Revitalization Planned for Strip; Housing Market Continues to Lag

By Alex Girda, Associate Editor

Reports on the dire situation of the Las Vegas housing market continue to make headlines. The Las Vegas Review-Journal recently ran a story about a new Home Builders Research report, confirming that the local housing market is still showing no substantial sign of improvement.

Median prices dropped in May home sales by 1.8 percent as compared to that same month a year ago, while the number of deals slid from a 506 figure in May 2010 to a dismal 291 last month. This, however, was an actual increase compared to April 2011. Sticking with the number of actual new home sales, the total for 2011 until now has experienced a 36 percent drop as compared to that same timeframe in 2010, the report indicates.

But, positive signs were recorded in new building permits where the figure is much higher for May than it was for April, which means there is an anticipated growth in the absorption of new homes. Also improving is the statistic for re-sales which experienced a 9 percent increase in May compared to that same month in 2010.

In other real estate news concerning the gambling capital, renovation plans are creating quite a bit of buzz with several historic spots looking to reignite interest from the public. With Sands’ last minute solution to prevent visitors and onlookers from viewing the steel skeleton of its in-progress St. Regis condos, Vegas is clearly all about the image it projects. And now, the curtains are about to open on The Plaza’s extensive renovation project. According to a Gaming Today story, the renovated hotel and casino plans to open its doors by the time Labor Day weekend hits the Strip.

The renovation is set to capitalize on the historic value of the 40-year old Vegas destination. But, new high-tech amenities have not been spared.  In-room safes, 32-inch LCDs and work areas with high-speed WiFi are all being integrated into the new Plaza.