Rising Homes Prices Are Keeping Teachers Out Of Las Vegas; Schools May Have A Solution

According to reports released on Thursday, Clark County school officials are putting together a proposal that would allow them to purchase Las Vegas real estate so that they could own and offer local homes to teachers that would come to Las Vegas.

Officials say that there really is no choice; they must buy the land to fill a critical shortage of teachers by helping them find affordable housing.

Administrators are saying that they think the program could be up and running by 2008. According to George Ann Rice, Clark County School District associate superintendent of personnel, the top reason teachers are turning down jobs or in some cases, flat out not applying, is because of rising local home prices.

Morgans And The Hard Rock

When Morgans Hotel Group purchased the Hard Rock Café Hotel and Casino many real estate investors were wondering how the staid operator of upscale boutique hotels would do with a wild and crazy Las Vegas casino.

Well, Morgans will not be dealing with the day to day of the Hard Rock. They have contracted Golden Gaming to manage the casino so that Morgans will not have to go through the mess of applying and being approved for the gaming license and the worry of finding qualified people to run the joint.

Increase In Foreclosures Reported In The First Quarter

James J. Saccacio, chief executive officer of RealtyTrac has published a report that shows that Las Vegas real estate foreclosures were up 17% in June compared to June of 2005. However there was significant decreasing in the rates in the beginning of 2006.

According to Saccacio, new foreclosures dropped to their lowest level of the year in June despite some of the sensational and misleading figures that we’ve seen reported recently.

Las Vegas real estate is in the top 5 of highest foreclosures in the United States. However if rates continue to drop that could all change.

Housing Index Sends Mixed Signals

The National Association of Home Builder’s Housing Market Index reports an 11-year low.
So are things really that bad? At the current rate, sales are shaping up to be the third-best on record nationally.

The share of new homes sold before completion is still at a historically high 74 percent.

As long as new home inventories continue to decline, prices on local homes are expected to continue to rise through the summer months.

Continuing Ed - The Residential Purchase Agreement

The Residential Purchase Agreement
CE. 3224000-RE 4 Hrs. Contracts (C)
Tuesday, June 27th 1-5pm
Location: Realty Executives 1903 S. Jones (N of Sahara)

$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 http://www.nevadace.com/

Denver Agent Helps Illegal Immigrants Defraud HUD

A Denver real estate agent pleaded guilty to assisting helping unqualified home buyers get federally insured mortgages. The agent was sentenced to more than four years in prison and ordered to repay $1.2 million the government paid to lenders when the unqualified borrowers defaulted on their home loans.

Government Prosecutors say William E. Mendez helped more than 100 people fill out fraudulent Housing and Urban Development loan applications. Most of the unqualified applicants were found to be illegal immigrants.

Five other defendants who worked for Mendez have been sentenced in the case and were ordered to pay from $36,000 to $81,000 in restitution.

Source: Associated Press (06/08/2006)

Schwab Home For Sale

For $1.6 million you could own a lot of homes. However, this amount is just the amount you would need if you wanted to own the Schwab's Las Vegas real estate. For the price you will receive a three bedroom house on Las Vegas property. The home was used as a retirement home by the Olin B and Desta Schwab Foundation.

If you came to play ball the total package for this snazzy piece of real estate could also include all the furnishings and decorations that the Fort Wayne foundation purchased.

There will be plenty of amenities with this real estate, if interested contact us and let us help you locate your home.

Creating A Demand In the Las Vegas Real Estate Market

Constructing the MGM is going to require over 7,000 construction worker jobs. In 2009, the estimated completion date, the Project City Center is going to create in excess of 12,000 full-time jobs. This is the largest infusion of jobs in Las Vegas history. These numbers mean there is a good chance that people will be shopping around for a new home.

Las Vegas real estate has seen an increase in pricing but local real estate experts say that the market is bound to come down sooner or later. Plus with all the new employment opportunities, maybe some will be able to purchase their new condo or home.

Also, according to reports, next door neighbor the Cosmopolitan Hotel is set to generate approximately 5,000 jobs, which according to Las Vegas experts will definitely lead to a larger demand in the Las Vegas market.

Business Deals

According to reports Euroweb RE Corp. provided funding to AO Bonanza Las Vegas, Inc. The Las Vegas real estate investment group has provided funding in the amount of $10,000,000 within its sole discretion. AO Bonanza Las Vegas, Inc. had no comments about the amount of money that was received from the real estate investment group or on what they intended to do with the funds.

Changes In Las Vegas

There have been major changes planned for the future face of Las Vegas. There are also two major real estate development projects that are heads above the rest. The MGM Project City Center is a $7 billion, 66 acre, mixed use resort between the Bellagio and Monte Carlo resorts, is already under construction and is set to transform the Strip. Las Vegas will not be the same after these two mammoth projects are completed.

The other real estate project that is already under construction is the five star Cosmopolitan Resort Hotel and Casino. The Cosmopolitan is a more modest $2 billion condo hotel and mixed use project. It sits on Las Vegas property between the Bellagio and the City Center.

Las Vegas Casino Boom

Real estate owners in Las Vegas feel like they have been on a rollercoaster ride, seeing so many new condo and casino developments are in for a surprise. It’s time to buckle up.

The last three years of this decade there will be some major changes to the Las Vegas skyline and literally tons of Vegas real estate projects in action. Some of those projects are the Palazzo, Encore, the Cosmopolitan, and the Montreux.

There was a casino boom a few years back when a slew of real estate projects were constructed in two years. Las Vegas real estate has not seen anything of this magnitude since then.

Atlantic City Is Ready To Play

Atlantic City buisness owners are ready to play with the big leagues. According to reports Atlantic City is preparing to compete with Las Vegas real estate. Atlantic city residents feel they deserve to have a piece of the Vegas lifestyle. Recently there have been casino companies and real estate developers putting billions of dollars into the Atlantic City scene.

The plan is to have the resort town feel as Vegas does by setting style destination points with shows, shopping and fine dining.

Atlantic City is on the move to becoming one of America’s hot spots, and with the attention that it is receiving from Las Vegas developers some real estate experts say it won’t be long until Atlantic City becomes a powerhouse in its own right.

An Increase In Las Vegas Homes On The Market From Last Year

According to National Association of Realtors senior forecast economist Lawrence Yun there are more than 30% more Las Vegas properties on the Las Vegas market now than last year at this time. According to Yun the slower demand is due to rising interest rates.

He also says those who bought homes for investment purposes are now putting those real estate properties back on the market and trying to diversify away from the Las Vegas market.