Arizona Developer Buys Ivana Condo Site!

Once again the land on the northeast corner at Sahara and Las Vegas Boulevard has changed hands, this time being purchased by Steven Johnson, longtime real-estate developer, who, for the past several decades, has quietly negotiated land deals in Arizona and around the Southwest. Most recently, Johnson bought the three adjacent parcels at the northeast corner of Las Vegas Boulevard and Sahara Avenue according to Clark County land records.

Previously the site of the Holy Cow Casino, this two acre parcel was most recently proposed to be the tallest condo tower in Las Vegas, according to would-be Australian developer Victor Altomare. Launched with the motto "In Vegas, Size Matters," The Ivana Supertower was intended to be an 80 story building soaring above the Las Vegas Strip at 923 feet. Much was made of the competition between Ivana Trump, after whom the building was named, and ex-hubby Donald for sales of their respective Las Vegas condos properties. But after numerous launch parties and lots of hoopla, eventually Altomare quietly folded up shop and headed back to Australia.

The current sale shows Johnson paid $45 million for the two acre Holy Cow/Ivana parcel. Johnson says that he is at least a month from finalizing plans for the site, which is across from a multibillion-dollar resort that MGM Mirage Inc., Kerzner International Holdings Ltd. and Dubai World are planning. Since the site is entitled for a casino, there is speculation that there will be some sort of gaming on the property. But much of the property Johnson has purchased in Las Vegas has been turned into Walgreens drugstores, including one on the Las Vegas Strip near the MGM Grand hotel-casino and another at the corner of Charleston and Las Vegas boulevards.

Whatever he builds there, Johnson's intention is that by the end of 2009 his project will be 75% complete. Evidently Johnson, who has been extremely successful in all his past real estate ventures, feels that Las Vegas real estate is still a good investment, even with a $45 million dollar price tag! That's why it's also a good time to look into Las Vegas homes for sale. Buy when the "big guys" are buying too.

Prudential Welcomes New Mortgage Lenders

This morning at the Four Season's hotel in Las Vegas, Prudential Americana Group Realtors introduced Adam Kearney and Eric Torykian as the newest high profile mortgage lenders to join MJM Home Loans, an affiliate of Countrywide Mortgage. I have been privileged to work with Adam and Eric for years, and was tremendously excited about them joining the company.

I originally met Adam when he was coaching wrestling to my two young sons. He was still in college at the time, and had been the Nevada state wrestling champ his senior year in high school. It takes an amazing commitment and drive to become a state champion, and wrestling is a team sport as well as an individual competition. Adam brings the same kind of all star dedication and enthusiasm to Las Vegas mortgages that he did to wrestling, as well as the team spirit necessary to put deals together. And he never gives up on a client when trying to find the perfect loan that will allow them to purchase their dream home. Adam specializes in knowing all the different loan programs, no matter how obscure, and matching them to the client's needs. And he has a phenomenal staff behind him, getting paperwork processed in an expeditious manner.

I have called on Adam many times when the buyer's lender on one of my listings left us all hanging at the last minute after promises that the loan was "good to go." He has literally taken a loan, packaged it, gotten it approved and funded it within 3 days, start to finish. To get the job done, he has even had his processors literally get on a plane and fly to another city with loan docs, gotten them signed and notarized and flown back so that the loan could be funded on time. That kind of service is why I have followed Adam through five different mortgage companies over the years, and am honored to call him a friend as well as a business associate.

In these days when many mortgage companies are shutting their doors and are unable to put together a loan package that gets funded, lenders like Adam and Eric, with their commitment to customer service, are essential to any real estate transaction.

When will the market come back in Las Vegas?

This is a question we are asked all the time! I always reply that my crystal ball is broken, but recently I have been noticing that though sales are still slower than they were in 2004 and 2005, the hectic "golden" years of real estate, they seem to be remaining steady. And the buyers, though still a bit gun shy, are showing signs of returning to the marketplace, impatient to get into home ownership again finally. My personal prediction is that next spring, we will see the Las Vegas homes market totally return to "normal" because of pent up demand plus the influx of both retirees and younger people looking for jobs in all those upcoming casinos.

Guess I am not the only one who thinks so. Forbes recently released its list of top 10 picks of where to buy real estate now based on what it perceives as future trends (see article below), and Las Vegas was on it! So for those weary Las Vegas home sellers, hang in there, better times are coming! And for buyers, better get on the ship now before it leaves the dock and you have to swim for it!

Daily Real Estate News October 9, 2007

The real estate business may be facing a softening in sales, but there are parts of the country where it makes sense to buy now. Forbes magazine examined current home sales patterns and sales projects in the country’s 40 largest real estate markets to identify these attractive markets. Based on models that estimated 2008 housing inventory, sales rates, and turnover, the magazine compiled a list of markets that are experiencing price declines, but where buying looks attractive because there is likely to be an increase in sales in the near future. Here are Forbes’ and Moody’s 10 most attractive cities along with the median homes sales price and their price change from 2006.

1. Fort Worth, Texas: $156,500, 1.7 percent
2. Kansas City, Mo.: $157,700, -0.7 percent
3. Houston: $154,900, 1.4 percent
4. Cleveland: $128,700, -7.1 percent
5. Denver: $255,200, none
6. Long Island, N.Y.: $482,300, 1.7 percent
7. Washington, D.C.: $445,300, 0.3 percent
8. Orlando, Fla.: $265,100, -2.4 percent
9. Phoenix: $264,800, -2.7 percent
10. Las Vegas: $307,900, -3.6 percent

Source: Forbes, Matt Woolsey (10/08/07)