July 28, 2020 | Las Vegas Business Press | Buck Wargo
A Las Vegas philanthropist sold her condo at One Queensridge Place for $4 million, marking the top sale during the first half of 2020 in the high-rise market.
The deal closed June 30 with Zar Zanganeh, broker/owner of Luxe Estates & Lifestyles, as both the buyer’s and seller’s agent. Karin Sporn, the founder of Glaxo Pharma and former chairwoman of the Jewish Federation of Las Vegas Women’s Philanthropy Council, sold the high-rise to Sweet World Delta LLC.
June 01, 2020 | Las Vegas Sun | Justin Emerson
Demand for houses has remained robust through the first months of the coronavirus crisis, with bidding wars on many properties, some Las Vegas area real estate agents say.
But with the tourism industry upended and unemployment at a record 28.2%, some experts are questioning how long that can continue.
March 06, 2020 | Las Vegas Review-Journal | Eli Segall
After more than 13 years, Las Vegas house prices have finally eclipsed their bubble-era peak.
But they remain well below those of the boom days when adjusted for inflation – underscoring just how bloated the market got before it crashed, and how long the trek back has taken in the epicenter of America’s real estate collapse.
February 13, 2020 | Las Vegas Review-Journal | Eli Segall
In a neighborhood of 1960s-era homes a few miles east of the Strip, a house was spruced up with new paint, appliances and other upgrades.
Last year, the owners flipped it for nearly 20 percent more than what they paid for it.
Las Vegas’ housing market overall cooled off last year with slower price growth and slumping sales. But similar to prior years, the fastest-growing prices tended to be in older, more centrally located areas of the valley, while the highest values are in the outer-ring suburbs, a new report shows.
February 04, 2020 | Las Vegas Business Press | Buck Wargo
Las Vegas set a record in 2019 for the two most expensive high-rise resales in its history as the high-end luxury market of $1 million and more carried the day over lower-priced units in the valley.
The record-setter at $12.5 million at the Palms Place is the highest-known sale recorded on the Multiple Listing Service and set the tone for 2019.
The high-rise condo market saw 27 percent fewer sales in 2019 in 21 towers tracked by research firm Applied Analysis. Overall in 2019, luxury sales of $1 million or more were the strongest price segment with 60 sales, down only two from 62 in 2018, the firm reported.
January 29, 2020 | Las Vegas Review-Journal | Eli Segall
Las Vegas home prices rose at one of the slowest rates in the nation in November, a new report shows, underscoring the market’s cooldown last year.
Southern Nevada prices were up 2.6 percent year over year in November, compared with 3.5 percent nationwide, according to the S&P CoreLogic Case-Shiller index released Tuesday by S&P Dow Jones Indices. Las Vegas ranked the fourth-lowest for price growth, ahead of only New York (0.8 percent), San Francisco (0.5 percent) and Chicago (0.4 percent).
January 17, 2020 | Las Vegas Review-Journal | Eli Segall
Las Vegas’ foreclosure rate was above the national average in 2019 but fell to its lowest point in years, a new report shows.
About 0.46 percent of homes in the Las Vegas area were hit with foreclosure-related filings in 2019, versus 0.36 percent nationally, according to housing tracker Attom Data Solutions.
By comparison, 0.67 percent of Las Vegas-area homes were hit with foreclosure papers in 2018, and 12 percent received them in 2009, after the housing bubble burst and the valley’s economy went into a nosedive.
November 23, 2019 | Las Vegas Review-Journal | Eli Segall
Not long after I moved to Las Vegas in 2012, I went to a friend’s house in the southwest valley. If street parking is tight, he told me, just use the driveway next door.
The neighbors wouldn’t mind. There weren’t any.
The abandoned two-story house with a pool was sold at a foreclosure auction in 2013 and quickly traded hands again, property records indicate. Such deals used to dominate Las Vegas’ battered housing market, but today they barely make a blip.
July 25, 2019 | Fox News | Benjamin Brown
LAS VEGAS -- After five years of living in sunny California, Billy Mitchell decided to leave the Golden State for the Nevada desert, where he could get more bang for his buck.
“It’s ridiculous. The house I was living in, I was in Orange County in Fullerton, and it was maybe 1,300 square feet, one bathroom – it was a nice place and all but it was about $150,000 more than this place,” Mitchell said as he gave a tour of his newly purchased, 2,100-square-foot home in Henderson, Nev.
For $150,000 less, Mitchell’s new home sits on nearly a third of an acre and also has a pool. He, along with roughly 660,000 other people, decided to move out of California to avoid high taxes and find a cheaper cost of living in neighboring states like Nevada and Arizona, according to Census data.
June 29, 2019 | CDC Gaming Reports | Buck Wargo
A Las Vegas Strip site, once planned for an Elvis Presley-themed resort, has been sold for $172 million and will be developed for retail, entertainment and dining.
Gindi Capital, a New York-based investment company and co-owners of the nearby Showcase Mall north of the MGM Grand Las Vegas, announced Friday it was acquiring 9.5 acres from FX Luxury Las Vegas, an affiliate of Spectrum Group Management, for $18 million an acre.
The original owners, who planned the Elvis casino, forfeited the land to lenders when the Great Recession hit a decade ago.
The site has the Hawaiian Marketplace and retail shops at 3743 to 3759 Las Vegas Boulevard with 700 feet of street frontage.