On Father’s Day, June 17, 2007, my neighbor exclaimed, “Brad, the intersection of Bermuda Road at Cactus Avenue is very dangerous.” She continued, “There should be a four way stop there.” Frustrated with the situation, she asked me if I would help. On June 18, 2007, I called Clark County Traffic Management Division to report this hazardous intersection.
Kevin Futch, an engineer for Clark County, told me, “Now that this intersection has been reported we will do counts and field observations to see if the intersection meets the criteria…to receive more signage.” Futch continued, “The master plan for Cactus Avenue shows a lighted intersection there [Cactus Avenue at Bermuda Road].” Please, in the meantime, be very cautious at this particular intersection.
As homes are built in the South Valley, traffic will inevitably increase. Many drivers may not be as familiar with the roads as they should be. For example, the traffic traveling east and west on Cactus Avenue, crossing Bermuda Road, is not always aware that they must stop at this intersection. Furthermore, often travelers are unaware that the traffic traveling north and south on Bermuda Road does not have to stop. Sometimes, unfamiliarity with the area does, in fact, cause confusion and accidents are often foreseeable. As more information, regarding the widening and improvement of Cactus Avenue, becomes available I will report back to you.
Milano Residences
Construction of the proposed luxury condominium project, located near the intersection of Cactus Avenue at Bermuda Road, stopped abruptly earlier this year. The plans approved by Clark County show a four-story, 100-unit, mid-rise, condominium project. Plans suggest that there will be three residential floors above one level for parking. On June 18, 2007, I, Brad Emens, spoke to Clark County Planner, Greg Cervin. He told me that he does not know why construction has stopped. He went on to tell me, “They [Milano Residences LLC] are still pulling permits.” On June 27, 2007, a construction trailer appeared. Curious, I approached the trailer and had an opportunity to speak to a new general contractor for this project.
Dean Mills, superintendent for Sundance Construction, the new builder, told me, “Dayside [the previous builder] got thrown out.”
I asked Mills, “When will we see construction start again?”
He told me, in a thick southern accent, “It’s fixing to be as busy as a beehive!”
I then asked Mills, “When will this project might be finished?”
He said, “7 or 8 months.”
Mid-rise and high-rise construction projects seem to be new alternatives to the more traditional neighborhood. These types of homes may be more desirable, as opposed to freestanding homes with yards, because of minimal required maintenance. When sales information is released I will report it to you.
Silverado Ranch Exit/On-RampAs the southern edge of our valley continues to blossom, we can expect to see its infrastructure being improved, and become more developed. The new ramps, overpass and full interchange being built for Silverado Ranch are part of the work being done for the quickly developing Silverado Ranch Community.
According to accessclarkcounty.com, “The overall $38.7 million-dollar project should be finished by the end of October this year.” This mass of jumbled rebar and steel, the bridge structure, was completed in early June. Now, this structure awaits a covering of asphalt and concrete before it is recognized as our very own interchange.
On June 4, 2007, Oscar Esparza, a foreman for Frehner Construction, a major contracting business headquartered in Las Vegas, told me, “We are on schedule.” Esparza
continued, “It’s going to be such a huge relief…(as he gestured toward the project)…when it opens.” At this point, the northbound on-ramp to Interstate-15, as well as the northbound exit onto Silverado Ranch Boulevard from Interstate-15 is operational. Soon, not only will we be able to enter and exit Interstate-15 at Silverado Ranch Boulevard, but also we will have convenient access to Southern Highlands, Mountain’s Edge and the Southwest Valley. These are exciting times for our community. Silverado Ranch Boulevard Northbound and Southbound entrances are now openWhat ever happened to Urban Village?
On April 15, 2007, a member of our community asked me, Brad Emens, “What ever happened to Urban Village?” Urban Village, a proposed, $1 billion, master-planned-community, located near the southwest corner of Pyle Avenue at Las Vegas Boulevard, is now for sale. Urban Village, which was supposed to have five neighborhoods with 2,400 brownstones, condominium homes, flats and live-work concepts, will no longer be developed by Centex Destination Properties. On April 17, 2007, I attempted to contact the developer, Centex Destination Properties. The phone number lead to an operator who said this number was disconnected or no longer in service.
Next, I went to urbanvillage.com, this projects website. According to urbanvillage.com, “Centex Destination Properties has discontinued sales at Urban Village-Las Vegas.” I then called the real estate brokerage hired to sell the land. This land, just less than 70 acres, is priced at $160 million. That is about $2.3 million per acre! I am curious to see what will eventually be built there.
