Las Vegas economy and real estate market update

The Las Vegas economy and real estate market continue to improve and are expected to gain momentum with over $6 billion in new investments around the Strip corridor over the next three years.

We continue to be optimistic on north strip high-rise opportunities in the $350k and under segment due to the new north strip developments. Turnberry Towers is already seeing increases in rents and sale prices, largely due to the new SLS project opening next door.

Promotions in High-Rise: 

• The Martin is sold out and releasing their models for sale.
• Turnberry Towers has select residences offering 1 year of HOA’s paid.
• Our office is the only office to offer 1 year of HOA’s paid on select penthouses at Mandarin.

 

Promotions in Residential:
 

The guard gated, golf community of the Masters in Southern Highlands is offering homes with approximately 4000 sf in the $600k’s and interest rates as low as 3.75%. These residences would likely rent at $3500+ with HOA’s below $300/month. Only 29 homesites left, contact us if you are interested luxury residential opportunities.

The following is a list of articles, stats, and community statistics for the majority of communities in Las Vegas.

Nevada’s jobless numbers fall to lowest level in five years.
http://www.vegasinc.com/business/2014/jul/18/nevadas-jobless-numbers/

MGM Resorts, Cirque to build 33-acre, open-air venue to host Rock in Rio in Las Vegas.
http://lasvegassun.com/vegasdeluxe/2014/apr/21/rock-rio-headed-las-vegas-mgm-resorts-cirque-build/

Las Vegas visitor volume jumps 3.2% in May.
http://www.reviewjournal.com/business/tourism/las-vegas-visitor-volume-jumps-32-percent-may

Home prices rising, but still a ways to go.
http://www.vegasinc.com/business/real-estate/2014/jul/21/las-vegas-home-values-are-rising/

Downtown Summerlin, will serve the entire Las Vegas Valley with over 125 shops and restaurants in an open-air shopping environment. (Opening 10/14)
http://downtownsummerlin.com/

• May’s visitor volume climbed 3.2% from last year to 3.6 million people.
• Average daily room rate in May was up 8% to $127.60
• Convention attendance was up 14% to 454,163.
• Visitor volume through five months is up 4.5% to 17.2 million people.
• Strip occupancy/first five months is up 2.6% to 90% while downtown is up 6% to 79%.

Dollar value in projects scheduled to open in the Las Vegas area:

• 2015- $1,254,350,000
• 2016-  $538,700,000
• 2017- $4,000,500,000

Stats on Communities in Vegas:

Allure

• Average Sale $243,833.30
• $PPSF $213.00
• Average Monthly Rental Price $1,601.00
• Average Yearly Rental Price $19,212.00
• Average Rental Days On Market 52
• Average Rental Price/SF $1.37
• Yearly Rent Vs. Average Sale % 7.88%
• Total Sales 6

Martin
 

• Average Sale  $526,397.92
• $PPSF  $338.28
• Average Monthly Rental Price  $2,407.46
• Average Yearly Rental Price  $28,889.52
• Average Rental Days On Market  47
• Average Rental Price/SF  $1.85
• Yearly Rent Vs. Average Sale %  5.3%
• Total Sales  12

Mandarin
 

• Average Sale  $1,472,649.29
• $PPSF  $668.47
• Average Monthly Rental Price  $3,508.33
• Average Yearly Rental Price  $42,099.96
• Average Rental Days On Market  42
• Average Rental Price/SF  $2.68
• Yearly Rent Vs. Average Sale %  2.9%
• Total Sales  14

Panorama
 

• Average Sale  $361,911.50
• $PPSF  $272.31
• Average Monthly Rental Price  $2,331.46
• Average Yearly Rental Price  $27,977.52
• Average Rental Days On Market  41
• Average Rental Price/SF  $1.53
• Yearly Rent Vs. Average Sale %  7.73%
• Total Sales  12

Sky
 

• Average Sale  $318,642.85
• $PPSF  $239.89
• Average Monthly Rental Price  $1,858.00
• Average Yearly Rental Price  $22,296.00
• Average Rental Days On Market  $101.39
• Average Rental Price/SF  $6.91
• Yearly Rent Vs. Average Sale %  7.00%
• Total Sales  7

