Thursday 17 August 2017

Seven Off-Strip Resorts To Consider In Vegas

The article Seven Off-Strip Resorts To Consider In Vegas was first published on: http://www.vegascondoscene.com

While mostly known for its abundance of adult entertainment, the glittering lights of Sin City are not merely limited to offering fun and entertainment. Las Vegas also provides professional a productive opportunity for business meetings and corporate gatherings. Those who visit the Entertainment Capital of the World on business should be aware that though the Strip is widely popular, off-Strip resorts provide luxurious amenities and a safe distance from the chaos of the city that never sleeps.

The benefits of choosing an off-Strip resort for your next business trip are many. For one, off-Strip resorts are likely to be far less costly than resorts on the Strip, and you are far less likely to lose time getting caught up with Vegas traffic and tourist mania. Additionally, being a safe distance from the Vegas nightlife will allow for better sleep in the evening, ensuring more productive days during your stay. Depending on the day of your checkout, you may have a quicker trip to the airport with easier freeway access as well. If you desire just a little taste of Vegas life on the Strip, shuttle services are available at all off-Strip resorts.

The following resorts offer a good distance from distraction, but still provide a means of escape for those willing to go a little out of the way to do so:

1. Golden Nugget

While the downtown area of Las Vegas did not seem to have much to offer over several decades, a notable makeover has been performed in the last five years. After $170 million worth of renovations, Golden Nugget hotel and casino, located in the middle of Fremont Street, now offers 37,000 square feet of space for business meetings and a seating capacity of 1,300.

2. Hard Rock Hotel & Casino

Two blocks east of the strip is the iconic Hard Rock Hotel. For those seeking balance on a work trip, the Hard Rock allows productivity in the daytime and fun for all in the evening. From smaller executive and board gathering rooms to larger halls, Hard Rock has 100,000 square feet of overall meeting space. As far as night life, Hard Rock has a great range of restaurants including Culinary Dropout, Pink Taco and 35 Steaks + Martinis. Those seeking a bit more excitement can go to The Joint concert venue or Vanity nightclub.

3. JW Marriott Las Vegas Resort & Spa

When purely focused on business during a Vegas trip, look no further than the elegance of the JW Marriott, which is a non-gaming property known for having the best pool in the Las Vegas Valley. With 76,000 square feet of meeting space and a maximum capacity of 1,280, this location is ideal for those who have a purely productive mindset.

4. Green Valley Ranch

Referred to by locals as GVR, Green Valley Ranch conveniently offers freeway access to the Strip. With 40,000 square feet of meeting spaces, GVR also provides everything you can possibly need; from restaurants to shopping on site. Though if you are looking for an escape from work, the Strip is only 10 minutes away.

5. Westgate Las Vegas Resort & Casino

Just a short distance from big time resorts like the Wynn and the Venetian, the Westgate offers a ballroom and pavilion which can both accommodate 10,000 people in its 70,000 square feet of space. Additionally, the Westgate is also a mere walking distance from the Las Vegas Convention Center.

6. M Resort Spa Casino

Several miles south of the Strip on Las Vegas Boulevard, the M is perfect for small and large business meetings with 92,000 square feet of space. The resort also features the 25,000 square foot M Pavilion and ballroom of 17,400 square feet. Most who visit the M stay onsite, but a shuttle is always available for a quick ride to the Strip.

7. Hilton Lake Las Vegas Resort & Spa

In the building that was once the Ritz-Carlton is now a resort that offers a space conducive to work and meetings throughout the day. The Hilton Lake Las Vegas Resort & Spa has 100,000 square feet of space for business meetings as well as a ballroom holding a maximum capacity of 1,200. The peaceful, retreat-inspired facility offers paddleboarding, golf and plenty of fountains and lake views. Those who need a break from peace and serenity can take a shuttle to the Strip, which should take about 20 minutes.



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Tuesday 15 August 2017

Californians, Buying Real Estate in Las Vegas is Affordable & Fun!

The following blog post Californians, Buying Real Estate in Las Vegas is Affordable & Fun! was originally published to: http://vegascondoscene.com

Where does one vacation when they live in such a vacationer's dream state like California? Well, Las Vegas of course! Only a 4-hour drive from Los Angeles, Vegas is the perfect place for California residents to get a long weekend away. So, why not purchase a second home in Las Vegas?

