Neonopolis Ready for Las Vegas Lift Off

Las Vegas sure is lucky to have a feisty Mayor on Oscar Goodman, for he never misses a trick to keep city projects on the boil and ready for investors. Mayor Goodman has got Prudential Real Estate Investors from Parsippany in New Jersey, who own Neonopolis on Fremont Street, to meet with Rohit Joshi, a dynamic Las Vegas entrepreneur. We could soon be opening the bubbly to celebrate the opening of the metro’s latest retail center, which has bowling and cinema attractions as well. Neonopolis could also see some televised poker events.

A quarter of a million square feet by way of space, underground parking, superb restaurants and a bar for neighbors on Fremont Street, are the main features which must have induced Joshi Associates to make a serious bid with a handsome deposit for Neonopolis. The potential is big enough for Mayor Goodman to have opposed past proposals to convert some of Neonopolis for office use. Strict adherence to zoning guidelines has always stood Las Vegas in good stead.

Neonopolis was first conceived in 1997. Why has such attractive commercial realty taken so long to find suitors? The project history holds important lessons for real estate agents such as me, who have to advise clients from out-of-town on the best projects for their funds. It starts with clear titles for land use. Always read the fine print on this when a developer has plans but no physical built-up area in to which you can enter right away. Such disputes were the bane of Neonopolis even before ground breaking.

Marketing is the second lesson that one can take home from the history of this project. Developers allowed everyone to rent space without questions on how their proposed uses fit in with the big Neonopolis picture. One tenant even used space in the building for the homeless, which tells you something about how the property must have been priced! Bad news travels fast, and soon tenants were scurrying towards the exits! Neonopolis may have been a step ahead of its time because many prospective clients baulked at the thought of a gay bar in their environs.

All this is now hopefully just history with a series of lessons well learnt. Rohit Joshi can promote the property’s many attractive features to top retailers and to people in the gaming and entertainment sectors. Just one top draw for a tenant will bring the kind of footfall which will have other retailers queuing up for space in Neonopolis. The complex has a great future and this is just the right time to put money in for exceptional returns.

Put your hand together for Mayor Goodman and for local businessperson Rohit Joshi as well! We do not know yet whether Prudential will sell, but at least we have seen a concerted and professional effort. All of Las Vegas stands to benefit for city funds are sunk in the underground parking lot!

Realizing Realtor Roles in Las Vegas, Nevada

I would like to share some serious introspection on today’s post, about the value real estate agents deliver in Las Vegas.

The greater Las Vegas metropolitan area is a mix of residential, commercial and industrial projects. People and firms enter the Las Vegas realty market with an equally wide array of needs. Some folk simply want a home in to which they can quickly move in, and would like to concentrate on settling in to new jobs and careers that bring them to Nevada. Such people do not want futuristic projects that may be subject to delays.

Then there are couples typically in their fifties who have heard about neighborhoods reserved for senior citizens in Las Vegas. They would do well to make bookings with reputed developers, choosing projects that will take a few years to see the light of day. Such couples will lose value by putting money in to projects that are ready for occupation, because they still have many years in jobs that are probably located somewhere else. You do not want to put precious savings in to projects that may never see the light of day or others with high chances of expensive litigation, so the track record of the developer matters most in such cases.

Prospects of making a quick windfall are what bring some customers through my door. The Multiple Listing Service is my Bible at such times. I have to keep an inventory of distress sales, or of people moving out of Las Vegas in a hurry (job transfers are a common reason), to provide customers with cash to invest chances of quick and significant returns. Blue Sky projects are simply a waste of time for such people.

Commercial realty is all about location, so realtors have to be tuned in to Nevada’s long term economic plans, tax policies and infrastructure projects to service industrial customers in a professional way. Real estate agents should counsel clients to plan for delays and bottlenecks which are part and parcel of projects with long gestation periods, and keep faith in the big picture. Durability is a hall mark of the overall Las Vegas realty value proposition, so patience is certainly a valuable virtue for investors!

Curve, the high-rise residential project in the greater Las Vegas area, is a good example of the need to match explicit and covert customer needs with project profiles and features. Recent developments with regard to deposit refunds and minor delays in achieving milestones of this project are evidence that some California investors may have rushed in to Las Vegas without an experienced local to hold their hands, and now find themselves in an emergent and unsatisfactory situation.

Professional realtors have their work cut out, and may sometimes wonder why they pound the streets and pour over proposals, but it all seems worthwhile when we see smiles on the faces of clients who realize that we have indeed made a difference to their realty decisions!

No Match

I am surprised that people have begun to compare Dubai with Las Vegas as a competing real estate destination. I have nothing against foreign locales, but can we seriously rate the United Arab Emirates with Nevada? I guess both places have grown out of the sand, but there is little else that comes to my mind to put these two places separated by more than physical distance in one category. I thought of taking a closer look at the Dubai realty market in response to questions I have heard of late, and here is what I landed:

Against a median home price of less than $300 thousand in Las Vegas, even a modest 2-bedroom apartment in Dubai can set you back by more than $500 thousand. Las Vegas is way ahead when it comes to value for your money. You can make your money go further in Nevada, and get more space for your dollars than in Dubai.

People from the UK to have invested in Dubai realty, find interiors simply not up to building standards in the West. Compare this with Las Vegas where reputed builders follow touch codes and give you homes that last. Dubai has some distance to go before it can approach Las Vegas quality standards.

A major convenience of Las Vegas homes is that they come with top branded appliances all ready-to-go. The best plans for interiors can go awry because a Television screen or cooking range just does not fit in. Moving in the heavy duty stuff and getting rid of the packaging can spoil the sublime pleasures of enjoying a new home. This is a glitch with the Dubai system where homes are sold with just bare walls!

They say that Dubai sometimes tries too hard to make an impression, and this applies to realty. Projects out in the open sea or in garish locales do not make for harmonious living. Would you like to live inside an outlandish theme park? Dubai developers, to my way of thinking, mix up exotic vacation needs with those of everyday living.

Nevada has a plan to support sustained appreciation of Las Vegas realty. The greater metropolitan area has a judicious mix of residential neighborhoods, commercial realty and industrial estates. The desert, mountain ranges and Hoover Dam have enormous tourist potential. I am not sure that Dubai matches this: can they sustain their present rates of home value appreciation?

You would be right in thinking that I must be biased because I am a Las Vegas realtor. It is also true that I know Las Vegas intimately, whereas I have never actually lived and done business in Dubai. However, value for my clients and protecting their best interests lie at the heart of my job, and I honestly believe that Dubai is yet to show the kind of established infrastructural strength and social environment that Las Vegas has offered for decades. Nevada beats the Middle East for living, business, tourism and investment hands down!

Mixed Signals

Rookie Realtors have asked me of late what to make of the seemingly confusing signals about Las Vegas real estate prospects.

Consider the following facts:
The demand for homes in Las Vegas is at 2.4 percent in monthly sales, while value appreciation is growing at 7.7%

February 2006 sales are only marginally higher than the same time last year.
Monthly sales have dropped every month between last August and now. The high median price of about $285 thousand last December has dropped to about $280 in February 2006.
The number of new Realtor licenses is leveling off.

Some developers report more cancellations than normal in the past.

Let me not continue in this vein, lest you get the wrong idea. My own business shows that customers have become more demanding, but potential remains higher than what individual players can handle. The easy days when you could close sales with minimal effort, are over. That may not be such as bad thing, because getting bookings in poorly conceived projects helps no genuine stakeholder in the long term. I think that the Las Vegas market is becoming more selective, which means that real estate agents, whether new or experienced, must raise the bar when it comes to customer delight.

