Construction Mishaps Continue To Plague Residents

Six months ago a construction company working near Henderson homes made a mistake with dynamite that led to more than 100 Henderson residents to file complaints and damage claims. Monday, there was another construction mishap that led to damage inflicted on two Lake Las Vegas homes. City council members say that they are going to revisit the ordinance where the blast occurred.

March-Arpil Las Vegas Condos Report

Reports out for the months of March and April show a decline in the asking price of Las Vegas condos. According to the report condo sales were up due to the lower amounts of asking price.

With sales down, more condos were sold in April by a margin of almost 5%. Also, there was a reduction in the amount paid per square foot by approximately 11%.

Hypo Real Estate Capital Corp.

The $121.3 million loan for construction on the condo, Sky Las Vegas has been paid off by Hypo Real Estate Capital Corp. Hypo specializes in real estate and had been looking for an opportunity to close out on the construction loan.

There were four institutions along with Hypo that backed the condo that will include a 44 story building with over 400 residential-over-retail units.

Spokesman for Hypo, Brian Hedgeman was quoted as saying that the deal was put off due to negotiations over details. Once the details on the property were worked out the deal was closed without delay.

Ivana Trump Tries Her Hand In Beirut

The Trump name is sononomous with Las Vegas real estate. Now Ivana Trump is looking to expand her interest past Las Vegas real estate now. Recently she has taken a stake in Beirut, Lebanon. Ivana Trump is looking to cross the Atlantic to try her luck with Beirut real estate.

Ivana is set to start construction on a real estate project that will feature one, two and three bedroom apartments, duplexes and penthouses with breath taking veiws of the Mediterranean Sea.

Trump is taking a page out of the Las Vegas guide book adding many amenities which will inlcude several restaurants and 24 hour concierge service.
Ivana Trump had tried her hand in the local condo market and is in danger of not being able to complete her project on time.

Las Vegas Not Alone

The real estate market is getting more risky according to Mark Milner. The chief risk officer at Walnut Creek’s PMI Mortgage Insurance Co. is an expert on Las Vegas real estate. He says that according to his studies the local real estate market is not the ony at risk city for higher land prices.

Milner reports that the highest risks cities are in California and the Boston-to-New York corridor.

Because of the large price jumps that have occurred in the past several quarters in the real estate market, Milner says that Las Vegas has continued to reside in this brackett of high land prices.

Project City Center Set To Break Many Records

The Las Vegas development, Project City Center, got underway with construction this past weekend. On Saturday MGM began pouring concrete on this Goliath of real estate project. By now everyone should know that the Project City Centre will be the largest local real estate development ever.

It should also be known that this Las Vegas development will also be the largest private development under construction in the United States.

The Project City Center is set to do big things for Las Vegas. When it is completed in early 2009, the Project City Center will create more than 12,000 full time jobs. This will be the biggest single injection of jobs into the market in Las Vegas history.

Bawadi Plans

Dubai Holding had tasked the job of looking for a construction firm to complete their Bawadi project to a development firm out of Las Vegas. The Las Vegas based firm selected international construction consultants Hill International to manage the project.

Reports show that the project is a $27.7 billion Las Vegas style Bawadi tourism and hospitality project. The Bawadi project is set to be one of the most expensive privately developed ventures. Over the next eight years Bawadi will complete 31 hotels.

Fred Segal's Featured Fashion Showcase

Fred Segal has announced that he will be the featured fashion showcase at the W Las Vegas. The much anticipated condo project that has not yet begun construction, is glad to have Segal as the featured showcase.

The W Las Vegas, which is set to break ground next year on the Las Vegas strip, will feature 4,000 hotels, condo-hotels, and a variety of boutique shops and restaurants.

The W Las Vegas will include 3,000 sq. ft. of conference space, a 75,000 sq. ft. casino and a theatre. The project is set to open in 2009 with an undisclosed price tag.

Plans For Lake Las Vegas Community

Plans for a $220 million, 324 units local Las Vegas community has been announced by The Fountainhead Company. The newly constructed community will be called Galileo at Lake Las Vegas. The developers purchased the site for just over $44 million from Transcontinental Corp.