Turnberry Place
 

• Average Sale  $516,200.00
• $PPSF  $215.08
• Average Monthly Rental Price  $2,555.00
• Average Yearly Rental Price  $30,660.00
• Average Rental Days On Market  94
• Average Rental Price/SF  $1.20
• Yearly Rent Vs. Average Sale %  5.8%
• Total Sales  12

 Turnberry Towers
 

• Average Sale  $396,066.62
• $PPSF  $292.65
• Average Monthly Rental Price  $1,824.73
• Average Yearly Rental Price  $21,896.76
• Average Rental Days On Market  91
• Average Rental Price/SF  $1.79
• Yearly Rent Vs. Average Sale%  5.5%
• Total Sales  13

Veer
 

• Average Sale  $561,972.86
• $PPSF  $564.00
• Average Monthly Rental Price  $1,858.94
• Average Yearly Rental Price  $22,307.28
• Average Rental Days On Market  52
• Average Rental Price/SF  $2.23
• Yearly Rent Vs. Average Sale%  3.44%
• Total Sales  35

Aliante
 

• Average Sale  $231,378.41
• $PPSF  $101.22
• Average Monthly Rental Price  $1,278.48
• Average Yearly Rental Price  $15,341.76
• Average Rental Days On Market  33
• Average Rental Price/SF  $0.66
• Yearly Rent Vs. Average Sale%  6.63%
• Total Sales  113

Anthem
 

• Average Sale  $414,472.40
• $PPSF  $162.06
• Average Monthly Rental Price  $2,224.65
• Average Yearly Rental Price  $26,695.80
• Average Rental Days On Market  47
• Average Rental Price/SF  $0.91
• Yearly Rent Vs. Average Sale %  6.44%
• Total Sales  113

Green Valley
 

• Average Sale  $242,986.70
• $PPSF  $117.53
• Average Monthly Rental Price  $1,372.90
• Average Yearly Rental Price  $16,474.80
• Average Rental Days On Market  34
• Average Rental Price/SF  $0.84
• Yearly Rent Vs. Average Sale %  6.78%
• Total Sales  178

Inspirada
 

• Average Sale  $257,898.06
• $PPSF  $123.87
• Average Monthly Rental Price  $1,506.28
• Average Yearly Rental Price  $18,075.36
• Average Rental Days On Market  42
• Average Rental Price/SF  $0.75
• Yearly Rent Vs. Average Sale %  7.01%
• Total Sales  31

Las Vegas CC
 

• Average Sale  $153,127.69
• $PPSF  $100.64
• Average Monthly Rental Price  $1,398.33
• Average Yearly Rental Price  $16,779.96
• Average Rental Days On Market  31
• Average Rental Price/SF  $0.80
• Yearly Rent Vs. Average Sale %  10.96%
• Total Sales  26

Mountains Edge
 

• Average Sale  $252,409.70
• $PPSF  $116.64
• Average Monthly Rental Price  $1,468.40
• Average Yearly Rental Price  $17,620.80
• Average Rental Days On Market  29
• Average Rental Price/SF  $0.69
• Yearly Rent Vs. Average Sale %  6.98%
• Total Sales  220

Peccole Ranch
 

• Average Sale  $231,020.76
• $PPSF  $121.67
• Average Monthly Rental Price  $1,535.00
• Average Yearly Rental Price  $18,420.00
• Average Rental Days On Market  29
• Average Rental Price/SF  $0.74
• Yearly Rent Vs. Average Sale %  7.97%
• Total Sales  46

Queensridge
 

• Average Sale  $896,205.88
• $PPSF  $200.40
• Average Monthly Rental Price  $8,277.14
• Average Yearly Rental Price  $99,325.68
• Average Rental Days On Market  50
• Average Rental Price/SF  $2.00
• Yearly Rent Vs. Average Sale %  11.08%
• Total Sales  17

Red Rock CC
 

• Average Sale  $875,470.58
• $PPSF  $238.41
• Average Monthly Rental Price  $3,804.00
• Average Yearly Rental Price  $45,648.00
• Average Rental Days On Market  $94.80
• Average Rental Price/SF  $1.10
• Yearly Rent Vs. Average Sale %  5.21%
• Total Sales  17

