Las Vegas Area REO Inventory has FALLEN since last report (-254 units), Under Contracts have FALLEN by (-311) units Closing data has RISEN by (+169) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.  AB 284 IS PREVENTING NORMAL AMOUNTS OF NEW LISTINGS FROM COMING ON THE MARKET CURRENTLY until further notice!

REO sales accounted for 48% of all Las Vegas Area Valley resale closings in December 2011. REO listings account for only 20% of total resale listings.

Current Listed Bank Owned Statistics:

• Listings (1/15/2012): 2025
• Under Contract (1/15/2012): 2763
• Sold December 2011: 1974

View Last Month's Report Here

For Most Current Las Vegas REO Inventory Market Report.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

More good news about Las Vegas, that won't get blasted by the national media. I've written about Manhattan West Condominiums before, and now they've just topped off their 9 story signature building, 'Element House'. It's part of the 20 acre $350 million mixed use development that is moving right along. It's located in the southwest side of the Las Vegas Valley, just off the 215 Beltway at Russell Rd. Local ABC affiliate KVBC - TV13 gave it a brief mention with a quick flyover video, click the image below to watch it.

This new tower will offer a variety of choices from studios up to 3 bedrooms with floor to ceiling glass along with many standard upgrades, and designer options available. This building is also the center of the community and will have a 7000 square foot fitness area that is part of the 2 floors of clubhouse. The top floor is the rooftop lounge with outdoor patio and lounge pool offering panoramic views of the entire valley. On the ground level is an outdoor lap pool, and a 'Funpool' that starts from inside the building and features a large waterfall coming from within the grotto's ceiling, and a swim up bar. There will also be a community BBQ area at the building, along with interior gardens, indoor / outdoor koi ponds, and stone features including backlit alabaster. All to represent the elements of earth, wind, fire, and water. While there are only 70 units in within Element House itself that start from the $400,000's, these amenities are open to all owners in the community that offers other levels of pricing. It's all part of the unique social aspect of this project, called Friendscape™.

As a mixed use project there will also be 200,000 square feet of retail, restaurant, and office space on completion of the 12 planned buildings. Elixer Coffee House and Wine Bar has announced it will be part of the project as well as Don Antonio's Restaurant. Also slated is a boutique market offering prepared foods, sundries, and packaged liquors. A preliminary agreement has been signed with Intercontinental Hotels for a 120 room Staybridge Suites for business travelers.

Yes this is yet another positive real estate story from Las Vegas that could quietly escape you, if you believe only the bad news blasts from the media. I've mentioned several others in my blogs, including the billions in current resort projects and other industries coming to Las Vegas. Of course there is even much more around the Vegas Valley, like you'll find on the Boulder Strip, or Condo projects such as Palms Place where closings are going well, to work underway for Las Vegas' expansion well beyond the valley itself.

Gemstone Development CEO Alex Edelstein of Manhattan West is also fed up with all the negativity of the news, particularly about the headline grabbing use of Las Vegas. The media's insistence on misleading market information and negative spin has him frothing! That's why he has also started his own blog "Dedicated to the Truth About Housing and the Economy", that's found at FrothingDeveloper.com. Of course you can find out more information about his Manhattan West here at the website.

<<<  UPDATE  >>>

Manhattan West construction has been suspended as of 12 - 16 - 2008 due to financing, but hopes to obtain a new source to resume construction.

Story in Las Vegas Review Journal

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me roberta@search4lasvegashomes.com or call me at 702-354-8988. I look forward to hearing from you!

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A first blush Manhattan West looks like a dozen other mixed use condominium developments around the valley. On-site retail, a fitness center, pool, etc....the usual fare. However, the project takes the next step and offers a combination of unique amenities and floor plans offered no where else.

Residents will enjoy free shuttle service to the strip and the airport, plus access to an on-site doctor. That's right, there will be a medical office in the community. The concierge service can arrange every from walking your dog to having your groceries delivered.

