condominium: Las Vegas land prices soften up, except on resort corridor - 08/15/08 06:43 PM
The way the residential real estate market today is going in Southern Nevada it's no surprise that raw land values here are heading south. Demand for land is way down as the housing sector struggles with a large inventory of new and resale homes. Even if a builder wanted to purchase acreage … (8 comments)
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condominium: 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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condominium: Las Vegas second home buying could be affected by new housing bill - 08/03/08 12:48 AM
The mammoth recent housing bill has gazillion provisions in it, covered in detail on about 600 plus pages of fine print. There is the potential mortgage refinance assistance for those in payment distress, there is the tax credit for first-time homebuyers who qualify and so on. Lots of material that when … (10 comments)
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condominium: 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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condominium: Las Vegas new home sales now follow a more stable pattern - 07/19/08 09:55 PM
Since last summer new home sales have been gradually declining in the valley and evidently reached the bottom of the cycle around January of this year. Since then the numbers have been pretty even, but by no means something to write home about. Yet, in the absence of losing any more … (6 comments)
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condominium: 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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condominium: 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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condominium: Buying foreclosures the prudent way - 06/22/08 01:08 PM
Las Vegas real estate market is bursting with bank REOs, real estate owned in industry talk, and many of these are listed at prices that were unthinkable just a few months ago. Single-family houses, condominiums, townhomes, they all are represented in this one large housing bazaar teeming with activity in our desert … (4 comments)
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condominium: High-rise condo market slows in Las Vegas - 06/07/08 07:20 PM
Now that the high-rise condominium sector is sort of officially pronounced also soft, this then more or less covers the entire residential real estate spectrum in Las Vegas that has gone mellow, from the single-family house to the condo-hotel. It looked for a while that the luxury end of the condominium … (6 comments)
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condominium: Union Park condo construction timeline needs a breather - 06/03/08 07:13 PM
The 61-acre Union Park by Newland Communities right off downtown Las Vegas is an ambitious mixed-use development that would transform the forlorn district to resemble in some ways what the Strip presently has to offer. Actually it would have more diversity than the famous entertainment boulevard, as plans call for a … (4 comments)
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condominium: Foreign real estate buyers like what they see - 05/27/08 10:39 PM
Nowadays, there's very little to write home about the overall U.S. housing market. True, some areas, including the metropolitan Las Vegas, are showing cautious signs of the slump being at or near the bottom, which is very encouraging. Yet, the recovery to a healthy environment will likely be slow and long and … (4 comments)
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condominium: Las Vegas condo-hotel market cooling - 05/25/08 04:19 PM
Condominiums that can be doubling as hotel rooms was introduced a few years ago as a new concept to Southern Nevada, likely migrating here from Florida where it had already seen quite a bit of success. Vegas being such a hot-spot tourist magnet world over proved to be a fertile ground … (10 comments)
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condominium: Fannie Mae to drop previous guideline - 05/18/08 12:06 PM
Fannie Mae is one of the two gigantic GSEs, or Government Sponsored Enterprises, that helps the nation's housing business by buying mortgages on the secondary market. By doing so it adds liquidity to the banking system and enables lenders to make more home loans. The guidelines for the loans it purchases … (12 comments)
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condominium: New convention center in the works for Las Vegas - 05/06/08 01:21 PM
Steve Wynn has been called a visionary who has in many ways changed the flavor of Las Vegas for the better as it has evolved into an electrifying entertainment and gambling resort known world over. His development of the Mirage in the early 1990's is said to have started the era … (2 comments)
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condominium: Union Park project in Las Vegas takes another step forward - 04/29/08 11:27 PM
Las Vegas downtown is okay, that's about the best way to describe it and still be respectful. The Fremont Street Experience, the very core of it, is surrounded by a string of colorful gambling establishments and that is the backbone of the area. But right outside that district things get rather spotty. The … (4 comments)
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condominium: Station Casinos has lofty goals - 04/28/08 12:02 AM
Station Casinos runs a host of successful gambling halls in Las Vegas for the local clientele and is continually building new ones in strategic locations. The Aliante Station in North Las Vegas is the next property to open its doors, scheduled to do so late this year. The company is also … (2 comments)
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condominium: Las Vegas Strip plan scrapped - 04/01/08 03:54 PM
Another Strip project was taken off the table as the struggling mortgage and real estate markets continue inflicting pain on condominium and resort developments here. The pace seems to be steady now for these types of casualties, for the moment at least. Recently Plaza Las Vegas was shelved and Cosmopolitan, too, … (4 comments)
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condominium: UNLV Hotel College aims high - 03/30/08 10:34 PM
The Las Vegas hotel school is already on the leading edge of hospitality education in the world and evidently it desires to stay there. Dean Stuart Mann and his team have drafted an ambitious plan for its future that includes several major developments.
