juhl condos progress

Juhl is a mid-rise condominium project under construction downtown. It just passed the tenth floor on its way to sixteen where it tops off. It's located right off the Fremont Street Experience and Fremont East District and a little further away is the World Market Complex. Not bad company, considering that downtown is still looking for its true identity.

Juhl's residential component includes mid- and high-rise lofts, townhouses, flats and penthouses that range in size from 730 to 2,200 sq.ft. Quite a mix of floor plans. Each residence comes with a balcony or a patio and prices start from the upper $300,000s. A fully-equipped fitness center perched on top of the building is one of the resident amenities, as is an adjacent courtyard with a pool and a spa.

Coyote Springs on schedule

Rumors have been swirling in the Las Vegas desert winds that the Coyote Springs master-planned community is encountering trouble because of the soft real estate market in Southern Nevada. The 43,000-acre project is located about 50 miles north of here and has been approved for a whopping 159,000 homes. Not so, say company executives, everything is on schedule.

Well, almost. The first houses were supposed to be ready by this spring and the new date is moved up to the latter half of 2008. The delay is primarily caused by the general improvement district and completion of the sewer and water treatment facilities, the company says.

It's going to be a nice community upon build-out. It'll include 6 golf courses to begin with, vacation villas, of course a lot of commercial and retail space and multi-family housing. A complete package. It would be ideal for those who prefer a small-town, rural flavor but are still within reasonable distance from a major city.

Kyle Canyon Gateway approval

Focus Property Group has reached an agreement with the city of Las Vegas on the development plans for Kyle Canyon Gateway. The community will spread over 1,700 acres at 95 and Kyle Canyon Road up in Northwest and when built out will have around 16,000 residential units. The agreement sets the overall development standards and design guidelines for the site.

There are some interesting and innovative features in the agreement. Several arroyos that course through the property have to be left untouched. They'll be actually blended into the project's parks and open space. The upper limit for gated communities is set at only 4,000 residences, or about 25% of the total. Another fresh idea is that block walls will be minimized and the fencing that will be used has an open look.

Going over these plans gives you the notion that Kyle Canyon will definitely rank up high in the category of more advanced developments. Well done.

Water Smart Home program's new member

Southern Nevada Water Authority, or SNWA, has a large responsibility to carry on its shoulders. As the Las Vegas metropolitan area keeps on growing at a healthy pace, it has been working tirelessly to satisfy its ever-increasing water needs. But growth is only one thing to worry about. Another is that this is a desert. Annual rainfall here is almost nothing. So, think about that. To throw in one more challenge is the current drought in the region. To put it mildly, SNWA sure has its plate full.

One of its conservation programs involves local builders. To read more, please click here.

Boca Raton condominium update

When you take a look at the Boca Raton construction site you can tell that the first phase of the luxury mid-rise condominium development is close to completi0n. In one end workers are putting the finishing touches to things. That end will have 378 units ready for occupancy by June and also the clubhouse will be operational, including the fitness center, a private screening room, some meeting space and the concierge service.

When the whole project is done later on , there will be 756 homes in all that are spread over four 7-story buildings. As to the prices, the smallest condos go for the mid-$300,000s and the ones that make a statement are priced over $1 million. The way the neighborhood is designed is worth a look.

Las Vegas land prices steady

All real estate experts in the valley agree that the residential side of the market is having all sorts of problems. Mortgage lenders are tightening underwriting guidelines, listing inventory is near an all-time high, the buyer-seller price gap remains unhealthily wide and so it goes on. Everyone is anxiously waiting for the time when normal market conditions return to rule the day.

But there is a bright spot in there, too, if you look hard enough. It's raw land. An acre of land averaged $794,000 in the first quarter, up 13.2% from last year. A few home builders have decided to sell portions of their lot inventories, but that hasn't affected the price at all. The sustained development in the industrial, office and retail sectors is readily balancing out any softness the residential side is experiencing.