I advise new entrants in the Las Vegas market to sharpen their Internal Marketing. This means doing more work on profiling new projects and existing neighborhoods, making additional efforts to segment customers and to understand their covert needs, and finally to make matches between customer needs and project or home features that can work. The same principles apply for commercial and industrial real estate, which incidentally, have significant untapped potential. I think that it is both significant and encouraging that Riviera Holdings have resumed talks with Starwood Hotels and with developer Brett Torino, to sell the classic Riviera Casino on the Strip. I would not expect experienced players to show fresh interest in mature markets if the fundamentals of Las Vegas were not strong.

Strong and continuing demand for realty in Las Vegas does not mean that we are home and dry. There are other destinations both in the United States and abroad which pose strong challenges to us in terms of attracting new investment. I think that one factor of our real estate development could be to move on from individual projects promoted by groups of private entities to a kind of master plan for the entire Las Vegas area with widespread public participation. Vacant land and superb tourism potential seem to be new strengths that we can develop sustainably to protect Las Vegas’s long term and continued leadership of the real estate market. The success of the past does not guarantee anything for the future.

Sorry to be preachy, but as I said at the outset, all this is more for novices who seek my opinion. Overall, I am confident that there are plenty of people moving in to Las Vegas every month, and that I am happily busy searching for exactly the right property to meet the special needs of each one of them!

A Brilliant Idea

Not everyone has heard of Andrea, but she has literally stumbled on rocks worth a fortune in every sense of the word.

A humble motel owner in Tonopah, Ms. Robb-Bradick has discovered the exquisite charms of the Monte Cristo range for us. The geology predates us as a race, but we go about our chores in Las Vegas without realizing the enormous implications for all of Nevada.

The rock formations are a naturalist’s delight and will make rabid enthusiasts of most people who happen to feast their eyes on the amazing shapes and forms. Parts of the range seem to be the handiwork of a master craftsperson. You realize, through Andrea Robb-Bradick’s innovative mind, that Monte Cristo is a treasure that all of America should share.
You are right if you smell a commercial angle in my enthusiasm!

Experts agree that Monte Cristo deserves National Park of some kind of equivalent reserved status. There are the usual beefs about budgets! This is where Las Vegas can step in. Monte Cristo is within striking distance from the Strip, and we need the old pioneering spirit of Nevada to make Monte Cristo in to an added attraction for folk who visit Las Vegas, or who make their living and homes in and around the metropolitan area.

Mind you, I am all for the environmental angle, and hardly expect towers to be built in to the rock formations-though the construction guys will probably find a way around that as well! No, I agree with Andrea that we need Park-style conservation, with hiking trails, information and research centers, and-you guessed it-accommodation and recreation complexes that blend nicely in to the area.

It seems to me to be a win-win for all stakeholders: the country will have a new geology attraction to put Utah in the shade, there will be a whole new wave of investment and jobs, and Nevada will find greater boost for its future growth and development. Nobody can match the organization skills and financial resources of Las Vegas in getting something as visionary as Andrea’s dream off the ground. We should have it up and running in a relative flash! It can play a major role in sustaining the present momentum of Las Vegas.

Integrating environmental conservation, promotion of tourism and economic growth seems to be just the kind of social contribution that professionally managed Realtors can achieve, and it seems to me to be a rare opportunity to make a worthwhile contribution to the national cause, while making a neat packet on the side!

Monte Cristo was once considered a promising urban center in the early mining days of the 19th century. It lost out to neighbors and became something of a ghost town before the 20th century dawned. Its full potential has never been realized, and this can be done, using new technology, without disturbing the natural heritage. Restoring the city to its destined glory would sure make our ancestors proud!

Let us raise a toast to Andrea…!

An Incomparable Tribute

Vernon in Illinois has paid Las Vegas in Nevada, a compliment like no other!
CDW, a $ 6 billion Fortune 500 company headquartered in Vernon, has chosen Las Vegas for its Western Distribution Center: this warehouse, which is more than 500 thousand square feet in area, is even bigger than CDW’s facility in its home base!

The choice reflects the many business advantages of Las Vegas. It has excellent connections with the entire United States, and with major international markets as well. Nevada is a magnet for skilled labor and top professionals, and this makes Las Vegas suitable for high-technology operations as we required for logistics.

DP Partners, a developer firm from Reno, Nevada has had this enormous facility up and running in less than a year from ground breaking. This is a powerful demonstration of the State’s excellence in providing the entire infrastructure for realty development. CDW’s new warehouse is located in LogistiCenter at North Las Vegas’s business estate. The latter is spread over more than a hundred acres, and meets the most exacting standards. The CDW behemoth covers more than 10 acres of LogistiCenter. It incorporates the latest building technology and contains more than three million pounds of steel, 50 miles of recessed wiring and 7 miles of conveyor belts.

CDW is certified by the International Standards Organization for quality. The company takes pride in shipping approved orders for products in stock on the same day. It has an amazing 97% success rate in meeting this tough standard. The Las Vegas warehouse is designed to handle almost 100 thousand outbound cases a day! Consider the enormous number of products CDW handles, and it will give a feel for the sophistication of the operation. Clearly, the Las Vegas location will help CDW meet the incredible standards of customer service for which it is known.

The best and most professionally managed companies are moving in to Las Vegas in droves because all of Nevada has such a business-friendly attitude. You may argue that Las Vegas has a geographic advantage, but then so do neighboring States. Systematic planning has made Las Vegas suitable for efficient business operations, and it does not hurt that employees and their families love to be based here! Many enterprises have discovered that they can attract better talent in key positions through their Las Vegas operations, though housing for low level jobs can prove to be scarce.

Nevada’s friendly tax regime is another factor that weighs in favor of firms which choose to do business here. Las Vegas can be a significant competitive advantage for enterprises from all sectors of the economy, and the greater metropolitan area has clear zoning for industrial parks that combine convenience with relevant environmental concerns. Newcomers and first timers are amazed at how easy and quick it is to commute here, though no smokestacks ever disturb the air quality of residential and retail neighborhoods. Las Vegas commercial and industrial realty sets new standards for other industrial complexes to follow. It is a nearly ideal base for the best run companies anywhere.

A Union to Celebrate

The appointment of a top management Guru with outstanding domain expertise, to head a real estate company with superb resources, is always an occasion to celebrate for realtors such as I. One of the hidden secrets of the Las Vegas success story has been the careful blend of human and physical resources for optimal results. Many of us see Las Vegas for its glitter and glamour, and tend to forget the hard work and scientific management that goes on beyond the scenes.

While Las Vegas projects are living testimony to the advantages of free enterprise, the area still faces important challenges to retain its vanguard position as one of the top realty investment destinations of the world. I am really concerned at the run away inflation in both land and construction costs. Sure, investment appreciation has always been a prime selling point for getting people to put money in to new Las Vegas projects, and my clients know that I never lose an opportunity to make the point that you can make money by booking early. However, Las Vegas may be approaching a zone of diminishing returns in terms of value escalation, and we need to see the forest of staying competitive instead of merely exulting over the stratospheric prices at which celebrities make some isolated transactions.

