at $288,000 in February 2007.

20 February 2009
By Buck Wargo

Cashman Equipment celebrates new digs

Henderson headquarters: Yard attendant and steam cleaner Elvin Bower washes a D10 bulldozer at Cashman Equipment Co. at 3300 St. Rose Parkway in Henderson on Feb. 16, when Cashman officially dedicated its 53-acre industrial campus.

Timing has never been a strong suit of Cashman Equipment when it comes to opening new headquarters or expanding its buildings. The Caterpillar construction equipment dealer dedicated its new corporate headquarters in Henderson this week — an impressive 53-acre site on St. Rose Parkway that is the largest environmentally sustainable industrial campus in the state.

20 February 2009
By Buck Wargo

Report: Median home sale price drops another $10,000

After a rotten 2008, this year got off to a really bad start — so bad that even the most optimistic housing analyst in Las Vegas is concerned.

19 February 2009
By Buck Wargo

Stimulus slice doesn’t sit well with lawmakers

A few weeks ago it looked like Senate Majority Leader Harry Reid would be welcomed here as the savior of Nevada’s budget, riding on a horse made of freshly printed federal dollars. Not so.

19 February 2009
By David McGrath Schwartz,
Cy Ryan

Volunteers help give family a new home

Habitat for Humanity volunteer Rodney Stephens balances himself on a the frame of a wall while working on a home being built for Rosa Santana on London Porter Court Saturday morning by Habitat for Humanity Las Vegas, the Greater Las Vegas Association of Realtors and Citibank.

Rosa Santana prays every day that no one shows up to evict her and her three teenage children from the home they rent. The family needs a few more months until their own house is completed by volunteers of Habitat for Humanity.

18 February 2009
By Jeff Pope

With foreclosures, it's a (patient) buyer's market

Once valued near $800,000, this 3,903-square-foot Seven Hills home was purchased while in foreclosure by Gorden and Ming Chu for $480,000. The Chu's exterior renovation included new paint, accent stone facings and xeriscape landscaping.

House inventories are increasing, prices are plummeting and Realtors are running ragged. If there's a silver lining to be found in Southern Nevada's ongoing foreclosure epidemic, it's that those who are looking for a home couldn't ask for a better time. The median home price in the Las Vegas Valley has fallen from a high of more than $300,000 in 2006 to $175,000 in December.

16 February 2009
By Jeremy Twitchell

Builder has idea about how U.S. can help

Signature Homes founder Richard Plaster is calling on the federal government to use its power of eminent domain to ease the housing crisis.

16 February 2009
By Buck Wargo

Housing aid Bush stopped may return

Susan Nagata and her husband were able to buy their home with down payment assistance provided through the Nehemiah program.

Boosters of down-payment assistance programs that had benefited poorer homebuyers before they were abolished by the Bush administration are lobbying for their revival, saying they could help rejuvenate the distressed housing market. Since 1997, the programs have produced more than $2.36 billion in home sales in Clark County to buyers whose incomes averaged less than $60,000.

16 February 2009
By Brian Eckhouse

Robin Leach, others sue Cosmopolitan

Entertainment columnist Robin Leach and Las Vegas show producers Norbert Aleman and Jeff Gitlin filed a class action lawsuit Thursday in District Court, alleging the operators of the Cosmopolitan fraudulently induced them into buying condominium units at the unfinished Strip resort.

14 February 2009
By Jeff German

Builder: Eminent domain could calm foreclosure chaos

Signature Homes founder Richard Plaster is calling on the federal government to use its power of eminent domain to help ease the housing crisis.

13 February 2009
By Buck Wargo
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