condo: Las Vegas luxury condo market warming up for new day - mortgage money still scarce - 11/22/09 05:38 PM
Southern Nevada - with communities of Mountains Edge, Summerlin, Henderson, Southern Highlands, North Las Vegas, Anthem and Green Valley - condominium segment bubbled up a little later than the single-family side, but its slide became equally devastating once it hit the slope down. Mortgage financing dried suddenly up, oversupply was horrendous … (6 comments)
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condo: CityCenter Las Vegas earns LEED certifications - 09/15/09 01:17 PM
MGM Mirage's CityCenter project going up right on the Las Vegas Strip received some very good news from the U.S. Green Building Council. The mammoth upscale undertaking won't open until December, but an otherwise tough year for the gaming firm is finally showing a peek of the sunny side of things … (8 comments)
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condo: MGM Mirage's CityCenter sold condos to be repriced - 08/03/09 10:48 PM
Las Vegas condominium market has fared as poorly in recent years as the battered single-family sector. The malaise is afflicting everything with the condo banner hanging over it; the luxury high-rises, the contemporary mid-rises and the homey low-rises. A host of units on Strip glass towers have gone unsold for a … (4 comments)
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condo: FHA mortgage coming on strong in Las Vegas - 07/14/09 04:11 PM
FHA barely had any market share in Southern Nevada a few years ago because the conventional product was generally offering home loans with better terms. And then comes the mother of all housing slumps that manhandles the conventional mortgage segment and gives FHA another chance to show what it can do. And … (2 comments)
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condo: CityCenter Las Vegas weak condo values trouble some buyers - 07/07/09 04:44 PM
It was expected. Southern Nevada housing market has been buffeted by gale-force winds, brought to its knees by rampant overbuilding, unchecked speculation, foreclosed mortgages and weakened economy. That includes the luxury high-rise condominium segment that was once flying as high as the International Space Station. As predicted, prices in condos have … (2 comments)
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condo: Creative mortgage lending to help Palms Place - 06/13/09 07:09 PM
Luxury high-rise condos and condo-hotels were all the rage in Las Vegas only a few short years ago. Developers couldn't put them up fast enough on the Strip and elsewhere in town to satisfy all the demand. And of course there was all sorts of mortgage money available to grab a … (6 comments)
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condo: MGM Mirage's CityCenter project gets new life - 04/30/09 06:41 PM
It has been a tough few months for the Las Vegas casino operator. It has been using all its creative means to stay out of the clutches of bankruptcy. The economy has been very unkind to it, and the rest of the Southern Nevada's gaming firms. Not only that, but the … (4 comments)
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condo: Cosmopolitan Las Vegas back in the spotlight - 03/12/09 09:40 PM
Just a week or so ago Cosmopolitan was the focus of discussions between Deutsche Bank, the current owner of the troubled resort, and MGM Mirage over the Las Vegas casino developer's potential involvement in managing it, possibly even becoming a part owner. These talks collapsed, though. But it didn't take long … (4 comments)
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condo: MGM Mirage's CityCenter loan talks dissolve - 03/05/09 05:32 PM
The credit markets everywhere are in a pretty bad shape and the CityCenter project going up on the Strip is acutely feeling the pain. Apparently the negotiations between MGM Mirage and its partner Dubai World on one side of the table and Deutsche Bank on the other over a loan arrangement … (6 comments)
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condo: Fontainebleau Las Vegas on schedule for late 2009 opening - 01/04/09 06:47 PM
To see the mega resort going up next to Turnberry Place on north Strip is proof that the city is still breathing despite the severe economic and financial challenges the country is currently experiencing and now also affects Southern Nevada. Another bright spot here was the recent opening of Encore, a … (2 comments)
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condo: Fannie Mae to tighten condo finance guidelines - 01/03/09 08:12 PM
Some savvy industry observers could've foreseen it. Anyway, the new underwriting standards go into effect January 15 but the good news is that they only apply in Florida for investors and second home buyers. Fannie Mae has determined that Florida condominium segment will continue sliding for the foreseeable future and is … (4 comments)
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condo: Northwest Las Vegas slated for condominiums and a mall - 11/29/08 08:54 PM
Little by little more plans are being announced regarding new commercial and residential real estate projects to be built throughout Southern Nevada. These are for the most part the first steps in the long process but show that a few developers are coming out of hibernation to prepare for the moment … (4 comments)
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condo: MGM Mirage studying sale of land in Las Vegas - 11/28/08 04:49 PM
The weak economy is forcing many Southern Nevada resort operators to revisit their master plans. Not too long ago the trend was to acquire land on the Strip and almost anywhere else in town with idea of building more hotel rooms, casinos and luxury condominiums because the traffic seemed to be … (10 comments)
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condo: Cosmopolitan condo and hotel project, once troubled, heading toward completion - 09/26/08 06:06 PM
Earlier this year the high-rise Strip project ran into serious problems when the principal developer defaulted on the construction loan. Acting on the obvious decline of the real estate market in Las Vegas the lead lender, Deutsche Bank, asked the developer to put more capital into it but he couldn't get anything … (4 comments)
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condo: High-rise condominium on the Strip branded St. Regis - 09/06/08 09:30 PM
The luxury condo tower currently under construction in front of the Venetian and Palazzo resorts was planned some years ago when the real estate market in Las Vegas was moving along very nicely. The market conditions, however, have changed quite a bit since then. The high-rise condo segment in Southern Nevada … (6 comments)
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condo: CityCenter condos could play a key role - 08/07/08 06:34 PM
Just a few days ago MGM Mirage reported that it is about to wrap up financing for its huge CityCenter project on the Strip. The total cost of the development is tagged at $9.2 billion and it still needs about $3 billion to cover the rest of the construction. According to … (6 comments)
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condo: Southern Nevada condo development adjusts to soft market - 07/22/08 11:46 PM
The Meridian Luxury Suites used to be an apartment complex within an easy walking distance to the Strip and then in 2005 all the units were converted into condominiums. Condo conversions were all the rage those days in Las Vegas. That's when the real estate market here was still doing pretty … (2 comments)
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condo: Is an HOA for you? - 07/17/08 10:52 PM
Homeowner's associations, or HOAs, have at times been berated by angry residents who feel they've been wronged by the rules that are part of the deal in certain communities. Or perhaps not the rules themselves but how someone in the HOA management interprets them. Anyhow, it's important to know what the … (2 comments)
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condo: Las Vegas condos slow to close - 07/13/08 05:46 PM
Southern Nevada hardly had any condominium market just a few short years ago. Especially the high-rise component was pretty much non-existent, save the Regency at Las Vegas Country Club. Then the Turnberry Place was built and it proved hugely successful and things sort of got fired up from there. Over time … (6 comments)
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condo: Long-term U.S. housing forecast positive - 06/25/08 12:13 AM
Most of the U.S. is still mired in a real estate slump, in a deep one in some areas and in a little shallower one in others. Las Vegas probably belongs to the deeper customer type, although it's now trying to lift itself off the gutter. Sales numbers here are up … (26 comments)
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