It's currently busy at work to make the INNovation … (4 comments)
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condominium: Two Las Vegas condo and hotel projects in financial straits - 03/19/08 10:25 PM
Home buyers and refinance hopefuls are currently struggling with a mortgage market that has retooled its guidelines several degrees harder. They aren't alone, however. The same thing is now happening to the commercial finance sector, too. Even major developers are finding it difficult to secure financing for their projects and if … (8 comments)
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condominium: Las Vegas Sands has grand plans - 03/15/08 11:56 PM
First the rapidly-growing hotel, gaming and resort company built the Venetian at the corner of Las Vegas Boulevard, better known as the Strip, and Sands Avenue, to compliment the huge convention facility Sands Expo Center. It promptly became a major hit among convention goers and up-scale visitors to town. Since the … (6 comments)
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condominium: CityCenter by MGM Mirage spiffs up with art - 03/11/08 12:26 AM
CityCenter has for some time made nice-sized headlines with the scope of the mammoth project and its upward-revised $8 billion price tag. This cost figure will buy the gaming giant one of the most unique resort experiences in the world of leisure and entertainment. The small city within Las Vegas will … (6 comments)
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condominium: Cosmopolitan condos back in business - 03/02/08 12:34 PM
A few weeks ago Cosmopolitan was walking on thin ice after the development's lender Deutsche Bank served it a notice of default. Despite the currently low mortgage rates the condominium segment in Las Vegas is slogging through an over-built and soft market. Cosmopolitan fell victim to these trying circumstances, as have … (6 comments)
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condominium: Las Vegas condos land on non-permissible list - 03/01/08 01:20 PM
When the residential real estate market turns soft, mortgage lenders typically are the first ones to take notice and begin studying where their exposure can get them in trouble. Countless banks operating in Las Vegas have already in their own way reacted to the slowdown here and more are certainly doing … (6 comments)
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condominium: Northwest Las Vegas condo project about to welcome first residents - 02/19/08 01:33 AM
Echelon at Centennial Hills, tucked away at a location in the northwest corner of the valley, is preparing to open its first building later this spring. The condominium development will have six four-story structures spread out over 15 acres with 372 units between them when everything is finished. Royal Construction Co., … (0 comments)
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condominium: Vegas condo development in legal tussle - 02/16/08 12:37 PM
When Southern Nevada's residential real estate market began to slide a while back, much of the ensuing talk was focused on the single-family house segment. At about the same time condominiums below the ultra luxury level were also having their troubles, yet for some reason they seldom generated cat-size headlines. Recently, … (0 comments)
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condominium: Las Vegas ski resort to expand - 02/13/08 05:39 PM
It sounds a little far-fetched to have skiing in Las Vegas, the entertainment Mecca in the desert, yet the notion actually is very real. It takes less than an hour from the Strip by any car to get to Lee Canyon in Mount Charleston and the white slopes are right there … (16 comments)
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condominium: Great Mall of Las Vegas alters design - 02/09/08 11:49 AM
Triple Five Nevada has grand plans to build a large shopping mall in the northwest part of the Las Vegas valley. The original design had the huge facility enclosed, but things have changed quite a bit and now it's going to be open-air. Their market research tells them that shoppers actually … (0 comments)
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condominium: Cosmopolitan on the Strip also struggling - 01/19/08 09:41 PM
This week has really been up and down in the Las Vegas condominium market. Earlier Sinifox Financial reported how well the MGM Mirage's CityCenter condos were accepted by the luxury home buyer. A few days later the news turned sour as an item surfaced about a downtown condominium project called Newport Lofts … (8 comments)
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condominium: Las Vegas condominium project faces difficulties - 01/18/08 11:53 PM
The frustrating mortgage lending environment and soft residential real estate market in Las Vegas is testing the resolve of many condo developers. Several projects in the past few years have been cancelled or put on hold. Some that are presently under construction are struggling to attract buyers offering their usual amenities, … (0 comments)
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condominium: CityCenter condos selling briskly - 01/18/08 12:44 PM
MGM Mirage's CityCenter is a massive entertainment and residential enterprise located right on the Las Vegas Strip south of Bellagio. Construction is moving forward on schedule and the project is estimated to open its doors in November of 2009.
