June Stark-Las Vegas Condos High Rise Expert

Finally, an article with a positive analysis for Vegas - If you read between the lines and follow the train of thought - by the end of 2009 - Vegas real estate prices may begin to enter an upswing.

READ THE FORBES ARTICLE.

Having lived here since 1972 - there is one thing I can say for sure and that is that the people keep - a - coming. Sure there are sectors of the market that have a low absorption rate, such as the high rise condo sector, but there are oodles of entry level homes moving into pending & contingent status daily, and the high end custom home sector - glutted that it is with inventory - still has folks shopping daily for a luxury home at 2003 bargain price levels - 30% off their peak. We still have about 3-5000 people moving here a month. With housing starts way down - the resale segment of the market in Henderson and Las Vegas may be poised for a turn around as soon as this time next year. It's just a numbers game. And pretty easy to see the trend. It's the lack of financing that could but a damper on a reversal.

Our team is swamped showing properties - there is no lack of buyers for Las Vegas properties - just a tad of a stalemate between what the seller's want and what the buyer's are willing to pay. Almost every buyer we are working with these days is All CASH & in these days of tight lending....CASH IS KING. It is a tough market in which to be a seller. For every 3 Sellers willing to hold and try to "wait the market out" - there is one willing to liquidate and reposition assets, take the hit & drive the comps down. Its a CASH buyer's dream market. Can we tell where the bottom is? No way! We were not given a crystal ball along with our real estate licenses. But my bet is that Vegas will have a great comeback...it always does! When? Time will Tell.

Contact the Stark Team for All Your Las Vegas Real Estate Needs

702 236-8364

Am I missing something? Do Auction Companies need to disclose? Fresh off the press is this release about a Lake Las Vegas Property Auction - READ ON.

Not a mention of the fact that the masterplan in bankruptcy and there is chatter that they lake may be drained and therefore remain a hole in the ground...the following is excerpted from Bloomberg.com:

Lake Las Vegas Joint Venture LLC, the developers behind Lake Las Vegas Resort, which filed for bankruptcy in July, received court approval yesterday to enter into a $127 million financing arrangement while the bankruptcy is pending, the company said in a statement.

The debtor-in-possession, or DIP, financing, will be provided by a ``group of lenders led by Credit Suisse,'' Lake Las Vegas said in the statement. The deal has been consented to by ``various creditors'' and the official committee of unsecured creditors, Lake Las Vegas told U.S. Bankruptcy Judge Linda B. Riegle, according to the statement.

The company, which owns 3,592 acres of planned homes and resorts outside Nevada's largest city, filed for bankruptcy protection on July 17, blaming the credit crisis and the depressed real estate market.

Lake Las Vegas Joint Venture LLC said it had as much as $1 billion in debts and as much as $500 million in assets in court papers filed in U.S. Bankruptcy Court in Las Vegas.

Lake Las Vegas Has Temporary Authority to Use Cash

Lake at Las Vegas Joint Venture LLC, the master developer of the Lake Las Vegas Resort 17 miles from the Las Vegas Strip, received the court's authority to use $1.1 million in cash temporarily until an Aug. 4 hearing on the company's request for approval of $127 million in financing. The financing is to come from Credit Suisse Cayman Islands Branch as agent for lenders.

Information about the use of cash was contained in a statement the company issued yesterday, although it didn't appear early this morning on the court's records.

The developer filed for Chapter 11 protection last week in Las Vegas with affiliates, saying assets are more than $500 million and debt exceeds $1 billion. Secured debt includes $671 million in first mortgages on the property aside from the golf courses. There is another $134 million owing on the golf courses, according to an affidavit filed in the bankruptcy court.

The companies have $20 million in unsecured debt, including $15 million owing to trade suppliers.

The development is a 3,600-acre master-planned community with a 320-acre man-made lake next to the Lake Mead National Recreational Area. It has three golf courses, two hotels, a casino, retail stores and more than 1,600 completed residential units, the developer said.

Atalon Group from Las Vegas now controls the development after taking over in January following the previous owner's default last year on $540 million in debt.

