Tuesday, March 28, 2006
Mar. 28, 2006
Copyright © Las Vegas Review-Journal
Curve taken out of the loop
Sales suspended for condominium development, but exec says project isn't dead
By HUBBLE SMITH
REVIEW-JOURNAL
Sales have been suspended for the Curve, a high-rise condominium planned near Durango Drive and the Las Vegas Beltway.
Photo by John Gurzinski.
Letters have been sent to nearly 100 buyers at the Curve high-rise residential project planned in the southwest Las Vegas Valley offering to refund their deposits or extend their contracts by 150 days, an executive with the development said.
Paula James, vice president of the Curve, said sales have been suspended, but the project has not been canceled.
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Developers had a 180-day contingency period to reach 75 percent presales required for financing and failed to meet that goal, she said.
Most lenders want to see at least 60 percent in presales before signing off on financing.
"It (presale percentages) kept going up as the media got more negative," James said. "The number kept going up as other properties continued to not be built. It just made lenders nervous."
The first tower at the Curve was 53 percent sold with 97 entities putting 10 percent of the purchase price down on units that sold from $385,000 to more than $1 million.
James said she's received calls from buyers who were saddened by the news and want to come back into the project with the 150-day extension. Their money is still refundable.
"We're looking forward to building the project. We're not interested in selling the land and we're not in a position that we have to sell," she said. "That would be the easy way out. It's tempting to look at the offers coming in for a straight sale. We just need to regroup. We ran out of time."
Sheila and Bob Joseph, business owners from California, bought into the project soon after it was announced last year and canceled their contract in January when they didn't see construction beginning as scheduled at the 45-acre site.
"We were just reading a lot about real estate in that area and taking a look while we were there at what wasn't moving," Sheila Joseph said. "Not only reading, but the gut feeling we got about the project."
Bob Joseph said he liked the looks and location of the Curve, but he didn't like the contract. The deal, he said, allowed the developer to change the floor plan specifications and required the buyer to pay the escrow fee and seller's tax.
"That's when I started to say it's not the right deal," he said. "We were looking at it as a rental. If there's going to be a glut of condos built in Las Vegas, it's not going to be a seller's market."
Bruce Hiatt of Luxury Realty Group said his clients had little interest in the Curve because of its location at Durango Drive and The Las Vegas Beltway.
"It was quite expensive. What could you sell it for later? My clients decided they'd have better appreciation on the Strip. They weren't sold on the suburbia condos, unless they specifically lived in that area. Then it tends to be work-related. But if they're an investor, they want to be in the heart of things," Hiatt said.
It's much tougher to convince developers about projects in the suburban market, Tim Sullivan of the Sullivan Group said at a housing seminar last year.
"My thought is if we had the Curve developed, it would be highly successful," he said. "But they've got to prove it. Right now, there's a lot more hype than reality."
Partners in the Curve include two general contractors -- Mike Dean of M.J. Dean Construction and Bill Richardson Sr., a former Mandalay Resort executive who runs W.A. Richardson. Other partners are Dan Juba of Klai-Juba Architects and local developers Randy Black Jr. and Mike Chernine of Land Baron Investments.
Construction of the $300 million first phase of the Curve, which would include two 18-story luxury condo towers and 12 commercial buildings, was supposed to start late last year.
The project is designed to cater to the growing southwest submarket, which is projected to double in population to 220,000 by 2010. More than 30 percent of the people are 25- to 35-years-old age and their median income is nearly $67,000.
Ron Snyder of Rise Realty, who is marketing the $850 million Pinnacle project on Tropicana Avenue, said although suspension of the Curve's development is unfortunate for stakeholders, at the end of the day, the market rules.
"Enlightened developers invest in understanding the market, not just who the buyers are, but what motivates them, and are designing product to meet their needs," he said. "Being a high-rise condominium developer in Las Vegas today requires that you research and analyze, target and stay focused, and be a realist, meaning that you approach a development with an optimist's heart and a pessimist's antennae."
Luxury Realty's Hiatt said he thought the Curve was a "cute" project overall, but its location was a challenge. Had it been closer to the Strip or even downtown, it might have done well, he said.
With projects such as the Curve and the Hard Rock Hotel expansion being suspended and others such as Icon, Krystal Sands and Aqua Blue being canceled, Las Vegas is coming into a "perfect storm" with dwindling supply and continued demand, Hiatt said. That has raised entry-level pricing for most of these luxury high-rises to $600,000 and $700,000 a unit, he said.
Copyright © Las Vegas Review-Journal
Curve taken out of the loop
Sales suspended for condominium development, but exec says project isn't dead
By HUBBLE SMITH
REVIEW-JOURNAL
Sales have been suspended for the Curve, a high-rise condominium planned near Durango Drive and the Las Vegas Beltway.
Photo by John Gurzinski.
Letters have been sent to nearly 100 buyers at the Curve high-rise residential project planned in the southwest Las Vegas Valley offering to refund their deposits or extend their contracts by 150 days, an executive with the development said.
Paula James, vice president of the Curve, said sales have been suspended, but the project has not been canceled.
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Developers had a 180-day contingency period to reach 75 percent presales required for financing and failed to meet that goal, she said.
Most lenders want to see at least 60 percent in presales before signing off on financing.
"It (presale percentages) kept going up as the media got more negative," James said. "The number kept going up as other properties continued to not be built. It just made lenders nervous."
The first tower at the Curve was 53 percent sold with 97 entities putting 10 percent of the purchase price down on units that sold from $385,000 to more than $1 million.
James said she's received calls from buyers who were saddened by the news and want to come back into the project with the 150-day extension. Their money is still refundable.
"We're looking forward to building the project. We're not interested in selling the land and we're not in a position that we have to sell," she said. "That would be the easy way out. It's tempting to look at the offers coming in for a straight sale. We just need to regroup. We ran out of time."
Sheila and Bob Joseph, business owners from California, bought into the project soon after it was announced last year and canceled their contract in January when they didn't see construction beginning as scheduled at the 45-acre site.
"We were just reading a lot about real estate in that area and taking a look while we were there at what wasn't moving," Sheila Joseph said. "Not only reading, but the gut feeling we got about the project."
Bob Joseph said he liked the looks and location of the Curve, but he didn't like the contract. The deal, he said, allowed the developer to change the floor plan specifications and required the buyer to pay the escrow fee and seller's tax.
"That's when I started to say it's not the right deal," he said. "We were looking at it as a rental. If there's going to be a glut of condos built in Las Vegas, it's not going to be a seller's market."
Bruce Hiatt of Luxury Realty Group said his clients had little interest in the Curve because of its location at Durango Drive and The Las Vegas Beltway.