The development will have a total of 2,650 luxury condominiums in four separate … (8 comments)
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condominium: Las Vegas welcomes the Palazzo - 01/16/08 11:24 PM
The newest jewel to the Las Vegas Sands Corp.'s resort portfolio is ready for the grand opening this weekend, scheduled from Thursday through Sunday. A host of special events are on tap and one of them is a concert where Motown megastar Diana Ross and three-time Grammy winner Seal will perform. … (4 comments)
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condominium: Las Vegas approves Union Park high-rise - 01/15/08 11:23 PM
Union Park is a large tract of land, 61 acres in all, southwest of downtown and for years the City of Las Vegas has identified it as one of the priorities for development. Progress has been agonizingly slow, though, for a number of reasons, one of them being the current woes … (2 comments)
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condominium: Stratosphere sale about to close - 01/14/08 10:17 PM
Famous corporate raider Carl Icahn is one step closer to selling a company under his control, the American Casino & Entertainment Properties, as the Nevada Gaming Control Board recommends the transaction for approval. The buyer is Whitehall Street Real Estate Funds, an affiliate of the Wall Street powerhouse Goldman Sachs. The … (8 comments)
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condominium: Lake Las Vegas project has a new owner - 01/12/08 01:09 PM
Transcontinental Corp. began developing the 3,592-acre Lake Las Vegas site near Henderson in 1990 and was building upscale houses, condominiums and townhouses along the slopes of the man-made lake. Besides homes, the project also includes three luxury resorts, the MonteLago Casino and an Italian-themed village.
The soft real estate market in … (6 comments)
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condominium: Las Vegas single-family house inventory drops again - 01/11/08 08:44 PM
For the local real estate market the new years starts with some rare positive news. The Greater Las Vegas Association of Realtors, or GLVAR, released its December statistics and they show that the single-family house inventory in the MLS decreased to 22,005, a drop of 1,489 units from November.
Some may argue … (8 comments)
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condominium: Las Vegas condo owners sue developer - 01/05/08 11:15 PM
Just like the rest of the real estate market in Vegas the high-rise condominium sector has also fallen on hard times. Units for sale are sitting unsold for months on end and prices are dropping. That makes a lot of owners nervous, specifically those who are in it as investors.
So nervous … (12 comments)
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condominium: Nevada heads national population growth rate - 12/28/07 10:32 PM
Nevada has been in the news a lot lately for problematic reasons related to the mortgage industry and residential real estate issues. But after a long drought it again has something to cheer about. It once more is the fastest-growing state in the union, after being edged out last year by … (4 comments)
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condominium: Las Vegas housing crawls along - 12/23/07 09:41 PM
The November residential real estate indicators for Southern Nevada were recently published by Home Builders Research and SalesTraq, two local industry research shops. In general the numbers are down, an altogether familiar pattern for the past several months.