I have noticed a trend of folk from the middle-class category moving in to Las Vegas in increasing numbers. They form the backbone of demand, which is how it should be. Nevada’s decades of sanguine planning has begun to show results, with job-hungry industries moving their manufacturing and support operations to the greater Las Vegas area. We have healthy demand now for people such as nurses, technicians and teachers, but where should such people stay? What will I do if I cannot afford to put a million dollars on the table for even a modest home? Move elsewhere obviously! Housing costs are beginning to play an increasing role in decisions that young professionals make about their careers, so Las Vegas better watch out.

I have always admired the American Nevada Company for its long term outlook. Their entire approach to the realty business is beyond approach, and I have watched them set high standards for others to follow. The Alliante projects of this modern and highly professional group, are my favorites. You can simply not admire the thought and creativity that must have gone in to the planning and design of the market, hospital and other major civic areas, as you stroll through the neighborhood. I love it when a client call takes me to Alliante, for American Nevada’s constructions here are truly works of art as far as I am concerned!

I am delighted to read that Bruce Deifik has come on board as President and CEO of American Nevada. This is great news for all of the State, but for Las Vegas in particular. I am sure that the new Chief will blend his incomparable knowledge with the skills sets with which his new ward is so well endowed, and we will have a champion team to add new zest to the fun of rooting for Las Vegas against every other realty investment destination in the United States!

The Sky Also Has a Limit!

It does great things for my commission, but will the upward spiral of home prices in Las Vegas never halt? People gasped when a large apartment in Turnberry Place changed hands at only a touch below $9 million not so long ago, but it pales in to the shade as a Queensridge unit has touched almost $15 million in an incredible subsequent transaction! It is not as though these are exceptional sales for Las Vegas: I have read that 41 units crossed the $3 million mark in 2005, whereas even $1 million was considered unusual in this metropolis once!

I can still find some good value projects in the $1 million neighborhood, but this does not include work on interiors to give a home that individual and custom touch. My customers tend to expect marble, fine grain wood, as well as touches of luxury in baths and bars. Indeed, they are entirely justified in expecting deluxe residences for their money, because glamour is so intertwined with the entire Las Vegas brand. However, this does mean that the premium for a home in or around the Strip keeps moving upwards, and the extras that are inevitable after you move in, can put even the most endowed bank accounts under some strain!

Fortunately, appreciation continues to be a competitive advantage in Las Vegas, and I routinely come across cases of people making killings with small investments in projects under development. I do use this argument myself to persuade potential customers sitting on the fence of a decision, but worry sometimes that this crazy upward movement of land prices and construction costs must have some limits, even in Las Vegas! While no other US destination may match the convenience, prestige and scenery of neighborhoods in this area, there could be a segment of potential residents who gradually get squeezed out. Already, I sometimes feel out of place as I go about my daily work in some of the most elegant areas and projects of my home base!

Though construction costs have jumped up by a third in the recent past, upgrades in the building code have also kept pace making sure that those who can afford durable and safe quality standards can have them. Similarly, though land costs have soared to over $500 million an acre, the air quality and general ambience keep getting better. I can take you to projects where you feel far from the desert, and even as though you are in the Mediterranean on the other side of the Atlantic!

I must say that I have not seen any signs of demand dampening in response to rapid rise in rates. Sales of homes in the $1 million range continue to be more than what the average realtor can handle. Units in Summerlin, Anthem and similar localities can be difficult to find at even such generous rates, and most of them last for very short periods in our multiple listing service before getting snapped up by eager newcomers to the Las Vegas community.
Perhaps, on reflection, my pessimism as I started writing this piece was misplaced. The attractions of living and investing in this glorious part of Nevada may be so difficult to resist, that Las Vegas homes for $1 million will become the stuff of history books!

The Apex Las Vegas Realty Advantage

I belong to the league of Las Vegas lovers. Tied as I am to this celebrated metropolis, I am proud to be a part of this unprecedented success story. I love introducing clients to projects, new and to others up for re-sale, that represent best value for money. I have been in the business for some time, but still have occasion for new angles on the exciting business of selling Las Vegas real estate.

I have just realized the full value of the Apex Industrial Park for residence and commercial real estate in and around the Strip. I had thought of industrial realty as being a specialized field, and have not had many enquiries during my career, about places where people can establish factories. Homes yes, shops sure, but a place to manufacture chemicals and things-not likely!
Then I read about Henderson and the accident in the Black Mountain Industrial Park, which happened before my time as a realtor. To cut an unpleasant story short, I now accept, and urge on others to consider, that the scarce industrial area for Las Vegas needs to be appreciated better. The enormous and ongoing surge of people moving in from other parts of the United States to Nevada needs heavy industry for sustenance. This is as much for utilities such as power as for labor intensive production that creates a steady stream of jobs.

I have concluded that the Apex Industrial Park is a great resource for Las Vegas realty values in the long term. Industrialists can invest in plots that range from 5 to 500 acres each at this 10 thousand acre site. This makes it suitable for enterprises of all sizes. It is just 20 minutes from the Strip, but located such that the air quality and ambience of prime residential and commercial realty in Las Vegas is not affected. The Park is well served by both Highway 93 and the Union Pacific Railroad. It is a cinch to get raw materials in and to ship finished products to any part of the United States, or to the world for that matter. Apex is connected to a national natural gas network and there is plenty of electric power as well. As usual with Nevada’s liberal tax laws, industries in Apex also have important commercial concessions.

This is a Win-Win for everyone. Industry leaders enjoy competitive manufacturing benefits, and the greater Las Vegas community is protected from untoward adverse incidents such as Henderson witnessed in 1988. Apex makes an important contribution to Nevada’s economy, and is set to keep our employment numbers at healthy levels. Recent studies show that Las Vegas has less than 50 square feet of industrial space per person, which is way below what a progressive state such as Nevada deserves. Residential and commercial real estate developers are willing to pay over $500 thousand an acre for precious land near the Strip, so factory owners do not have good chances! That does not mean that we should undervalue the contribution of industry to a balanced and healthy future for Las Vegas. So raise a toast for Apex!

“I Told You So!”

Sorry to be rude and to exult, but I am ‘allured’ in to it. I recall the taunts of skeptics when the Allure project took a few extra months to break ground. I knew that Chicago-based Fifield was reliable and had an excellent track record, and therefore strongly recommended the Allure tower project to my clients.

It is therefore heartening to know that this landmark construction on Sahara Avenue has now reached the ninth floor, with only 32 new ones to go before the scheduled 2007 completion deadline. 25 months would be a great achievement for general contractor Bovis Lend Lease for a condominium tower of Allure’s complexity from a construction perspective.

Project delays are nightmares for Las Vegas realtors. The gullible can sucked in to a vortex of excuses to shield against angry clients, as unprofessional and overly ambitious developers hide behind a screen of weak reasons for long construction delays. Real estate agents sure have their work cut out, as they pick and choose from candidate projects to recommend for discerning clients. Hasty promotion without full homework tends to land Las Vegas realtors in hot water-or has them hot footing it out of town!

428 units are planned for the first Allure tower, and the other will have 472. Incredibly, for a place of this kind of elegance, prices start well below $500 thousand, and there is something just right for most folks, with floor plans starting at less than 700 square feet and going well beyond 4 thousand square feet. However, Allure is no good if you do not like gorgeous views from floor-to-ceiling windows, have no time to enjoy private balconies, find European-style fittings pretentious or if you have a think against GE Profile appliances!

I sincerely feel that this project has exceptional appreciation potential, and recommend it with confidence. It is just right for people from the international community who like to drop in through McCarran for quick Las Vegas trips, yet promises the ambience and amenities to suit those who move to Nevada on an on-going basis. Corporations, who have frequent occasion to send top management teams to Las Vegas conventions, will love Allure prices, and the condominiums will give no reasons for complaints from even the most demanding executive types.

