Buck Wargo

Story Archive

UNLV economic index for Southern Nevada slips in April: Tuesday, May 3, 2011; An index that measures the Southern Nevada economy took a step backward after a large increase a month ago. The Southern Nevada Index of Leading Economic Indicators slipped by 0.74 percent.
Texas company acquires North Las Vegas condo complex: Thursday, April 28, 2011; Texas-based Alliance Residential said it has acquired an unfinished 152-unit condominium complex in North Las Vegas.
Country's largest commercial auction set for Las Vegas, but local brokers concerned: Wednesday, April 27, 2011; The largest auction of commercial property and bank notes in the nation’s history set for mid-May in Las Vegas is attracting national attention, but local brokers remain skeptical that many transactions will be consummated.
New report shows a mixed bag for Las Vegas office market: Tuesday, April 26, 2011; More office space will be newly occupied in Las Vegas in 2011 than companies will vacate for the first time since 2007, a California-based research and brokerage firm reported.
Report: One-third of Las Vegas homes sold for less than $100,000: Tuesday, April 26, 2011; One-third of the existing single-family homes sold during the first quarter of 2011 fetched less than $100,000, according to statistics released by a Las Vegas research firm.
Land prices too steep for homebuilders right now: Monday, April 25, 2011; The Las Vegas new-home market remains weak and could hit its low during the downturn with fewer than 5,000 homes built.
As apartment rents drop, tenants look for upgrades: Monday, April 25, 2011; A decrease in rental prices in some high-end apartment complexes in Las Vegas has made older properties obsolete, according to Colliers International. That trend has paved the way for construction once the economy improves.
16 months later, CityCenter has yet to hit its stride: As spectacular as CityCenter is, it has become Las Vegas’ Tower of Babel—serving as a symbol of what could go wrong.; Monday, April 25, 2011; Many had expected CityCenter to be the crowning achievement on the Vegas Strip that would reset the center of one of the most famous streets in the world. It was called a sign of what’s to come and the cherry on top of Las Vegas’ sundae in a community that thought the good times would never end.
Business picking up, but commercial and retail space not filling: Saturday, April 23, 2011; Retail sales picked up in Las Vegas in 2010, but that isn’t showing up in demand for retail space in 2011, according to research firms tracking the market. Commercial real estate across the board isn’t faring much better despite improvements in tourism and gaming and a drop in the jobless rate.
Foreclosures making it difficult for new homebuilders to compete: Friday, April 22, 2011; Las Vegas homebuilders are in for tougher times this year, the president of the Southern Nevada Home Builders Association said Thursday. Frank Wyatt said the ongoing pipeline of foreclosures continues to make it difficult to compete on prices.
Investment company buys 93 luxury condos near TPC Summerlin: Tuesday, April 19, 2011; Colorado-based Condo Capital Solutions said it has purchased 93 unsold units at Mira Villa Condominiums.
Report: Las Vegas home prices at 1990 levels, sales get boost: Tuesday, April 19, 2011; Las Vegas’ existing home prices fell to their lowest level in 21 years during the first quarter and that value pushed sales in March to their highest point in nearly six years.
Report: Business leaders showing more confidence in recovery: Picture not exactly rosy yet, but business leaders aren’t all gloom and doom; Sunday, April 17, 2011; Las Vegas business leaders are slowly gaining confidence in the recovery of the Southern Nevada economy but remain hesitant to hire.
Las Vegas home prices tumble to 1995 levels: Builders forced to lower prices while competing with sales of existing homes; Thursday, April 14, 2011; The price of new and existing homes will continue to decline the remainder of 2011 and one analyst said existing home prices are likely to remain depressed for several years, in part because of investors. The median price for new homes in March was $199,956, a 5.3 percent drop from March 2010. In the existing home market, the median price was $113,000, a year-over-year drop of 9.3 percent.
After year of stability, home prices falling again: Thursday, April 14, 2011; How low can they go? Nevada’s existing home prices declined in March, and a jump in foreclosure filings and weak economy may push them down further this year. A California-based firm projects the 2011 median home price will decline 12 percent from 2010.
