Las Vegas Real Estate News

Michael Jackson's former Las Vegas home fetches $3.1 million

This home at 2785 S. Monte Cristo, where Michael Jackson lived in 2008, fetched a price of $3.1 million after it was taken back by the lender in lieu of it going through foreclosure.

A 16,400-square-foot home where Michael Jackson resided for six months in late 2007 and early 2008 has sold for $3.1 million. Jackson rented the home at 2785 S. Monte Cristo, which is southeast of the intersection of Buffalo Drive and Sahara Avenue. The home was ultimately taken back by the lender, Eastern Savings Bank, in lieu of it going through foreclosure with the previous owner, said Carolyn Mullany, a Realtor with Coldwell Banker Premier.

27 January 2010
By Buck Wargo

Report: Fall in Las Vegas home prices reaches 39 months

Las Vegas home prices as tracked in a monthly nationwide report fell in November for the 39th consecutive month. Prices are down 55.6 percent from their peak, Standard & Poor's said.

26 January 2010
By Steve Green

Nicolas Cage’s foreclosed Las Vegas home sells for $4.95 million

This is the foyer of a home formerly owned by Nicholas Cage and sold for $4.5 million in January 2012. Cage bought the house in September 2006 for $8.5 million.

Actor Nicolas Cage’s financial troubles have become someone else’s gain. A Las Vegas real estate company reported today that it sold Cage’s foreclosed, bank-owned home for about $3.5 million less than what the star bought it for in 2006. Cage bought the 14,300-square-foot home for $8.5 million in September 2006, according to Luxury Homes. The company announced Monday it sold the house for about $4.95 million after one day on the market.

25 January 2010
By Amanda Finnegan

Harry Reid’s boost for Fed chief Ben Bernanke's renomination has a catch

In this Dec. 7, 2009, file photo Federal Reserve Chairman Ben Bernanke is introduced before speaking at the The Economic Club of Washington. President Barack Obama phoned Senate allies Saturday, Jan. 23, 2010, as two key senators, Chris Dodd of Conneciticut and Judd Gregg of New Hampshire, predicted that Bernanke would be confirmed for a second term.

Ben Bernanke met with Sen. Leader Harry Reid last week in the Nevadan’s office as the days were counting down before Bernanke’s term would expire. The meeting ended with a glaring omission: No announcement of Reid’s support for Bernanke’s confirmation. A day later Reid announced that he had an agreement from Bernanke to take steps that will help Nevada and the nation — and Bernanke had the majority leader’s vote.

25 January 2010
By Lisa Mascaro

Federal funding freeze-out debated

The Housing and Urban Development Department awarded $2 billion in federal stimulus money last week to help communities deal with foreclosures. Southern Nevada came up empty-handed.

23 January 2010
By Joe Schoenmann

Foreclosures hit ZIP code 89031 the hardest

ZIP codes in the Las Vegas Valley that registered the highest number of foreclosures in 2009.

The North Las Vegas ZIP code that includes the Eldorado residential development led the valley in foreclosures in 2009, according to statistics released by SalesTraq.

22 January 2010
By Buck Wargo

Lot buys may signal rebound

The new home market in Las Vegas is two years away from recovery, and builders are preparing for it by buying finished lots, according to a California consulting firm.

22 January 2010
By Buck Wargo

Economists predict more struggles for Las Vegas housing market

The Las Vegas housing market will continue to struggle in 2010 as it faces more price declines and a growing number of foreclosures, economists said Tuesday.

20 January 2010
By Buck Wargo

Report: Real estate rebound seen as 2009 came to end

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

Existing home sales in Las Vegas rose 57 percent in 2009, but builders sold fewer than half as many homes compared to 2008, according to statistics released Tuesday. SalesTraq reported that that demand for existing homes remained strong in December with the 4,502 sales the third highest-selling month in 2009, pushing the annual total to 48,075 – the third highest in the valley’s history. Median prices fell by $5,000 in December to $120,000.

19 January 2010
By Buck Wargo

Krave nightclub, Harmon Theater file for bankruptcy

The owner of the Krave nightclub and Harmon Theater in Las Vegas filed for bankruptcy reorganization Monday, saying it's behind on rent and tax payments but that its financial situation should improve because CityCenter has revitalized the area.

19 January 2010
By Steve Green

Industrial vacancy rate tops 15 percent

The high unemployment rate and downturn in the construction industry is taking a toll on the industrial-building market.

15 January 2010
By Buck Wargo

Distressed properties a blight on office sector

A growing number of single-story office buildings constructed in the past two years are without tenants and facing foreclosure, according to Colliers International.

15 January 2010
By Buck Wargo

Small construction firms singled out in health care bill

The health care legislation making its way through Congress has caught the attention of Las Vegas’s small contracting companies, which are worried changes may put them out of business.

15 January 2010
By Buck Wargo

Centerpiece house for builders' conference a no-show

Oscar Rugamas, left, and Elmer Lara of Alvarez Masonry place stones on the exterior of a New American Home on Jan. 8 at 2911 Bella Kathryn Circle. Lack of financing for the project, which was supposed to be completed for next week's International Builders' Show, helped drive builder Domanico Custom Homes out of business.

A Las Vegas house has come to epitomize the struggles of the homebuilding industry.

15 January 2010
By Buck Wargo

Mayor angry, Reid disappointed Las Vegas denied more federal aid for foreclosures

Las Vegas Mayor Oscar Goodman was angry today about the news that Las Vegas would not be getting any more federal Neighborhood Stabilization Plan funding to help keep neighborhoods besieged by foreclosures from becoming blighted.

14 January 2010
By Dave Toplikar
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