Financial institutions have excellent products for young professionals who work in Las Vegas, and the Allure Towers are full of conveniences that make domestic life so much easier for working couples and for busy individuals as well. The Towers hold out the promise of an eclectic resident community, and we are well on track if reports of existing sales are anything to go by! This week’s great news of the ninth floor concrete having set is sure to have prospective residents and investors making purchases in droves, so if there is a particular floor plan on which you are especially keen, call now for an appointment for a site visit with a reputed realtor of your choice!

The Governor’s Way

Realty development is integral to economic development. Nothing matters more than the cost of housing for most folk who search for places and for opportunities to build their careers. Essential services such as nursing and teaching attract salaries well below their true worth for all of us. Expensive housing can result in crippling shortages of qualified people to fill essential vacancies in such jobs. This has a domino effect on the economy, making entire parts of States inaccessible for all others than the wealthy and casual tourists.

A balanced long-term view has always been a feature of Nevada governance, with creativity and foresight guiding the State’s economic dynamism. That is why Governor Kenny Guinn’s 2005 proposal to offer free land to developers, makes such eminent sense. The Las Vegas area has land rates well in excess of $ 500 thousand an acre, which puts all of Nevada at a disadvantage compared to may other States in terms of affordable housing for some people. Professionals with expertise for essential jobs would stay away from the area, and Las Vegas would remain stagnant with its international image as a place for great vacations!

Nothing could be further from the truth in commercial terms! Las Vegas is a great place to build a career, and has exceptional infrastructure and support for new enterprise development. It is one of the fastest growing metropolitan areas in the entire United States! Thousands of people move from other parts of the country to Nevada every month. This is because of the State’s sensible tax regime and visionary area development as well.

Governor Guinn’s proposal goes the extra mile to provide decent accommodation for people starting out on their careers, filling essential positions for the economic machinery of the State, and makes it possible for an entire new socio-economic class to participate in the Las Vegas boom! The intense competition between developers will ensure that the benefits of free land are passed on to investors and residents; there is little substance to the doubts of cynics who think that the Governor’s proposal would line pockets of builders.

Free land is just one of the things that progressive States such as Nevada can offer to make their territories powerhouses of economic growth. Community infrastructure in terms of neighborhood convenience, and building codes that protect the long term maintenance interests of residents and people who invest precious savings in realty development projects, are other ways in which Nevada has paved a viable way for other States to follow, and make their cities equally attractive as places which the best professionals seek.

Real estate agents have much to do with building brand images of neighborhoods and of areas as a whole. Word-of-mouth communication between new entrants and their relatives and associates spreads like wildfire. A single disappointed customer can ruin years of hard work to build goodwill. The best realtors always keep this in mind. It always makes best sense in this business to advice clients on project or home selection as if your own funds were involved!

Yet another Reason to use Reputed Realtors!

The Nevada Supreme Court’s December 2005 ruling is a huge impediment to class action lawsuits against real estate developers. You are on your own if you discover that you have been sold a lemon for a home! Large groups of residents have litigated collectively against construction defects in homes. The costs of legal action against a powerful builder would be beyond the finances and budgets of individual families. The Nevada Supreme Court’s decision in favor of Beazer Homes could mean an end to class action in real estate matters for the State. The court has ruled that damages cannot be extrapolated from other cases. Soil conditions, for example, may be similar for the entire neighborhood, but rulings in favor of residents in a particular project cannot be used by people with investments and homes in other parts of the same area. Issues such as plumbing, which are often the subjects of lawsuits by residents against developers, will need separate inspections and reports for each dwelling unit. These can cost up to $ 5 thousand a pop! This can be frustrating when the same contractor and materials are involved, but that is now the law!

What should you do as a new investor planning to move in to the greater Las Vegas area? Many choose re-sales over investments in new projects, so that they can check things out. This has limited utility, unless you bring in a construction engineer, which is not so practical anyhow! You could look for a post 1990 home, because that is when the building code was updated making sleeved copper pipes mandatory, for example. Again, it is your word against that of a developer if your bathroom springs a leak after the warranty period is over! Las Vegas residents have won more than $600 million in damages for construction defects, but the party is over with few families able to afford the kind of fees to which lawyers have been accustomed after a healthy (for them) spell of class action suits!

Well, I do not like making money out of your misery, but a reputed, reliable and experienced realtor, with good ground zero resources is your answer! Our breed survives on goodwill and word-of-mouth promotion, so there is no way that a real estate agent with a track record to protect, and enormous sunk costs in the Las Vegas area, will let you down. Realtors see projects from ground-breaking up, have insider information on the qualities of engineers and contractors deployed, and live with reports of construction defects from individual projects, on a daily basis. Put realtor expertise behind you, and you are sure to make an investment that produces hassle-free returns, and which is a beautiful and durable roof over your head as well. Folks nearing retirement and senior citizens are most vulnerable to the hard-sell of some rapacious developers; they need the security of dependable realtors more than anyone else, as a consequence. Fortunately, Las Vegas has a sizeable number of excellent real estate agents who will leave no stone unturned to ensure that you enjoy a peaceful and productive innings in your home in this fast-paced growth center of the United States.

Tantara – A Family Choice from Rhodes Homes

The southwest part of the Las Vegas valley has always been a favorite with people looking to move there because of the good infrastructure development in that part of the city. Of course, it does not hurt that the property value is also appreciating very satisfactorily. Rhodes Homes have always been popular and trusted developers and their project in the south west that is now ready, seems to be well received. Buyers have been so receptive to the Big Value Days at Rhodes Homes' Tantara neighborhood, that the builder is continuing the promotion for a limited basis. With its close proximity to the Las Vegas Beltway and nearby developments, buying a home in Tantara seems to be a good idea to many. Many are also looking at it seriously as a vacation or second home because the value they can get for their money at Tantara, makes it worthwhile. People especially appreciate all the home's energy saving and family friendly features and its location.

Rhodes Homes is also developing its entire Tantara neighborhood beautifully. It already features an attractive children's park. The entire community is designed to be really very family friendly. Every day you see children and their parents at the park and taking walks throughout the community. Homes at Tantara are luxurious and include spacious master bedrooms, European-style cabinets, nine-foot volume ceilings, cultured marble in the bathrooms and second story laundry rooms. The homes are surprisingly affordable, starting at $339,990. Select homes offer patio covers or window coverings.

Four floor plans are available, with select models ready for move-in. The four designs being offered at Tantara range from two to three bedroom homes. Measuring over nineteen hundred square feet, Carerra comes with three bedrooms, 2 1/2 baths and a two-car garage. It is priced from $354,990. Countach is a three-bedroom, 2 1/2-bath home measuring just over two thousand square feet and the Bugatti is a three-bedroom, 2 1/2-bath home with a den on the first floor, approximately two thousand four hundred square feet in area. The home is spacious, especially the second floor. I liked the high ceilings and European cabinets in the home The Bugatti model is Tantara’s largest and offers homebuyers a loft which also has the option to be converted into a fourth bedroom. The latest design is the smallest at seventeen hundred square feet, Testerossa with three bedrooms, 2 1/2 baths and a two-car garage. Prices start at $309,990.

