Las Vegas Real Estate News

In biggest deal of year, North Las Vegas mall sells for $50.5 million

A sprawling North Las Vegas shopping center has been sold for more than $50 million, the valley’s most lucrative real estate deal of the year.

6 May 2013

By Eli Segall

Report: Las Vegas among top spots to ‘flip’ homes

Flipping homes in Las Vegas is not as common as it used to be, but it’s still a lucrative business. The Las Vegas Valley is the second best place in the country to “flip” a home, according to a new report from RealtyTrac.

2 May 2013

By Eli Segall

Controversial rescue of underwater NLV homes to be decided in June

Foreclosed homes for sale line the 9800 block of Fast Elk Street in northwest Las Vegas in 2007.

The North Las Vegas City Council will decide in June whether to endorse a controversial and complex plan to use its powers of eminent domain to help refinance underwater home mortgages after receiving more information on the proposal during a workshop Tuesday night.

1 May 2013

By Conor Shine

Lake Las Vegas hotel getting new name — again

A look at the new Dolce Hotels and Resorts' Ravella at Lake Las Vegas, that will open to the public in place of the former Ritz-Carlton Friday, February 11, 2011.

A Lake Las Vegas luxury hotel with a history of financial woes is changing its name for the second time. The 349-room Ravella at Lake Las Vegas will become a Hilton-branded hotel by June, said Benson Lee, regional director of hotel operations for landlord Kam Sang Co. The Mediterranean-style hotel already is listed on Hilton Worldwide’s website as the Hilton Lake Las Vegas Resort & Spa.

30 April 2013

By Eli Segall

NLV further examines plan to seize underwater mortgages

A foreclosed home is seen Thursday, April 28, 2011.

North Las Vegas City Council members will take a closer look Tuesday night at a controversial and complex proposal to use eminent domain to seize underwater mortgages in an attempt to boost the city’s sagging housing market.

29 April 2013

By Conor Shine

Surging home values in Las Vegas expected to keep their momentum

A realty sign is posted in front of home in the Lakes neighborhood of Las Vegas, Dec. 2, 2011.

After bottoming out a year ago, Las Vegas home values have soared and are expected to rise further, boosting the region’s fragile economic recovery. The Las Vegas Valley’s median home value was $138,800 as of March 31, at the end of the first quarter, up 22.3 percent from a year earlier, according to a report out Wednesday from Seattle-based research firm Zillow. Local home values hit bottom in the first quarter last year at $113,500.

24 April 2013

By Eli Segall

Las Vegas office vacancy rate soars to record high

Empty space: This office building at the northwest corner of Rainbow Boulevard and Interstate 215 was constructed by Plise Development. It is shown vacant in June 2009.

Las Vegas' empty office space hit an all-time high last quarter as rental rates continued to slide. The valley’s office market had a record 26.2 percent vacancy rate in the three months ending March 31.

23 April 2013

By Eli Segall

Prisons become landlords, other business restructure to avoid taxes

M Resort Spa Casino, which opened in Henderson on March 1, was designed to attract visitors and locals alike by offering unique amenities.

A small but growing number of U.S. corporations — including Penn National Gaming, which owns the M Resort in Henderson — are making an aggressive move to reduce, or even eliminate, their federal tax bills. Companies as diverse as private prisons and billboard companies are declaring that they are not ordinary corporations. Instead, they say, they are special trusts that are typically exempt from paying federal taxes.

23 April 2013

By Nathaniel Popper, New York Times News Service

Local baseball legend Greg Maddux strikes out in real estate sale

Former baseball star Greg Maddux was one of the best pitchers ever, thanks to his near perfect control on the mound. But in real estate, just like in baseball, you can’t win ‘em all.

20 April 2013

By Eli Segall

Investors allege mismanagement by former Senate candidate's family, offer to buy them out

Boston investment manager Shawn Kravetz wants to take control of some choice real estate on the north Strip, a potentially lucrative move. But he faces a big hurdle: failed Senate candidate Sue Lowden’s family. Kravetz, president of Esplanade Capital, recently offered $101.5 million to buy Archon Corp., which is majority-owned by the Lowdens.

18 April 2013

By Eli Segall

Real estate agent convicted in mortgage scheme

A New Orleans lawyer accused of a mortgage scheme that hit victims with more than $50 million in losses was convicted on Thursday on counts of conspiracy and fraud.

15 April 2013

By William D'Urso

Joe Downtown: Learned lessons being applied in relocation of John E Carson Hotel residents

Downtown Project partners purchased the 65-unit John E. Carson Hotel building at Sixth and Carson in April 2012 for about $2.1 million.

Some 43 residents of the John E Carson Hotel, purchased by Downtown Project investors to be transformed into a multistore retail, food and beverage facility, will get free rent for a month and be moved into a different hotel at the investors’ expense.

12 April 2013

By Joe Schoenmann

Return of the housing bubble? Not in Las Vegas

The entrance way to the main section of a "Next Gen" house built by Lennar Homes, Dec. 22, 2011. The homes were designed to house multiple generations of a family.

With cash investors snapping up houses, Las Vegas’ real estate market has been heating up with rising prices and multiple bids for listings. But unlike last decade, the valley is not mired in a housing bubble, according to a new report.

12 April 2013

By Eli Segall

Former loan officer convicted in mortgage fraud scheme

After a six-day trial, a Montana man was convicted Wednesday of nine counts of wire fraud and one count of aggravated identity theft for his role in a Nevada mortgage fraud scheme, said Daniel G. Bogden, United States attorney for the district of Nevada.

11 April 2013

By Las Vegas Sun Staff

Former nightclub promoter excels at selling million-dollar condos

Randy Char, senior vice president of operations at One Queensridge Place, stands in a common area at the luxury condo development near Summerlin on Tuesday, Feb. 19, 2013. The development is starting to see sales pick up after falling to almost nothing during the recession.

Condo sales at the opulent One Queensridge Place near Summerlin evaporated during the recession. But a former nightclub promoter is reviving interest. Randy Char was hired early last year to oversee sales and marketing for the two 18-story towers on Alta Drive at Rampart Boulevard. He hired a new sales force, cut prices and renovated the model units.