In the new home category sales are off by 47.5% from last year and … (2 comments)
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condominium: Vegas housing market about to pick up? - 12/14/07 11:47 PM
A lot of attention has lately been directed toward the mortgage industry where lenders continue to struggle with rising foreclosures and try to keep their balance sheets somewhat respectable. Washington also announced an interest rate freeze plan that on the outset received proper headlines, but on closer scrutiny it appears to … (10 comments)
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condominium: Las Vegas arena race is on - 12/12/07 05:53 PM
Sin City is working diligently to bring a professional sports franchise to Southern Nevada. Whether it can support one at this stage is a different matter. The other thing is that the city presently lacks a modern arena to house such a team. Thomas & Mack on UNLV campus seems to … (2 comments)
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condominium: Las Vegas developable land hunt - 12/07/07 10:53 PM
Downtown and its surrounding areas have long had a questionable reputation and a leisurely drive through there will quickly spell it out why. The only bright spot has really been the Fremont Street Experience with its well-lit casinos. Only the brave would choose to go that way after dark, much less … (6 comments)
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condominium: Colliers International opens Las Vegas office - 11/30/07 06:41 PM
Many might wonder if now is the best time to open another residential real estate office here when the market is clearly having its problems. There is an abundant oversupply of houses, condominiums and townhouses for sale, many of which are vacant, and they are moving slowly despite lower prices. But … (2 comments)
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condominium: Las Vegas icon Sahara Hotel & Casino under renovation - 11/26/07 09:42 PM
As soon as SBE Entertainment and Stockbridge Real Estate Funds closed on the purchase of the old Strip heavyweight in August, the new owners went to work. Their short-term plan was ready to go the minute the ink dried.
Many of the public areas in and outside the Moroccan-themed resort were … (0 comments)
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condominium: Union Park back in the picture - 11/21/07 10:07 PM
It's easy to count out the fingers of one hand when you think of how many times Union Park has been in and out of the news over the past decade. It's a 61-acre parcel of land the city of Las Vegas owns west of downtown. City Hall has worked for years … (0 comments)
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condominium: M Resort under construction in Henderson - 11/10/07 01:44 PM
Lately a lot of attention has been directed at the north end of the Strip where Wynn Resorts is building the Encore, Boyd Gaming is putting up the Echelon Place and The Palazzo next to the Venetian is about to open. All that and the condominiums going there and later other … (2 comments)
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condominium: Las Vegas Strip land gets top dollar - 11/07/07 12:17 PM
Generally speaking Las Vegas land prices are heading south these days due to lack of demand. The residential real estate sector specifically continues wrestling with serious overbuilding issues that can last for another while. But there is one location that seems immune to the normal shifts in the marketplace.
And that would … (0 comments)
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condominium: MGM Mirage has plans for Atlantic City - 10/16/07 03:58 PM
The progressive Las Vegas casino and hotel developer is at it again. They have the CityCenter project well underway here right on the Strip and now they've turned their sights east. Atlantic City is the second-largest gaming market in the country, so heading that way with their great brand makes a … (6 comments)
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condominium: Real estate investors are coming back - 10/02/07 08:03 PM
As the housing market started its slide a while back you could see and hear the speculators head for the sidelines. Many had made handsome profits and the time had come to enjoy the rewards and relax. They are the astute ones. Those who got in too late are currently licking … (8 comments)
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condominium: Turnberry spawned Las Vegas luxury condo market - 09/29/07 03:19 PM
Roughly ten years ago Turnberry Associates jetted into town and bought some land in the north end of the Strip, on Paradise by the Las Vegas Convention Center. It had already carved itself a stellar reputation as a luxury condominium developer over in the Miami area, so valley observers knew what … (0 comments)
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condominium: Southern Nevada housing a drag on overall economy - 09/08/07 05:59 PM
Metropolitan Las Vegas economy is moving along on a steady, slow course. In the last few months it has been up a little, then down a little, sort of trying to find a groove where to stay. The main reason to the moderate performance continues to be the weak residential real … (2 comments)
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condominium: CityCenter development has a new partner - 08/24/07 01:08 PM
The mixed-use project right on the Strip is coming steadily off the ground as we speak. The construction site is full of activity and some of the buildings have already reached up to about 15 stories. It will include several hotels, 2,650 high-rise condominiums, a casino and a huge retail, dining … (0 comments)
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condominium: Union Park, Las Vegas, will go green - 08/10/07 11:04 PM
The City of Las Vegas owns a 61-acre parcel of land just west of downtown that was a former rail yard. It's aptly called Union Park. It has been vacant for years while the city has tried to attract developers to put something useful there. Plenty of ideas have been tossed … (8 comments)
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condominium: Vegas downtown on the go - 08/07/07 05:52 PM
It appears that Las Vegas downtown hasn't received this much attention since they filmed segments of a James Bond movie over there 30 some years ago. The current buzz is not about any film, or high-stakes gaming, though. It's about residential real estate projects. More specifically mid- and high-rise condominium projects. And … (0 comments)
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condominium: Elvis returns to Vegas? - 07/31/07 03:44 PM
He just might do that. Unfortunately for the fans of the great entertainer it's only his name that is thinking about a comeback. Nothing else. Elvis won't be in the building.
