Las Vegas Real Estate News

Percentage of underwater homeowners in Vegas drops in 2012

Houses sprawl across the Las Vegas Valley. When the housing bubble burst in 2007, Las Vegas became the No. 1 area in foreclosures nationwide.

The percentage of underwater homeowners in Las Vegas Valley fell last year as rising home values gave many people a financial lift. But there’s ample room for improvement: Las Vegas is expected to stay the underwater capital of America for at least another year.

20 February 2013
By Eli Segall

Henderson apartment complex sells for $30 million

A Salt Lake City investment firm has acquired a Henderson apartment complex for $30 million.

18 February 2013
By Eli Segall

Owner of Treasure Island casino loses $3 million on sale of mansion

Phil Ruffin, owner of Treasure Island, in his office on Wednesday, May 18, 2011.

Treasure Island owner Phil Ruffin has sold a Summerlin mansion at a steep discount, causing him to take a nearly $3 million loss.

18 February 2013
By Eli Segall

Nevada foreclosure rate remains second worst in nation

A for sale sign stands in front of a bank-owned home in Las Vegas in 2008.

Nevada’s foreclosure rate remained the second worst in the country last month, despite a continued drop in volume. One in every 344 housing units in Nevada had a foreclosure-related filing in January.

13 February 2013
By Eli Segall

Nevada still has among worst mortgage delinquency rates

Nevada’s mortgage delinquency rate improved last year but remains one of the worst in the country, a new report shows. Nevada had the second-highest delinquency rate — 10.45 percent — in the country in the three months ending Dec. 31, according to TransUnion.

12 February 2013
By Eli Segall

Sen. Harry Reid not interested in buying hometown casino, former brothel

Senate Majority Leader Harry Reid (D-NV) responds to questions during an interview with reporters at his home in Searchlight, Nev. Thursday, January 17, 2013.

Most of Searchlight’s business district may be for sale, but the town's favorite son isn’t interested in buying. Sen. Harry Reid told reporters today that he didn’t expect to make a bid on the land and properties recently listed by the Doing family.

12 February 2013
By Karoun Demirjian

Median home prices experience largest year-over-year increase in nine years

A home for sale at 227 Marks St. in Henderson on Monday, April 9, 2012.

Southern Nevada’s housing market began 2013 with mixed results last month, with rising prices, shrinking inventory and an uptick in nondistressed sales.

8 February 2013
By Eli Segall

Renewed sense of community rekindles spirit of Rat Pack days in Las Vegas neighborhood

Dan Stafford participates in the putting contest during a Paradise Palms cocktail party at Las Vegas National Golf Club on Friday, January 18, 2013.

It is fitting that residents in today’s Paradise Palms neighborhood party once a month in a hallowed hall of Las Vegas’ yesteryear. In a city that would rather demolish and rebuild than preserve and restore, these residents are fighting to hold on to what makes their neighborhood special.

8 February 2013
By Brian Nordli

Searchlight’s main commercial drag up for sale

An abandoned mine that was once the most well-known around Seachlight is seen Nov. 11, 2004.

Looking to buy a casino, a former brothel and nearly all other commercial property in Searchlight? Open your wallets, because the town’s primary real estate is for sale — for a mere $5 million. The Doing family, which owns the main businesses and commercial land in town, put their 41 acres of holdings on the market on Monday. Their properties include the Searchlight Nugget Casino, an attached 92-seat restaurant and the 21-room El Rey Motel. Also up for sale: about 25 to 30 lots, some of which are vacant and some of which are occupied by residential trailers, and six ...

6 February 2013
By Eli Segall

Investors hope unique company name brings good luck

Mazaltov LLC is the new owner of the Fairfield Apartments, a 20-unit complex in the Naked City, the hardscrabble neighborhood near the Stratosphere. The investors bought the 60-year-old property last month for $535,000 cash.

When investors buy commercial real estate, they typically purchase it through limited liability companies with boring names such as BBD1 LLC or 245 Main Street LLC. One group of Las Vegas buyers wanted a more celebratory feel for their company.

6 February 2013
By Eli Segall

Association of Realtors pushing for clarification on robosigning

Joel Searby of Strategic Guidance Systems discusses the Nevada Association of Realtors' "Face of Foreclosure" report at the Trump International Hotel in Las Vegas on Tuesday, January 22, 2013.

With the Nevada Legislature back in session today, a real estate lobbying group has a slate of issues it wants lawmakers to consider. The most important is whether to change the state’s controversial “robosigning” law. The Nevada Association of Realtors is pushing for changes to the law while at the same time trying to downplay its impact on business.

4 February 2013
By Eli Segall

Las Vegas one of the worst areas to buy bank-owned home, report says

A for sale sign stands outside a bank-owned home in North Las Vegas, Feb. 18, 2009.

If you’re hunting for a deal on a bank-owned house, don’t bother looking in Las Vegas. The valley is expected to be one of the worst regions in America to buy a foreclosed home this year, according to a new report from RealtyTrac. The research firm ranked Las Vegas fourth from the bottom. The valley has only seven months worth of foreclosure inventory and a 17 percent price discount, says RealtyTrac.

30 January 2013
By Eli Segall

California investor picks up $23 million in property – and is looking for more

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.

A Southern California real estate investor has picked up seven more commercial buildings in the Las Vegas Valley. Ed Mustafa, managing member of the Brentwood Cos., acquired several properties off Green Valley Parkway near the 215 Beltway last month. He and his partners paid almost $23 million for the buildings, which total 235,000 square feet.

30 January 2013
By Eli Segall

Most Nevadans are 'on the edge of financial disaster,' report says

Houses sprawl across the Las Vegas Valley. When the housing bubble burst in 2007, Las Vegas became the No. 1 area in foreclosures nationwide.

Some 62.5 percent of Nevada households have less than three months of savings to rely on in the event of a job loss, medical crisis or other financial emergency.

29 January 2013
By Eli Segall

18 local Wendy's restaurant buildings sold to two national real estate firms

The Wendy's restaurant at 500 N. Green Valley Parkway, as seen on Jan. 28, 2013. Cedar Enterprises recently sold this and 17 other Wendy's properties in the Las Vegas Valley to two national real estate firms.

A fast-food franchisee has sold 18 Wendy’s restaurant buildings in the Las Vegas Valley. But don't worry. The restaurants likely aren't going anywhere.

29 January 2013
By Eli Segall
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