Impact Sand and Gravel’s quarterly meeting was held at the Antigua Condominiums Clubhouse on March 23, 2006 at 6:30 PM. The operator of the mine, Impact Sand and Gravel, is to hold quarterly meetings so that we, the surrounding neighbors, may voice our opinions about this mining operation. At the meeting we discussed a variety of topics including putting a fence around the property in order to keep children from playing on and in the dangerous gravel pit. We also discussed the blasting that happens. Eileen Collins, a neighbor whose backyard borders the gravel pit said, “It shakes my house!”
Louis Cervantes, a representative for Impact Sand and Gravel, also mentioned this property’s “End User.” An “End User” will decide the final, or ultimate, use of this 75-acre lot that is now being used as a gravel pit. Cervantes said, “We will leave the basin per county standards.” The future of the mine is uncertain. I, Brad Emens, do not want it to become something like Duck Creek basin, a barren 95-acre field of dirt, near the intersection of Serene Avenue at Bermuda Road. Therefore, we must come together as a community and voice our concerns so that our local leaders will promote the changes that we would like to see. I will let you know when the next meeting is scheduled.
Another topic that was brought up by Luis Cervantes at the community meeting was the SID planned for our area. A SID, or Special Improvement District, is formed to provide a source of funding for the improvement of a district. On
April 2nd, 2006 I interviewed Ken Lambert, the chief engineer for the expansion of Cactus Avenue. He said, “The project includes the widening of Cactus and full road way improvements.” He continued, “That’s a four lane, one hundred foot wide roadway complete with pavement, curbs, gutters, sidewalks, and streetlights…from Las Vegas Boulevard to Spencer Street.” Lambert followed up by saying, “Only the homes that have unimproved frontage on Cactus Avenue will be assessed.” He also said, “Their assessment will be based on how much frontage they (property owners) have.” Also, the homes that receive this informative newsletter, The South-Valley READER, will not be assessed. Lambert told me, “You paid for that when you paid for your house.”Potential for a Commercial Corner?
Recently, I was asked about the future of the land located at the intersection of Cactus Avenue at Bermuda Road. All four corners are currently vacant. Here is some information provided by the Clark County Assessor:
1. The northwest corner is owned by LACONIC L P and is 2.5 acres. LACONIC L P paid $200,000 for it in January 1995. It is currently zoned R-E, Rural Estates, or two homes per acre. Because of the Rural Neighborhood Preservation Ordinance of October 2005 the property owners’ cannot apply for a zone change until later this year. Go to http://www.southvalleyreader.blogspot.com/ and enter Rural Neighborhood Preservation into the search engine for more information on this.
2. The northeast corner is called Bermuda Cactus Shopping Center. This land is owned by AMERICAN FOOD & DRUG INC, also known as Albertson’s, and they paid $1,307,250 for it in November 2002. The land is zoned C-2, or General Commercial. It may become a Sav-on Drugstore. Milano Residences LLC owns the construction project east of this northeast corner. According to Maria Kaseko, a planner from Clark County’s Department of Comprehensive Planning, “It will be a 50 foot, 4 story, 100 unit, condominium complex.
3. The southeast, 10-acre, corner lot was purchased by U S CAPITAL LLC for $3,000,000 in October of 2000. On April 4, 2006, I spoke to Teresa Lai from Professional Land Corporation, the real estate agency that is marketing this land. The information she provided to me stated that the land would “permit a 100,000 square foot retail center, anchored by a supermarket and a gas station plus restaurant pads.” This land is currently for sale for $20 MILLION.
4. The southwest, 2.5 acre, corner lot, bordered by The San Rafael Subdivision, is owned by Ronald Costello and Fred & Mary Costello Living Trust. It is zoned R-E, Rural Estates, or two homes per acre. They purchased the land in June 1989 for $28,000. The current owners also may not apply for a zone change until later this year.
If you receive anything from Clark County regarding Public Hearings scheduled for our community, please, let me know and I will be glad to attend in your absence. Remember, I am Brad Emens, REALTOR, 702-808-3531, our area expert.