According to the developers the Galileo will have nine mid-rise buildings ranging from 2-4 stories high with room for parking beneath.

A price for the 1,300 to 2,500 sq. ft. residences have not been disclosed yet. These homes will be ready for development as soon as the city council approves the work order.

Residents Want To Kill Las Vegas Condos Projects

There are more than 50 Las Vegas condo communites planned for construction that is either already underway or planned for completion in the next few years. Las Vegas experts estimate that only half of the projects will see their completion date. If residents of downtown Las Vegas have their way, that number will be less.

With the increase of new construction condos throughout the downtown area, residents are set to do battle with City Hall and condo developers. Developers fear that if they are not allowed to complete the projects there will be a negative impact on the Vegas economy.

Residents are fearful that their Las Vegas homes will be dwarfed by surrounding highrises. Homeowners are pushing to have a list of new construction condo projects killed.

Developers and Residents Set To Lock Horns

There is a controversial real estate measure coming up for the Las Vegas City Council to vote on this week. This measure highlights limits that will be in place for new developments going up in downtown Las Vegas. Residents say they are moving forward with the push for limitations on the heights of newly constructed condo projects because the sheer number of them are overwhelming.

Anyone with eyes can see how the number of condo projects has changed the face of the Valley. The problem with this change comes for residents who live in a historic neighborhood near downtown Las Vegas and don’t want to see their community destroyed by highrises.

Developers and residents are set to lock horns over this issue. Residents will not stand by idely and watch their homes be dwarfed by condos and developers believe that by their continuing to develop in downtown Las Vegas is helping improve the local economy.

Meeting Of The Minds

Las Vegas real estate has been the topic of a lot of conversations lately. This weekend produced a nice turnout of concerned citizens wanting to discuss how the local real estate was being developed.

The topic specifically was the Centennial Hills Town Center and the problems and disappointments many residents were having with the project.

The main discussion and were most people are having problems are the plans for the town center-style retail in many master planned communities located in and around the real estate project.

Gimmicks For Real Estate

The gimmicks are coming out to try and convince people to invest in Las Vegas. All the stops are being pulled to interest new buyers to Hacienda Park, a Henderson real estate community. Usually any old sap could resist the ploys used to get them to empty their pockets.
However, it seems as though the ploy of all ploys has been used to sell this piece of local real estate.

Pulte Homes, sellers of the property have laid the bait. Anyone who buys Las Vegas real estate or Henderson real estate before June 30th will be given a 50 in. HDTV to enjoy in their new home. Now who can resist that?

Meetings For Local Communities

There is a big discussion going on in local neighborhoods in and around Las Vegas about the use of local real estate and the way it’s being developed. Last week at the Urban Land Institute conference citizens of Las Vegas went over their disappointment of how ideas like Centennial Hills Town Center and other have turned out.

Citizens discussed town center-style retail in many of thier master-planned communities and the effects it would have on other local homes. In the near future there are plans to discuss the future of other Las Vegas project sights.

Gambling In Las Vegas

Taking a gamble on Las Vegas could be a very expensive venture. This according to local real estate experts who say across the U.S. corporations are trying to get a leg in the Las Vegas market. But anyone who is watching the market knows that it is getting harder and harder to purchase any Vegas real estate for a reasonable price here lately.

Those who have been in Las Vegas for a long while are even expressing their disdain for where the Las Vegas market looks to be heading. A spokesman for Donald Trump, who already has quite an investment in Las Vegas, was quoted saying that Mr. Trump was very interested in Las Vegas until the prices started getting so high.

He also said that they can't see having an opportunity in Las Vegas in the short term.
Optimists are saying that the Las Vegas market is fine and that all that has happened is that it has hit the proverbial bump in the road.

Las Ramblas Falls, Experts Wonder Why

Everyone in the Las Vegas real estate profession is wondering what happened with a particular condo project: Las Ramblas? The condo project seemed like something out of Hollywood flick, packed with Hollywood heavy weight George Clooney, experienced development teams, a great architectural design, new and sleek interiors.