Rhodes Ranch
 

• Average Sale  $316,619.27
• $PPSF  $137.89
• Average Monthly Rental Price  $1,750.22
• Average Yearly Rental Price  $21,002.64
• Average Rental Days On Market  40
• Average Rental Price/SF  $0.72
• Yearly Rent Vs. Average Sale %  6.63%
• Total Sales  59

Southern Highlands  
 

• Average Sale  $364,557.93
• $PPSF  $126.39
• Average Monthly Rental Price  $1,556.58
• Average Yearly Rental Price  $18,678.96
• Average Rental Days On Market  32
• Average Rental Price/SF  $0.72
• Yearly Rent Vs. Average Sale %  5.12%
• Total Sales  131

Summerlin
 

• Average Sale  $376,676.21
• $PPSF  $151.62
• Average Monthly Rental Price  $1,696.56
• Average Yearly Rental Price  $20,358.72
• Average Rental Days On Market  33
• Average Rental Price/SF  $0.86
• Yearly Rent Vs. Average Sale %  5.40%
• Total Sales  408

This data is from the MLS and may not include non-MLS/developer sales and is not guaranteed. If you would like a specific report from these communities, please contact us.

If we can assist you with buying, selling, or managing Las Vegas real estate, please contact us.

July 4th Fireworks 2014 in Las Vegas

Fourth of July Fireworks and Events 2014 in Las Vegas

Fireworks

Fun on the 4th at the Stratosphere6 p.m. - 10 p.m.
Tickets from $10
Stratosphere on the Strip

Stratosphere Casino, Hotel & Tower’s Fun on the Fourth extravaganza will offer something special for both adults and families. Adults will enjoy a festive evening at Stratosphere’s 8 Pool, featuring a live concert by Zowie Bowie. Food & drink specials will be sold at the 8 Pool Café/Bar, plus a limited number of special cabana packages are available. The celebration will be punctuated by a fireworks display by Grucci. Tickets are $10 per person and the party starts at 6 p.m. Adults can also enjoy the fireworks from the Level 107 Lounge. Dance to the sounds of DJ Shy and live band Treasure from 11 p.m.- 4 a.m. Early Happy Hour will feature half price appetizers and 2-for-1 cocktails from 4 p.m. - 7 p.m., and then Late Happy Hour at Level 107 will also offer half price appetizers from 10:30 p.m. -1 a.m. and 2-for-1 cocktails from 1 a.m. – 4 a.m. Families with children can watch fireworks from the tower with a beautiful view of the entire valley. From 6 – 10 p.m., tower admission to Levels 108 and 109 will be $28 for the general public and $10 for Stratosphere hotel guests.

Fireworks at The Linq/High Roller9 p.m.
Tickets from $49.50

The Linq
High Roller riders will be able to view two fireworks displays starting at approximately 9 p.m. at Caesars Palace and 9:30 p.m. at the High Roller lot. Take in the view of the Las Vegas skyline as the city celebrates the 4th of July. Premium holiday priced cabins will board from 8:30 to 9:30 p.m., general admission and special packages for the 30-minute ride include:

• $49.95 per person – general admission tickets with complimentary beverage during 8:30 to 9:30p.m. premium holiday skyline viewing window.
• $2,500 - private personal cabin during 8:30 to 9:30p.m. premium holiday skyline viewing window with open bar for up to 25 people inclusive of tax and fees.

Fireworks at Mandalay Beach8 p.m.
Tickets from $20
Mandalay Bay

The sky above Mandalay Bay Beach will light up red, white and blue this Independence Day with a dazzling display of fireworks and a musical performance by the local classic rock band Phoenix. Guests of all ages can dig their feet into the sand or let the waves wash over them while enjoying the extravaganza Friday, July 4. Doors open at 8 p.m. Tickets priced at $20 and family four-packs priced at $60, not including applicable service charges and taxes.

Primm Valley FireworksFree
Primm Valley Casino Resorts, Primm, Nev.

Primm Valley Casino Resorts will be celebrating Independence Day with a spectacular fireworks show. Starting at dusk, the night sky will be lit with the vibrant colors from the display. The sixth annual show will be set against the desert scenery and away from the city lights allowing viewers an extravagant show. Families are encouraged to arrive early for prime parking spots and fun at the resorts. The best viewing location for guests is located in the Star of the Desert Arena parking lot at Buffalo Bill’s Resort & Casino.