"It was quite expensive. What could you sell it for later? My clients decided they'd have better appreciation on the Strip. They weren't sold on the suburbia condos, unless they specifically lived in that area. Then it tends to be work-related. But if they're an investor, they want to be in the heart of things," Hiatt said.
It's much tougher to convince developers about projects in the suburban market, Tim Sullivan of the Sullivan Group said at a housing seminar last year.
"My thought is if we had the Curve developed, it would be highly successful," he said. "But they've got to prove it. Right now, there's a lot more hype than reality."
Partners in the Curve include two general contractors -- Mike Dean of M.J. Dean Construction and Bill Richardson Sr., a former Mandalay Resort executive who runs W.A. Richardson. Other partners are Dan Juba of Klai-Juba Architects and local developers Randy Black Jr. and Mike Chernine of Land Baron Investments.
Construction of the $300 million first phase of the Curve, which would include two 18-story luxury condo towers and 12 commercial buildings, was supposed to start late last year.
The project is designed to cater to the growing southwest submarket, which is projected to double in population to 220,000 by 2010. More than 30 percent of the people are 25- to 35-years-old age and their median income is nearly $67,000.
Ron Snyder of Rise Realty, who is marketing the $850 million Pinnacle project on Tropicana Avenue, said although suspension of the Curve's development is unfortunate for stakeholders, at the end of the day, the market rules.
"Enlightened developers invest in understanding the market, not just who the buyers are, but what motivates them, and are designing product to meet their needs," he said. "Being a high-rise condominium developer in Las Vegas today requires that you research and analyze, target and stay focused, and be a realist, meaning that you approach a development with an optimist's heart and a pessimist's antennae."
Luxury Realty's Hiatt said he thought the Curve was a "cute" project overall, but its location was a challenge. Had it been closer to the Strip or even downtown, it might have done well, he said.
With projects such as the Curve and the Hard Rock Hotel expansion being suspended and others such as Icon, Krystal Sands and Aqua Blue being canceled, Las Vegas is coming into a "perfect storm" with dwindling supply and continued demand, Hiatt said. That has raised entry-level pricing for most of these luxury high-rises to $600,000 and $700,000 a unit, he said.
Friday, March 24, 2006
Mar. 24, 2006
Copyright © Las Vegas Review-Journal
Gain in home prices easing
Increase of median tapers to 7.7 percent
By HUBBLE SMITH
REVIEW-JOURNAL
The existing home market in Las Vegas has applied the brakes, slowing to 7.7 percent growth in median price and 2.4 percent in monthly sales, local research firm SalesTraq reported.
February statistics show a median price of $279,900 for existing homes, compared with $260,000 in the same month a year ago. There were 3,116 closings, up from 3,042 last year.
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The volume of resale transactions has steadily declined from a high of 5,648 in August, and the median price has dropped from a high of $284,970 in December.
"My Realtor friends have been whining about how slow the resale market is," SalesTraq President Larry Murphy said. "Volume is down and prices are not increasing that much."
Murphy said the Greater Las Vegas Association of Realtors could see a drop in membership over the next few months after peaking last year at about 15,000. Part-timers who rushed to get a real estate license when the market was hot may not renew their license when it slows down, he said.
The National Association of Realtors reported a 5.2 percent increase in existing home sales for February after five straight months of decline.
KB Home, the largest builder in Las Vegas with 3,936 closings in 2005, announced that orders for new homes fell in the first two months of the year and cancellation rates rose, an indication that revenue will be down for the first quarter. KB's new home orders in the Southwest fell 30 percent for the three-month period ending in February from a year ago. Last year, KB Home generated sales of $9.44 billion, a 34 percent increase over 2004.
Analysts say the numbers signal a "soft landing" for the booming housing industry, which has contributed to the national economy with employment growth and increased household equity.
"It's not a slowdown," said Monica Caruso, spokeswoman for the Southern Nevada Home Builders Association. "It's a stabilization. We know from our business models you cannot sustain double-digit increases indefinitely. We've been saying that since 2004. What we saw in 2005 and now in 2006 is a return to where the market was and where it needs to be."
People got "spoiled" by record home appreciation and sales over the past few years in Las Vegas, Murphy said, but it's still a good market for buying a home and there will be no crash.
New home sales rose 22 percent in February to 2,853 and median prices jumped 11.5 percent to $313,990, according to SalesTraq.
Builders are propping up new home prices with buyer incentives, Murphy said. Centex Homes is advertising $55,000 in incentives, though no details are given.
"Half to three-quarters of new homes out there will give you an incentive of one kind or another," he said.
The average number of days a home stays on the market rose to 59 in February, four days more than a year ago. That's still considered a health market.
"People in Fort Wayne, Ind., would be ecstatic with that," Murphy said.
Copyright © Las Vegas Review-Journal
Gain in home prices easing
Increase of median tapers to 7.7 percent
By HUBBLE SMITH
REVIEW-JOURNAL
The existing home market in Las Vegas has applied the brakes, slowing to 7.7 percent growth in median price and 2.4 percent in monthly sales, local research firm SalesTraq reported.
February statistics show a median price of $279,900 for existing homes, compared with $260,000 in the same month a year ago. There were 3,116 closings, up from 3,042 last year.
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The volume of resale transactions has steadily declined from a high of 5,648 in August, and the median price has dropped from a high of $284,970 in December.
"My Realtor friends have been whining about how slow the resale market is," SalesTraq President Larry Murphy said. "Volume is down and prices are not increasing that much."
Murphy said the Greater Las Vegas Association of Realtors could see a drop in membership over the next few months after peaking last year at about 15,000. Part-timers who rushed to get a real estate license when the market was hot may not renew their license when it slows down, he said.
The National Association of Realtors reported a 5.2 percent increase in existing home sales for February after five straight months of decline.
KB Home, the largest builder in Las Vegas with 3,936 closings in 2005, announced that orders for new homes fell in the first two months of the year and cancellation rates rose, an indication that revenue will be down for the first quarter. KB's new home orders in the Southwest fell 30 percent for the three-month period ending in February from a year ago. Last year, KB Home generated sales of $9.44 billion, a 34 percent increase over 2004.
Analysts say the numbers signal a "soft landing" for the booming housing industry, which has contributed to the national economy with employment growth and increased household equity.
"It's not a slowdown," said Monica Caruso, spokeswoman for the Southern Nevada Home Builders Association. "It's a stabilization. We know from our business models you cannot sustain double-digit increases indefinitely. We've been saying that since 2004. What we saw in 2005 and now in 2006 is a return to where the market was and where it needs to be."
