Longtime developer Larry Canarelli and investment banker Viney Singal on Wednesday unveiled their new venture together, Capro Capital.
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Locally and nationally, homebuyers have been largely pumping the brakes for months, following last year’s cheap-money-fueled buying binge.
Many people can’t qualify for a mortgage, as they can’t afford the higher payments brought on by rising interest rates.
Southern Nevada is far from alone in seeing buyers pull back amid a sharp jump in mortgage rates.
Z Life Co., which built The English Hotel, filed plans for a six-story building with 108 multifamily residential units and 72 “residence hotel” units.
The rental complex boasts secure lockers for package deliveries, floor-to-ceiling windows, high-end finishes and, rare for Southern Nevada, underground parking.
In Nevada, the property-tax increase for one’s primary residence is a maximum of 3 percent, and the increase for other properties, including land and commercial buildings, is a max of 8 percent.
The Bascom Group recently announced that it purchased 93 units in Suncrest Townhomes, a duplex-style community in North Las Vegas, for $24.75 million.
The luxury home, up against the mountains on the far east side of the valley, is listed for a dollar under $4 million.
Builders reported 1,085 net sales in Southern Nevada in May, the second consecutive month-to-month drop and the lowest tally this year.