The Las Ramblas team consisted of Related Group Inc. and Centra. Both are major players in the Las Vegas local arena. If all this isn't enough to make you scratch your head, Rande Gerber was even called in to operate and design a series of amenities within Las Ramblas that included nightclubs, restaurants, and lounges.

According to Las Vegas experts the killer of Las Ramblas was not the scope of the project or the massive amount of money that was needed to complete the project. The killer was that there was too much competition, in too small an areal. Since when did Las Vegas become too small?

The Las Vegas MLS

For decades the Local MLS (Multiple Listing Service) has been a method for cooperating Brokers to compile all available listings. It started with cards, and then went to books and from there onto a computerized database. This would allow any potential buyer the ability to view details and photos on all available listings in the area.

Now that the MLS is on computer and accessible through the IDX (Internet Data Exchange) the MLS is accessible to any potential buyer with a computer 24 hours a day 365 days a year. The problem lays with access to the IDX data feed. The data is owned by the local board of REALTORS®.

As a general rule, the local board contracts out the gathering and display of this data. Competition is almost non-existent therefore the current technology that is utilized is archaic and stagnate.

Stringent rules are in place by most local boards as to how the data may be used and displayed. The rules are generally set in place and enforced by the MLS Committee of the local Board of REALTORS®. The MLS Committee is usually comprised of Board Members that are voted in.
Access to the IDX raw data feed is generally restricted to Brokers only. Agents are required to use what is called a framing solution of the Broker’s information.

Third party IDX Vendors are generally discouraged by the Board and forced to jump through unnecessary hoops to obtain access. Most MLS enhancements and improvements come from Third party IDX Vendors.

While most Local Boards such as Greater Las Vegas Association of REALTORS® have employees to monitor any violations by the use of the IDX data, Agents are still denied access. This by its very nature restricts enhancements that may be enjoyed by the consumer. The more information that can be obtained from a MLS by potential buyers in easy to understand and use formats enables them to make better decisions on the purchase of real property. So why do Local Boards restrict access and slow the progression of technology?

I have always been under the impression that REALTORS® exist as a consumer advocate. Was this assumption incorrect? The fact that all boards receive revenues from Brokers and Agents is clearly incentive to keep access prices up. Unfortunately the consumer ultimately pays the tab.In a recent article of REALTOR® Magazine, the debate on the future of the MLS did nothing to reassure me that there would be substantial changes anytime soon.

While there was more talk of consolidation of MLS Systems all I could see was a means to exert stronger control by local boards over their IDX data feeds. All of this does nothing but limit competition and drive prices up.

Continuing Ed - NAC 645 Update

NAC 645 Update

CE. 3335000-RE 3 Hrs. Legal & Legislative Update (LL)

Friday, June 30th 10am-1pm
Location: Realty Executives 10750 W. Charleston Blvd. #180 (E of 215) - Las Vegas, Nevada

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - Ethics for the Real Estate Professional

Ethics for the Real Estate Professional
CE. 3170001-RE 3 Hrs. Ethics (E)
Wednesday, June 28th 10am-1pm
Location: Realty Executives 1903 S. Jones (N of Sahara) - Las Vegas, Nevada

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - Risk Management

Risk Management

CE. 2590027-RE 5 Hrs. Broker Management or General (BM or G)

Thursday, June 22nd 10:30am-4pm

Location: Realty Executives 1903 S. Jones (N of Sahara) - Las Vegas, Nevada

$55 includes lunch & materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - Nevada Agency Relationships

Nevada Agency Relationships
CE. 3277000-RE 3 Hrs. Agency (A)
Thursday, June 29th 1-4pm

Location: Realty Executives 10750 W. Charleston Blvd. #180 (E of 215) - Las Vegas, Nevada

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or http://www.nevadace.com/

Continuing Ed - NAC 645 Update

NAC 645 Update
CE. 3335000-RE 3 Hrs. Nevada Law & Legislative Update (LL)
Wednesday, June 21st 9am-Noon
Location: Realty Executives 1903 S. Jones (N of Sahara) - Las Vegas, Nevada

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Freddie Mac Interest Rates Fall

Freddie Mac reported that this week marked the second drop in rates in 11 weeks on 30-year fixed mortgage rates. Rates fell to 6.62 percent this week from 6.67 percent a week earlier.