Find Some Profit by Owning Real Estate in Las Vegas

Property values in California are among the highest in the United States. Las Vegas, in comparison, is rather affordable for property owners. Californians can use this to their advantage by securing a second mortgage or a home equity line of credit against their principal residence to purchase a vacation home in Las Vegas. Taxes and association fees are also far more affordable in Las Vegas than most parts of California, so annual maintenance will not bleed the purchaser dry.

Since Las Vegas gets travelers year-round, the investment would not need to sit idle while not in use by the purchaser. A second home could easily be rented out to vacationers while not in use by the owner. The rental income would have the potential to pay the annual fees associated with ownership and could even net the owner a profit. There will always be vacationers seeking a place to stay while in Vegas, why not make a little extra money by being a property owner? And when renters do not occupy the place, all you have to do to get away for the weekend is drive there!

 

Have fun at a Moment's Notice

Why leave the beach setting to go on vacation when so many flock to beaches for their summer getaway? Well, if you're surrounded by the beach all year it's likely to lose some of the appeal. Las Vegas has the thriving night life appeal of gambling and the party scene. It's nice for anyone to get away from their daily lives, even if they are surrounded by pristine beaches year-round. Having a change of scenery is good for anyone every once in awhile. A few hours drive and you get to see the desert instead of the coastline.

It makes financial sense to invest in a home in Vegas if you plan to travel there more than once or twice a year. Staying in hotels and rental properties can be such a hassle. You have to find the place, check in, check out, be careful to make sure you don't forget anything. All this planning eats hours away from your get-away. If you own the place, you can keep your Vegas belongings there and spend hours less on packing and unpacking. Plus, you can already have supplies on hand and not worry so much about leaving anything behind. It would also be possible to travel with pets, a major headache for many vacationers.

Given that property values are significantly lower in Las Vegas than California and it's not too far of a drive for most Golden Coast residents, it seems like a foregone conclusion that second home ownership in Las Vegas is worth the time and yearly maintenance cost. After all, who wouldn't want to use the equity in their main residence to fund a fun getaway?



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Thursday 10 August 2017

The Four Most Important Things To Consider When Purchasing Las Vegas Condos

The Four Most Important Things To Consider When Purchasing Las Vegas Condos was first published to: http://www.vegascondoscene.com

Condos may not be the most common living choice in Las Vegas. However, their popularity in other cities is causing more people to consider them. They are attractive alternatives to the standard single family homes and are more affordable. If you are looking for a vacation home, then condos are great low upkeep options. They also serve as a good choice for anyone wanting to downsize.

There is a surge in the area of young professionals that are attracted to condo style living in the core of the city. Real estate professionals are noticing the trend towards condos and predict that so long as interest rates stay low and demand remains high, condo living will increase.

Like all home purchases, you must first consider budget and the location in a town that you want to live. This will help to narrow your search as you start looking for a condo. Beyond price, there are a few suggestions Las Vegas real estate agents recommend that you consider.

1. The Homeowners Association

Many Las Vegas communities have homeowner associations, and these are particularly valuable when looking for condos. Most of the information you need and want about the condo does not actually involve the unit itself, but rather the governing body.
These associations are responsible for maintenance when it comes to condo properties. Knowing this, you will want to make sure the one you are looking into is well funded. Request copies of their last budget to make sure funds are sufficient. Insufficient finances can indicate that fees are likely to rise and the building will go into disrepair.

You want to make sure you are fully aware of the association rules as they are usually much stricter than with houses. There will be regulations for parking, the number of cars you can park on the property and restrictions regarding pets and their sizes if allowed. Review the declaration of the CC&R's (covenants, conditions and restrictions) should be readily available. Some people do not like the number of restrictions, but if you happen to be looking for a quieter life style, then these may suit you just fine.

2. The Financing

Banks have more unique requirements when it comes to approval for a condo, making it a slightly different process to getting a single family home. It is not uncommon for condo developments to have pending construction litigation, so banks will have the homeowners association complete a questionnaire on this. If there is litigation or if more renters live there than owners, banks may not be quick to loan you the finances.

Some banks, however, will work with you. Nevada State Bank is one such institution that offers mortgages specifically designed for condo purchases. Real estate brokers always recommend going to credit unions first before larger banking organizations. You also want to try for a conventional loan before a Federal Housing Administration loan, which has stricter requirements.

3. Your Lifestyle

It is important to consider your lifestyle and budget before choosing a condo. There are many developments across town, so you can look for exactly what you need.

