Back from my Sojourn

So its been a very long while since I've been back to post. Lot of things going on that took time away, most recently my baby sister getting married to a great guy (about time!) in California.

Downtown Las Vegas

Things here in Las Vegas have been changing as well. The spark of recovery is gradually gaining momentum. Tourism is still up again and the strip has been putting people back to work. A few notable projects have been finished over the last year and a half, the biggest two being the Cosmopolitan and the state's largest green project, CityCenter.

Despite a lot of road blocks with financing and some construction issues (with CityCenter), both projects were finally completed and open for business. Several other smaller projects around town have been bought up and are back under construction. The Summerlin village of the Mesa has brand new homes available now by three builders in the Amado community. With the completion of this community, the build out in the Mesa village will near completion, at least for the immediate future. Like the adjoining neighborhood of Ladera Terrace, all of the homes are built to meet/exceed Energy Star standards for energy efficiency.

On the other side of the valley, Mountain's Edge is still finishing its build out. The community of Talavera offers brand new homes by KB Homes. KB Homes has two other neighborhoods in Mountain's Edge, Chaco Canyon and Sterling Ridge. A few other master planned communities are still plodding along as well in other parts of the valley.

Meanwhile in the resale market, things are moving at a brisk pace. With the addition of the new law, foreclosures have slowed down considerably and investors have been very busy snapping up bargains. As a result, prices have been climbing back up again.

Hopefully construction in the valley will continue to improve. There are new projects ongoing but overall it isn't near what it should be. Thanks for stopping by.

The Sahara sold

Las Vegas real estate is still selling. The Sahara hotel and casino has been sold. The deal has been brewing since March of this year. The new owners are SBE Entertainment Group LLC and Stockbridge Real Estate Fund.

As per the norm in Las Vegas, the new owners plan to renovate (gut and destroy) the grand old Sahara, destroying its great history. The building was featured in the original Ocean's Eleven film with Frank Sinatra and Dean Martin. Its one of the last surviving casinos from that era.

No word whether the planned condo hotels will go forward. The Sahara property is 55 years old.

Downtown Las Vegas

Last month the city approved a huge new downtown project. Mayor Goodman has been a driving force behind the redevelopment of downtown Las Vegas so its no surprise that the project was given the green light. Downtown is being divided up into seven districts. Current projects like Juhl will allow people to live right in these new districts, giving them access to art, entertainment, great dining and shopping literally right outside their doorstep.

The new development green lighted by the city will include roughly five million sf of additional retail, commercial and gaming space, another 9,000 hotel and condo units and a 22,000 seat major sports arena and will be approximately 85 acres on the west side of Main. The arena idea has been around for years, but it looks like its finally going to become a reality.

Real Estate Interests Group was selected out of six applicants to develop the arena. Looks like Las Vegas is a step closer to getting a major sports franchise. Plus property owners in the vacinity are certainly going to benefit as well.

What's happening on the Strip

In the tradition of Las Vegas architecture, anything over 15 years old is considered ancient. So its no surprise with the building of the New Echelon mega resort, other strip avenues are also spending big money to update their *ahem* aging properties. Harrahs, owner of Caesars Palace hotel and casino is expanding. Construction is due to be omplete in early 2009.

The centerpiece of the expansion is Octavius Tower, a new 23-story hotel building that will adjoin Augustus Tower (2005). The tower will house 665 new rooom lined with pool suites overlooking three new swimming pools. The new pools will abut an expanded outdoor whirlpool spa retreat, a garden wedding venue (it is Vegas, after all) and a poolside cafe for those who don't want the hassle of drying off to get a bite to eat. A new meeting/convention area will also be built. The existing Forum tower will also undergo rennovation.

With the addition of the Octavius Tower, Caesars will have over 4,000 rooms.

Not to be outdone, MGM Mirage Inc. announced a multi-year makeover for Luxor. The upgrades include a new nightclub, new restaurants and lounges and a new Cirque du Soleil production. Rennovations to the casino floor and hotel rooms will also be done.

Once again, real estate on the strip is proving to be some of the most valuable property in Nevada. This past May Elad Properties paid $34.8 million an acre for the aging Frontier property. Earlier this month FX Luxury Realty paid $36.7 million per acre for 17.7 acres fronting the east side of the Las Vegas strip south of Harmon. Its reported that a 38-acre site across Las Vegas Boulevard from Mandalay Bay Resort & Casino is coming to market that may fetch a price as high as 1 billion dollars.

With the price of strip real estate continuing to climb, high rise owners on the strip can be sitting on a potential gold mine. Time will tell.

Another Las Vegas landmark gone

A fixture on the Las Vegas strip is no more. Today, the Stardust was demolished. The Stardust had been a fixture on the strip for almost five decades, which by Vegas standards, almost rendered the building a historic landmark. The Boyd gaming group that owns the Stardust property along with a host of others, decided to demolish the aging building rather than remodel. The new property that will be built on the old Stardust site will be named Echelon.

Lady Luck changes

After 42 years, the Lady Luck is closing down the hotel and a large part of the casino. The closure comes as a result of a large capital investment into the property. The property is scheduled to reopen in the next 9 to 12 months after the completion of the construction. No word yet whether the new property will be renamed, after all, this is Las Vegas. Anything older than 20 years is considered an antique. In an unprecendented move in the new corporate america, the Lady Luck has helped place approximately 90% of its work force in new jobs. The Lady Luck opened in 1964 as "Honest Johns". It had a total of five employees. The property changed its name to Lady Luck in 1968. This rennovation to the property will be the first one in 20 years.

Las Vegas landmark destroyed

Today marked the end of an era on Boulder Highway. The Castaways hotel casino, formerly known as the Showboat for decades, was demolished. The event was covered by the local news and is the first demolition this year. The original Showboat had been around for decades. It was the perhaps the first casino to cater towards locals, at least a little bit. The resort was known for its bowling alleys. Over the years, the Showboat hosted several national televised bowling tournaments, drawing competitors from all over the United States. The lanes were also popular with locals as well. In order to get a lane on the weekend, you usually had to get there around 6 am or earlier. The new owners are planning on building a new resort on the property. No word yet on the planned name or size of the resort.

Condos In, Westward Ho out

Another Las Vegas strip hotel has gone by the wayside. The Westward Ho closed yesterday after 40 years of being on the strip. The property was located next to Circus Circus and was known for its inexpensive food and drink. Locals visited for the last time for their 27 oz margaritas and 3/4 hot dogs for $1.50. The hotel is being demolished to make way for a new residential condominium complex. The story was covered by Channel 3 news. There is no word yet on the name of the new complex or the number of units that will be available for sale.