About Las Vegas' Blue Diamond Ranch

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My Dog Ask Me to Tell You to: Find your FURRY Valentine Adopt a Pet in Las Vegas at Silverton Bass Pro Shops

Economic Conditions for the Las Vegas Valley July 2009

Housing Conditions:

• Foreclosure/Short Sale Listings (8/15/2009): Total Listings 11568; Short Sales: 4802, 41.5% of all listings; Bank Owned Listings: 2649, 22.9% of all listings. Short sale and REO listings consume 64.4% of total listings
• New Home Sales (June 2009, units sold): 448 Year Change -42.3% (excl condo conversions, highrises)
• New Home Sales (June 2009, median price): $205,490 Year Change -20.7% (excl condo conversions, highrises)
• Existing Home Sales (June 2009, units sold): 4536 Year Change +66.1%
• Existing Home Sales (June 2009, median price): $125,000 Year Change: -42.7%
• New Home Permits (June 2009): 368 Year Change -58.4%
• Rental Rate (MLS Monthly Average July 2009): $1405/month

My analysis: Distressed listings (foreclosures and short sales) are 64.4% of total listings. THIS IS DOWN FOR THE SECOND MONTH IN A ROW! Credit markets must be watched. Resale sold units and pendings remain impressive. Builders cannot compete with bank owned listing prices, thus sales remain lackluster. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand.

New Residents/Employment Conditions:

• New Residents (June 2009): 4584, Year Change -15.8%
• Total Employment (June 2009): 862,700 Year Change -6.5%
• Unemployment Rate (June 2009) 12.3%, Year Change +95.2%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve. New Resident Count will go down if no new jobs are created. Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (June 2009): 3,436,939 Year Change -11.4%
• Gaming Revenue (May 2009): $747,606,792, Year Change -7.7%
• Visitor Volume (May 2009): 3,527,794, Year Change -6.8%
• Convention Attendance (May 2009): 341,846, Year Change -32.9%
• Hotel/Motel Occupancy (May 2009): 84.4% Year Change -5.9%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Gaming and convention business is big business and those numbers MUST increase. A decrease of over 30% is extremely painful to this economy and all the overbuilt convention space.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion.

No Rain deer for Santa this year!

I ran into Santa at The Silverton Hotel & Casino yesterday and it didn't look like he was going to be riding his Rain Deer this year,

I think he has found a new way of transportation.

My question though is where is he going to put all those presents?

This photograph of Santa was taken at The Silverton Hotel & Casino just off of I-15 & Blue Diamond Road in Las Vegas, Nevada. It is a fairly new hotel and located very close to south strip and has a huge fish tank.

There is also a huge Pro Bass fishing company connected to the casino that I will go and take some photographs later in the future.

The fish were a little restless when I was taking photographs.

If you look real close inside the fish tank you can see a scuba diver that the people are looking at.

This photo shows a better shot of the man in the fish tank and it looks like the one girl is a little frightened by him swimming around.

If your ever in Las Vegas and interested in a more quiet atmosphere and enjoy boating, viewing fish and mermaids, (yes mermaids) please come visit The Silverton Hotel & Casino in Las Vegas, Nevada.

Every once and a while The Silverton Hotel & Casino has a mermaid swimming around in the fish tank. But I will save those photos for another blog.

photographs above taken in Las Vegas, Nevada by: Robert Swetz and duplicating in any form is in violation of copyright infringement and subject to fines.

Please look at my new web site on photography, it's almost complete www.SearchMyPics.com

Real Estate www.VegasBuildingsForSale.com

Home sales activity in Blue Diamond Ranch, a community in southwest Las Vegas, NV fell back in the 4th quarter of 2007. Four homes closed, down from five in the 3rd quarter. For the entire year, 21 homes were sold, down 38% from the 2006 total of 34 homes.

The existing resale inventory of 16 homes (plus 5 with accepted offers) indicates a strong buyer's market, but is showing signs of moving to balanced. Homes in Blue Diamond Ranch are close to all of the amenities of the growing southwest area of the valley, as well as the south Las Vegas Strip.

Here are the details of the fourth quarter sales:

(GLVAR deems information reliable but not guaranteed. Properties listed and sold by various MLS participants. Sale Price adjusted for any seller contributions. DOM = Days on Market)

Blue Diamond Ranch consists of one and two-story homes from 1,108 to over 2,200 square feet, built from 2001 to 2004. For more information, or to buy or sell a home in Blue Diamond Ranch, contact John Novak at (702) 339-9700 or JohnNovak@kw.com.

See also:
Blue Diamond Ranch market report - 3rd quarter, 2007
Blue Diamond Ranch market report - 2nd quarter, 2007
Blue Diamond Ranch market report - 1st quarter, 2007

Las Vegas real estate - December, 2007 market statistics
Las Vegas real estate - November, 2007 market statistics
Las Vegas real estate - October, 2007 market statistics