The most expensive options are the high-rise condos with buyers facing average prices around the mid-six figure range as well as higher association fees. You do get what you pay for as units often come with fabulous amenities; a concierge, modern gym and equipment, on-site spa facilities even theaters and limo service to mention a few. High rise units are often located in the city center with easy access to the Strip and sensational views.

Luxury mid-rise units are available if you want a high-end feel without the high prices. While this option is more affordable, you often miss out on some of the more desirable amenities.

If you are simply just looking to save money, low-rise or garden style condos will be the best choice. Available in two or three story options, these condos are more budget friendly. If your finances have you somewhere between a low-rise and a mid-rise, real estate agents recommend looking into town homes, which can range from $150,000 to $300,000.

4. The Building

Always inspect the common areas of any development you are interested in. Go check out the pools and pay attention to surrounding walls and landscaping. If things are looking in rough shape, you may want to consider another location because it could indicate that the homeowners association is poorly managed. Any disrepair will impact your living experience and will damage potential resale value over time.

Agents also recommend avoiding conversion units; buildings that were originally apartments and have been renovated into condos. The reconstruction typically causes structural problems and defects.

When looking around and in the unit, use your best judgment. Your visual analysis is often very reliable. Even when a bank discovers pending litigation for construction defects, this is not the worse thing. While it sounds ominous, it may, in fact, be a very small thing and an easy fix. Take a look for yourself and assess everything and pick the spot that feels most like home.



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Tuesday 8 August 2017

Las Vegas Housing Market Too Hot? Is This Boom Unsustainable?

The following article Las Vegas Housing Market Too Hot? Is This Boom Unsustainable? is available on: http://www.vegascondoscene.com/

Have you always had your sights set on Lake Tahoe real estate? Prepare yourself to spend a good chunk of money to make that dream come true. A recent listing is going for $75 million! This is the most expensive home to be listed on the waterfront according to the Reno Gazette-Journal. Granted, you may not require the theatre, 13 fireplaces or the caretaker's quarters this estate boasts, but you will still spend a good bit to have a home in Las Vegas.

Real estate in Las Vegas is overvalued by an "increasingly unsustainable" about 15% according to Fitch Ratings. Fitch manager Grant Bailey stated that the area "has rebounded dramatically from the financial crisis, so much that its upward momentum has carried it too far and home prices have not overshot." Fitch also adds that Nevada "has now emerged as the most overheated housing market."

Even at 15% overvaluation, Nevada has seen worse over-inflation. In 2013 the housing market in the area's real estate appreciated by 30% from year to year. This is thought to be caused by investors buying up property to use as rentals. Many feared another financial crisis in the housing market during this climb, but the inflation rate has backed down by about half.

The area is no stranger to overvaluation of real estate. Back in 2006 home values were overvalued by nearly 50% during the big construction boom. Of course, the housing bubble was partially to blame for that too as buyers who should not have been granted loans were buying left and right.

Values today are still up by about 10% over last year. While this is much more reasonable than the 30% of previous years, it still makes the area the third largest growing market in the country.

While foreclosures are down, they are still a prevalent force in the housing market. While the figure is down from 2016, still one in every 191 homes in the area saw w foreclosure-related filing thus far this year. This is down 30% from last year but still ranks 18th in a list of 200 metro areas. Atlantic City (America's East-Coast gambling mecca) still tops the list of foreclosures at 1 in every 58 homes having a foreclosure related filing.

There is still a limited inventory of real estate in the area and a lot of buyers: a recipe for overvaluation of property. This can make it extremely difficult for a property owner to find adequate buyers for their properties, which accounts for so many properties being purchased as investment properties rather than for use as a primary residence.

So, who is in the market for Las Vegas property? Foreign investors are buying United States properties in numbers previously unseen. Foreign investments in Las Vegas area real estate has increased by 49% this year compared to last. The National Association of Realtors reports that Chinese citizens snagged the most property, followed by Canadian and Mexican buyers. These buyers purchased 284,955 properties which account for 32 % of all sales last year.

As a purchaser, you better have a good amount to spend on a Las Vegas home or condo. If you're a seller, you may want to rethink the traditional buyers and seek investors to make that sale.