People got "spoiled" by record home appreciation and sales over the past few years in Las Vegas, Murphy said, but it's still a good market for buying a home and there will be no crash.
New home sales rose 22 percent in February to 2,853 and median prices jumped 11.5 percent to $313,990, according to SalesTraq.
Builders are propping up new home prices with buyer incentives, Murphy said. Centex Homes is advertising $55,000 in incentives, though no details are given.
"Half to three-quarters of new homes out there will give you an incentive of one kind or another," he said.
The average number of days a home stays on the market rose to 59 in February, four days more than a year ago. That's still considered a health market.
"People in Fort Wayne, Ind., would be ecstatic with that," Murphy said.
Sunday, March 19, 2006
Mar. 19, 2006
Copyright © Las Vegas Review-Journal
LAS VEGAS INTEREST-RATE ROUNDUP
Here are some common rates for popular financial products available in Las Vegas. Rates are as of Friday.
Loan type....Average rate....Highest rate....Lowest rate
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48-month used car loan....6.87....7.15....6.59
48-month new car loan....6.75....9.69....5.65
Money market accounts....3.13....4.55....0.25
Three-month CD....3.54....4.50....0.20
One-year CD....4.29....5.02....1.39
Passbook savings....3.44....4.70....0.50
One-year IRA CD....4.66....4.88....4.40
$50,000 home equity loan....7.72....8.89....6.70
30-year fixed-rate mortgage....5.97....6.63....5.38
30-year fixed jumbo mortgage....6.24....6.88....5.63
5/1 adjustable-rate mortgage....5.74....7.13....4.75
Interest checking....1.18....3.10....0.05
Copyright © Las Vegas Review-Journal
LAS VEGAS INTEREST-RATE ROUNDUP
Here are some common rates for popular financial products available in Las Vegas. Rates are as of Friday.
Loan type....Average rate....Highest rate....Lowest rate
Advertisement
48-month used car loan....6.87....7.15....6.59
48-month new car loan....6.75....9.69....5.65
Money market accounts....3.13....4.55....0.25
Three-month CD....3.54....4.50....0.20
One-year CD....4.29....5.02....1.39
Passbook savings....3.44....4.70....0.50
One-year IRA CD....4.66....4.88....4.40
$50,000 home equity loan....7.72....8.89....6.70
30-year fixed-rate mortgage....5.97....6.63....5.38
30-year fixed jumbo mortgage....6.24....6.88....5.63
5/1 adjustable-rate mortgage....5.74....7.13....4.75
Interest checking....1.18....3.10....0.05
Friday, March 17, 2006
Mar. 17, 2006
Copyright © Las Vegas Review-Journal
Past-due loans in Nevada down in quarter
Delinquent home loans 3.01 percent in 2005's last three months
By JOHN G. EDWARDS
REVIEW-JOURNAL
Click image for enlargement.
The percentage of delinquent Nevada home loans declined slightly in the last three months of 2005, compared with the same period a year ago but increased when compared with the previous quarter in 2005, a survey released Thursday by the Mortgage Bankers Association shows.
The percentage of past due residential mortgage loans registered 3.01 percent in the last quarter of 2005, down from 3.22 percent at the same time in the prior year. Still, that number was higher than the 2.67 percent in the third quarter of 2005.
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Nevada's past due loan percentages were far below the 4.7 percent nationally, according to the trade group. Nationally, past due loan increased from 4.38 percent at the same time in 2004 and from 4.44 percent in September.
Although the housing market was strong last year, some early indications of softening occurred in the fourth quarter, said Doug Duncan, the association's chief economist.
Homeowners in Louisiana and Mississippi, two areas slammed by Hurricane Katrina, are struggling to stay current with mortgage loans, he said. But the past-due loan trends in those Gulf Coast states didn't totally account for the uptick in mortgage delinquencies nationally, he said.
"The results of the two states simply magnifies the trend in the national data," he said.
Some of the increase in late loan payments stems from the age of mortgage loans, he said. Many new mortgage loans were made in recent years, and Duncan explained that the probability of late mortgage payments typically peaks in the third to fifth year of a mortgage, he said, because in part borrowers are in better shape financially when they qualify for the loan.
Also interest rates are starting to increase, which can result in higher payments for homeowners with adjustable- rate mortgages.
"We expect to see a modest rise in delinquencies in the quarters ahead," Duncan said.
Duncan said his projections will be too low if there's a major loss of jobs nationally or a dramatic increase in interest rates.
He related the mortgage loan market to the economy.
"We expect the economy to grow in 2006 by 3.5 percent (in gross domestic product)," he said. He anticipates that new jobs nationally will expand by 190,000 monthly this year, noting that job loss was a key cause of mortgage delinquencies.
"The last thing a household will let go is the mortgage," he said, referring to credit card and other debt.
So-called subprime mortgage loans, those made to borrowers with low credit ratings, have continued to climb since the third quarter and a year ago. But the percentage of past due subprime loans in Nevada was 6.87 percent, well below the national average of 11.63 percent in the latest period. Only 5.09 percent of subprime loans were past due a year earlier in Nevada, compared with 9.88 percent nationally.
About one-third of 1 percent of all residential mortgage loans in Nevada were in foreclosure at year's end, down from 0.47 percent at the end of 2004.
The association's quarterly survey covers 41.2 million loans.
Copyright © Las Vegas Review-Journal
Past-due loans in Nevada down in quarter
Delinquent home loans 3.01 percent in 2005's last three months
By JOHN G. EDWARDS
REVIEW-JOURNAL
Click image for enlargement.
The percentage of delinquent Nevada home loans declined slightly in the last three months of 2005, compared with the same period a year ago but increased when compared with the previous quarter in 2005, a survey released Thursday by the Mortgage Bankers Association shows.
The percentage of past due residential mortgage loans registered 3.01 percent in the last quarter of 2005, down from 3.22 percent at the same time in the prior year. Still, that number was higher than the 2.67 percent in the third quarter of 2005.
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Nevada's past due loan percentages were far below the 4.7 percent nationally, according to the trade group. Nationally, past due loan increased from 4.38 percent at the same time in 2004 and from 4.44 percent in September.
Although the housing market was strong last year, some early indications of softening occurred in the fourth quarter, said Doug Duncan, the association's chief economist.
Homeowners in Louisiana and Mississippi, two areas slammed by Hurricane Katrina, are struggling to stay current with mortgage loans, he said. But the past-due loan trends in those Gulf Coast states didn't totally account for the uptick in mortgage delinquencies nationally, he said.
"The results of the two states simply magnifies the trend in the national data," he said.
