What’s going on in Las Vegas real estate
A few nuggets of FYI:
The downtown casino’s have settled on a new 5 year contract with the Culinary Union. Only a few holdouts remain in the Las Vegas Valley. The most notable and problematic is the Tropicana which has had major problems with the unions since its takeover. The word on the street is that the Union may soon strike putting further pressure on this old Queen that has yet to be renovated. At this point Asatar has not come up with any decisive plan to rebuild on this site. If this property were to have employment problems it could cause a great deal more red ink since the property cannot currently produce enough income to cover its debt load. Hold on to your hat as we could see the Tropicana close while they figure out what to do with the property.
At the other end of the strip on the North East corner of Las Vegas Blvd. and Sahara, the old “Holy Cow Casino aka the Ivan Condo Tower” site has been sold to a quiet reclusive real estate investor from Arizona. He said he has no plans for the site but felt it would be a good investment. In my personal opinion this is investor speak for “I’m negotiating to buy more land around it or cut a deal with an adjoining property owner.” It will probably be Spring before we hear any plans for this high rise zoned corner.
Near the Northwest corner of Sahara and Las Vegas Blvd. the Allure condominium Tower I is nearing completion and will start owner move-ins in the next few weeks. The second tower has been moth balled until the market changes.
The number of Las Vegas homes for sale keep rising as the Lenders continue to foreclose. I personally have had several calls from home owners trying to figure their way out of the payment reset jamb from exotic mortgages. It seems that the Companies such as Countrywide have not been returning their customers calls according to my source. She stated that she has tried several times and left messages on their answering service but has yet to receive a return call. It seems that perhaps the willingness of some of these companies to save people in foreclosure may be more “Public Relations” than earnest effort. Of course the above is my personal opinion and not any statement of fact.
For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.