The homes offer a front porch or entry, per plan, finished garages, wiring for coach lights, an exterior outlet, wiring for ceiling fans in the bedrooms and great room and category-five phone and cable outlets in all bedrooms, great room and kitchen. Energy-saving features include blown-in cellulose insulation, low-e windows, programmable thermostat and a 50-gallon water heater with a recirculation pump. The homes are Energy Star certified, which offers homeowners the opportunity of lower energy bills without compromising the square footage and amenities they appreciate.

La Paz Estates – Wharton Choice!

StoryBook Homes has just opened La Paz Estates in the northeastern Las Vegas Valley, thus adding to their existing lineup in the region. La Paz Estates is located on East Lake Mead Boulevard, between Pecos Road and Lamb Boulevard. Prices start from the low $200,000s and there are a number of home plans and sizes. Buyers can choose from six floor plans, ranging from over one thousand three hundred square feet to just over two thousand square feet. Five are two-story layouts and the other is the three-story Wharton design.

The Wharton is a new three-story floor plan by StoryBook Homes and is already featured at Storyland in the southwestern Las Vegas Valley. Now it will be the largest floor plan at La Paz Estates in the northeast valley. The base price for the home in the La Paz neighborhood is $279,990.

The charm of the Wharton design is its flexibility and ability to transform the use of a particular area in unique ways. It is ideal for growing families or people working out of home. The area of 2,030 square feet can be so built to create two to four bedrooms and 2 1/2 to 3 1/2 baths. The Wharton offers three distinctive living areas. The first level of the home features a covered porch entry, family room, half bath and a storage space under the stairway. Options allow for an elevator and a first-floor bedroom with a full bath, walk-in wardrobe, and additional storage.

Judicious use of space has created many options here. One can have a fourth bedroom with many possibilities. It is private and perfectly suited for use as a guest room for visiting family, a living space for an aging relative or teenager. On the second level is a great room that incorporates the living room, dining room, and kitchen with an island counter and walk-in pantry. It also includes a storage closet, half bath, and balcony off the dining room. A veranda option is available.

The third level features the master suite with a bath and walk-in closet, a second bedroom, full bath, laundry area, additional storage and a bonus room. Options include an additional bedroom and layout variations for the master bath. With so many possibilities and a reasonable buying price facility, the Wharton design at La Paz Estates should indeed prove to be very popular.

Other designs in this neighborhood include charming two-story detached homes with 3 bedrooms and 2.5 bathrooms. Highlights of the construction include bull-nosed corners and recessed lighting. Kitchens are equipped with oak cabinetry, double sinks, and gas ovens/ranges. The kitchen interiors are excellently designed with walk-in pantries and breakfast bars. The master bedroom suites display walk-in closets and the homes are painted in designer color schemes. Options in the plans are many and one can opt to have lofts, bonus rooms, game rooms and home theaters. The garages are dry-walled and painted, and have doors with windows. The area around is pretty much developed and La Paz Estate is conveniently close to shopping, dining and entertainment.

Crestone and Cameron at Mountain’s Edge – New!

Ryland Homes unveils the first phase of two neighborhoods this weekend within Mountain's Edge, a master-planned community in the southwestern Las Vegas Valley. The builder offers its TrueU design center for homebuyers, and financing options through Ryland Mortgage, which is a big advantage. Ryland Mortgage also offer a variety of unique programs to accommodate homebuyers with income or credit concerns, such as extended qualifying features and lender-paid closing cost assistance.

Mountain's Edge has been planned as a complete community, designated area for retail and commercial use, professional services, and schools. Additional acreage has been reserved for professional offices of doctors and dentists. The new neighborhoods are named Cameron and Crestone.

Cameron at Mountain's Edge offers four floor plans, ranging from thirteen hundred to over two thousand square feet with two to four bedrooms and 2 to 3 1/2 baths. Prices start from the upper $200,000s. Models are on display at the site and there are some unusual designs. One of them has the conventional two-story floor plan upside down with a family room and two bedrooms on the first floor and the great room, dining room, island kitchen and master suite on the second floor. Some two-story design includes an entry that leads directly to the great room, and walk-in closets in all three bedrooms. One design offers a third floor, with the great room, dining room and island kitchen on the second floor.

Crestone at Mountain's Edge also offers four floor plans with larger area from fifteen hundred to nearly twenty two hundred square foot. They provide three or four bedrooms, and 2 1/2 or three baths. Prices start from the low $300,000s. Some homes feature an open kitchen, dining room and great-room design and some are similar to Cameron’s plans. Two designs are highlighted by a courtyard with a balcony overlook from the master bedroom or a master suite with a retreat. All homes have two-car garages.

The spectacular natural setting of Mountain's Edge is an integral part of the community. More than 500 acres of land have been devoted to open space, parks and trail systems. Among the community's signature features are Exploration Peak and, located at the base of the mountain, Exploration Park, a Western-theme recreation area. Bicycle trails and walking paths lead up to several vantage points on top of Exploration Peak, offering incredible views of the Las Vegas Valley. Exploration Park includes picnic areas, playgrounds, walking trails, replicas of a western town and Indian village, an archaeology dig site, and an outdoor amphitheater.

Several additional parks are planned, including a 300-acre regional park with baseball and sports fields. Four other communities are planned to feature tennis courts. The desert landscaping at Mountain's Edge has a spectacular appeal while it conserves the desert's most valuable resource, water. It is estimated that the landscape plan at Mountain's Edge will save over 200 million gallons of water annually versus traditional grass sod landscaping. All homes at the new development will be Energy Star Homes.

The Latest at The Ridges in Summerlin

Summerlin was designed to develop as a twenty-five year project and new communities are being built here all the time. The Ridges is one of its most exclusive luxury home communities. A lot is happening here and it will no doubt be in tune with the rest of The Ridges, Summerlin's luxury village built around Jack Nicklaus' Bear's Best Las Vegas golf course at the far west end of Desert Inn Road. Two custom-home neighborhoods, Falcon Ridge and Azure Ridge, are scheduled to open this year. Falcon Ridge has just been announced and Azure Ridge will start late in the year.

With its breathtaking mountain, valley and city views, The Ridges offers an unmatched environment that is sensitive to the surrounding desert. Developed at an elevation of over 3,200 feet, The Ridges provides beautiful homes while maintaining a very natural setting. The neighborhoods at The Ridges complement the natural ecology of the region rather than overwhelm it. The Ridges is one of the most exclusive golf destinations in the Southwest. It is a guard-gated community of custom and luxury home neighborhoods nestled alongside the Red Rock Canyon National Conservation Area.

The newest custom-home neighborhood just announced in The Ridges at Summerlin is Falcon Ridge. Eight home sites, priced from the $500,000s were its grand opening release. Sixty home sites will be released in all, and they range from about one-third acre to half an acre. The location is ideal considering the region’s natural beauty and its secluded setting alongside the mountains and Red Rock Canyon National Conservation Area. It is perfect for those seeking a world away from the hustle and bustle of Las Vegas.

Falcon Ridge is the sixth custom-home neighborhood to be built within The Ridges. The Ridges has so far sold more than 200 lots. The earlier neighborhoods of Arrowhead, Promontory, Rimrock and Redhawk are sold out, while only two lots remain for sale in The Pointe. Hughes Corporation the developers are confident that Falcon Ridge to sell out this year. They plan to step up development efforts in The Ridges to release the next custom neighborhood, Azure Ridge, before year-end 2006. All these are a segment of the high-end project and they are certain that there will be a continued demand for luxury homes in the Las Vegas area. The Ridges seem to have unparalleled appeal.