Some of the increase in late loan payments stems from the age of mortgage loans, he said. Many new mortgage loans were made in recent years, and Duncan explained that the probability of late mortgage payments typically peaks in the third to fifth year of a mortgage, he said, because in part borrowers are in better shape financially when they qualify for the loan.
Also interest rates are starting to increase, which can result in higher payments for homeowners with adjustable- rate mortgages.
"We expect to see a modest rise in delinquencies in the quarters ahead," Duncan said.
Duncan said his projections will be too low if there's a major loss of jobs nationally or a dramatic increase in interest rates.
He related the mortgage loan market to the economy.
"We expect the economy to grow in 2006 by 3.5 percent (in gross domestic product)," he said. He anticipates that new jobs nationally will expand by 190,000 monthly this year, noting that job loss was a key cause of mortgage delinquencies.
"The last thing a household will let go is the mortgage," he said, referring to credit card and other debt.
So-called subprime mortgage loans, those made to borrowers with low credit ratings, have continued to climb since the third quarter and a year ago. But the percentage of past due subprime loans in Nevada was 6.87 percent, well below the national average of 11.63 percent in the latest period. Only 5.09 percent of subprime loans were past due a year earlier in Nevada, compared with 9.88 percent nationally.
About one-third of 1 percent of all residential mortgage loans in Nevada were in foreclosure at year's end, down from 0.47 percent at the end of 2004.
The association's quarterly survey covers 41.2 million loans.
TOURISM: There's madness in the air
Convergence of springtime events pushes hotel occupancy toward 100 percent
By CHRIS JONES
GAMING WIRE
Rehan Chaudhry, right, and Paul Thompson react Thursday as they watch NCAA men's basketball tournament games at the ESPN Zone at New York-New York.
Photos by John Locher.
People line up early Thursday at the ESPN Zone at New York-New York. Hundreds waited for coveted seats from which to catch the action in the openings rounds of the NCAA men's basketball tournament.
From bar-hopping booty chases to basketball, blackjack and blarney, Las Vegas visitors will have no trouble finding fun ways to pass time this weekend.
Local businesses should have even less trouble finding customers willing to pass big money their way.
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This week's launch of the National Collegiate Athletic Association basketball tournament and today's St. Patrick's Day holiday are only two of the major draws on tap.
With many U.S. schools taking spring break, mid-March is a prime time for leisure getaways.
Bachelor and bachelorette party season is in full swing. Toss in some mild spring weather, and the city's March appeal is all the more apparent.
"Las Vegas is the place all of us wanted to go," said Thomas White, a 24-year-old University of North Carolina fan who flew here Thursday from Charlotte. "For the first week of the tournament there's nonstop basketball, and we heard that's the place to go."
Sixty-five of the nation's best men's collegiate basketball teams are playing for a national title.
Before a winner is decided April 3 at Indianapolis's RCA Dome, countless hoop-heads like White will have flocked to Southern Nevada to catch televised action inside a sports book or nearby bar or casino.
A 64-team women's basketball tournament also tips off Saturday, which could bring more fans to the city.
Last year, March bets on basketball in March, including the NCAA and National Basketball Association, gave Nevada casinos a win of $16.2 million on $170.9 million wagered, up 16.7 percent from 2004, said the Gaming Control Board.
March 2005 marked the first time Nevada's 341 casinos collectively reported a total gaming win of more than $1 billion.
White will celebrate with 15 friends and family who scheduled a weekend bachelor party to coincide with March Madness. When not watching games at Mandalay Bay, the group will do "regular Vegas stuff" including nightclub visits and playing cards, he said.
Scott Frost, general manager of the travel planning Web site VegasHotSpots.com, has booked 40 bachelor or bachelorette parties this month. Some traveled across the Atlantic for the celebrations.
"People getting married in June or July are planning and executing their bachelor and bachelorette parties now, and Vegas obviously has a certain mystique along with that," Frost said.
College basketball is also a top draw, he added.
"March Madness is approaching the Super Bowl as the biggest draw for sports betting pilgrims," Frost said. "Everyone comes to Vegas and literally sits in sports books for hours at a time."
That's big business, and not just for sports books. VegasHotSpots.com arranges restaurants reservations, limousine rides, nightclub VIP passes and other perks for "after-dark fun," Frost said.
Men typically pay between $150 to $250 per person for the company's services; women's average bills are $40 to $99 per head. That doesn't include meals, hotel charges, bar tabs or other goods or services.
The Las Vegas Convention and Visitors Authority doesn't track visitor spending related to St. Patrick's Day, or the start of the NCAA Tournament. It's too difficult to measure how many visitors will come here specifically for those events.
Still, the agency's research director said both factor into strong local occupancy this month.
A year ago, the city's then-131,119 guest rooms were 99 percent occupied the weekend of March 18-19. One week later, they were 98 percent filled, the authority's Kevin Bagger said.
March brought nearly 3.4 million visitors to town last year, the busiest month of 2005.
On most days, O'Sheas' nooklike Strip casino caters to small-time gamblers who prefer to grind out a hand or 20 away from the clamor of larger places nearby.
But March 17 isn't "most days." And luckily for O'Sheas, its Irish pub theme makes it an obvious choice for tourists to celebrate St. Patrick's Day.
Melissa Free, marketing director for the separatelythemed adjunct of Flamingo Las Vegas, said O'Sheas enjoys better-than-normal casino play on St. Patrick's Day.
To capitalize on the holiday, owner Harrah's Entertainment will block off a street between O'Sheas and the Flamingo for an outdoor block party from 4 to 11 p.m. today and Saturday.
Free promised live music and drink specials on Bushmills Irish Whiskey and Baileys Irish Cream.
"Everything's green, from drinks to food to the color on people's clothes," Free said. "Who wouldn't want to spend St. Patrick's Day at an Irish-themed casino?"
O'Sheas set up a satellite sports book to garner its share of weekend basketball fans, as well.
Ireland native Declan McGettigan brought a touch of the old sod to Las Vegas when he opened Summerlin's JC Wooloughans Irish Pub in 1999.
He believes St. Patrick's Day celebrations in the United States are more raucous than those back home, including the standing-room-only romps his pub holds at the JW Marriott resort.
"You hear all the time that the real Irish stay away from it because it's such a crazy, crazy day," McGettigan said of St. Patrick's Day parties this side of the Atlantic. "But the ex-pat (expatriate) Irish want to remember their roots as much as possible, and it's evolved almost into our national holiday."