A real estate firm out of New York a short time ago acquired total control of 18 acres of land between MGM … (2 comments)
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condominium: Condominiums going green - 07/30/07 06:41 PM
Condo developers are gradually putting their arms around the green building concept and doing so in innovative ways. They know the residential real estate market for the eco product is still in its infancy, evolving, yet there are encouraging signs that it's gaining traction. More of it every passing day. Let's … (3 comments)
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condominium: New Las Vegas house sale record set - 07/28/07 04:58 PM
Let's qualify that statement a little bit. A luxury single-family home recently sold for almost $7.9 million which translates into over $1,000 per square foot, as the property measures 7,519 of those. That $1,000 a foot is supposedly the new high for the valley. In terms of price alone, plenty of … (2 comments)
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condominium: Henderson Nevada leads $1 million club - 07/16/07 01:05 PM
Henderson is quietly living and thriving in the shadow of its much more famous neighbor, the entertainment capital of the world, Las Vegas. Sometimes it's easier on you when you can go about your business just off the spotlight. Everything you do is not being scrutinized by somebody.
Henderson has been for … (0 comments)
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condominium: Condominiums change Las Vegas downtown - 06/18/07 04:40 PM
It's a well-known fact that the high-rise, luxury condos on or near the Strip get most of the attention in the valley. They are typically developed by marquee names that by themselves garner media coverage even if they don't really try. Turnberry Place, Trump International Hotel and Tower, MGM Mirage's CityCenter, … (4 comments)
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condominium: Green building product awards - 06/11/07 10:53 PM
Some of the products that were recognized by BuildingGreen, Inc. a few months ago at the U.S. Green Building Council's conference are amazing. I'm just thinking how much time was spent first in discussions alone whether a concept is worth exploring in a serious way. After that dialogue these scientists and engineers and others … (2 comments)
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condominium: More high-rise condos for the Strip? - 05/16/07 11:14 AM
That's a distinct possibility. The location would be the New Frontier that was just sold for a whopping $33 million per acre. The new owner, El Ad Properties, owns multiple New York City buildings and has announced plans to raze the existing hotel and casino and build a copy of the … (0 comments)
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condominium: Carbon neutral buildings on the way - 05/14/07 01:28 PM
Another impressive step has been taken here in U.S. to curb global warming. A group of building design organizations sat down recently to sign a document outlining an ambitious program that leads to the future construction of structures that use considerably less energy, decrease greenhouse gas emissions and contain living and work space that is … (6 comments)
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condominium: Housing sector key in energy conservation. - 04/25/07 04:46 PM
UNEP, United Nations Environment Program, sponsors the Sustainable Building and Construction Initiative, or SBCI, that recently issued an eye-opening report about global warming and what role the building industry plays in it. The sector alone accounts for 30-40% of global energy use, a significant amount. It should also be mentioned that the … (10 comments)
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condominium: American Real Estate Partners sell Stratosphere. - 04/23/07 04:47 PM
AREP, controlled by Carl Icahn, agrees to sell their gaming operations in Nevada, most of which are in the Las Vegas valley. These are casinos it owned here, so that in itself is normal. The action in that arena is steady. Companies are being bought out all the time, Harrahs - Caesars, other properties get … (0 comments)
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