4th of July 2014 Nightclub and Pool Club Parties

All-star DJ lineup at Wet RepublicDate: July 4 - 6
Where: MGM Grand
Wet Republic pool club kicks off 4th of July weekend with Afrojack on Friday, July 4. Calvin Harris and Burns take over on Saturday, July 5. The weekend closes with Tiësto July 6.

Other 4th of July 2014 Events and Parties

Weekend Fiesta at Tacos & TequilaDate: July 4 - 6
Where: Luxor
Tacos & Tequila is throwing a weekend-long fiesta for 4th of July. Fiesta goers can satisfy their cravings with the Americano combo including the matador burger or sonoran hot dog, served with chorizo fries and a Coors Light for $15. For the real party animals a 100-ounce frozen flagpole daiquiri is available exclusively for the holiday weekend, priced at $35.

4th of July Barbecue at Park on FremontDate: July 4
Where: 506 E. Fremont St.
Park on Fremont will host a barbecue from 11 a.m. to close on Friday, July 4. Priced at $8 per person, guests can choose from mouthwatering hickory smoked bites from the grill, including succulent wings, ribs, pulled pork or a juicy rib-eye dip, all basted in Park’s signature smoky chipotle barbecue sauce. Each main dish will come with the choice of a side, including corn on the cob, savory baked beans, creamy potato salad or juicy watermelon. The barbecue will also feature the Watermelon Cooler, a summer cocktail with Veev Acai Berry Liqueur, fresh lime and watermelon.

Cocktail and Burger Specials at TreviDate: July 3 - 6
Where: The Forum Shops at Caesars
Trevi Italian Restaurant inside The Forum Shops at Caesars will toast America by offering an Italian Stuffed Burger and a Red, White and Boom cocktail available July 3 - 6. The burger is loaded with gorgonzola and fontina cheeses and topped with red and yellow tomatoes and is priced at $12.95.The patriotic Red, White and Boom cocktail, priced at $7.99, is a sweet strawberry margarita made with triple sec, tequila, Blue Caracao, sweet and sour mix, fresh strawberries and lime.

UFC International Fight Week at Fremont Street ExperienceDate: July 1 - 6
Where: Fremont Street Experience
Celebrate Fourth of July underneath the Viva Vision canopy with UFC International Fight Week and Fremont Street Experience’s Rock of Vegas summer concert series featuring rockers Papa Roach, P.O.D. and Lit. Downtown Las Vegas gets in on the UFC International Fight Week action as several events including an Ulti-man 5k run, meet-and-greets and autograph signings with UFC fighters and Octagon Girls and a special concert take over Fremont Street Experience.

The weeklong celebration culminates with two fight cards that weekend in Las Vegas – UFC 175, presented by Bud Light on Sat., July 5 and The Ultimate Fighter Finale: Team Edgar vs. Team Penn on Sun., July 6 both at Mandalay Bay Events Center.

Patriotic Mojitos at RhumbarDate: July 4 - 6
Where: The Mirage
Rhumbar will celebrate Fourth of July with red, white and blue mojitos all weekend from Friday, July 4, through Sunday, July 6. Each patriotic mojito is handcrafted with a unique flavor profile and priced at $12 each. The red blends Montecristo Platinum rum, raspberry demerara sugar, St. Germain, lemon juice and mint. The white is a concoction of Montecristo Platinum rum, Thai coconut honey syrup and fresh lime juice and the blue combines Montecristo Platinum rum, Velvet Falernum, spiced blueberry demerara sugar, fresh lime and mint. In addition to the triad of mojitos, revelers can enjoy the “Chonga,” a 32-ounce margarita with two upside-down, 7-ounce Sol beers, priced at $18. Happy hour specials will be available for guests who arrive between 1 to 6 p.m. including $5 rum punch cocktails and Coors Light bottles, $18 Coors Light buckets and $8 house selection cigars. Rhumbar's resident DJ will spin music from 4 p.m. to close

Red, White and Booze at ETA LoungeDate: July 4
Where: Aliante
Aliante Casino + Hotel + Spa will let freedom ring this Independence Day with a Red, White and Booze party from 7 p.m. to 2 a.m. on Friday, July 4, inside ETA Lounge. Guests will enjoy a live DJ and star-spangled go-go dancers from 9 p.m. until 2 a.m. Beverage specials will be offered from 7 p.m. to 2 a.m. including $5 American Whiskey shots, made with Jack Daniels, Makers Mark or Jim Beam; and $5 Hot Apple Pie shots, a combination of Absolut Vanilla, Fireball Cinnamon Whiskey and Sour Apple mix. Bud Light and Coors Light beer buckets will also be available for $20. Complimentary Coors Light T-shirts and bottle openers, along with other patriotic swag, will be given away throughout the night.

