Las Vegas
Las Vegas Valley Land Values On the Rise; Still Short of Pre-Downturn Peak
It has taken quite the amount of time for people to be discussing growth when mentioning the city’s real estate, but it now seems that even the most lagging markets are seeing stabilization, or even signs of improvement. Now data from Applied Analysis quoted by The Las Vegas Review-Journal seems to point out that the Las Vegas Valley’s land market is also on the up. According to the data aggregator, Q1 of 2013 has seen a dramatic increase in the number of land deals in the area, with 809 completed transactions, a massive jump from the 159 purchases recorded in 2012’s first quarter.
AEG, MGM Resorts Team Up to Build Long-Awaited Arena on the Strip
The long and winding road to a Las Vegas sports arena project seems to be nearing its end after a recent announcement was made that a new joint venture was created specifically for such a development. AEG and MGM Resorts International made the announcement that the formal steps have been taken for a JV that will handle a comprehensive revitalization of the area between the NYC and Monte Carlo resorts. The development will constitute an investment of around $350 million.
Eurasia Resorts Seeks Return to Super-Sized Development
The city’s recent switch from the new, bombastic mega-resorts of the Strip and focus on smaller projects seemed to mark a new direction for its fortunes. However, the market for massive, imposing projects has not completely gone away as Eurasia Resorts International recently announced a world-class entertainment initiative for the city of Las Vegas. The company’s tentative development plan would insert a number of projects that were considered as lacking in Las Vegas, projects that would complete the high-rolling image that the city has been selling.
Surge in Las Vegas’ Home Prices Outpaces Nation’s
The accelerated growth rate for home prices could spark a new trend as homebuyers will look to acquire property before the phenomenon drives average prices out of their budgets. Developers and home builders will also most likely once again look to the Las Vegas market and try to create as much housing stock as possible, in order to cash in on the growth.
Wolff Co. Buys 3,098-Unit M-F Portfolio
With new mega-resort projects coming back to the Strip, and the Downtown Project continuing its shopping spree in the core of the city, Las Vegas is seeing interest from investors and developers finally rise after a few years of uncertainty. In the multifamily sector, a major transaction was just completed for a large multifamily portfolio in the area. The Wolff Company has announced the acquisition of the “Oasis Portfolio” from Sierra Nevada Multifamily Investments LLC.
Wolff Picks Up $200M M-F Portfolio in Las Vegas
The Wolff Co., of Scottsdale, Ariz., has acquired the 3,098-unit “Oasis Portfolio” of 14 apartment communities in metro Las Vegas.
TIAA-CREF Takes 50% Stake in Grand Canal Shoppes; GGP Reaps $410M
Recent deals announced in the Las Vegas retail market indicate the area’s growing potential as an investor’s market, with a partnership between General Growth Properties and TIAA-CREF being revealed as the new ownership structure of the Grand Canal Shoppes, including the Shoppes at Palazzo. General Growth Properties sold 50 percent of its stake to the Teachers Insurance and Annuity Association – College Retirement Equities Fund. The transaction reportedly generated approximately $410 million in net proceeds.
RECon Special Report: Veterans See Promising, Yet Chastened, Retail Sector
Promising yet chastened by recession was the picture of retail real estate’s prospects sketched by five veteran executives at the annual market outlook sponsored in conjunction with RECon by Marcus & Millichap Real Estate Services Inc.
The Right Legislative Moves Could Be Nevada’s Saving Grace
By Alex Girda, Associate Editor Recent real estate market reports regarding Nevada’s housing situation indicate that the long-awaited recovery could be postponed as average prices have dipped for the last few months. Residents and developers are waiting for a way out of this situation and a serious initiative is now under discussion. A piece of […]
Providence Clearly a Fan of Parks as Master-Planned Community Unveils Second Public Spot
By Alex Girda, Associate Editor The Providence master-planned community situated in the northwest part of the valley has recently inaugurated its second park. The community, located at 10695 Dorrell Lane, has now unveiled two parks that will benefit area residents, with another one in the pipeline. The Providence developer, John Ritter was quoted by The […]