Real Estate Agents Getting Younger

There are 1.2 million members in The National Association of Realtors and a good portion of them are interested in going into buisness in Las Vegas. In an internal survey conducted in 2005, NAR found that the median age of its members was 52.

The median age of those selling real estate in Las Vegas has jumped to the upper 50's, says Linda Rheinberger, president of the Greater Las Vegas Association of Realtors and broker/owner One Source Realty and Management.

Now they have an official under 30 crowd. Of the national association's membership, 7% are under 30. That is a slight increase from 1999.

Falcon Group Spearheading Pinnacle Condominum Resort

One of the most interesting Las Vegas condo projects is now underway. The $850 million Pinnacle Condominium Resort is planned to be built on 12 acres of premium real estate near the Las Vegas Strip according to a group of Pittsburgh and Las Vegas businessmen.

The project features twin 36 story buildings connected by three sky bridge suits that connect two buildings. Falcon Group, an alliance of three differenet development or investment groups are spearheading the project.

The three group alliance consist of the Falconi Group, Praxis Resources and Elysium Enterprises.

More Condos Coming....Soon

John Restrepo, principal of Restrepo Consulting Group predicted that 10,000 to 14,000 newly constructed condos will hit the market over the next five years. According to local real estate economist, nearly 1,000 have been built and sold and another 5,800 are under construction.

Restrepo has counted 75 planned condo projects at 10 stories or higher with 41,000 condo units and 21 condo-hotel projects with 12,400 units.

Restrepo says of those, 21 condo and condo-hotels have a construction fence with a sign that reads " the most unique high-rise in the universe is coming any day now".

Pamela Anderson Calls Panorama Tower Home

The $1 billion Panorama Tower, one of many Las Vegas condos, hails new tenant Pamela Anderson. Laurence Hailer, the developer of the building, says the actress bought a 2 bedroom penthouse in the Las Vegas condo because of the view of the strip. A condo similar to that of Andersons sold for $2 million he adds.

The Associated Press reports that actors Tobey Maguire and Leonardo DiCaprio are also rumored to have also bought premium real estate, rumors point to the Panorama Towers.

Ultimate Sports Resort

According to numbers from developers and the Nevada Department of Taxation figures, North Las Vegas could virtually double its property assessment if the Ultimate Sports Resort goes up as proposed. The Ultimate facility may employ as many as 20,000 people and could require an additional 3-5,000 construction workers to build.

The Ultimate Sports Entertainment Inc. is putting together a financing package for a $4 billion project that will feature two sports arenas, an aquatic center, a driving range, an ice rink, batting cages, climbing walls, as well as over 16,000 parking spaces, 5,500 hotel rooms, 500 luxury condo and a 150,000 sq. ft. casino complete with a 50,000 sq. ft. glass enclosed non-smoking area. Upon completion the facility will be the largest facility of its kind in the world and will be the largest permanent sports product expo.

The project will be located a mile west of the Las Vegas Motor Speedway on 116 acres north of I-15 and Las Vegas Beltway Intersection. With the amount of workers needed to complete the project locals wonder if they will see an increase of newly constructed homes.

Average U.S. Homes Worth More Than a Year Ago

The Office of Federal Housing Enterprise Oversight said on Wednesday that the value of the average U.S. home increased 13% in the 12 months ending in December. This being said one could assume that the Las Vegas market will also see an increase. T

here was a 2.9% increase in the fourth quarter on typical home values. There was no evidence of slowdown according to the Office of Federal Housing Enterprise Oversight. This too would indicate that there has not been a slow down in the real estate market.

These facts could also be used to explain the increase in condos we have seen across the U.S., including the boost of local condos.

LVMS Gets a Face Lift

Work is scheduled to begin on the Las Vegas Motor Speedway March 12, immediately after the running of the NASCAR Nextel Cup UAW-DaimlerChrysler 400. LVMS general manager Chris Powell unveiled plans on January 30 for an estimated $25 million renovation project for the facility, located near numerous other Las Vegas real estate sites.

The addition of a steeper banking to the speedway's track, fan-friendly garage and the relocation of the pit road are some of the changes planned. Smith said in a statement about the construction of the speedway, "We are going to make the Las Vegas Motor Speedway the greatest speedway in the world. The speedway will be as spectacular as anything on the Las Vegas Strip when we are finished."

Las Vegas Community Parks Construction Set to Start This Summer

According to developers for local real estate, construction for six new major parks will be underway by summer for many communities and specific real estate sites. Design work on the first phase of the planned 280 acre regional park will feature adult and youth baseball fields, multiuse sportsfields and picnic and play areas. The park will also contain a recreational facility to host community events by its completion date which is unknown at the present time.

52 Las Vegas Properties

The unusual real estate book by Dolf de Roos and Gene Burns titled "The Insider's Guide to 52 Homes in 52 Weeks" tells how an amateur investor and real estate instructor teamed up to acquire 52 three and four bedroom Las Vegas homes in about 10 months.

These purchases were not limited to just downtown Las Vegas real estate but consisted of Henderson homes, Summerlin real estate, and also Lake Las Vegas properties as well.The book tells the story of how a beginner real estate investor teams up with a real estate guru and as partners try to purchase real estate including 52 Las Vegas Homes in 52 weeks.

It was a challenge that evolved as the local market changed and the two investors had to adapt and overcome market obstacles.