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Thursday 3 August 2017

Five Unique Off-Strip Activities To Check Out In Las Vegas

The following post Five Unique Off-Strip Activities To Check Out In Las Vegas is republished from: http://vegascondoscene.com

When it comes to never ending fun and liveliness, there is no rival to the Las Vegas Strip. There is never a dull moment when you are on the Strip, but the heat and crowds can eventually take their toll, especially in the summer months.

Of course, when you go to Vegas, you usually take part in the typical activities like gambling, taking in a show, eating a buffet, touring the different casinos and even a gondola ride at the Venetian. Spending time on the Strip can be exhausting, and you may find yourself in need of a change of scenery. Whether you are there for a week or you make many smaller trips, a change of pace can be welcoming.

Look into stepping away from the Strip to take in some other highly recommended spots while in Vegas.

1. Fremont Street

Many revitalization efforts have taken part in recent years for the Downtown area of Vegas. Millions of dollars of renovations and improvements have spiced up the area. Still, with its Old Vegas charm, the downtown scene is a fun stop, especially with its modern upgrades.

Vintage casinos are still around, but a more vibrant scene now surrounds them. The Viva Vision Light Show has caused this section of town to now be considered an entertainment hub, bringing people from all walks of life. The dazzling light canopy is not only the largest in the world but delivers a great sound system and impressive and mesmerizing imagery.

Shows are offered every hour starting at sundown, and there is always a variety of entertainment choices daily. For your more adventurous side, be sure to try the SlotZilla zip line and soar over the crowds directly below the light canopy.

2. Red Rock Canyon

While Vegas is not super far from the Grand Canyon if your time is limited you can always visit the Red Rock Canyon instead. Only about thirty miles from the Strip, this scenic conservation displays breath taking desert vistas. You can capture the perfect photo for your computer screen saver.

The easiest way to get there is by car, but if you are without wheels, there are several affordable tour options. There is a 13-mile one-way loop that circles the area so you can experience the views panoramic style. You can also enjoy one of several hiking trails in the park. Admission prices are reasonable at only $7 per car or $3 for pedestrians and cyclists.

3. National Atomic Testing Museum

Back in the 1950's when Vegas deserts hosted atomic testing, people would flock from every corner of the world to see the large mushroom clouds. You can now experience this time in history again by visiting the National Atomic Testing Museum. Here you will see the largest most comprehensive collection of nuclear history.
For those interested in Area 51, there is also a dedicated exhibit of the top secret facility. The entry price of $22 may seem steep, but you get access to both museums, and if you stay for at lease two hours, you definitely get value for your money.

4. Downtown Container Park

Probably the most unique shopping center in the world, Container Park is constructed entirely from recycled shipping containers. There is a huge emphasis on local community growth, and only local vendors are accepted. Not only is the scenery one-of-a-kind, but you will also find more unique souvenirs and dining choices.

Even if you are not interested in shopping, Container Park is still worth checking out. The creative construction alone is fantastic, but you can also get some good local food. There are also many non-shopping attractions to entertain you. The 360-degree projection dome offers frequent entertainment and live shows as does the large open outdoor space. If you still are not convinced, then the massive fire-breathing praying mantis should get your attention!

5. Pinball Hall of Fame

Slot machines and cards are not the only games in Vegas. Housing fully operational vintage pinball machines, the 10,000 square foot Pinball Hall of Fame is fun for all ages. No game costs more than 75 cents, and all the proceeds go to the Salvation army. Let nostalgia take over as you revisit your childhood days playing a wide assortment of games from every era. There are even pinball machines from the 1930' that are fully functional and waiting for you to play.

If the Strip has zapped too much energy, plan to take a low key day and visit any of these fine Las Vegas attractions.



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Tuesday 1 August 2017

Is Buying a Condo a Good Real Estate Investment?

The following blog post Is Buying a Condo a Good Real Estate Investment? was originally published to: http://www.vegascondoscene.com

Real estate can be a great investment. You can have a full-time tenant or, in areas that attract vacationers, even do week to week or weekend leases. But before you go out and sign a contract, there are several items to include in your calculations to make sure you are making enough for it to be worth the risk.

In additional to purchase price, condos include annual fees you must take into consideration. These include: condo dues, real estate taxes, insurance, maintenance not included in the association dues, and legal costs should you have to do an eviction. To accurately predict profit you need to subtract those figures from your annual expected rental income. Generally, it's a good idea to underestimate your rental income by a month or two per year to account for vacancies.

