Tuesday, September 25, 2007

Lake Las Vegas Live

Lake Las Vegas Live

Link to Lake Las Vegas Live

Las Vegas tops list of overbuilt cities

Posted: 24 Sep 2007 05:04 PM CDT

NuWire Investor recently reported that Las Vegas is the number one spot on its list of the top five overbuilt cities. According to the article, the home inventory reached 23,642 in June, 40 percent of which were vacant. The article also says that condos and townhouses have been overbuilt and are spending an average 335 days on the market. Average single-family homes were spending about 115 days on the market. However, the city's growth is likely to help recovery. With nearly 1.8 million people in the valley, Las Vegas is expected to recover from the overbuilding faster than other cities on the list, which includes Phoenix, Orlando, Miami and West Palm Beach. Read the article here.

Construction started on mid-rise luxury condo project The Mercer in southwestern Las Vegas

Posted: 24 Sep 2007 02:48 PM CDT

Work has begun on another mid-rise condo project in southwestern Las Vegas. The Mercer will feature 113 units and is located on Tropicana and Grand Canyon Parkway. Unlike other mid-rise and high-rise projects that have been delayed by financial difficulties, The Mercer is fully financed by First American Bank in Chicago. The $50 million project has begun construction. The five-acre site is being graded and having underground utilities laid out by Chicago-based JDL Development. It is 50 percent sold and expected to reach occupancy next summer. Despite the number of foreclosure in the valley, mid-rise luxury condo prices haven't been reduced. A two-bedroom, 1,400 square-foot unit at The Mercer is priced at $422,000 and a three-bedroom 2,370square-foot unit will cost $748,000. Read the original Review Journal article here.
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