Weaker-than-anticipated jobs report that lessened inflation fears was the major factor according to government sources.

The 15-year fixed mortgage rate slipped from 6.26 a week ago to today’s 6.23 percent. One-year adjustable rate dipped to a much welcomed 5.63 percent from 5.68 percent, and the five-year hybrid adjustable rate dropped to 6.20 percent from 6.26 percent over the same time period.

Continuing Ed - The Listing Agreement

The Listing Agreement
CE. 3361000-RE 4 Hrs. General (G)
Tuesday, June 20th 1-5pm

Location: Realty Executives 1903 S. Jones (N of Sahara) - Las Vegas, Nevada

$40 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Toll Bros Predicts Prices Will Rise

CEO Robert Toll of Toll Bros recently stated "Demand will be driven by buyers who are biding their time waiting for better incentives or lower prices." He went on to say, "Once the natural balance is restored in the market, you're going to see prices go up again. Prices are going to go up quite a bit,".

Mr. Toll also said that mortgage rates aren't a major factor in the housing slowdown because they still hover near four-decade lows. "We did business when mortgage rates were at 8.5 percent and it was fabulous. Now it's 6.5."

Mr. Toll expressed confidence in the second-home market which he anticipates will remain strong as baby boomers continue to relocate to Sun Belt states.
Toll Brothers continue to be one of the premier Las Vegas Homes Builders with participation in many upscale communities such as McDonald Ranch.

Continuing Ed - NAC 645 Update

NAC 645 Update
CE. 3335000-RE 3 Hrs. Legal & Legislative Update (LL)
Monday, June 19th 1-4pm
Location: First American Title Co. 180 Cassia Way. (Gibson & American Pacific) Las Vegas, Nevada

$30 includes materials

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - CYA 102 Covering Your Assets

CYA 102 Covering Your Assets (CYA 101 is not a pre-requisite)
CE. 3397000-RE 3 Hrs. General (G)
Wednesday, June 14th 10am-1pm

Location: Realty Executives 1389 Galleria Dr. (N of Sunset - E of Stephanie)

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - NAC 645 Update

NAC 645 Update
CE. 3335000-RE 3 Hrs. Nevada Law & Legislative Update (LL)
Monday, June 12th 1-4pm
Location: First American Title Company 7201 W. Lake Mead Blvd. #200 (W of 95) - Las Vegas, Nevada

$30 includes materials

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - NAC 645 Update

NAC 645 Update
CE. 3335000-RE 3 Hrs. Law & Legislative Update (LL)
Saturday, June 10th 9am-Noon

Location: Realty Executives 10750 W. Charleston Blvd. # 180 (E of 215) - Las Vegas, Nevada

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - Nevada Agency Relationships

Nevada Agency Relationships
CE. 3277000-RE 3 Hrs. Agency (A)
Friday, June 9th 9:00am-Noon
Location: Realty Executives 10750 W. Charleston Blvd., # 180 (E of 215) - Las Vegas, Nevada

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - The Residential Purchase Agreement

The Residential Purchase Agreement
CE. 3224000-RE 4 Hrs. Contracts (C)
Thursday, June 8th 9am-1pm
Location: Realty Executives 10750 W. Charleston Blvd., # 180 (E of 215) - Las Vegas, Nevada

$40 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com

Continuing Ed - Closing Costs in 10 Minutes or Less!

Closing Costs in 10 Minutes or Less!
CE. 3276000-RE 3 Hrs. General (G)
Wednesday, June 7th 9am-Noon
Location: Realty Executives 10750 W. Charleston Blvd., # 180 (E of 215) - Las Vegas, Nevada

$30 includes materials - Free to Realty Executives

Instructor - Steven Kitnick

Please arrive at least 15 minutes prior to start of class. All classes will begin promptly. Sorry! No admittance 10 minutes after start of class.

Pre-Registration Required! You must pre-register. Pay at the door. Cash or Check Only. Pre-Register Fax: (702) 255-4782 or www.NevadaCE.com