McGettigan, now JW Marriott's food and beverage director, said JC Wooloughans will welcome six bands today, ranging from traditional Irish folk music to a U2 cover band. Despite placing a temporary second stage in a nearby courtyard, many would-be revelers will likely be turned away due to overcrowding.
"The day of the week doesn't really matter. When it comes to St. Patrick's Day, it's a packed house," McGettigan said. "I wish to God I could have one of them off to celebrate it myself."
The National Retail Federation, a Washington-based trade group, estimates U.S. consumers will spend $2.69 billion on St. Patrick's Day purchases this year, up nearly 39 percent from last year's $1.94 billion.
The average consumer will spend $27.94, the Federation reports, up from $22.95 last year.
Tracy Mullin, the Federation's president and chief executive officer, said March 17 is now "a tremendous day for restaurants and bars, as well as your traditional retail outlets."
Convergence of springtime events pushes hotel occupancy toward 100 percent
By CHRIS JONES
GAMING WIRE
Rehan Chaudhry, right, and Paul Thompson react Thursday as they watch NCAA men's basketball tournament games at the ESPN Zone at New York-New York.
Photos by John Locher.
People line up early Thursday at the ESPN Zone at New York-New York. Hundreds waited for coveted seats from which to catch the action in the openings rounds of the NCAA men's basketball tournament.
From bar-hopping booty chases to basketball, blackjack and blarney, Las Vegas visitors will have no trouble finding fun ways to pass time this weekend.
Local businesses should have even less trouble finding customers willing to pass big money their way.
Advertisement
Search Yellow Pages
This week's launch of the National Collegiate Athletic Association basketball tournament and today's St. Patrick's Day holiday are only two of the major draws on tap.
With many U.S. schools taking spring break, mid-March is a prime time for leisure getaways.
Bachelor and bachelorette party season is in full swing. Toss in some mild spring weather, and the city's March appeal is all the more apparent.
"Las Vegas is the place all of us wanted to go," said Thomas White, a 24-year-old University of North Carolina fan who flew here Thursday from Charlotte. "For the first week of the tournament there's nonstop basketball, and we heard that's the place to go."
Sixty-five of the nation's best men's collegiate basketball teams are playing for a national title.
Before a winner is decided April 3 at Indianapolis's RCA Dome, countless hoop-heads like White will have flocked to Southern Nevada to catch televised action inside a sports book or nearby bar or casino.
A 64-team women's basketball tournament also tips off Saturday, which could bring more fans to the city.
Last year, March bets on basketball in March, including the NCAA and National Basketball Association, gave Nevada casinos a win of $16.2 million on $170.9 million wagered, up 16.7 percent from 2004, said the Gaming Control Board.
March 2005 marked the first time Nevada's 341 casinos collectively reported a total gaming win of more than $1 billion.
White will celebrate with 15 friends and family who scheduled a weekend bachelor party to coincide with March Madness. When not watching games at Mandalay Bay, the group will do "regular Vegas stuff" including nightclub visits and playing cards, he said.
Scott Frost, general manager of the travel planning Web site VegasHotSpots.com, has booked 40 bachelor or bachelorette parties this month. Some traveled across the Atlantic for the celebrations.
"People getting married in June or July are planning and executing their bachelor and bachelorette parties now, and Vegas obviously has a certain mystique along with that," Frost said.
College basketball is also a top draw, he added.
"March Madness is approaching the Super Bowl as the biggest draw for sports betting pilgrims," Frost said. "Everyone comes to Vegas and literally sits in sports books for hours at a time."
That's big business, and not just for sports books. VegasHotSpots.com arranges restaurants reservations, limousine rides, nightclub VIP passes and other perks for "after-dark fun," Frost said.
Men typically pay between $150 to $250 per person for the company's services; women's average bills are $40 to $99 per head. That doesn't include meals, hotel charges, bar tabs or other goods or services.
The Las Vegas Convention and Visitors Authority doesn't track visitor spending related to St. Patrick's Day, or the start of the NCAA Tournament. It's too difficult to measure how many visitors will come here specifically for those events.
Still, the agency's research director said both factor into strong local occupancy this month.
A year ago, the city's then-131,119 guest rooms were 99 percent occupied the weekend of March 18-19. One week later, they were 98 percent filled, the authority's Kevin Bagger said.
March brought nearly 3.4 million visitors to town last year, the busiest month of 2005.
On most days, O'Sheas' nooklike Strip casino caters to small-time gamblers who prefer to grind out a hand or 20 away from the clamor of larger places nearby.
But March 17 isn't "most days." And luckily for O'Sheas, its Irish pub theme makes it an obvious choice for tourists to celebrate St. Patrick's Day.
Melissa Free, marketing director for the separatelythemed adjunct of Flamingo Las Vegas, said O'Sheas enjoys better-than-normal casino play on St. Patrick's Day.
To capitalize on the holiday, owner Harrah's Entertainment will block off a street between O'Sheas and the Flamingo for an outdoor block party from 4 to 11 p.m. today and Saturday.
Free promised live music and drink specials on Bushmills Irish Whiskey and Baileys Irish Cream.
"Everything's green, from drinks to food to the color on people's clothes," Free said. "Who wouldn't want to spend St. Patrick's Day at an Irish-themed casino?"
O'Sheas set up a satellite sports book to garner its share of weekend basketball fans, as well.
Ireland native Declan McGettigan brought a touch of the old sod to Las Vegas when he opened Summerlin's JC Wooloughans Irish Pub in 1999.
He believes St. Patrick's Day celebrations in the United States are more raucous than those back home, including the standing-room-only romps his pub holds at the JW Marriott resort.
"You hear all the time that the real Irish stay away from it because it's such a crazy, crazy day," McGettigan said of St. Patrick's Day parties this side of the Atlantic. "But the ex-pat (expatriate) Irish want to remember their roots as much as possible, and it's evolved almost into our national holiday."
McGettigan, now JW Marriott's food and beverage director, said JC Wooloughans will welcome six bands today, ranging from traditional Irish folk music to a U2 cover band. Despite placing a temporary second stage in a nearby courtyard, many would-be revelers will likely be turned away due to overcrowding.
"The day of the week doesn't really matter. When it comes to St. Patrick's Day, it's a packed house," McGettigan said. "I wish to God I could have one of them off to celebrate it myself."
The National Retail Federation, a Washington-based trade group, estimates U.S. consumers will spend $2.69 billion on St. Patrick's Day purchases this year, up nearly 39 percent from last year's $1.94 billion.
The average consumer will spend $27.94, the Federation reports, up from $22.95 last year.
Tracy Mullin, the Federation's president and chief executive officer, said March 17 is now "a tremendous day for restaurants and bars, as well as your traditional retail outlets."