Picture is only simulation
West Village Featuring Sullivan SquareThe next up-and-coming mixed-use community for Las Vegas is Sullivan Square. This project is a sure thing. Financing is already in place and the website hoobly.com states, “Developer Glen, Smith & Glen has completed its financing agreements and is now a joint venture partner with Harcourt Developments…Harcourt is funding the entire $800 million project cost.” Located at Sunset Road and Durango Drive, just off Bruce Woodbury’s Beltway (I215), Sullivan Square will become another commercial center that will create a large number of jobs and lifestyles.
An article about Sullivan Square in the April 7, 2007 Las Vegas Review Journal states, “This development will offer a market-street design featuring shops and services.” The article goes on to say, “An independently owned café, restaurant, full-service deli, neighborhood pub, florist, fresh fish monger, wine shop, coffee shop, bakery and butcher are planned.”
Sullivan Square will consist of 1,300 residences, high-rise towers, live/work spaces and traditional brownstones. This development will offer mid-rise terraced condominiums, Chicago-style lofts and town homes. Units in Sullivan Square's first phase range from 500 to 2,000 square feet with prices from the low $300,000s to $1.7 million.
According to an article in the April 20, 2007 Las Vegas Review Journal, “The development [Sullivan Square] will be situated at the center of Las Vegas Valley's emerging West Village where 400 acres are zoned for high-density, mixed-use development, 10,000 housing units, several hundred thousand square feet of retail space and several million square feet of office space.” This is an area to keep an eye on. When you are interested in learning more about this, or any other real estate venture, call me, Brad Emens 702-808-3531.
Market Update for the Greater Las Vegas Area (GLVA) 7/6/2007
There are 25,590 For Sale
2,715 In Escrow (this means 10.6% of homes on the market are getting acceptable offers!)
11,136 Homes Sold This Year vs.
17,746 homes sold by this time last year
21,795 Sold by this time in 2005
23,466 Sold by this time in 2004
17,114 Sold by this time in 2003
(Single-Family Residential, Condominiums and Town Homes)
On June 16, 2007, Greater Las Vegas Area Association of REALTORS Multiple Listing System added REPO (repossession) to the pick list under the property description. This new criteria can be used search for repossessed properties. The addition of this new search criterion indicates that the Greater Las Vegas Area Association of REALTORS anticipates an increase in REO (real estate owned)/ bank owned properties. On June 26, 2007 there were 1,100 single-family residential homes, condominiums, and town houses that had REPO as the property description. I am not trying to be bleak and gloomy but the reality of the situation is not so desirable. The time is here when short sales, and looming foreclosures, will have an affect on home values.
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Cactus Sand and Gravel
There is a large gravel pit near the intersection of Amigo Street at Cactus Avenue. The mine here is operated by Impact Sand and Gravel and has been in business since 1995. The 75+/- acre lot where this mine is located is zoned P-F or Public Facility and will be used as a detention basin to help control flooding. Since these structures do not see frequent use, especially in desert areas, it is common to have them designed as dual use facilities. Faith Heritage Schools, a group of five interested individuals, has shown an interest in being the end user, for the secondary purpose, of this gravel pit.
On April 26, 2007, Faith Heritage Schools held a presentation for local residents at the Donald W. Reynolds Scouting Resource Center. At the meeting there were several renditions, pictures and diagrams that showed how this land might be developed. The material at the presentation stated:
- Initial development is planned for the 10 +/- acres lot west of Antigua Condominiums.
- The first construction stage of the school may be an administration building, a classroom building, and a cafeteria building.
- Initial enrollment may have 150-200 students.
- At complete build out it is estimated that the school may have a maximum of 1200 students.
- The first phase of the school may have grades 6-9. It is planned to expand one grade level per year thereafter.
- Doors open the to the first students in August 2009.
- Due to the unique design of the land, Faith Heritage Schools plans to place sports facilities below street grade in order to minimize noise and glare from field lights.
Director of Faith Heritage Schools, Glen Goldie, said, “Expected amount of the initial build out…at today’s construction costs…may be $25-$35 million.” He continued, “We want to bring excellence to Las Vegas.” Goldie also told me, “The plans for Capstone Christian School, a proposed, non-profit, tuition based, private school has been in the works for about a year.” In order to attain funding for this development Goldie stated, “We will depend on large gifts, especially.”
Moreover, a private school may be a beneficial addition to our community. An improvement like this will surely bring appreciation, and monetary value, to our community. Please, voice your opinion about this topic.
The information provided in this blog was obtained from google.com and the Multiple Listing Service (MLS) on July 6th, 2007 and is believed to be accurate and true. If your home is currently on the market please do not consider this to be a solicitation; this newsletter is merely for your information. If you would like a comparative market analysis for your home please email me at sgtbrad@cox.net or call me, Brad Emens (702) 808-3531. I live right around the corner. Thank you.
