Las Vegas Real Estate News

Nevada foreclosure rate still more than double the U.S. average

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

Nevada’s foreclosure rate remained one of the worst in the country last month as banks started the foreclosure process on a rising number of homes. In February, one in every 320 housing units in Nevada had a foreclosure-related filing.

13 March 2013
By Eli Segall

Local mom-and-pop companies struggle to compete with national chains

Wes Zarnowitz packs a wooden crate with fresh fruit and vegetables for a customer at Trish & Ed's Organics, Wednesday, March 6, 2013.

Driving south on Eastern Avenue from the 215 Beltway, there are more than a dozen shopping plazas with a seemingly endless stream of stores. The Eastern Avenue corridor highlights the dominance of chain stores locally.

11 March 2013
By Eli Segall

Las Vegas home prices flat last month, but up from year ago

A house is shown for sale in Henderson.

Las Vegas Valley home prices were flat last month compared with January but still outpaced prices from a year earlier.

8 March 2013
By Eli Segall

How much does it cost to build a Strip resort?

The Las Vegas skyline is seen from the top of the Bellagio.

The Genting Group got a steal on the Strip land it bought this week to build Resorts World Las Vegas, a 3,500-room Chinese-themed resort. The Malaysian company paid Boyd Gaming only $350 million for the 87-acre site of the imploded Stardust and failed Echelon. By comparison, Phil Ruffin sold the 36-acre New Frontier property in 2007 for $1.24 billion, a Las Vegas record.

8 March 2013
By Ron Sylvester

Basketball team owner takes $1 million hit in Strip condo sale

Golden State Warriors owner Joe Lacob condo in the Mandarin Oriental.

Golden State Warriors owner Joe Lacob sold his luxury condo on the Strip to a local casino executive — and took a loss of more than $1 million on the deal. Lacob, who bought the 3,000-square-foot unit in the Mandarin Oriental three years ago for $3.3 million, sold the condo last month to Las Vegas Sands Corp. Chief Financial Officer Kenneth J. Kay for $2.1 million, Clark County property records show.

7 March 2013
By Eli Segall

Unconventional approach to lift underwater homeowners piques interest in NLV

An auction sign for a foreclosed home in Las Vegas bends in the wind, Nov. 17, 2010.

The North Las Vegas City Council will take its time considering whether to implement a complicated and controversial program using eminent domain to help underwater homeowners.

7 March 2013
By Conor Shine

Plan that aids underwater homeowners through eminent domain to get hearing in North Las Vegas

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

A company with a unique but controversial approach to help underwater homeowners refinance their mortgages using eminent domain will pitch the North Las Vegas City Council on the plan Wednesday evening. Mortgage Resolution Partners has spent the past year meeting with local governments in states hit hardest by the housing crash to present its plan that would use private money to buy distressed mortgages and help homeowners reduce the amount of principal owed while staying in their houses.

6 March 2013
By Conor Shine

U.S. home prices rose by most in nearly 7 years

U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season. Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That's up from an 8.3 percent increase in December and the biggest annual gain since April 2006.

5 March 2013
By Christopher S. Rugaber, Associated Press

Abandoned construction projects still dot the Las Vegas Valley

Echelon Place

For at least one stalled project in Las Vegas, there's hope. An Asian gaming powerhouse announced Monday it plans to build a $2 billion megaresort on the site of the stalled Echelon, which has sat unfinished since 2008. But many other projects launched during the boom and abandoned during the bust remain untouched.

5 March 2013
By VEGAS INC Staff

Developer sentenced to prison for bilking investors of $2 million

Jean Marc Eljwaidi, right, appears in court with attorney Steven Wolfson at the Regional Justice Center in Las Vegas on Jan. 21, 2010.

A Las Vegas developer must serve a 21-month federal prison sentence for enticing investors to give him money for a real estate project that never materialized, officials said. Jean Marc Eljwaidi, 44, pleaded guilty in November to one count of wire fraud.

4 March 2013
By Jackie Valley

Executive suites offer flexible office space to businesspeople on the go

Executive suites managers Leo Agustin, left, and Michael Hatcher work in a conference room at the Tivoli Village Executive Suites Tuesday, Feb. 25, 2013. Hatcher manages suites on Howard Hughes Parkway. Agustin manages the Tivoli Village property.

Dave Rolley lives in Las Vegas but travels all over the world as vice president of Ampcontrol. Rolley needs an office wherever he goes, whether it’s Summerlin, Pittsburgh or Buenos Aires, so he uses executive suites — rental offices with flexible lease terms for owners of small to midsize businesses and executives who travel.

4 March 2013
By Ron Sylvester

Out-of-state investors spend millions on bulk real estate deals

The office building at 1401 N. Green Valley Parkway in Henderson, as seen Jan. 29, 2013. Southern California investor Ed Mustafa recently acquired this and six other nearby commercial buildings.

Buying commercial real estate in the Las Vegas Valley is risky business. Rents are low, vacancy rates are high, and landlords have to give months of free rent to sign tenants.

4 March 2013
By Eli Segall

Disagree with county appraiser's value on your home? Take your case to this board

The Board of Equalization meeting at the Clark County Commission Chambers in Las Vegas on Friday, February 22, 2013.

It’s 8 a.m. on a recent Saturday at the County Commission chambers as five members of the Board of Equalization take the dais. The chamber seats are filled with homeowners from throughout the valley.

28 February 2013
By Conor Shine

Foreclosure offerings in Nevada are hardly a steal, report finds

An auction sign for a foreclosed home in Las Vegas bends in the wind, Nov. 17, 2010.

Buying a distressed home in Nevada was no bargain last year. The average sales price of a home in some stage of foreclosure — such as having a notice of default or being bank-owned — was $126,521 in 2012, almost 6 percent higher than in 2011

27 February 2013
By Eli Segall

Bill pending in Legislature could result in higher property tax bills

An aerial view of homes in the southwest part of the Las Vegas Valley taken from a helicopter May 21, 2012.

Your property taxes could increase under a bill before the Nevada Legislature aimed at changing the state's property tax structure. But the bill does not call for a straight rate increase. Here’s how and why your bill could change.

27 February 2013
By Andrew Doughman
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