Thursday, March 16, 2006
Las Vegas Airport
Updated: March 16th, 2006 11:26 AM EDT
Home > Airport News
McCarran Int'l Fifth-Busiest U.S. Airport in '05 The Latest from Airport BusinessCourt Rules Berlin's Schoenefeld Airport Can Be Expanded
FAA Calls Proposed Phoenix High-Rise Air Safety Hazard
Peach County, Ga., Hears Concerns Over Fly-in Runway
Riverside, Calif., Air Cargo Hub's Ills Have Board Bickering
Congressman Stands By Deadline on WrightChris Jones
Las Vegas Review-Journal (Nevada)
Las Vegas' McCarran International climbed one spot to become the nation's fifth-busiest passenger airport last year on the Airports Council International-North America's annual traffic ranking.
Southern Nevada's primary air gateway soared past Denver International, which ranked fifth in 2004.
McCarran also bested busy big-city airports including Phoenix's Sky Harbor, New York's Kennedy, Houston's Bush Intercontinental and San Francisco International, the council said Wednesday.
The Washington, D.C.-based trade group credited McCarran with 44,280,190 passengers, or approximately 13,000 more than the Clark County Aviation Department reported in its 2005 year-end report.
A McCarran spokeswoman said Wednesday that the variation resulted from the airport's ability to obtain updated statistics from airlines. The discrepancy was not large enough to affect the 2005 rankings.
Hartsfield-Jackson Atlanta International, the largest hub for Delta Air Lines and a key gateway to Europe and South America, topped last year's list with 85.9 million passengers.
Chicago's O'Hare International, United Airlines' largest hub, ranked second with nearly 76.8 million.
Los Angeles International, which connects the United States with destinations throughout the Pacific Rim, finished third with 61.5 million passengers.
American Airlines' Dallas/Fort Worth stronghold, which handled slightly more than 59 million travelers, ranked fourth.
As recently as 2001, McCarran handled just 35.2 million passengers, good enough for seventh place on a list that ranked Atlanta No. 1 with more than 75.8 million passengers that year.
But recent growth in U.S. and international air travel, coupled with Las Vegas' burgeoning leisure and trade show industries, raised demand for flights here. Likewise, new security checkpoints, gates and other capital improvements enabled more travelers to fly through McCarran.
More growth should follow. Clark County has committed to spend $2.4 billion to expand and improve McCarran over the next five years, thereby raising its capacity to roughly 53 million passengers a year.
Space constraints within terminals and on runways - as well as McCarran's business model, which favors travelers headed to or from Las Vegas rather than those simply passing through - make it unlikely Las Vegas will ever crack the nation's top four.
Las Vegas' largest carrier, Dallas-based Southwest Airlines, thrives on point-to-point service rather than hubs.
Second-place US Airways, formerly America West, offers a mix of point-to-point and hubbing, while several smaller airlines, particularly Allegiant Air, have gained market share offering leisure travelers direct service between Las Vegas and their hometowns.
Southern Nevada's sparse population and limited economic base also hurt McCarran's ability to surpass those in larger metropolitan regions like Atlanta, Chicago, Los Angeles or the Dallas Metroplex.
Clark County Aviation Director Randall Walker downplayed McCarran's new ranking, adding he doesn't want the airport to handle more passengers unless their presence would benefit the city's travel industry.
"We're not really fixated on these numbers like some other communities," said Walker, who fielded calls from Denver after McCarran moved ahead of that city's airport in a recent quarterly ranking.
Home > Airport News
McCarran Int'l Fifth-Busiest U.S. Airport in '05 The Latest from Airport BusinessCourt Rules Berlin's Schoenefeld Airport Can Be Expanded
FAA Calls Proposed Phoenix High-Rise Air Safety Hazard
Peach County, Ga., Hears Concerns Over Fly-in Runway
Riverside, Calif., Air Cargo Hub's Ills Have Board Bickering
Congressman Stands By Deadline on WrightChris Jones
Las Vegas Review-Journal (Nevada)
Las Vegas' McCarran International climbed one spot to become the nation's fifth-busiest passenger airport last year on the Airports Council International-North America's annual traffic ranking.
Southern Nevada's primary air gateway soared past Denver International, which ranked fifth in 2004.
McCarran also bested busy big-city airports including Phoenix's Sky Harbor, New York's Kennedy, Houston's Bush Intercontinental and San Francisco International, the council said Wednesday.
The Washington, D.C.-based trade group credited McCarran with 44,280,190 passengers, or approximately 13,000 more than the Clark County Aviation Department reported in its 2005 year-end report.
A McCarran spokeswoman said Wednesday that the variation resulted from the airport's ability to obtain updated statistics from airlines. The discrepancy was not large enough to affect the 2005 rankings.
Hartsfield-Jackson Atlanta International, the largest hub for Delta Air Lines and a key gateway to Europe and South America, topped last year's list with 85.9 million passengers.
Chicago's O'Hare International, United Airlines' largest hub, ranked second with nearly 76.8 million.
Los Angeles International, which connects the United States with destinations throughout the Pacific Rim, finished third with 61.5 million passengers.
American Airlines' Dallas/Fort Worth stronghold, which handled slightly more than 59 million travelers, ranked fourth.
As recently as 2001, McCarran handled just 35.2 million passengers, good enough for seventh place on a list that ranked Atlanta No. 1 with more than 75.8 million passengers that year.
But recent growth in U.S. and international air travel, coupled with Las Vegas' burgeoning leisure and trade show industries, raised demand for flights here. Likewise, new security checkpoints, gates and other capital improvements enabled more travelers to fly through McCarran.
More growth should follow. Clark County has committed to spend $2.4 billion to expand and improve McCarran over the next five years, thereby raising its capacity to roughly 53 million passengers a year.
Space constraints within terminals and on runways - as well as McCarran's business model, which favors travelers headed to or from Las Vegas rather than those simply passing through - make it unlikely Las Vegas will ever crack the nation's top four.
Las Vegas' largest carrier, Dallas-based Southwest Airlines, thrives on point-to-point service rather than hubs.
Second-place US Airways, formerly America West, offers a mix of point-to-point and hubbing, while several smaller airlines, particularly Allegiant Air, have gained market share offering leisure travelers direct service between Las Vegas and their hometowns.
Southern Nevada's sparse population and limited economic base also hurt McCarran's ability to surpass those in larger metropolitan regions like Atlanta, Chicago, Los Angeles or the Dallas Metroplex.
Clark County Aviation Director Randall Walker downplayed McCarran's new ranking, adding he doesn't want the airport to handle more passengers unless their presence would benefit the city's travel industry.