The primary reason to the steady land prices is the supply of it. Or, more accurately, lack of. Land owners know that and are understandably unwilling to consider any discounting. There is some land available, experts agree, but is it reasonably priced? No, they say.

Mixed-use development in Southern Highlands

It feels like we're now getting an announcement per week about a mixed-use project being planned somewhere in the valley. That concept certainly is becoming popular. The latest such development is the Gallery Southern Highlands that will be a 310,000 sq. ft. open-air mall to be built right alongside the Southern Highlands Casino Resort.

The residential component consists of 170 loft-style condominiums that will be 1,200 sq. ft. in size on average. The homes, along with offices, will be conveniently located on the main street above retail space. The commercial side will feature shops, movie theaters, cafes, restaurants and offices.

The architecture of the site is bravely called "Romantic Mediterranean", relates the developer. That means narrow streets and alleyways enhanced with lush landscaping and wide sidewalks with benches and planters. I like this. Building facades will have a host of different surfaces and textures from stone to stucco. With the fronts you can really get creative and make it look attractive. A place to visit when it's completed.

All real estate is local

It sure seems that way when you look at different real estate markets across the land. Some areas are up, some flat and some are heading south. Little bit of everything.

Cities that are doing well, meaning price appreciation is above the national average, include Portland, Seattle, Charlotte, N.C., Boise, Idaho, Salt Lake City and New York City. Usually these urban areas have one or two industries that boost their economies. Charlotte is strong in banking, Seattle has aerospace, New York is what it is. The uptrend in the western towns like Seattle, Portland and Boise is partly caused by Californians fleeing high housing costs. To read more, please click here.

Las Vegas real estate soft

The statistics are in for April and the news are pretty much the same as they have been for months now. The residential real estate market here is under the weather. Let's take a look at some of the actual numbers. Home Builders Research counted 1,568 new home sales in April which signifies a 40% drop from the same month last year. That's high. Existing home sales declined 36%. Not good.

The only bright spot continues to be the price. The median resale price for April was $285,000, a slight improvement from last year when it averaged $283,500. On the new home side it went down a little, by 3.1% to be exact, to $318,346. So, the struggle goes on.

Builders are taking fewer permits now, so that inventory is gradually falling, and as that happens, the currently high resale inventory will start heading down, too. And that's precisely what's needed. Bring down the resale inventory and then the market will steady up. The house sellers in the valley play a large role in the equation. They have to price their properties correctly to attract qualified buyers, but they haven't done so yet. And that is a sizable impediment to any recovery.

Lake Las Vegas lifestyle

Where is Lake Las Vegas, you might ask? It's a resort community about 17 miles from the Strip in the direction of Lake Mead. The lake itself is man-made, similar to Lake Mead that was created by the revered Hoover Dam. There are 19 individual neighborhoods in it, with homes priced from the mid-$400,000s to well over $1 million. It also features two upscale hotels, one with a casino, three championship golf courses, a full-service marina and a retail village with bistros and boutiques.

The resort likes to promote its lifestyle characteristic. And undoubtedly they have the product for it. The main player in that is the Club at Lake Las Vegas whose members are inclusively homeowners. Its offerings include preferred green fees at the Falls or Reflection Bay golf courses, an outdoor pool with a private beach, a fitness center and access to concierge services. Besides all that, it helps residents to host private parties and take part in the resort's frequent public events.

Real estate sale by auction

This discussion is about one of those real auctions, not a bank's foreclosure auction. There's a big difference. More people are turning to auction houses to unload property because they want to get it done fast. They are sellers whose listings haven't moved in the sluggish real estate market we're in right now. Some have already bought another home and have to go. Others suffered a death in the family or were affected by a divorce. There are many reasons for speedy results.

The obvious number one benefit is the time line. A typical sale takes about 10 weeks. There's a six-week marketing period, then the sale, followed by a closing in 30 days. Done. And it's a cash sale, because auctions normally don't get into financing. Another major benefit for the buyer. Regarding the cost, auction commissions are about the same as in a conventional real estate transaction.

