Las Vegas Real Estate News

Nevada Supreme Court considers mortgage default collections

Nevada’s highest court today examined a law that limits how much money real estate investors can collect from troubled mortgage borrowers and their backers. Attorneys presented oral arguments before the state Supreme Court in a trio of cases dealing with Assembly Bill 273.

Las Vegas-based investor willing to take $550 million gamble on distressed properties in Southwest

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

Las Vegas real estate investor Michael Shustek plans to bet big — $550 million big — that he can profit off some of the hardest-hit markets in the country. Through his new investment fund, MVP REIT, Shustek wants to raise up to $550 million from investors to buy commercial mortgage loans and commercial properties in Nevada, Arizona and inland California.

Despite anticipated low rents, Howard Hughes Corp. expects to profit on the Shops at Summerlin

Rusted pipes and fencing surround the halted construction site of the Shops at Summerlin Centre January 7, 2009.

With Howard Hughes Corp. dusting off plans for the Shops at Summerlin, it might seem like a bit of a mystery as to how it can afford to build a massive retail complex in Las Vegas’ battered real estate market. Simply put, the company obtained the center at such a discount, it can finish the project despite the likelihood of low rents from future tenants.

Applications available for foreclosure settlement payments

Nevada Attorney General Catherine Cortez Masto speaks to an editorial board at the Las Vegas Sun offices in Henderson on Monday, September 24, 2012.

Nearly 67,000 Nevadans who lost their homes to foreclosures will be eligible for checks of as much as $2,000 under a settlement agreement with the nation’s five largest banks, Attorney General Catherine Cortez Masto said Monday.

The Zappos effect: Companies follow the retailer downtown

On Casino Center Drive during a bus tour of downtown Las Vegas real estate projects on Thursday, September 13, 2012.

The economic revival sweeping downtown Las Vegas has ushered into the area restaurants, bars, entrepreneurs and residents. High-rise towers are filling up with renters and ground-floor tenants. Bars are taking over vacant buildings. New restaurant ideas are being hatched, and tech startups might soon outnumber casinos. Much of the activity is centered around Zappos, the online shoe and clothing retailer moving downtown from Henderson late next year and bringing with it hundreds of young, well-heeled employees.

Las Vegas housing sector sees positive signs in August

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

Las Vegas’ housing sector had a good month in August with more new home purchases, higher sales prices and a jump in construction permits. A total of 602 new homes were sold last month in the Las Vegas Valley.

Home values increase slightly in Las Vegas

Homes for sale are shown in the Villas at Black Mountain development near Horizon Ridge Parkway and Gibson Road in Henderson Wednesday, June 1, 2011.

Las Vegas home values kept rising last month at a small but steady clip, outpacing many other metro areas. The Las Vegas Valley median home value rose to $120,262 in August, up 1.1 percent from July.

Road to recovery for Las Vegas office market 'will be a long one'

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’ commercial real estate market is poised for little improvement, with high vacancy rates, a dip in asking rents and minimal construction.

Nevada foreclosure rate is back on the rise, report says

A "for sale" sign is displayed outside a foreclosed home near Hacienda Avenue and Jones Boulevard on Saturday, Feb. 5, 2011.

Nevada’s foreclosure rate inched higher last month, giving the state a one-notch boost in its ranking among America's worst-hit states. Nevada was fifth-worst in the country in August for its volume of distressed real estate.

Las Vegas home prices up 15 percent year-over-year

Home prices in the Las Vegas area are up for the seventh month in a row, while the number of homes sold in August is significantly down from a year ago. The median price of a single-family home sold in August was $138,000.

Las Vegas investor buys Muhammad Ali's childhood home

This Monday, Aug. 27, 2012, file photo shows for sale signs in the front yard of Muhammad Ali’s boyhood home in Louisville, Ky. A fan of the boxing legend has acquired the important piece of memorabilia. Louisville Realtor Dave Lambrechts said Las Vegas real estate investor Jared Weiss closed on the property Monday, Sept. 10, 2012, paying $70,000. Lambrechts says the new owner wants to restore the home to how it looked when Ali, then known as Cassius Clay, lived in it.

A fan of Muhammad Ali has acquired an important piece of memorabilia: the boxing legend's boyhood home. Louisville Realtor Dave Lambrechts told The Associated Press on Tuesday that Las Vegas real estate investor Jared Weiss closed on the property the day before.

Sale of 32 Summerlin office buildings worth upwards of $127 million in the works

A view of an office complex at 10550 W. Charleston Blvd., Las Vegas, Sept. 10, 2012.

General Growth Properties is trying to sell its local office portfolio, 32 buildings in Summerlin that total 1.1 million square feet and could fetch a sales price of up to $127 million, according to several Las Vegas brokers.

Efficiency upgrades can save money

One of the best ways for a business to improve its bottom line is to spend less to maintain a comfortable workplace.

Renegotiating: How to update terms of a lease

Brad Peterson, a senior vice president at commercial real estate firm CBRE, pauses in a conference room. Peterson said 90 percent of his clients have approached their landlords with lease restructuring pitches. With commercial vacancy rates high in the valley, the tenants often are successful, he said.

As Southern Nevada’s economy crumbled during the Great Recession, many business owners had to make dramatic changes to survive. One strategy that emerged was lease renegotiation.

SEC freezes assets over alleged land investment fraud

Securities regulators have shut down an alleged investment fraud in which numerous “unsophisticated investors” bought overpriced, vacant land in Nevada. The U.S. Securities and Exchange Commission said Friday it froze the assets of San Diego-based Western Financial Planning Corp. and its owner, Louis V. Schooler.