With 5,000 people moving here each month, somebody had to spill the beans!

July 31, 2009

In episode 65 of the Living in Las Vegas Podcast, we did a show title, Living the Loft Lifestyle in Las Vegas.  In it, we featured three loft projects in the Las Vegas valley, one of which was Newport Lofts.  For those who remember the show, I was pretty impressed by the property.

Good thing I wasn’t too impressed.

At the time of the episode (February 2009), their entry-level studio loft (at about 912 square feet) was being offered at $199,000. . .which seemed reasonable considering they were once priced MUCH (2x I believe) higher.  I thought so highly of the Newport Lofts that I seriously considered purchasing one as a business investment.

Good thing I didn’t pull out my checkbook.

When I checked back with the website about two or so weeks after the show, the price for that studio loft had dropped an additional $20,000.  In two weeks.  And while that was psuedo-good news, it spooked me a bit as well- – -enough so that I decided against moving forward.  (There were other reasons as well, to be sure.  But the price dropping that much seemed a bit ominous.)

Good thing I spook easily.

I just saw today that 20 units (out of a total of 168) are being auctioned off, with a starting “reserve” price of. . .get this. . $90,000.  Can you imagine if you had invested in that property in February. . .or before?!? 

Yikes.

I wish I knew more about real estate and how to truly measure the soundness of a property like Newport Lofts.  Truth is, the potential of that property, with its amenities and location, seems very good.  But clearly, there’s more to it than that.

For those interested in the auction, here’s their flyer announcing the event [pdf].  It’s being help on August 29, 2009 at 3PM at the Renaissance Las Vegas Hotel.  (Wonder why they wouldn’t have the auction at the Newport Lofts?)

If I owned that entire property, I would look into converting it (or allowing for) commercial activity.  They would have to address the parking issue, but with those types of prices, imagine how quickly small business folks would snap those properties up.  It would great for artist/creative folks. . .and others as well.

Regardless, I sure hope this property makes it.  It’s beautiful and very well situated, just a few blocks south of Fremont street. 

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December 10, 2008

According to the Greater Las Vegas Association of Realtor (GLVAR), 2,185 homes were sold in November, which represents a 125% increase from November 2007.  That’s the (very) good news.

Here’s the bad (but not unexpected) news: if you’re a Las Vegas homeowner, the median price of a house dropped 32% from November of 2007, to $186,000.

On the plus side, I would suggest that a median price of $186k makes for a pretty reasonable price to live in an area as large as the Las Vegas Valley.  What’s really good news is that houses are moving quicker off the market.  In November, 47.4% of homes sold within 30 days.


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October 17, 2008

  1. During the weekend, Melissa, Neil, Sarah and I checked out a some model homes in several neighborhoods throughout the Las Vegas Valley.  In two neighborhoods, they indicated that they were almost sold out. . .only six or so homes left.  Good news, right?

    Well, not exactly.

    After asking a bit more, the builder simply decided to stop building (for now).  Depending on the neighborhood, there were 20-40 empty lots that were going to stay empty until the economy recovers.  I would guess those folks living in those neighborhoods aren’t terribly happy.

  2. Saw online a house in our area that was being foreclosed.  The price was AMAZING.  In reviewing the photos of the interior of the house, I saw that all the cabinetry in the kitchen were missing.  I emailed the Realtor:

    ME: What happened to all the kitchen cabinets in this house?

    REALTOR: The kitchen cabinets were all missing when we first gained access to the property upon our assignment from the bank.  So as far as we know they were stolen previous to that.  We don’t know by who.

Huh?!?  Who steals the cabinets out of a house?!?  For the love of god, if you can’t afford the house, you don’t get to keep the cabinets as a parting gift.

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July 24, 2008

Just saw on a local TV station (Channel 3, NBC) that Trump Towers is planning to lay off 73 people which equates to about 20% of their workforce.  According to the report, this is due largely because the close rate for their condos dropped significantly as a result of the ongoing mortgage crisis.   According to the report, “only a small fraction of the condos have been sold.”

Interestingly, Neil from the UK and I stopped by Trump Towers about a month ago to take a quick peek.  It was weird–I expected it to be super fancy-shmancy, and I guess it was–lot’s of gold stuff everywhere–but it didn’t look very significant.  Gold? Check.  Classy?  Uh…not so much.  Neil and I both thought that if you were to compare the look of Trump Towers to that of Wynn Las Vegas, there was no comparison.  Wynn looks much more substantial, more thick.  (To be honest, I thought Red Rock Casino looked nicer.)  Granted, we just checked out the lobby and the pool (from a distance. . .peering through the workout area), but we kept scratching our heads, wondering what the money was buying folks who chose to invest in a Trump Tower condo.

Hopefully, those 73 folks will be able to find work elsewhere, perhaps at Encore or Aliante Casino.

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