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.
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.
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.
Nevada is back on top — but no one will celebrate this No. 1 ranking. The Silver State had the highest foreclosure rate in the country in March, with one in every 306 housing units receiving a foreclosure-related filing, according to a new report from RealtyTrac.
As if the investors swarming Las Vegas didn’t know, the valley is one of the top places in the country to buy and then rent out a house, a new report says.
Hundreds of Medicare recipients in Southern Nevada have been forced to change insurance carriers after their provider was liquidated amid fraud allegations. Universal Health Care Insurance Co., which had about 1,800 customers in Clark County, was placed into receivership last month and liquidated Monday. Members were automatically enrolled in a government-run Medicare program and will not face a gap in coverage, federal officials said. However, the cost of their medical care could change under the new program.
Health care reform is expected to expand patient coverage, increase hospital profits but also raise costs, increase wait times
Monday, April 1, 2013
Stephanie Nessmith once relied on a payday lender to get money for her daughter’s respiratory medicine. Skylar, 3, used to have insurance from the state but lost it because Nessmith earns too much – $11.50 an hour working at a Henderson UPS Store.
Sports super fans often shell out big money to support their favorite teams. They buy season tickets for home games, fly to away games and stock up on piles of merchandise. Sometimes, they get team tattoos. Their loyalty — and spending — knows no boundaries. A Las Vegas startup is trying to capitalize on those obsessions by putting hardcore fans even closer to the action.
A retiring casino executive is trying to sell his Las Vegas penthouse condo for $9.8 million. Wynn Resorts Chief Operating Officer Marc Schorr listed his 9,000-square-foot, two-story condo this month.
Nevadans who expect to lose their homes to foreclosure move out far more frequently than struggling borrowers in other states. Nevada has a “zombie foreclosure” rate of 50 percent, meaning half of all homes in the foreclosure process that aren't yet bank-owned are empty.
Federal agriculture officials have put the finishing touches on a deal to finance a $16 million expansion and renovation at the Boulder City Hospital. Construction is expected to start in the coming months and wrap up next year.
Some real estate investors want to bring back the style and charm of an aging Las Vegas apartment complex where members of the famed Rat Pack once lived.
Las Vegas land prices are rising at an unsustainable and “downright scary” pace as the valley’s home building market continues to rebound, a new report says.
Tony Hsieh’s Downtown Project bought the shuttered Western Hotel for $14 million, giving his group another chunk of downtown real estate for a possible future project.
Building a professional sports arena or stadium without a team committed to play there is practically unheard of. Developer Chris Milam wanted to build four of them — and got the Henderson City Council’s full support. There were plenty of red flags when Milam pitched his proposed Las Vegas National Sports Complex, but city officials either failed to recognize them or ignored them.
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.
Defendant allegedly intended to flip land instead developing a sports complex
Tuesday, March 12, 2013
Chris Milam, whose proposed sports complex in Henderson led to the city suing him for fraud, has been banned from working on future developments in Henderson as part of a settlement of the case.
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.
It didn’t take long for the buzz to become a roar after the Genting Group announced plans Monday to develop a 3,500-room resort on the Strip. Here's a look at who stands to gain from the arrival of Resorts World Las Vegas and who stands to lose.
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.
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.
Las Vegas developer Juliet Cos. is disputing reports that it reached a “deal” with would-be sports arena developer Chris Milam to build residential homes on part of his Henderson project site.
The city of Henderson received court approval to add a local consulting firm as a defendant in its fraud case against would-be sports arena developer Chris Milam, and also got clearance to push ahead with efforts to block Milam from buying the project site.
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
Las Vegas Valley moviegoers will get a dash of luxury — and alcohol — next month when a new high-end movie theater opens in Henderson. The eight-screen Galaxy Green Valley Luxury+ Theatre is scheduled to open March 8 in Green Valley Town Center on East Sunset Road. The multiplex will serve wine and draft beer, and all of its seats will be reclining with powered footrests. “It's a different experience,” said Rafe Cohen, Galaxy Theatres co-owner and president.
Henderson city officials want to expand the reach of their lawsuit against developer Chris Milam and those who worked with him on a proposed sports-arena complex.
The Las Vegas Valley’s new homes market roared out of the gate last month with rising sales and construction plans, though activity is still weak compared to the boom years.
Think it’s expensive shopping at Crystals, the luxury mall at CityCenter? Try buying the place. MGM Resorts International CEO Jim Murren said prospective investors have contacted him about buying the Strip property.
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.
Financial institutions are showing more interest in helping small business owners, investors get loans
Monday, Feb. 18, 2013
After several tight-fisted years, banks are starting to lend more money in the Las Vegas Valley, helping business owners expand and consumers refinance auto and mortgage debt. Lending volume is inching higher after plunging fast during the recession, but no one expects money to slosh around the valley again anytime soon.
After being open for less than a year, Ranch House Kitchen in Town Square is closed and undergoing an overhaul. Owners closed its doors Feb. 2 to give the eatery a new concept, Town Square marketing director Jaime Mapes said.
The parent company of discount retailers T.J. Maxx, Marshalls and HomeGoods is expanding its North Las Vegas distribution center. The TJX Cos., which operates a 700,000-square-foot distribution facility at Lone Mountain Road and Lamb Boulevard, bought 50 acres of nearby property last month for about $7.4 million.
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.
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.
The United Brotherhood of Carpenters and Joiners of America’s International Training Center, which serves as a training hub for specialty laborers from North America, is undergoing a major overhaul. When the expansion wraps up later this year, the facility near McCarran International Airport will span almost 1 million square feet.
An online petition is garnering signatures from people who oppose plans to replace the District at Green Valley Ranch’s pedestrian thoroughfare with a two-way street.
Southern Nevada’s housing market began 2013 with mixed results last month, with rising prices, shrinking inventory and an uptick in nondistressed sales.
UNLV’s Lee Business School is inducting banker Selma Bartlett and alcohol distributor Larry Ruvo into the Nevada Business Hall of Fame. The ceremony will be held Thursday night in the Bellagio’s grand ballroom.
Properties include Searchlight Nugget Casino, El Rey Motel, former brothel
Wednesday, Feb. 6, 2013
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 commercial buildings, one of which was a “house of ill repute” that now houses casino workers, said Fred Marik, listing broker with Las Vegas Commercial & Business Sales.
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.