"We're not really fixated on these numbers like some other communities," said Walker, who fielded calls from Denver after McCarran moved ahead of that city's airport in a recent quarterly ranking.
Tuesday, March 07, 2006
Mar. 01, 2006
Copyright © Las Vegas Review-Journal
Researcher sees slowing for housing
Year's first half will be soft, Home Builders Research boss says
By HUBBLE SMITH
REVIEW-JOURNAL
A sign heralds single-family homes under construction Tuesday at Jones Boulevard and Eugene Avenue. During his Housing Outlook at the Las Vegas Convention Center, Home Builders Research President Dennis Smith projected new home sales, including condominium conversions, would decline by about 700 this year to 38,250.
Photo by Gary Thompson.
While housing numbers show a slight slowdown in sales activity and price gains, Las Vegas' job and population growth punctures any theories of a housing "bubble," Home Builders Research President Dennis Smith said Tuesday at the 2006 Builders Show.
During his Housing Outlook, Smith projected new home sales, including condominium conversions, would decline by about 700 this year to 38,250. New home sales in Las Vegas have climbed steadily from 17,903 in 1995 to a record 38,957 in 2005. Without condo conversions, the number was 30,750, still a record.
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Median new home prices will increase by about 4.5 percent to $323,939, Smith said. Resale prices, which led the nation in 2004 with 38.9 percent appreciation, will grow 2.5 percent to $292,125.
Smith's outlook was part of the Builders Show, put on by the Southern Nevada Home Builders Association at the Las Vegas Convention Center.
"We're still going to grow, but it's going to become a town of haves and have-nots," he said. "Is there a remedy? Certainly not new urbanism. I guarantee those prices will be higher than the median."
This year's first half will be classified as "soft," Smith said. New subdivision traffic count is down 20 percent in the first eight weeks and net sales per subdivision are down 24 percent.
Cancellation rates on new home contracts have risen to 25 percent, which caused several major home builders, including Toll Bros., to lower their earnings estimates for the year.
That doesn't bother Smith.
"Historically, they've told their sales people if you don't have a cancellation rate over 20 percent, you're not selling enough homes," he said.
Tim Sullivan, real estate consultant with San Diego-based Sullivan Group, said the entire Southwest is suffering from the "double whammy" effects of seasonality and buying cycles.
Prices are moderating in Arizona, California and Nevada and inventories of homes for sale are starting to build.
"That's good. It's the way it's supposed to be," Sullivan said. "Am I alarmed? No. Am I soberly aware? Yes. The Southwest has had it good for a long time. We're now seeing elasticity of demand, the point where prices rose so much that absorption and demand slowed."
Smith said the year's second half, which is traditionally slow, may be a little better than it has been in the past. Certain segments of the market such as low-rise and midrise condos are going to get stronger, he said.
As in past outlooks, Smith said urban sprawl is creating bedroom communities in Pahrump, Mesquite, Logandale and northern Arizona. One- and two-hour commutes are not going to be uncommon for people working in Las Vegas in the next few years, he said.
Richard Lee, public relations director for First American Title Co. of Nevada, said Las Vegas is experiencing the growth of "huburbs," or micro cities within pockets of the valley. They create their own employment base with office and retail development and provide residential options from rental units to starter homes to higher-end homes.
Examples include the planned West Village, once known as The Curve, in the southwest valley; The District at Green Valley Ranch and anything within a 2-mile radius; Summerlin Centre in the west valley; and Centennial Center in the northwest.
Some 50 high-rise projects are proposed for downtown Las Vegas, Lee said.
"Downtown Las Vegas is about to tip from where nobody wanted to live there to where everybody wants to live there," he said. "It happened in Miami. It happened in San Diego. When it happens in Vegas, it gets 10 times the publicity because everybody likes to read about Las Vegas."
When companies like Focus Property Group are spending $500 million and $600 million on land acquisitions, Lee said it gives him "tremendous confidence" in the Las Vegas housing market.
"That's not being done anywhere else in the world, especially in America," he said.
About 1,300 people attended the Housing Outlook and Builders Show, which had exhibit booths for some 150 companies associated with the home-building industry.
Copyright © Las Vegas Review-Journal
Researcher sees slowing for housing
Year's first half will be soft, Home Builders Research boss says
By HUBBLE SMITH
REVIEW-JOURNAL
A sign heralds single-family homes under construction Tuesday at Jones Boulevard and Eugene Avenue. During his Housing Outlook at the Las Vegas Convention Center, Home Builders Research President Dennis Smith projected new home sales, including condominium conversions, would decline by about 700 this year to 38,250.
Photo by Gary Thompson.
While housing numbers show a slight slowdown in sales activity and price gains, Las Vegas' job and population growth punctures any theories of a housing "bubble," Home Builders Research President Dennis Smith said Tuesday at the 2006 Builders Show.
During his Housing Outlook, Smith projected new home sales, including condominium conversions, would decline by about 700 this year to 38,250. New home sales in Las Vegas have climbed steadily from 17,903 in 1995 to a record 38,957 in 2005. Without condo conversions, the number was 30,750, still a record.
Advertisement
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Median new home prices will increase by about 4.5 percent to $323,939, Smith said. Resale prices, which led the nation in 2004 with 38.9 percent appreciation, will grow 2.5 percent to $292,125.
Smith's outlook was part of the Builders Show, put on by the Southern Nevada Home Builders Association at the Las Vegas Convention Center.
"We're still going to grow, but it's going to become a town of haves and have-nots," he said. "Is there a remedy? Certainly not new urbanism. I guarantee those prices will be higher than the median."
This year's first half will be classified as "soft," Smith said. New subdivision traffic count is down 20 percent in the first eight weeks and net sales per subdivision are down 24 percent.
Cancellation rates on new home contracts have risen to 25 percent, which caused several major home builders, including Toll Bros., to lower their earnings estimates for the year.
That doesn't bother Smith.
"Historically, they've told their sales people if you don't have a cancellation rate over 20 percent, you're not selling enough homes," he said.
Tim Sullivan, real estate consultant with San Diego-based Sullivan Group, said the entire Southwest is suffering from the "double whammy" effects of seasonality and buying cycles.
Prices are moderating in Arizona, California and Nevada and inventories of homes for sale are starting to build.
"That's good. It's the way it's supposed to be," Sullivan said. "Am I alarmed? No. Am I soberly aware? Yes. The Southwest has had it good for a long time. We're now seeing elasticity of demand, the point where prices rose so much that absorption and demand slowed."
Smith said the year's second half, which is traditionally slow, may be a little better than it has been in the past. Certain segments of the market such as low-rise and midrise condos are going to get stronger, he said.
