Investment Las Vegas Real Estate Blog Posts

Las Vegas Home Sales Skyrocket In Real Estate Market For 13 Months

ForeclosuresLas Vegas home sales skyrocket in real estate market for 13 months in a row.  The Greater Las Vegas Association of REALTORS reported prices continued to decline in April and is leading the US in home sales.

Homes listed for sale in the multiple listing service has continued to decline in April to 22,112.  A 3.6 percent fall from a year ago of 24,000 units.  Inventory also declined due to the moratorium the Fed placed on real estate from November 2008 to March 2009.

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Foreclosures In Las Vegas Have Affected Home Sale Prices Dramatically

ForeclosuresForeclosures in Las Vegas have affected home sale prices dramatically.  Sale prices have fallen to levels only seen eight years ago due to two thirds of homes due to foreclosures.

Nearly the past 12 months rising home sales due to a multiple listing service median existing home price of $134,900 in March. The median price same month in 2008 has fallen 41.3 percent.

Record closings of totaled 3,626 homes or an increase of 85.6 percent.  The median price of bank owned home closings during March was even lower at $127,000.

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Legal Action In $9.1 Billion Real Estate Project CityCenter Las Vegas

Project CityCenter HotelsLegal action in $9.1 billion real estate Project CityCenter Las Vegas brought on by joint venture partner Dubai World against real estate developer MGM MirageDubai World says their partner is mismanaging the resort located on the Las Vegas Strip.  The project has been riddled with financial difficulties.

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Over 100 Percent Increase Of Las Vegas Homes Sold In February 2009

ForeclosuresOver 108.4 percent increase of Las Vegas homes sold in February 2009 from the same month a year ago according to the multiple listing service data.  Foreclosures and bank owned properties dominate the Las Vegas real estate market, approximately three-fourths of sales, drive median prices downward.  This trend will continue forward of sales due to falling prices.

The amount of single family homes sold during February 2009 was 2,288 units, an increase of 2.9 percent from Jan.  This was a huge increase from last year’s total.  Because of the distressed property domination the median price of residential real estate declined 36.9 percent year to date and came in at $155,603.

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Las Vegas Casino Deal Canceled Today Due To Buyer's Failure To Close

Cannery CasinoLas Vegas Casino deal canceled today due to buyer’s failure to close.  Australia’s Crown Ltd. couldn’t close a $1.75 billion deal to purchase Cannery Casino Resorts.

Due to the deal cancellation, Crown paid $50 million termination fee to Cannery Resorts.  Although, Crown wants to continue the purchase of the casinos it will have to go through a several year process with many milestones.  Crown operates casinos in Macau and Australia.

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Purchase Of Treasure Island Las Vegas Hotel For $775 Million Approved

Treasure IslandPurchase of Treasure Island Las Vegas hotel for $775 million approved by the Gaming Control Board. The Board didn’t take long to ok the real estate transaction by Phil Ruffin.  Final ruling will commence on March 19, 2009 and 11 days later it will close with approval.

Terms for the commercial real estate deal will start with $500 million due to MGM Mirage at closing.  Another $100 million will be payable in six months.  Finally, $175 million balance due in two years with a 10 percent interest rate.

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