The eighth and ninth holes of the Jack Nicklaus-designed Bear's Best Las Vegas golf course lie to north of the village. The course features replications of signature holes from Nicklaus courses throughout the United States and Mexico. It is a daily fee course and is a popular corporate retreat. Falcon Ridge is adjacent to Club Ridges, a sports and recreation facility under construction for the exclusive use of residents. Rising land prices means imaginative planning. The developers feel that the market is strong for urban-residential living and that people are looking for that kind of lifestyle now.

Summerlin - Ever Popular

Real Estate in Las Vegas is at an interesting phase this year. There is excitement about new projects, apprehension about the failure to take off by some reputed names and the contrary opinions about the actual situation here. Is the market booming or not? Is it good advice to invest here or will there be no appreciation? Real Estate experts put forth various theories but the actual reality centers around a few facts.

Yes, the market is booming; the price rise may not be as spectacular as it was, but by no means is the demand down. The fact is there are two or probably more than two distinct types of buyers in Nevada. Out of state investors, looking for a condo in the heart of the strip may find it difficult to get a unit of their choice, as there is a real shortage here. Many projects failed to take off which has left investors wary, and some have been delayed. Add labor shortage, rise in construction rates and you get the picture. Condo prices will rise due to greater demand than supply.

The medium income residents of Las Vegas or those looking to buy their first home are also in a bit of a fix. Many apartments are being converted to condos to meet that demand and single-family units are not always affordable. They need to rethink their plans and perhaps go in for a condo development.

Retirees relocating to the Valley are in the midst of a buyer’s market. There are many projects with homes of every imaginable type being developed, that one is spoilt for choice. Of course, they are a distance away from the strip and if that is your attraction then you will have to wait for the redevelopment of the downtown area where the City is investing in and supporting new high rises.

However, many master planned communities are a very attractive proposition. Frankly, the need to visit the strip is not necessary as casinos and entertainment centers are being built in these regions too. You can take your pick from master planned communities that are completely self-sufficient.

Summerlin is the Nation's largest master planned community at 22,500 acres. Started in 1990 it has enough land to keep building for the next 15 years! Summerlin real estate is one of the best selling communities in the nation. With over 90,000 residents currently residing here, there may be 170,000 people when the project is complete. Every major builder is here and there will be 30 major communities within its borders. Summerlin is a self-sustaining community and has seen one of the highest appreciation rates in the state.

Its designs, community layout, parks, appreciation have always been in the forefront of the industry. The new Redrock station casino going up at Charleston and 215 change and reshape the sub-urban living atmosphere.

The Ridges at Summerlin is one of the most exclusive golfing communities in the Southwest featuring Jack Nicklaus Bears Best Golf course. The Ridges is a Guard-Gated Community of luxurious custom homes nestled alongside the Red Rock Canyon National Conservation Area. Beautiful homes in natural settings and four custom neighborhoods are the main attraction. At an elevation of 3,200 feet, the homes at The Ridges offer breathtaking views of mountains, valley, and the city.

Avalon – Stylish Condominiums

Henderson celebrated its fiftieth anniversary in 2003. According to the U.S. Census, it is the fastest-growing large city in America. Fortunately is still is a model of controlled, planned growth. Located seven miles from Las Vegas famous "strip," and one mile from scenic Lake Mead, the region is towards the southeast corner of Las Vegas Valley and quite hilly, so most communities have excellent views. Henderson also has the Galleria Mall, and the Henderson Campus of CCSN.

Seven Hills is located in the hill on the southwest side of the City of Henderson, an area that has an undisturbed desert and mountains to one side and unparalleled views of Las Vegas on the other side. Most of the homes, roads, parks and shopping areas have spectacular views of Las Vegas and the surrounding mountains. This is a new development and hence the maintenance of the community infrastructure is very good.

Seven Hills is considered one of best areas to live in Henderson. It is conveniently located to many of the popular golf courses, hospitals and shopping malls. Drive around the area and you will be charmed by the view of mountains and the city from almost every turn. The entire area is relatively new and construction is going on. New homes are being built and released almost everyday and you could really take your pick of the type of home and choose a builder you trust.

If condos are your preference, then you can consider Avalon, a gated condominium development. Presales are under way for Avalon at Seven Hills and there are several models from which to choose. One of the greatest things about this community is that the mountain and city views are visible from almost every structure. Another great feature of Avalon is the layout of the community. There are fewer homes per acre, which gives residents more peace, privacy and more open space.

Carefully planned and thoughtfully equipped, Avalon at Seven Hills, includes many features as standard to all. You are ensured of such add-ons like appliance packages, oval tubs, window coverings and ceiling fans. Every unit features a storage room, a patio or balcony, two-tone interior paint, and 9-foot ceilings with crown molding. Some of them even offer private garages, gas fireplaces and built-in bookshelves.

The units vary in size and with a choice of six floor plans; you are bound to find something that suits your needs and budget. The units range from little over 810 square feet to almost fifteen fifty square feet with one to three bedrooms. The complex will comprise 320 units and prices start from the mid-$100,000s. The neighborhood boasts of covered parking.

One is quite impressed as one approaches the gated community, and makes a grand entry between Roman-style columns and water effects. There is little need to leave the complex when one is here on vacation as resident amenities within the gated development include a fitness center, two swimming pools and a clubhouse. The neighborhood has a lot going for it so go for it!

Ardiente – Active Adult Community

Las Vegas is probably the first choice of retirees and it offers some of the finest active adult and retirement communities in the country. Great weather, unparalleled recreation, no state income tax, competitive cost of living, and numerous adult oriented activities in the Las Vegas area means that the "over 50" population is a significant proportion of the six thousand odd people moving to the valley every month. No better place to get over the Empty Nest Syndrome than in this 24-hour town in the company of other residents who share one’s interests.

Residential, commercial and civic expansion continues in North Las Vegas at a brisk pace and, Ardiente, by Centex Homes, is the newest active adult community. Construction is proceeding at record speed here and it looks like a spring move in is more than likely. Ardiente combines a great Las Vegas location with a healthy and relaxing low maintenance, resort lifestyle. This beautiful guard gated community will feature walking trails, recreational activities, 13,000-square-foot clubhouse, themed parks and swimming pools. One can still purchase a newly constructed home here.

The developers have appointed a recreation director who is developing activities for the residents who will be able to keep busy both in the neighborhood and in the surrounding area. The clubhouse is part of an activities complex that includes a pool for laps and another for casual swimmers, a bocce court, tennis courts, putting greens, an exercise facility, and meeting rooms. Outdoor amenities also include several parks connected by paths and exercise stations. Pet lovers will appreciate the dog run. A rose garden with shade structures and picnic facilities is also on the cards.

Ardiente offers 788 homes in eight floor plans. The European theme continues with the names. Barcelona, around twelve hundred square foot features two bedrooms, two baths, a great room, a den, a front porch and a rear patio. Granada, at 1,400-square-foot has an additional breakfast nook. If you want a two-bedroom home with a dining room Cordova is for you.

Valencia provides you with three bedrooms or two bedrooms and an office, two baths, a den, a great room, a breakfast nook and an island kitchen. Torino has two bedrooms, two baths, a den and a kitchen with an island that unites the dining room, great room and breakfast nook.

Palermo, at nearly two thousand square-feet has three bedrooms and an entertainment area. The home also has an octagonal entry off a courtyard, where an optional fireplace and a studio or optional guest suite are offered.