Is it a good time to sell?
On April 17th, 2006 a curious homeowner from Canyons 3 called me for information on the listing I had at 517 Leap Frog Avenue. A listing is a contract between an owner and a real estate broker to find a qualified buyer. She asked me, “Is it a good time to sell?” She added, “There are so many houses for sale in the neighborhood.” After a brief discussion about the economic law of supply and demand we concluded, “It is a good time to sell, if the price is right.”
To confirm my thoughts, I went to the MLXchange. The MLXchange is a database Realtors use to find and sell homes. Here are some of the facts I found on April 17th, 2006. These numbers do not include properties for sale by owner.
There were 11 homes for sale in Canyons 3 with 2 more in contract for sale; this means there has been an accepted offer.
I expanded my search to include the entire Las Vegas Valley:
There were 13,667 homes for sale and an additional 3,834 homes in contract. This means just over 28% of homes are getting acceptable offers.
I also found that the most unpredictable segments in our real estate market were in $500,000-$800,000 price ranges:
There were 2,450 homes for sale and only 427 in contract for sale. This means only 17.4% are getting accepted offers. I also noted that in this price range there were 1,692 homes that had expired or were withdrawn since this time last year. That is more than half!
Some lenders’ general rule of thumb: a household might be able to afford 3 times their household income as a purchase price, or total loan amount, for a home. Example: Household Income =$100,000 3X$100,000=$300,000 A household that makes $100,000 a year might be able to afford a $300,000 mortgage). According to the 2006 Las Vegas Perspective (page 7) 14.2% of households in southern Nevada make more than $100,000 per year. So, in conclusion, if you want to sell your home, the best marketing tool is your asking price.
I Wish I had a Crystal Ball!
According to Clark County’s website, “On January 5th, 2005, the County Commission approved an innovative ordinance designed to guide the development of mixed-use projects, including high rises, on the Las Vegas Strip and other designated areas within the county.” This explains why the distinctive high-rise cranes have sprouted up all over our valley. The “South Strip” will be another area where we can expect to see more upward development. In Business Las Vegas reported on May 5, 2006 that, “There are mid-rise projects under development throughout the valley, although the majority of projects and the largest of them are located on Las Vegas Boulevard near Serene.”
On April 15th, 2006 I attended a VIP sales event for Urban Village. Brian Chan, an agent for Blue Tipping Group, the real estate firm for Urban Village, opened by saying, “Las Vegas is all about lifestyle.” I felt that the meeting was very ambiguous, but we did learn Centex Corporation would begin the master planned community by marketing Brownstones. We were also told that there may be twelve floor plans and the prices may range from $375,000-$795,000. When more information is released I will let you know.
Picture is only simulation
Casa Vegas Apartment HomesOn May 5th, 2006 a listing I had sold for $200,000. This 2-bedroom/1-bathroom, 863 square foot condominium was in the Casa Vegas Apartment Homes located southeast of Downtown between Maryland Parkway and La Canada Street. At a redevelopment meeting, held on December 5th, 2005, I found out about a potential developer who will trade an existing condominium for a brand new condominium in the first tower of a luxury, four-tower, high-rise complex. This proposed project might be built on the 18-acre lot where Casa Vegas Apartment Homes now exists.
On April 19th, 2006 I spoke with Bob Klein, a planner from Clark County’s Comprehensive Planning. He said, “Under current code the highest structure able to be built may be 55 feet with a non-conforming use permit.”
At a meeting held on May 1st, 2006, First American Property Advisors’ President, Mike Moloney, said, “The Federal Aviation Administration has approved a height of 317 feet and permits will be pulled later.” First American Property Advisors is the real estate firm for Casa Vegas home owners. REDEVCOR Inc. is the organization that has provided the redevelopment information. Moloney added, “Zoning will be in place after escrow closes.” Escrow is the time it takes a title company to perform necessary research and paperwork to transfer titles to a new owner. Scott Ervin, CEO and Managing Director of REDEVCOR Inc., was not available for comment.