Affiliate Village Hotel Investors LLC, the owner of the resort's Ritz-Carlton hotel, filed a Chapter 11 petition in April in Las Vegas to halt foreclosure of the $103 million mortgage held by German American Capital Corp., a subsidiary of Deutsche Bank AG.

The case is Lake at Las Vegas Joint Venture LLC, 08-17814, U.S. Bankruptcy Court, District of Nevada (Las Vegas). The prior filing by the affiliate is In re Village Hotel Investors LLC, 08- 13043, U.S. Bankruptcy Court, District of Nevada (Las Vegas).

I just wonder if these potential buyers will be made aware of the above so that what seems like a great price may not be so great given the state of affairs. This is not to say that buying a discounted property at LAKE LAS VEGAS, will not turn out to be a fabulous buy in years to come - but what looks like a deal may not be.

Reminds me of the folks who bought Turnberry Place foreclosure units at auction sight unseen based on the auctioneer's price per sq. ft. analysis, at what appeared to be fantastic prices, only to find out after they took possession that the views are totally blocked by the Fontainebleau gargare structure going up right outside their living room windows. Noise - dust - construction workers welding steel...what a view!

It pays to hire an informed real estate agent who will help educate you.

Our services are at no cost to you!

Contact the Stark Team for all you Las Vegas Real Estate needs.

www.LasVegasLuxuryHomes.com

702 376-5220

With MGM CityCenter running over budget from a proported 6 billion dollar project to its latest estimate of about $9.6 billion, and the latest round of needed financing in question, MGM/Mirage execs say all will be just fine with the project. Afterall, Dubai is a 50% partner.

Read The News

You can see the Mandarin Oriental Hotel in the left foreground. It will be a hotel with 220+ residences atop the hotel rooms and it is some of the priciest real estate in Vegas. Right foreground is Turnberry/MGM's Signature at MGM Grand Tower 1. The Harmon corridor is developing really well, with the Planet Westgate Timeshares and Residences well underway and the COSMOPOLITAN RESORT right across from CITYCENTER. Between the 500,000 sq. ft. of shopping at CityCenter and 300,000 sq. ft. at COSMO, plus Planet Hollywood Shops, it will be a lot of fun to get some mall walk exercise in 2009!

Even the Donald is not Immune to the R word. Read on courtesy of the Las Vegas Review Journal.

Recession? Sure we are feeling it in Las Vegas. The press singles us out as the doom and gloom town, but having lived here for over 3 decades, my bet is that our town will be amongst the first to rebound. Sure we are in the throws of a worldwide economic slowdown. I am getting a bit tired of Vegas being singled out as the epicenter of doom. Speaking of epicenters, I wonder after today's earthquake in Los Angeles, how many folks will pack it in & move to Vegas. The Californians came in droves after the last quake. We had an affordability problem in housing that has surely gotten better, setting off a new wave of buyers. Alas, cash is king, money is tight. Therein lies the problem.

To view the inventory of condo resales in the MLS - CLICK HERE.

To View The STARK TEAM's Listings - CLICK HERE.

Turnberry Towers East - Las Vegas Photo Tour

Located just off Paradise Road at Karen, this guard gated high rise complex is Turnberry's newest addition to the Las Vegas skyline. With gas prices ever increasing, the fact that the monorail station is located next to the Turnberry Towers site, will appeal to more and more folks in years to come. The sister project, to Turnberry Place, the forerunner of high rises in Las Vegas, the units at Turnberry Towers are smaller and more affordable. The towers feature 2 stacks of 1 bedroom units n 814 sq. ft. with terraces overlooking the Las Vegas Country Club golf course as well as the strip, in addition to several innovative 2 and 3 bedroom plans.

CLICK HERE TO VIEW TURNBERRY TOWERS RESALES

You can see why these new luxury condos close to the Las Vegas strip are so appealing!

For a private tour - Please contact THE STARK TEAM

LAS VEGAS LEADING HIGH RISE CONDO EXPERTS.

702 236-8364