If you are financing the property, you must also factor the mortgage interest into these calculations. It's not just a matter of getting enough rent to cover the payment: you have to make sure the interest isn't costing you too much in the long run. If you're only making enough to your monthly payments, it may not be the best investment.

The great part about using a condo as a rental property is that many condo associations cover maintenance costs. Landscaping and even repainting can all be included in association dues, but you must make sure you know for sure what will be covered. If snow removal is not included, you will have to factor that cost into your overall expenses.

Another factor to consider is the location of the property. Is it in an area where renters will be easy to find? Or will you have your work cut out for you in finding reliable tenants? College towns, vacation spots and major cities would all be great for seasonal renters. Other things to ask are what are the employment prospects in the area. Is the area seeing a population growth, decline or remaining stagnant? If you want a year-round tenant, an area with a major employer nearby is a good choice. If you are okay renting to a college crowd, go for college towns. Just make sure you account for the summer when the property may be vacant.

Other costs to consider include legal fees for having the attorney draw up an enforceable lease, cleaning fees for when tenants change, advertising costs and any utilities you are willing to cover to attract tenants. If you allow pets you may have more damage to the property than if you do not. If you regularly rent to college students, you may see more damage than renting to a typical family. So, factor in some cleaning time (whether you do it yourself or pay someone it's a cost.)

Real estate can offer a high return on your investment. Condos can be especially rewarding because your monthly dues often cover the common areas of expense. Just remember to take all of your costs into consideration when deciding. It's not only the purchase price you need to get back in rent to truly make a profit.



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Monday 19 June 2017

Home Prices and Sales Continue to Augment in Las Vegas

Home Prices and Sales Continue to Augment in Las Vegas is courtesy of: Michelle Manley

According to a report that was provided this week by the Greater Las Vegas Association of Realtors (GLVAR), despite there being shrinking house supply in Las Vegas, the prices and sales of local homes continued to move upward in May of this year.

Meaningful Increase

This association reported that the median price of single-family homes sold in the month of Many augmented to $250,000.00 through its Multiple Listing Service (MLS). This reflects a 0.4% increase from April 2016 and a 9.1% increase from May 2016. On the other hand, the median price of local townhomes and condos sold for $137,950.00 in May. This reflects an increase of 6.1% increase from April 2016 and 16.9% increase from May 2016.

GLVAR President's Comments

GLVAR President David J. Tine recently stated that the housing supply is getting tighter every month, and thus, when a potential buyer sees a house that he or she likes, it is recommended to take action and thus conduct a purchase as soon as possible.

GLVAR's Reports

According to GLVAR, at the end of May, 4,972 single-family homes that were listed for sale were able to get purchased without any issues. This reflects a 34.8% decrease from 2016. When it comes to townhomes and condos, the 630 properties that were listed in May, without any offers, represented a 71.8% decrease from 2016.

Local home sales have also had an increase. In May of 2016, the total number of townhomes, condos, and local homes that were sold were 3,349. In May of 2017, there were 4,297 sold. Compared to 2016, sales were up 21.7% for townhomes and condos, and sales were up 29.9% for homes.

GLVAR has established that the total 2017 sales are 17,963, which includes townhomes, condos, homes, and other types of properties through MLS. It also reported that 26.9% of every local property sold in May was bought with cash, down from 28.2% in May of 2016. It also mentioned that cash investors and buyers are more active in Southern Nevada, but even so, it went on to further say that their influence has been declining.

For a number of years, GLVAR has reported more traditional homes sales and less distressed sales, where lenders are not taking control of the transaction. In May, the trend went on when 3.1% of every local sale that was made ended up being a short sale, which happened when lenders permitted borrowers to sell houses for less than what was owed on the mortgage.

Noteworthy Mentions

All the GLVAR statistics take every month into account and are collected through its MLS service, which does not account newly constructed homes that are sold by owners or local builders.

Market Highlights

More than $1 billion for homes was the total value of local real estate transactions on MLS during the month of May. Furthermore, for townhomes, high-rise condos, and condos, the total value of sales through the Las Vegas MLS for the month of May were more than $114 million. Compared to 2016, total sales volumes in May were up by 20.5% for townhomes and condos and up by 40.2% for homes.

Compared to last year around this time, condos and homes continue to sell faster. In May, 87.3% of every townhome and local condo and 81.6% of every local home was able to sell within 60 days. Last year, only 67.7% of all local townhomes and condos and 71% of all local homes were sold within 60 days. There is meaningful progress taking place!



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