And the price you can expect? This is the ultimate path to discover what your house is worth at a given time. That's it. Nobody else's opinion or crystal ball counts. You have two options on pricing, though. If it's an absolute auction, you have to take whatever the highest bidder comes up with. Whereas subject to reserve allows you to set a minimum price.

Auction gives you another option to sell a home.

Mixed-use real estate development cancels

It was named the W Las Vegas. Unfortunately a minority partner in the project withdrew and the remaining investors decided to end their quest for a magnificent creation. The original plan called for 3,000 hotel condo units, a 75,000 sq. ft. casino, numerous restaurants and nightclubs and 300,000 sq. ft. of convention space. That would've been a good size property.

Edge Resorts, the principal developer, comments that rising construction costs and the acquisition of additional land really required a third investor to make it viable. In today's soft market environment, however, there were no takers. Now they're selling the 47 acres of land. Local experts speculate that if sold whole, an acre might go for about $12 million, but if chopped up it could sell for up to $20 million. Lots of money, for sure.

Real estate developer bids for Riviera

The North Strip is making more waves these days. Although the Riviera is an old and somewhat tired property, it has been a takeover target in recent years. My feeling is that some of those interested in it are eyeing the land and the location much more than the existing physical structures.

The latest bid comes from the developer, which is called 3700 Associates, of the Cosmopolitan condominium hotel located in the heart of the Strip. The company is well-known for luxury condo and time share projects in New York City and Miami. That's their forte. The north end of the Strip has already experienced a rash of condominium development, like the Turnberry Place, and the Riviera site would make an ideal location for another mega resort with a luxury residential component.

The Riviera could be the next Vegas gaming icon to be imploded.

Las Vegas mortgage foreclosure lessons

Actually something good may come out of the foreclosure trouble we're currently experiencing here in Southern Nevada. Recent statistics chillingly point out that Nevada has the most foreclosure filings in the nation and Clark County is holding the number two spot for counties. The news are bad, they are, but there are some areas that give us grounds to remain optimistic.

Investors from all corners were pouring into town during the boom years. It can be compared to the old gold rush days when everything goes. They wanted to make money. As much money as possible. Many had thin credit files, but the gleam in their eyes was unmistakable. Specialty shops opened doors here that were in the business of creating tax returns for them. Another tactic they used is the occupancy fraud. They'd put on the mortgage application that the house they're buying is a primary residence when in fact it'd be a rental or a second home.

Foreclosures are now driving these investors out of town and the real estate market will return back to normal. We all welcome that.

Then we have the people who have a champagne taste on a beer-bottle budget? They are living right here among us. Subprime lending gave them the opportunity of a lifetime. And thousands of them jumped in without bothering to do their homework. They bought much more house than they really could afford. Subprime lending nationwide generated $126 billion in loans in 2000 and that zoomed to $590 billion in 2006, from 11% of the total mortgage market to 24%.

Now that the housing market has stalled, the equity they were counting on evaporated into thin air. The interest rates are resetting higher and they can't make the payments any more, nor can they sell for the loan balance. They're stuck between a rock and the hard place. It's an unfortunate situation. There is a lesson, however, in this. Exercise prudence, above all when it involves a major financial decision.

Stephanie Village breaks ground.

It's a mixed-use condominium development in Henderson. Construction was initially set to start in the summer of 2005, but financing became an obstacle then. With a new investor on board, the project is moving ahead now.

When finished, it'll include 466 condos in all, two restaurants and a fair amount of office and retail space. Among its amenities are four swimming pools, an amphitheater, a clubhouse with a fitness center and underground parking. One-bedroom units are priced from $315,000 on up and three-bedroom condos go from $785,000 on up. This just reinforces the current popularity of the mixed-use concept.