Sorrento has more formal layout with a gallery adjoining the two-bedroom suites and the great room. The home also has a formal dining room, a kitchen, a dining nook, a front porch and a rear patio. Milano is the largest plan and features an optional second-story loft, a den that may be converted into a third bedroom with a Jack-and-Jill-style bath, A music room, a family room, a dining room, a kitchen with a breakfast nook, a courtyard entry and a sun room in the rear with French doors opens to the downstairs bedroom suite.

Boca Raton – Old Florida Will Be Here Soon!

Boca Raton the 400 million dollar mid-rise condominium project on Serene Avenue has major institutional backing from J.P. Morgan Chase Bank unlike many other projects in Las Vegas. The project seemed to have fallen a little behind the initial schedule, but things are now progressing well. Martin-Harris Construction, the general contractor, broke ground on the development in November 2004 and they had originally scheduled the first homes to be ready by this time. The first phase of 172 homes is now scheduled for completion by late November 2006.

The property has been designed in the old Florida style of the 1920s and 1930s and is truly quite distinctive. Boca Raton will ultimately consist of four luxury buildings of seven stories with two underground parking floors. There will be a total of 756 residences and prices for the homes start from $300,000. Floor plans range from almost 600 square feet to 2,400 square feet with one to three bedrooms. Strong demand for the condominiums led to the company opening up reservations for the second building much before schedule in the middle of last year. The sales and information studio features a full-size replica of a Casita Suite floor plan.

The company’s financial stability is strong and hence they are able to still sell condominiums in the first phase. This has allowed buyers to get the best pricing available. The homes are moving pretty quickly as buyers recognize construction costs are rising and pricing will eventually increase, according to Jerry Peterson, managing partner for the project. The community is in high demand and goes directly to contract. Buyers can use the developer's in-house lender and they are required to pay only 10% of the purchase price as a contract earnest deposit. This is much better when compared to many towers that require 30%.

Perhaps the best compliment and vote of confidence in the strengths of the property come from Derrick Hodson, whose company is the plumbing and mechanical piping contractor for Boca Raton Condominiums. So impressed was Hodson by the 15-acre project that he decided to purchase a unit as a second home. He says, “Boca Raton is one of the largest high-end condominium projects that my company has had the pleasure to work on. Having worked with two members of the development team, Stewart Simpson and Mack McKnight, during a previous project I felt confident in purchasing one of the units and getting in on the ground floor of development. It's nice to be able to invest in a project that you have been involved in constructing”

The amenities will include 24-hour concierge service, a Strip and airport shuttle, and several pet stations. Animal lovers and pet owners will find the pet stations extremely useful when they go out of town. A ten thousand squarefoot clubhouse, two resort-style pools, spas, and trails are also planned for the community. The residences also offer street-side entrances which is a very advantageous feature.

Sky Las Vegas - On Schedule

Strong rumors that Icon, a twin-tower luxury condo project on Convention Center Drive, Las Vegas is being cancelled sets tongues wagging again. This takes 500 units off the Las Vegas high-rise market and adds to the squeeze for condos on the strip. Today, there are fewer than 500 luxury condos for sale near the Strip corridor. The major factors cited by sources include a decrease in market high-rise sales, lawsuits and rising construction costs. More likely, their pricing was unrealistic and they were unable to build Icon based on original pricing without compromising the quality and standards promised. Investors’ insecurities are high but the situation is not alarming if you choose your property with thought.

Seems like only four of the current projects on the strip will be completed as promised. Sky is definitely one of them with 409 residential units priced from $500,000 to more than $5 million. Sky broke ground in late July 2005 with estimated completion in late 2006. It has gone past its mid vertical height with more than twenty-five completed floors and an additional floor being added every four days. They have completed the framing on the lower floors and started the installation of the exterior skin and glass. The building is taking shape quickly and they are on schedule for their projected December 2006 completion.

This magnificent 44-story tower sculpted in a striking blue glass has been more than 85% sold out. It offers discriminating buyers their own personal window to the glittering neon lights of the Strip and the awe-inspiring majesty of the surrounding mountains. Towering high above the city's dazzling skyline, Sky Las Vegas is the ultimate luxury condominium tower in the heart of the entertainment capital of the world. Sky Las Vegas will most probably be the first finished luxury condominium tower located directly on the Las Vegas strip.

Select Sky Suites and Tower Suites are still available and are definitely worth their price. Sky Suites, located on floors 43 to 45 are two-story penthouse suites of 3500 square feet complete with a rooftop garden patio and outdoor area for entertaining. Units are priced at approximately $4 million and all of them include a private elevator inside the unit. Towers Suites are smaller suites on the higher floors of this luxury high rise offering every imaginable luxury fitting in their lavish residential units.

Sky Towers offers a host of amenities including outdoor recreation area of more than an acre. This will feature a large pool, lush garden space, a putting green, outdoor fire pit, barbecue area and an outdoor pet area with a dog run. Interior amenities will include retail and dining space, a party room, a spacious private movie screening room, indoor racquet ball courts, professional billiards room with bar. Services will include valet parking, concierge services and state-of-the-art security. Fitness freaks can choose between the indoor and outdoor, fully equipped, state-of-the-art spa & fitness center. Certainly here, Sky is the limit as far as luxury is concerned.

Bella Vita – A Beautiful Apartment Condo Conversion

One of the main attractions of Las Vegas has always been low real estate prices. Unfortunately, the picture has changed at the lower end, where getting affordable housing is increasingly more difficult. The workforce and young families are facing a crunch when it comes to renting a place as more and more apartments are being converted into condos. There are fewer than 600 apartment units under construction in the Las Vegas Valley creating a crisis in the rental market. Decreased supply of apartments is raising rental rates for apartment. Apartment developers cannot compete with single-family homebuilders and commercial developers when it comes to buying land in the valley.

Developers are remodeling existing apartment buildings and this has opened up a whole new range of affordable housing. These condos make an excellent investment for either owner occupants or investors. Condo conversions were tried in the past but this time it seems to be more successful. The concept is relatively new and apartment-condo conversions are becoming the buzz in the local real estate industry. This is an opportunity to reach out to a market that is left stranded with the constant climb in home prices.

Most apartment complexes are being redone before being sold as condos. Current renters are offered first buying rights. The condo conversions promise better maintenance and security than the original apartments. Above all, they are still affordable for the median income group. First time owners need to make a shift in mind frame and attitude and move on from the traditional dream of a single-family home to townhouses or even attached housing that is more in their price range.

Currently there are twenty-five condo conversion projects selling in the market and ten more in the planning stage. The success of these will no doubt keep the trend growing. Today, it is an affordable option with home prices increasing and the demand for new and previously owned homes continuing to outstrip supply. In the past conversions did not compete with new constructions but at the moment there are few new projects in the same price range.

Bella Vita in southwest Las Vegas was formerly Point Apartments and has been converted into a condo development. There are 1,404 units on the property, which comprises one city block in area. Close to the Orleans Hotel-Casino, the Interstate 15 provides easy access to other locations in the Las Vegas valley. Bella Vita condominiums are in its final phase of sales. Bella Vita means "a beautiful life," and hopefully the face-lift to the units will mean that for buyers. The buildings were run down with poor plumbing and hygiene. Today the units have granite countertops, new appliances and carpet, and maple cabinets. All units feature a private patio or balcony.

Each building is custom-painted and a stone facade adds character to the buildings. Care has been taken to improve the surroundings with lush, tropical landscaping. The new management has beefed up the security and new occupants are certainly much happier than the old residents. .