Manhattan West also offers some of the most innovative upgrades available in Las Vegas. There are two specialty designs, one made specifically for men and the other for women. The "M" series offers dual, half sized dishwashers (so you never, ever have to put dishes away), fog free shaving mirror, surround sound, HDTV projector and more. The "Diva" series offers the extra touches like an extended make up mirror, powered vanity drawer so you can leave the hairdryer plugged in when you put it away, jetted tub with iPod dock and a huge closer with shoe storage and customizable storage. All residences come with stainless steel Whirlpool appliances, granite slab kitchen counter-tops, Internet and cable wiring and underground parking, plus a host of other amenities.

Construction is under way. Manhattan West is being developed by Gemstone, the same developer that built the Manhattan condos on the south Las Vegas strip. Call 702-493-8033 for the latest available units and pricing. -cr

Related:

Promenada

Stephanie Village

Manhattan

Manhattan West is located halfway between the Strip and Summerlin and it is all about urban living. Everything is convenient and close by. There is on site shopping including a coffeehouse and a wine bar, all within walking distance. It feels like a real Manhattan street with city sidewalks. Here is an interactive map of the community.

Manhattan West has created more than a place to live, they have created a social environment which they call "Friendscape" This is all the social time you have with your friends whether it be at the coffeehouse, wine bar, jogging trail, central barbecue pavilion or just relaxing in the clubhouse. You can enjoy the largest private yard in Las Vegas, more than 10,000 square feet of grass that you don't have to maintain!

If you need a ride to local destinations, Manhattan Express is a premium shuttle service to get you there For those of you who are pressed for time, Manhattan Transfer is a full time errand and concierge service. The service will pick up your drycleaning, grocery shop, walk that dog, clean your home and so much more.

<<<  UPDATE  >>>

Manhattan West construction has been suspended as of 12 - 16 - 2008 due to financing, but hopes to obtain a new source to resume construction.

Story in Las Vegas Review Journal

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call me at 702-354-8988. I look forward to hearing from you!

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Here's the latest and greatest happenings in Summerlin ... okay it's not Summerlin ... but close enough! 

ManhattanWest had its groundbreaking ceremony on Tuesday, May 22nd - and yours truly was there.  Despite the 5 mile trek, in heels no less, to get to the red carpet for the ceremony ... it was a great event.  With County Commissioner, Susan Brager and  Las Vegas Chamber of Commerce President, Kara Kelly participating at the ManhattanWest site in a ceremonial dig, the cameras were all around.  A wine-tasting reception with food and live entertainment followed at the ManhattanWest sales center, where guests sampled wine from Rock and Roll Wines, took model tours, and learned more about the community.

The development company, Gemstone Development, is one of Las Vegas' largest condo builders and this project reinvents the company yet again.  Gemstone's CEO, Alex Edelstein, is a young, charismatic guy with a phenomenal vision.  He and the rest of his "young" team bring a breath of fresh air to this new development.  Alex Edelstein was fun to listen to and I truly look forward to his project getting underway.

ManhattanWest will be a mixed-use development (this is the "hot" term nowadays) - in which residences, shops and office space will reside in one cohesive environment.  This 20-acre development will contain 700 residences, which will be able to enjoy an on-site medical practice, shuttle service and delivery "with a smile" for items such as groceries, dry cleaning or even dog walking!  ManhattanWest has it all.

Other amenities include a spa, personal training, fitness center, car wash service, art gallery, aesthetician services, cooking classes, movie nights, private dining rooms, Wi-Fi, DVD library - not to mention it's right off of the I-215 and Russell, so it's close to the Strip and to Red Rock. 

I do have to admit - I was impressed.  Alex Edelstein and the Gemstone Development team seem to have thought of it all.  From upgrade packages called the Diva Series (for all the additional items we women want) to the M Series (with the bachelor and his gadgets in mind) it looks to be a hit.  Not only that - but these condos at ManhattanWest are actually affordable!!!  Starting in the $200s to the high $500s ... and the items that come standard - these are units I don't expect to be available long.

At this Groundbreaking event for ManhattanWest, they went into contract for their 100th unit!  Congratulations to Gemstone and ManhattanWest.  The first phase of this project is slated for completion in the third quarter of 2008.  That's just over a year away.

If you want more information about ManhattanWest or Gemstone's other developments - let me know!  I look forward to hearing from you.

Aubrye Harris - Your Summerlin Gal  (702) 375-7443    aubrye.harris@coldwellbanker.com    http://www.aubryeharris.com/