Real estate stats weak in April

The spring housing market continues to disappoint just about everyone involved in residential real estate. GLVAR turns in its monthly report for April and we see that home listings are up by 4.5% from March, to 22,242. This means that we are slowly approaching last fall's all time high. If we compare year to year figures for April, single-family house sales dropped a chilling 39%. Condo and townhome sales did even worse, down 45%.

If there is a bright spot here, it's the price. Like it has been all along in the past several months. The median price of a single-family house decreased 1.6% from last year. Condominiums and townhouses experienced a slight improvement at 0.5%. We'll take anything.

There simply are too many sellers out there who are still reluctant to embrace the reality of the market and price accordingly in order to get a viable purchase contract. The buyers, on the other hand, are just happy to keep on waiting for a further weakening before making any firm commitments. It already is a buyer's market, but they want it to be an even better buyer's market. Can't disagree with that.

Mixed-use development in Las Vegas

Mixed-use has evolved over the decades in cities like San Francisco, Chicago and Boston. People in those old hubs were looking for a sense of community and the convenience of services in a large urban setting. Slowly they molded the concept into a work of art, actually to such an extent that it's now being increasingly copied here in Las Vegas. And I'm sure, elsewhere, too.

It really is a huge time-saving concept when properly planned and developed. You don't necessarily need a car to go to places. Grocery shopping is there, cafes and restaurants dot the neighborhood, there are parks for walking with the family, often offices to work in and the list can go on and on. Moreover, you get to know others who live and work in the community. You're in a position to form friendships that otherwise would be difficult to spawn.

New residents move into Sin City every month by the thousands and a good number come from urban areas where they lived the mixed-use experience. They're accustomed to it, like it and want it. And the residential real estate market here is all ears. Some of the latest projects, either announced or already under way, in the valley are Sullivan Square, ManhattanWest, Paxton Walk and City Tower in Henderson.

Paxton Walk mixed-use development

The $200 million mixed-use real estate project breaks ground in northwest Las Vegas. It'll include a total of 782 residential units split between condos and townhomes and also offers the services of a mix of stores and restaurants. The first phase is scheduled for completion by March, 2008.

Demographically the development aims to appeal to young professionals and newlyweds and on the older end of the scale to empty nesters and retirees. The condominium and townhouse pricing appears affordable, starting from the $200,000s. That should be a hit with the younger buyer. A noteworthy detail is the parking area. 80% of it is hidden from sight. There won't be rows upon rows of cars to distort the view.

Nevada green building setback

Just two years ago Nevada elevated itself to the national forefront of green housing legislation. It enacted a much-admired law that offered businesses 30 to 50 percent tax reduction for up to 10 years for constructing environmentally sound buildings. Now the law has been suspended. And we are asking, why? To read more, click here.

C2 Lofts getting ready

The mid-rise condominium project, part of a growing trend nowadays in Southern Nevada, is eagerly waiting to receive its certificate of occupancy in the next few weeks. It's located in the western valley near Charleston and Las Vegas Beltway.

The development features two five-story buildings housing 100 residential units, with a fitness center, two spas, a pool and enclosed parking. Prices start from the high $600,000s for floor plans ranging from 1,400 to 2,800 sq.ft.

The owner of C2 Lofts has also entered into a contract to purchase another 30 acres of land in Summerlin to build a similar complex.

Juhl downtown condominiums

The condo project is under construction with an expected completion date set for the spring of 2008. The building rises 15 stories with a multitude of floor plans that range from 730 to 2,200 sq. ft. The units come in a variety of designs; mid- and high-rise lofts, warehouse lofts, flats, townhouses and penthouses. Some of these I'm familiar with, others not. What's a warehouse loft?

It appears to be a nice place. Among the community amenities are a landscaped rooftop courtyard with a pool and a spa, a two-story fitness center with just about everything, gated underground parking and some retail space. Last but not least, prices start from the high $300,000s. It's located at Bonneville and 4th.