The Residences at MGM Grand – The Grandest

Condotels are the biggest attraction in the Las Vegas property market just now. In many ways it is the perfect choice for out of town investors who can reap an income from their property and enjoy it themselves whenever they like. The condominium investment units that can be rented out in the owner's absence and the place are well maintained too. No wonder it has become the biggest new development boom in the Las Vegas Valley.

The pioneers and, in my opinion, the most attractive proposition of the lot is The Residences at MGM Grand, on the northeast section of MGM's 116-acre Strip property.

The reassuring partnership of Turnberry, the developer of the ultra luxurious Turnberry Place, and MGM Grand, one of Las Vegas’ finest hoteliers makes for a winning combination. Their 6,000-square-foot sales and information office at MGM Grand's Studio Walk displays a designer-furnished two-bedroom model residence. Instinctively you know they know their business.

Prices have already escalated as is to be expected, from the time the project was announced a couple of years ago. Then they ranged from $350,000 for studio units to $1.5 million for high-end suites. Today the studios cost from $515,000 to over $700,000!

This first ever condominium hotel on the Las Vegas strip offers some very unique features that set it apart from many other condotels projects that have followed.

The first of the three condominium-hotel towers is a 38 story high structure with 576 units, which were priced from the low $500s to $1.5 million. Units in the second tower are almost fully booked and sales are now going on for Tower 3 at the Residences. Ultimately, The Residences at MGM Grand will have over 1600 condo hotel units. Towers A and B are under construction and completion of Tower 3 is estimated for mid-2007. Tower C potentially has the best views of all three towers.

The owners of units at The Residences have the flexibility to use it as a condo hotel or only as a private residence. Owners may rent out their units to MGM hotel guests or they may reserve exclusive use for themselves and their family. The complex has an ambience of a residential tower rather than a hotel and I think this is quite unique when you look at the projects being marketed currently. Looks like the third tower may be the last opportunity to be part of the Residences MGM Grand.

One big attraction to Las Vegas visitors is that when you live at The Residences you can and enjoy all the amenities of the MGM Grand such as the casino and five outdoor pools which I believe add up to the 6 acres of swimming pools! Then there is the Grand Spa and fitness center. The towers will be connected to the hotel by an air conditioned, covered moving walkway. The MGM Grand restaurants are legendary and of course, there is the shopping and entertainment. It has its own a monorail station and the bonus is access to the Grand Garden Arena, which is the venue for the best concerts and sporting events in Las Vegas.

Panorama Towers – Outstanding!

Until you see it, you will never realize what a masterpiece of design and grace Panorama Towers in Las Vegas is. Condo towers in downtown Las Vegas and around the strip are the hottest real estate deals at the moment. Spiraling prices have tempted buyers to invest in condos and they are being picked almost as soon as the blueprint is ready.

Just a quarter of a mile away from the heart of the Las Vegas Strip, Panorama Towers features four ultra-luxury towers, each with more than 300 units designed with exceptional architecture and style. Panorama Towers 1 is nearing completion and Tower 2 is slated to be ready later this year. With more than twelve hundred residential units priced from the high $400s to over $2.5 million, Panorama is a unique signature of grace and beauty for contemporary Las Vegas.

Panorama already has re-sales in the first building and prices have appreciated significantly in this 32-storied tower. The second 32-storied tower is sold out and the 43 storied Panorama Tower 3 is now open for booking. The third and fourth towers are scheduled for completion next year, in 2007. Panorama Towers, rising 420 feet above the Las Vegas Strip shimmers with floor to ceiling aqua blue glass. It stands parallel to the Las Vegas Boulevard, with half of the units facing the Strip and the other half offering the magnificent Red Rock Canyon mountain view.

The credentials of the project are impeccable and it shows in the quality of the work and their plans. Andrew Sassoon, the proprietor of the Light nightclub chain in Las Vegas and Jet East, a hot spot in New York's Hamptons, and Lawrence Hallier, founder of Taxi Tops, a mobile advertising firm are the developers. Architects Klai Juba and Associates and development executive John Kristisch, who helped shape modern Las Vegas with his work on Mandalay Bay, Luxor, Four Seasons and Caesars Palace form the creative team.

Every home at Panorama is finished like a Penthouse. From the slab marble/granite countertops, to the fine wood cabinets and doors in units from 700 square feet to 4,400 square feet, with 10-foot-high ceilings the look is impeccable with close attention to detail. Common facilities include a one-acre resort style pool & Jacuzzi surrounded by lounging areas, a one acre walking park featuring pet friendly paths and a private cabana facing the pool. Yoga and Pilate’s studio, spas, a fully equipped 5,000 square foot state-of-the-art gym with glass walls overlooking the pool and the park are other special features.

Personally, what I am looking forward to is their gourmet grocery store, coffee bar and bakery with wood-burning pizza oven and a New York style deli.

Looks like Leonardo Di Caprio was inspired by his character in "The Aviator" and has invested in Howard Hughes favorite city. He has bought two adjacent two-bedroom units at Panorama Towers to create a 3,300-square-foot apartment with glass walls. He was obviously impressed by Panorama too.

Cedar Village – Apartments of Choice

There are rumors and opinions that the Las Vegas real estate market is heading for a crash. I beg to differ. I agree that the rise in rates has not been as high lately as it was in the dizzy days of the past two years, but that is because certain projects were overpriced and if there is a drop, it is only making the prices more realistic. Investors in Las Vegas properties will still make a decent profit because the number of people coming to Las Vegas is only increasing everyday. Las Vegas real estate investors should expect a lower rate of appreciation compared to the last two years.

Nevada has shown the fastest population growth in the nation for the past eighteen years and in 2005, about 7,200 people moved here every month making that almost 86,500 in just one year. The number of tourists in 2005 touched a staggering 40 million.

The economy is booming here because of tourism and the construction jobs available. A growing economy and population will continue to drive real estate prices upward. Inflated prices have created a demand for housing under $200,000 and there are over thirty high-rise condominium projects currently under construction. This has also led to the conversion of 15,000 apartment units to condos. Out-of-town buyers will pick up most of these condominium units that range in price from the low $200,000s to several million dollars.

The high-rise development has not had a direct affect on the local housing market. The strong economy has seen to that but the dramatic increase in price of starter homes has resulted in many young families and retirees seeking rented accommodation. The city has a growing labor force of construction workers and workers to fill new positions in the growing entertainment and hospitality industry. Most of them seek rental housing at least to begin with. There is an acute shortage of apartments in Las Vegas and apartment demand is expected to increase rapidly. One of the most incredible rises in the real estate market was the 346-unit apartment complex that sold for $12,750,000 in April of 2004 and then resold in January for $40,500,000.

There is very little land available for development in the central part of Las Vegas and if you are working in the city, you may not want to move too far out. In east central Las Vegas near Stewart Avenue and Mojave Road, you could find just what you are looking for in Cedar Village Apartments on East Cedar Avenue. This is a gated community with a gated entrance having remote controlled access. Security is further enhanced by the presence of foot patrol. The apartments range from one to three bedrooms and have large eat in kitchen, well equipped with dishwashers etc. The rooms are fitted with vertical blinds, air conditioning and free satellite TV. Most have either a balcony or a patio and there is laundry facility as well.

Common facilities include playgrounds, a swimming pool and hot tub and spa and there is convenient public transport as well. The only snag for animal lovers is that they have a no pets policy. Nevada Housing Division recommends the complex and assists in finances.