On May 4th, 2005 I was invited to a presentation given by Richard Lee, Senior President of First American Title Company. His seminar showed the evolution of Las Vegas as many different developers sought to seek individual ends.
Nowadays, the booming real estate market drives developers to build the perfect home or office (residential, commercial, mix use development, etc) for the consumer. In Las Vegas, according to Lee, there are“…five distinctly different buyers.” These buyers are classified by their interest in the: downtown area, the strip, the south strip, urban suburban, or condo conversions. Lee describes each of the five in detail.
The downtowners: they want to rebuild the historic downtown area of Las Vegas. These 1940’s, 50’s and 60’s houses north of Sahara Avenue and west of Eastern Avenue have been bringing top dollar; they are still facing multiple offers as young professionals move closer to their work.
The strip buyers: folks who want nothing more than to own a piece of the Las Vegas strip; many are foreign born with millions of dollars; they seem to be inflating the value of these high-rise condominiums to, a lofty, $600/square-foot.
South strip buyers: mostly locals who want to cash in their equity and buy new, affordable housing. Boca Raton is just kicking off and soon Urban Village will come “on line.”
Urban suburban buyers: those who want to live and work in the same area. The Green Valley Ranch District and The Curve (near Decatur Boulevard at the 215 beltway) are great places for them.
The condo conversion buyer: they want to make an affordable investment in an apartment that has been converted to a condominium? Latigo, on the corner of Eastern Avenue at Silverado Ranch Boulevard, is the nearest example of this; starting in the mid $100’s these condos offer substantial amenities.
Though the real estate market has matured, there are still great opportunities for investment. I am a REALTOR. If you, or anyone you know, are interested in learning more call me, Brad Emens 702-808-3531.
Boca Raton
One of the newest and closest construction projects will be the four building, 756 unit, Boca Raton. These luxury condominiums are located near the corner of Serene Avenue at Las Vegas Boulevard. The developer is Palm Beach Resort Construction LLC. They expect that the first phase will be released in May 2006.
The information I received from the opening sales event boasts of several amenities to include: pools, fitness centers, a 10,000 square-foot clubhouse, a business center, concierge services, guarded parking, and even a shuttle to select locations along the strip and McCarran Airport. There are three floor plan styles to choose from; they range in price from $214,000 to $984,000 (prices are subject to change without notice).
Boca Raton is an example of a south strip construction project; buyers who want to cash in some of their equity and buy something new. If you are interested in learning more call me, Brad Emens 702-808-3531, or check out their website for yourself at http://bocalasvegas.com/ but let them know I am helping you please.
South Coast Casino Update
According to inbusinesslasvegas.com “The $500 million South Coast, five miles south of Mandalay Bay, is scheduled to open early next year with 662 rooms, a 16-theater movieplex, seven restaurants, an equestrian center, 2,400 slot machines and 150,000 square feet of event space at Las Vegas Boulevard and Silverado Ranch Road.” Also, we can expect another “Station Casino” to open just south of South Coast Casino! I will let you know when I learn more.
Urban Village Update
Urban Village will go “on line” soon. In fact, on May 19th, I spoke to a sales agent, James Markin, from Urban Village. He said, “I am hoping it is today but I will send you an email when it does.” When they offer more information I will let you know.
Focus Property Group Update
Recently, an article from inbusinesslasvegas.com, titled “Focus on growth” stated, “At its Henderson master-planned community, Focus Property Group is working on developing a community that is a throwback to simpler times.”
The article goes onto say, "It's a return to an old-fashioned neighborhood …a traditional neighborhood design …we're utilizing great planning principals of the past, many of them from Europe, and combining that with new construction techniques and technologies." I look forward to seeing what they have planned for the new town center for the south valley.
The article further states, “The Henderson community (near Henderson Executive Airport) will be dense. It is being designed with lots of open space so that it is a pedestrian-friendly community.” This means there are plans are for smaller neighborhoods surrounding community gathering places and public transportation terminals. Just like I saw when I was stationed in Schweinfurt, Germany.
Though it may be three or four years before anything is built in Henderson we will soon see the masses flocking to our part of the valley. Imagine that, a place with pedestrian-friendly streets and walkways, a place where your children can safely walk or ride their bikes to school.
When Will Amigo Avenue and Bermuda Road Go Through To St. Rose Parkway?
Recently, I was asked for an update on the future of Amigo Avenue and Bermuda Road. Last November I reported the two streets will connect with St Rose Parkway by next spring. Also, I stated, “There will be an intersection on Amigo Avenue at Erie Avenue.”
Again, I interviewed Kelly Thomas, Senior Project Manager for Kimball Hill Homes, on May 14th for an update. He said, “The plans have not changed.” That means we can expect both roads to go through to St Rose Parkway in about another year.
Any questions? Call me, Brad Emens 702-808-3531.
No comments:
Post a Comment