What's been going on in Las Vegas

It's hard this time of year with everything going on to keep up on all of my projects. Just to update you all on what has been happening here in Las Vegas, there is plenty of news. Back in October I reported the capture of Chester Styles. This scumbag was back in court today, rejecting a plea offering. I guess he's hoping to make the victim have to testify, along why he would when there is VIDEO of him molesting her is beyond me. May he ROT IN JAIL.

In keeping with the spirit of the holidays, some scumbag is going around local neighbors posing as an employee of the Community Outreach Ministries that operates a local thrift store (zip 89110), selling needed merchandise at prices everyone can afford. The ministry also accepts donated automobiles, and there is where our scumbag comes in. So far its estimated that he has scammed eight cars from caring, giving individuals in the valley. If you are approached by this individual, don't try to apprehend him, simply contact Metro. More importantly, if you have items you wish to donate please contact them directly.

Local residents of the Sundance Village Apartments were forced to evacuate when one of the buildings caught fire earlier this afternoon. The blaze broke out about 2 pm. Thankfully no one was killed and the six residents evacuated have been moved to other vacant apartments in the complex.

In other Las Vegas real estate news, another condo complex has been cancelled, but its not what you think. The full story about the condo cancellation can be found on my other blog.

Another high rise bites the dust

There is good news for some high rise developers in Las Vegas, The Curve project has been suspended. No reason was given on their website, but the most likely culprit is rising construction costs. There are over 30 construction cranes in the strip area alone right now, so its a safe bet that construction materials have risen in cost over the last 18 months.

It seems 2006 is going to be the year of high rise cancellations. The suspension of the Curve project comes on the heels of the cancellation of Icon, Ivana and Liberty Tower earlier this year. Despite this recent suspension, the amount of projects going forward is still far more than the majority of the "experts" had predicted.

Currently its a buyer's market in Las Vegas, for high rise condos and homes alike. So the suspension of the Curve project will be a welcome relief to the current projects, lowering the existing inventory and widening the buyer's pool. All but a handful of high rise projects for sale are now under construction. Roughly a dozen or so will be nearing completion at the end of this year or early 2007. A few more are scheduled to break ground this year.

Hard Rock Condos postponed

Owner Peter Morton of the Hard Rock Casino, announced that he is postponing plans to expand the Hard Rock with residential condos. The postponement comes on the heels of the cancellation of Icon, another Las Vegas high rise project. Morton was quoted as stating "You can't hold someone's money while the decision is in the process of being formulated as to the future of the Hard Rock. So we sent out letters and gave people the option. If they want to stay in the project, that's cool. If they want their money back plus interest, that's cool, too."

Those people who have requested a refund of their 10% deposit will also be paid interest on the money. Morton has also received offers to buy the Hard Rock as well, including the land for the condo project.

Meanwhile, Las Ramblas, Vegas 888 and W Las Vegas are going forward with their high rise towers. Another loft project, Luxe Lofts just started accepting deposits today. In what may be the new trend in Las Vegas, Luxe lofts will only have 83 units available. The project will be located on W Flamingo, just east of the 215. Another new project, Echelon will be located in the Northwest off of N Durango and Deer Springs in Centennial Hills. Echelon will be a mid rise project.

Icon canceled

Another Las Vegas high rise project has announced that it will not be going forward. Icon Las Vegas announced Friday that the project has been scrapped. Specific details aren't available at this time. Icon is the 3rd major high rise project to be canceled. It joins the Aqua Blue and Krystal Sands. Some analysts had predicted as many as 1/4 of all announced projects would never come to fruition. So far, they are woefully short of their predictions.

Icon was to be located on Convention Center drive, just a few blocks from the strip. There is no word yet as to the disposition of the property. Parties that have made deposits on Icon units can still reach the listing broker for Icon at 1-866-988-4266.

Despite this cancellation, the high rise boom is still going strong. Pinnacle One just starting selling as well as Vegas 888. Units for George Clooney's project, Las Ramblas are also still available.

In other news, the Sunset Casino had its grand reopening of its buffet. The marquee in front advertised it with more fresher selections. If only it were true. In addition to paying $3.00 more per person for lunch, the food selection was actually less. The entire Texas section is now gone. The international station is mainly Mexican food and the salad and desert stations are half their original size. I sure miss the old buffet... At least the Orleans still has a nice buffet.

Not all high rise condos are meant to be

I'm surprised that this hasn't happened sooner. A Las Vegas high rise condo hotel, Krystle Sands, has been canceled. The property was bought by the neighboring Turnberry Place, located just behind the Las Vegas strip, for an undisclosed amount. Krystle Sands was nearly sold out at the time, and at this point there is no word on what they intend to do regarding commissions owed to the realtors who sold their properties. It wouldn't surprise me to see lawsuits being filed soon. Of course, the void that Krystle Sands left is already being filled. New high rise luxury condos have been announced. Seems the only constant in Las Vegas is change.