Las Vegas Real Estate May Numbers
A vital and thriving market has returned to Las Vegas. Prices have flattened and in many communities started back up. Foreclosures are fading into the background as banks find better and more cost-efficient ways to handle these liabilities. Short-Sales rise 2 and 3 times last year’s volumes and deals are getting done.
The numbers are encouraging. By many indicators Las Vegas real estate hit bottom late last year and now seems to be headed back up.
Apr. 06, 2010
Copyright © Las Vegas Review-Journal
By HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL
A government program that went into effect Monday is expected to speed up the short-sale process and prevent lenders from filing deficiency judgments against home sellers, a move that could go a long way toward mitigating the foreclosure crisis in Las Vegas, real estate industry sources said.
The Home Affordable Foreclosure Alternatives, part of the Obama administration’s $75 billion Making Homes Affordable program, sets guidelines that would streamline the process and provide incentives to both borrowers and lenders to avoid foreclosure.
David Brownell of Keller Williams Realty reported “4,823 short-sale listings in February, or nearly 48 percent of the total inventory, compared with 35 percent in the same month a year ago. There were 694 short sales during the month, nearly one-fourth of the 2,957 total sales. That’s up from 8 percent a year ago. More than 10,000 short sales are pending, or waiting for approval”, he said. (read Government’s short-sale aid implemented here)
Las Vegas CityCenter
I had such a strong response to my blog about CityCenter, Las Vegas, that I have posted about it again. Most of you wondered about living there so this time I have provided links to help you find what you are most interested in. I love this kind of mixed-use real estate. How cool to descend from your gorgeous Las Vegas High-rise to go shopping and dining in world-class surroundings… Amazing!
CityCenter is an urban community filled with fine art and spectacular architecture. It is home to the 4,004 room ARIA Resort & Casino, Mandarin Oriental, Las Vegas, the astonishing Crystals retail and entertainment district, Vdara Hotel & Spa, The Harmon Hotel, and Veer Towers. All these come together amidst plazas and common spaces alongside pools and beautiful landscaping. CityCenter is a place of high-tech meeting spaces, brilliant residences, world-class spas, extraordinary dining, sophisticated gaming and modern art, seductive bars and Viva ELVIS™ by Cirque du Soleil®, a harmonious fusion of dance, acrobatics and live music that pays tribute to the life and music of Elvis Presley.
To live at CityCenter is to experience life in one of the world’s most remarkable settings. CityCenter offers a range of possibilities that redefine city living in the heart of Las Vegas.
Welcome to Vdara
VDARA CONDO HOTEL: The ideal balance of access and escape-just steps away from Bellagio and ARIA Resort & Casino.
We invite you inside an enclave of Access and Escape. This breathtaking non-gaming, non-smoking, all-suite hotel and spa delivers exceptional experiences with a sense of familiar pleasures. Stay at Vdara and the experience will stay with you forever.
THE RESIDENCES AT MANDARIN ORIENTAL, LAS VEGAS: Superb appointments and amenities from a time-honored brand in a legendary setting. Mandarin Oriental, Las Vegas is an exceptional luxury 47-story hotel, located at the center of the energized Strip and the forefront of CityCenter, a revolution in sustainable design. Our 23rd floor sky lobby soars above the city’s brilliance, offering guests a non-gaming oasis of oriental calm.
VEER TOWERS: Iconic residential architecture soars from the heart of CityCenter’s retail, dining and entertainment district. Experience life at a higher frequency with Veer Towers at CityCenter Las Vegas. Veer Towers celebrates the essence of a high-style, high-rise lifestyle that taps into the action of CityCenter’s dynamic core and makes urban living a Las Vegas reality.
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