As in past outlooks, Smith said urban sprawl is creating bedroom communities in Pahrump, Mesquite, Logandale and northern Arizona. One- and two-hour commutes are not going to be uncommon for people working in Las Vegas in the next few years, he said.
Richard Lee, public relations director for First American Title Co. of Nevada, said Las Vegas is experiencing the growth of "huburbs," or micro cities within pockets of the valley. They create their own employment base with office and retail development and provide residential options from rental units to starter homes to higher-end homes.
Examples include the planned West Village, once known as The Curve, in the southwest valley; The District at Green Valley Ranch and anything within a 2-mile radius; Summerlin Centre in the west valley; and Centennial Center in the northwest.
Some 50 high-rise projects are proposed for downtown Las Vegas, Lee said.
"Downtown Las Vegas is about to tip from where nobody wanted to live there to where everybody wants to live there," he said. "It happened in Miami. It happened in San Diego. When it happens in Vegas, it gets 10 times the publicity because everybody likes to read about Las Vegas."
When companies like Focus Property Group are spending $500 million and $600 million on land acquisitions, Lee said it gives him "tremendous confidence" in the Las Vegas housing market.
"That's not being done anywhere else in the world, especially in America," he said.
About 1,300 people attended the Housing Outlook and Builders Show, which had exhibit booths for some 150 companies associated with the home-building industry.
Las Vegas Real Estate Update
Jan. 2006
HOUSING: LV home prices stabilizing January median new home price $303,751 By HUBBLE SMITH REVIEW-JOURNAL
The Las Vegas housing market has cooled from its feverish pace over the last couple of years and most experts agree that's a good thing.
Houses that were selling at 10 percent above asking price a year ago are now being reduced and are staying on the market for nearly two months.
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The median price of a new home in Las Vegas dropped to $303,751 in January from $309,900 in December, Dennis Smith of Home Builders Research reported. The price is up 7.5 percent, or $21,203, from the same month a year ago.
Excluding 795 apartment conversions, which accounted for 27.8 percent of the 2,862 recorded new home sales in January, the median price was $343,198, an 11.6 percent increase from a year ago.
Weekly traffic through new subdivisions, a gauge of people looking at new homes, has decreased 21.9 percent from the first few weeks of 2005 and net sales per subdivision are off by about a third, Smith said.
"We have to go back six years to find traffic counts and net sales this low," he said. "It's slowed down. That's the gist of it. It's difficult to get a general read on the market because it's so spotty. Some subdivisions in the north are doing real well and others in the north by the same builder aren't doing so well. It's much more competitive and the success is scattered."
A few builders have adjusted their prices in some subdivisions, but prices are steady overall, Smith said.
Larry Murphy, president of SalesTraq, said sales are stronger than expected so far this year, but prices are stable and inventory of homes for sale, while growing, are remaining manageable.
He reported 3,001 new home closings in January, the first time they've topped 3,000 in that month.
The resale market had its second-best January in history with 3,485 closings.
Existing home prices also declined month over month. The median resale price in January was $279,000, compared with $284,900 in December, SalesTraq reported. The price is still up 11.6 percent from January 2005.
"Our forecast of single-digit price increases for 2006 seems in line with January data," Murphy said.
Las Vegas is still the hottest market in the country, said David Lampe of Coldwell Banker Wardley.
"Prices are stable. They're not rising, by any means," he said. "Yes, we are taking price reductions, quite a few. That's taking people down to a reasonable number. We're not talking tens of thousands (of dollars). We're talking $5,000 to $10,000 and then houses are selling."
Builders pulled 2,173 new home permits in January, a 48.5 percent increase from the same month the previous year, but well below the 2,584 average monthly permit activity of 2005, Smith noted.
Smith will present his Housing Outlook 2006 at 8 a.m. Tuesday at the Las Vegas Convention Center North Hall. The seminar is held in conjunction with the 2006 Builders Show sponsored by the Southern Nevada Home Builders Association and Southwest Gas Corp.
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HOUSING: LV home prices stabilizing January median new home price $303,751 By HUBBLE SMITH REVIEW-JOURNAL
The Las Vegas housing market has cooled from its feverish pace over the last couple of years and most experts agree that's a good thing.
Houses that were selling at 10 percent above asking price a year ago are now being reduced and are staying on the market for nearly two months.
Advertisement
The median price of a new home in Las Vegas dropped to $303,751 in January from $309,900 in December, Dennis Smith of Home Builders Research reported. The price is up 7.5 percent, or $21,203, from the same month a year ago.
Excluding 795 apartment conversions, which accounted for 27.8 percent of the 2,862 recorded new home sales in January, the median price was $343,198, an 11.6 percent increase from a year ago.
Weekly traffic through new subdivisions, a gauge of people looking at new homes, has decreased 21.9 percent from the first few weeks of 2005 and net sales per subdivision are off by about a third, Smith said.
"We have to go back six years to find traffic counts and net sales this low," he said. "It's slowed down. That's the gist of it. It's difficult to get a general read on the market because it's so spotty. Some subdivisions in the north are doing real well and others in the north by the same builder aren't doing so well. It's much more competitive and the success is scattered."
A few builders have adjusted their prices in some subdivisions, but prices are steady overall, Smith said.
Larry Murphy, president of SalesTraq, said sales are stronger than expected so far this year, but prices are stable and inventory of homes for sale, while growing, are remaining manageable.
He reported 3,001 new home closings in January, the first time they've topped 3,000 in that month.
The resale market had its second-best January in history with 3,485 closings.
Existing home prices also declined month over month. The median resale price in January was $279,000, compared with $284,900 in December, SalesTraq reported. The price is still up 11.6 percent from January 2005.
"Our forecast of single-digit price increases for 2006 seems in line with January data," Murphy said.
Las Vegas is still the hottest market in the country, said David Lampe of Coldwell Banker Wardley.
"Prices are stable. They're not rising, by any means," he said. "Yes, we are taking price reductions, quite a few. That's taking people down to a reasonable number. We're not talking tens of thousands (of dollars). We're talking $5,000 to $10,000 and then houses are selling."
Builders pulled 2,173 new home permits in January, a 48.5 percent increase from the same month the previous year, but well below the 2,584 average monthly permit activity of 2005, Smith noted.
Smith will present his Housing Outlook 2006 at 8 a.m. Tuesday at the Las Vegas Convention Center North Hall. The seminar is held in conjunction with the 2006 Builders Show sponsored by the Southern Nevada Home Builders Association and Southwest Gas Corp.
SPONSORED LINKS
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