Fourth of July at PBR Rock BarDate: July 1 - 6
Where: Planet Hollywood
PBR Rock Bar will celebrate Independence Day by serving as the official party host to the 2014 UFC International Fight Week from Tuesday, July 1, through Sunday, July 6. UFC 175 fans can watch Weidman vs. Machida at 7 p.m. on Saturday, July 5, inside Rockbar, where the fight will be shown on nearly 50 high-definition televisions and two projector screens. Guests can either purchase admission to the Rockbar viewing party, priced at $25 per person; or purchase a Rockbar UFC package, which includes admission to the viewing party and an all-day open bar, priced at $75 per person.

Fourth of July at M ResortDate: July 4
Where: M Resort
Michael Grimm will kick off a special three-week engagement Friday nights at Ravello Lounge beginning on Friday, July 4. The season five winner of NBC’s America’s Got Talent will perform three one-hour sets with his six-piece band at 9:30 p.m., 11 p.m. and 12:30 a.m. Admission is complimentary to guests with a two-drink minimum purchase. To celebrate Fourth of July, DayDream Pool Club will open with special pool hours from 11 a.m. to 6 p.m. on Friday, July 4. Revelers will dance to music by DJs of Sandstorm Entertainment, partake in America’s newest favorite pastime, beer pong, and sip on ice-cold adult-beverages, like the all-American Ultimate Root Beer Float.

Studio B Buffet will host its Stars and Strips Feast on Friday, July 4, offering a wide selection of all-American favorites. Available for lunch and dinner, guests will enjoy BBQ ribs, smoked beef brisket, grilled kielbasa, fried chicken, red skin potato salad, mac and cheese, coleslaw, grilled asparagus, macaroni salad and more. Served from 11 a.m. to 2:30 p.m., lunch is priced at $15.99 for adults and $11.99 for children ages 5-8. Dinner, which includes additional items like slow-roasted prime rib, crab legs and BBQ chicken, is served from 2:30 until 8 p.m. and priced at $39.99 for adults and $26.99 for children.

Pop & Shop at FizzDate: July 4 - 5
Where: Caesars Palace
Fizz is bringing back its popular “Pop & Shop” champagne and shopping experience, from noon to 4 p.m. on Friday, July 4 and Saturday, July 5 in celebration of Independence Day. Each “Pop & Shop” package is priced at $50 per person and includes a signature Fizz champagne flute with endless refills. Guests will also receive a Fizz gift bag with special offers, discounts and samples from nearby retailers inside The Forum Shops at Caesars. Shoppers can return to Fizz as they please to refill their glasses as they peruse the latest fashions.

Red, White and Blue Shakes at BLT BurgerDate: July 4 - 6
Where: The Mirage
BLT Burger Las Vegas is offering their “Red, White, and Blue” shake exclusively during the holiday weekend. A blueberry pie milkshake topped with whip cream and strawberries, the dessert is a fun way for both kids and adults to show their USA pride. A non-alcoholic version will be available for $7, while those wanting to add a spark to the fireworks can order the Absolut Vanilla version for $9.

4th of July Picnic Dinner at STKDate: July 4 - 6
Where: The Cosmopolitan
Guests who dine at STK Las Vegas July 4 -6 can enjoy an indoor patriotic picnic. For $40, the dinner includes crispy chicken, potato salad and corn on the cob, with vanilla cheesecake with strawberry compote and fresh blueberries ($12) available for dessert. Dinner guests and bar guests will also be able to show their American pride with the red, white and blue “Blaze of Glory” cocktail ($18), hand-crafted with Absolut Elyx and Cranberry Red Bull with blue pop rocks atop the rim of the glass.

4th of July Tips

July 4th is all about the fireworks and if you're visiting Las Vegas for the holiday you'll want to know where to see the displays and where to find other all-American entertainment.

