Sales of U.S. existing homes up 4.9 percent in May
Housing
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The Howard Hughes Corp., in a joint-venture with Discovery Land Co. of Scottsdale, Ariz., will build about 250 homes on large lots in what is expected to be the most expensive luxury development in the Las Vegas Valley.
The Greater Las Vegas Association of Realtors reported Monday that the median sale price of a single-family home in the Las Vegas Valley hit $195,000 in May, returning to where it was in March after dropping to $192,000 in April.
Nevada remained a high-foreclosure market despite a May surge in defaults in other states, a Monday report said.
In another recovery milestone, a new master plan is set to get underway in northwest Las Vegas. Skye Canyon was scheduled to hold its groundbreaking on June 5, making it Southern Nevada’s first big, new residential development to get underway since the recession.
Taxpayers are still helping prop up North Las Vegas’ Buena Vista Springs senior apartment complex, some five months after tenants called for a rent strike and nearly a month after politicians labeled the oft-maligned complex’s owner a “slumlord.”
The Olympia Cos. went all out on Thursday at the kickoff event for construction of Skye Canyon, a 1,700-acre master plan at U.S. 95 and Fort Apache Road in northwest Las Vegas.
An East Coast investment firm won a bidding war for a share of a big local shopping center. First Allied Corp. dropped $11.5 million in cash to buy out of receivership a 60,105-square-foot chunk of the 267,000-square-foot Spring Valley Town Center at Flamingo Road and Rainbow Boulevard.
Cathy Jones heads the No. 1 woman-owned commercial real estate brokerage firm in Southern Nevada. However, she took a roundabout path to get there.
Southern Nevada’s industrial market stayed in a holding pattern in the first quarter, according to a new report. The sector’s overall local vacancy rate was unchanged compared with recent quarters, at just over 11 percent, said brokerage Avison Young.
Sales of U.S. new homes recovered in April after slumping in the previous two months. But Americans are still buying new homes at a slower pace than they did a year ago.
Nearly 34 percent of Las Vegas homeowners remain underwater, according to a report Tuesday from online real estate database Zillow.
Asking prices are up, and some of Southern Nevada’s best commercial deals are picked over. But that isn’t stopping a California investor’s local buying binge. MCA Realty boosted its local portfolio with three recent deals.
Nevada’s foreclosure rate was eighth in the nation in April after falling behind Florida, Maryland and five other states in the rankings.
There’s Class A, and then there’s Class AAA. For an example of the latter, look at 1701 Village Center Circle in Summerlin, where perhaps one of the highest-end office buildings in the Southwest has come on the market.
