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Palms Las Vegas hotel swimming pool $40 million renovation with VIP party July 1 and featured swimsuit beauties.

At first glance, the razor-thin bikini strings that strained to hold things together seemed to be the only things working hard around the Palms hotel Las Vegas new pools on Friday afternoon.

And no one loved that illusion more than George Maloof, who’s again quietly at work raking in cash while others carelessly frolic around him.

The new Palms Las Vegas hotel swimming pool $40 million area is the latest adult attraction at the Palms, the off-Strip resort Maloof’s family opened 4 1/2 years ago on West Flamingo Road near Valley View Boulevard.

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Rapid Las Vegas population growth and rising median household incomes are keeping the Las Vegas retail market healthy through the first half of the year. Las Vegas fell to No. 19 from No. 12 in 2005 in a report from Marcus & Millichap brokerage firm that ranked 42 cities based on a series of supply-and-demand indicators such as population, employment, retail construction and vacancy rates.

Part of the problem is that retail developers have not been able to compete with Las Vegas home builders for 10 and 15 acre potential retail sites, Hank Gordon of Las Vegas-based Laurich Properties said.

The market is still enjoying healthy retail sales growth and tightening vacancy rates among retail properties, said Christopher LoBello, regional manager of Marcus & Millichap in Las Vegas.

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Homes for sale in Las Vegas Valley housing market continued its increase in June with slower sales and increased listings. There were 2,527 homes sold last month, a 1.1 percent dip from May and 23.8 percent less than a year ago, reports the Greater Las Vegas Association of Realtors (GLVAR).

Las Vegas home listings, meanwhile, jumped to 6,060 units in June, which is 11.8 percent more than in 2005. The valley’s available housing inventory grew to 20,026 units in June, or nearly 32 percent more than a year ago.

Median homes for sale in Las Vegas prices, however, climbed to $315,000 in June, which is five percent higher than in 2005, GLVAR reports. Yet it’s now taking longer to sell homes. Only 40 percent of June Las Vegas home sales occurred within 30 days or less. A year ago, by contrast, nearly 52 percent of all home sales happened in less than 30 days.

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Las Vegas’ luxury condominium market slowed in the second quarter as a result of condo project cancellations and suspended sales. There were 135 projects proposed totaling 91,934 units at the end of June, yet only 14.6 percent of those units were actually under construction, reports Applied Analysis, a Las Vegas-based business advisory firm.

An estimated 6,900 luxury condo units had suspended sales, while another 1,900 units had officially cancelled.

“It would be impracticable to believe the Las Vegas real estate market could absorb the entire potential inventory in the market today,” said Jeremy Aguero, principal of Applied Analysis. “Several projects have witnessed a material decline in the number of investor purchasers.” Speculative plans made-up 55 percent of the market in the second quarter. Only 2,300 units were already pre-existing, including Turnberry Place, Metropolis and Park Towers at Hughes Center. Condo Pre-sales, meanwhile, accounted for 17.7 percent of market at the end of last month.

While the market for Las Vegas luxury condos doubled in size over the last year, less than 25 percent of all projects have broken ground thus far.

“While projects that are currently under construction have reached the critical mass in terms of sales to provide sufficient financing, the remaining units vying for potential buyers will either prove their ability to move forward in the 12 months, or not,” said Brian Gordon, principal of Applied Analysis. “Construction cost dynamics and consumer perceptions about extended sales periods decrease the likelihood for success for many of these projects.”

And there is also an active resale market by investors and speculators looking to sell the units. There were 246 existing condo homes for sale in Las Vegas listed for sale in the second quarter, with an average asking price of $1.1 million or $631-per-square-foot.

“A significant number of these projects have failed to move forward as originally proposed, calling into questions the number of units that will actually reach the market during the next five years,” Gordon said. “The number of luxury condominium projects programmed in Las Vegas remains high, yet those projects actively marketing remains only a fraction of the inventory potential.”

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Source:LV Business Press

The market stats for Las Vegas luxury condos.