Fireworks locations can vary from year to year but typically you'll find them at several locations around town. The Stations Casinos properties, which are local casinos across the valley, usually have fireworks displays at several of their resorts like Sunset Station and Green Valley Ranch in Henderson and Texas Station and Red Rock Hotel Casino in the north.

Fireworks from hotels on the Strip vary, but in the past they've been shot off from the Stratosphere and Caesars Palace.

If you head downtown, you can see an electronic fireworks display on the Viva Vision canopy above Fremont Street.

The Las Vegas Philharmonic usually performs a 4th of July concert, which was held last year at downtown's Smith Center.

For a more small-town 4th of July experience, try Boulder City's Damboree celebration. There’s a pancake breakfast, games, a parade, and of course, a large fireworks display.

The City of Henderson also holds an annual 4th of July celebration with live music, games, activities and a fireworks show.

For the best view of any fireworks in Las Vegas, visit one of the many bars around town that offer views of the valley. Try Foundation Room at Mandalay Bay, Ghostbar at the Palms or Voodoo Rooftop Nightclub at the Rio. For restaurants with a view, there's Mix at THEhotel at Mandalay Bay, Alize at the Palms or the Eiffel Tower Restaurant at Paris.

Another great attraction that will offer plenty of views of the fireworks is the High Roller observation wheel at The Linq.

Real Estate Agents - Get The Unfair Advantage

Real Estate Agents - Get The Unfair Advantage

Secret weapon: How to attract buyers & sell more listings...

If you're like most of the top-producing Realtors I work
with, you're sick and tired of parasite mortgage brokers
who feel entitled to just to suck you dry of referrals
without providing any REAL UNIQUE VALUE in return.
Can you relate?

As far as I'm concerned, your mortgage pro should
be one of your most valuable assets, who doesn't
just provide "great rates" and "great service" --
that's a minimum expectation -- but provides
killer-effective marketing systems that put more
dollars in your wallet. In short, they should be
your SECRET WEAPON -- an irreplaceable,
indispensable asset on your team.

With that in mind, here's a quick 3-minute video
showing how I help my Realtor Partners attract
more quality listings and sell them faster for
top dollar.

Well, what do you think?
Can you see the value in using a system like this?

I'm looking forward to hearing form you. Cheers!

To your success,

Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS
NMLS 333739
702-326-7866
info@aundreabeach.com
www.iLendLasVegas.com

Can you use a conventional loan 3 years after foreclosure?  The quick answer is no, but let’s dig a little deeper since Freddie Mac has a program for just that...

Individuals who have lost their home due to a foreclosure may think that meeting the requirements necessary for a new loan may take several years. This is not necessarily true as there are many options for a family or individual to buy a home after a foreclosure has occurred. A few options may already be available with FHA financing, second chance financing or conventional financing.

Credit Report

A foreclosure will stay on an individual’s credit report for seven to ten years. This often means individuals are in a seven year waiting period before they can try again to apply for a mortgage. One interesting aspect is that circumstances, such as a divorce, medical bills, and long-term unemployment could shorten the wait.

Credit Score

Obtaining a loan to buy a home is extremely challenging with a low credit score. One way to help get a credit score back on track is to get a credit card and start building back a suitable credit history. However, there needs to be an awareness of the purchases that are made and making payments on time. This is generally the first step to take on the road to obtaining a conventional loan 3 years after foreclosure.

FHA Loans

A home loan from the Federal Housing Administration is available three years after a foreclosure. This option is now available to anyone who meets the qualifying criteria. A borrower must have been kept up on their current mortgage or have used an installment sale. Installment sales are when a home is sold with the proceeds used to pay the loan amount in full.

The benefit of an FHA loan is borrowers only need to have a 3.5 percent down payment and pay a monthly mortgage insurance premium. Current interest rates are at historic lows and the payments per month should be reasonable.

Conventional Loans

The only way to obtain a conventional loan 3 years after foreclosure is to have re-established credit along with at least 10% down payment.  One thing that is necessary is to view the current loan standards set by Freddie Mac. A mortgage advisor may also be able to help with the task of documentation.

Second Chance Home Loan Program

Individuals who have a credit score of at least 620 and 20% down can apply for this program at least one day after the foreclosure process or a short sale.  Check with us about the requirements to see if you may qualify for this Loan Program.