Wednesday, December 12, 2012

Lake Las Vegas Live

Lake Las Vegas Live

Link to Lake Las Vegas Live

Las Vegas Property Market on the Upturn Finally

Posted: 12 Dec 2012 03:17 AM PST

The tide appears to have turned in favor of the Las Vegas property market which saw prices dropping by as much as 70 percent with the US housing meltdown of 2008. Recent statistics show that home prices are on an uptrend and new lows were registered in foreclosures in the city.

Based on figures from the Association of Realtors, the median price of condominiums sold this September rose 19.8 percent, while a 13.7 percent gain was recorded for single family homes. Significantly, sales-listed single family homes and condo units which didn't receive buy offers for the month dropped by 63.1 percent and 35.6 percent, respectively. This decline manifests the U.S.-wide trend of lower home inventory, rising demand, and upward push on prices.

This September, foreclosure filings nationwide nosedived to a five-year low, resulting in fewer properties bound for lenders' seizure. For the state of Nevada, a report by RealtyTrac showed that foreclosures declined by 71 percent which translates into one foreclosure filing for every 158 mortgaged homes.

Significantly, international buyers are adding to the local housing demand. An increasing number of visitors from China, Hong Kong, and Taiwan, have been noted recently, and such arrivals are expected to continue for quite some time. According to a projection by the U.S. Department of Commerce, there will be a 219 percent increase in Chinese visitors in Las Vegas by 2015. With the growing influx of foreign arrivals, Terminal 3 at McCarran Airport has been expanded.

Mandarin Oriental Las Vegas is one of the direct beneficiaries of this uptick in international visitors. Its lofty reputation, competitive pricing, and attractive rental income opportunities make the Mandarin popular among foreign buyers. Discounts of as much as a 50 percent are said to be available, making the Mandarin a competitive choice. With net rental yields at 7 percent on the average, acquisition of a unit here is indeed worth a look from foreign buyers.

Not up to par

Posted: 11 Dec 2012 09:47 AM PST

TripAdvisor traveler rating: 2 of 5 stars

Booked a week through Interval as timeshare exchange for April 2012. I was vacationing with husband but had to work this week of our vacation so required internet. Confirmed with the establishment...

Owner response

Posted: 11 Dec 2012 10:35 AM PST

TripAdvisor traveler rating: 0 of 5 stars

Thank you for your patronage of the Ravella and thank you for taking the time to share your very kind words and feedback. I will be sure to share everything with the entire team. We value your...

Owner response

Posted: 11 Dec 2012 11:02 AM PST

TripAdvisor traveler rating: 0 of 5 stars

We appreciate your wonderful comments about Ravella. Our team works hard to make sure each guest feels welcome and has an enjoyable stay; whether it's in a group setting, family vacation or a romantic...

Owner response

Posted: 11 Dec 2012 11:10 AM PST

TripAdvisor traveler rating: 0 of 5 stars

We are glad you had an opportunity to enjoy Lake Las Vegas and it's relaxing atmosphere. We appreciate the nice things you wrote and will forward your suggestions to the appropriate departments. We...

50 Cent Takes Swing at Promoting Boxing in Nevada

Posted: 19 Nov 2012 05:23 PM PST

Rapper and entrepreneur 50 Cent is taking a swing at promoting boxing in Nevada.

<b>Lake Las Vegas</b> Video

Posted: 09 Dec 2012 10:16 PM PST

Wherever you are in the country this Video is sure to bring you back to summer. Some great riding by Ricky G, Gordon Harris and legend Frankie Panno. Filmed on the top secret boat forbidden Lake Las Vegas during the ...

Ravella, Casino MonteLago Sold for $46.8 Million

Posted: 11 Dec 2012 07:17 AM PST

Kam Sang Co., a California real estate firm based in Arcadia, has acquired the hotel Ravella at Lake Las Vegas and its adjoining Casino MonteLago for $46.8 million.

The casino building and the 349-room Ravella at Lake Las Vegas were purchased from Village Hospitality LLC, an extension of Deutsche Bank. The bank unit acquired the property in 2009 after the original owners filed for bankruptcy protection. Then known as the Ritz-Carlton, the hotel defaulted on a $103-million mortgage, leading to Deutsche Bank's foreclosure on the property. The hotel was reopened in 2011 under its new Ravella name.

Kam Sang has expressed interest in the property as early as 2009, but the initial overture was rejected. This February, the company revived its purchase proposal to Village Hospitality, reportedly at a price lower than the original offer. A Kam Sang executive said their purchase timing now was great with Ravella having a nonbank owner. He added that their company has been eying acquisitions on the quality and scale such as this purchase. They intend to keep the Ravella for the long-term and consider other Las Vegas hotel opportunities, he said.

The Ravella purchase was the first acquisition of Kam Sang, a thirty-three-year-old development firm, outside of Southern California. In this area, the company owns not only hotels but also residential assets, retail shops, and restaurants as well as other mixed-use properties. The hotels in its investment portfolio include the Sheraton Hotel in Anaheim, Embassy Suites in Glendale, Courtyard Marriott in Baldwin Park, Rancho Cielo Estates in Rancho Sante Fe and Residence Inn by Marriott in La Mirada. Among its retail properties are Puente Hills East at the City of Industry, Simi Valley Town Center at Simi Valley, and Kaleidoscope at Mission Viejo. The majority owner of Kam Sang is real estate developer Ronnie Lam who likewise owns Tokyo Wako, a Southern California chain of sushi restaurants.
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