Bankruptcy behind him, Prudential CEO expands business: Monday, April 11, 2011; Prudential Americana Group CEO Mark Stark isn’t afraid of taking chances when it comes to the future of the housing market. Stark had a debt of more than $20 million, but with the financial help of the corporate office of Prudential, he was able to buy back his company at a fraction of the cost he originally borrowed from two lenders
Developer seeks permission to alter Park Highlands in NLV: Monday, April 11, 2011; A Dallas-based company overseeing the stalled housing development Park Highlands in North Las Vegas has approached the city about reducing density and eliminating other various requirements.
Tivoli Village weathers recession, embraces west side: Friday, April 8, 2011; Las Vegas’ lone major development project off the Strip to continue during the recession is on track to open April 28 with a majority of its office and retail space leased. Tivoli Village at Queensridge has 72 percent of its retail space and 54 percent of its office space leased, the development's executive vice president said.
Business leaders see signs of optimism, with jobs and real estate lagging: Wednesday, April 6, 2011; Las Vegas business leaders are showing more confidence in the recovery of the Southern Nevada economy than they have over the last three years, but remain pessimistic about the real estate and construction industry, and even job hiring.
UNLV index shows positive movement for Las Vegas economy: Tuesday, April 5, 2011; A UNLV index suggests Southern Nevada’s employment could begin to rise by the second half of 2011 because of gains in travel and tourism.
Bank of North Las Vegas changes name, announces stock offering: Tuesday, April 5, 2011; Bank of North Las Vegas has announced it’s changing its name to Valley Bank of Nevada.
Chicago company plans North Las Vegas distribution center: Monday, April 4, 2011; A Chicago-based manufacturer of exhibit and retail displays plans to open a distribution center in the Las Vegas Valley that will serve the West Coast. About 50 jobs are expected to be created in distribution, computer graphics and printing.
Rate of Las Vegas homes bought with mortgage hits 17-year low: Monday, April 4, 2011; More than half of the investors buying up Las Vegas homes live in Nevada and nearly one quarter are based in California, a San Diego-based research firm reported. The report from MDA DataQuick comes as cash sales accounted for a record 57 percent of sales in February. The firm has tracked Las Vegas sales since 1994.
Commercial real estate group earns national awards: Monday, April 4, 2011; The Southern Nevada chapter of NAIOP, the Commercial Real Estate Development Association, has received two national merit awards.
Las Vegas real estate brokerage acquires franchise in Phoenix: Monday, April 4, 2011; One of Las Vegas’ largest real estate brokerages announced today it has acquired a franchise operating in Phoenix.
Indoor mall planned for Tivoli Village would add Summerlin retail options: Monday, April 4, 2011; The developers of Tivoli Village submitted plans to Las Vegas to build a 750,000 square-foot indoor mall and 100 condominium-type units across from its mixed-use development scheduled to open this month.
Commercial real estate recovery may be two steps forward, one back: Monday, April 4, 2011; Commercial vacancy rates increased in the first quarter in a continued sign that local businesses remain too weak to grow and out-of-state companies aren’t moving into the market in large numbers.
Former NLV mayor Mike Montandon lands job at real estate firm: Monday, March 28, 2011; Voit Real Estate Service has named former North Las Vegas Mayor Mike Montandon as managing director of Voit’s operations in Las Vegas.
Orange County firm acquires 2 industrial properties in valley: Monday, March 28, 2011; Orange County-based Bixby Land Co. has acquired two industrial properties in the Las Vegas Valley.
Nevada ranks worst in nation in construction job losses: Monday, March 28, 2011; Nevada’s construction employment increased in January and February, but the state maintained its spot as the leader in job losses.
Resale home market making a comeback so far this year: Monday, March 28, 2011; Everyone talks about the local economy — housing, commercial real estate and other sectors that hit bottom. But there are signs of recovery.
Coyote Springs developer sues Pardee Homes: Thursday, March 24, 2011; The developer of Coyote Springs northeast of Las Vegas has filed a lawsuit against Pardee Homes alleging the builder has reneged on its agreements to proceed with the master-planned development. The lawsuit filed in Clark County District Court is a reflection of the state of the region’s new-home market.
Report shows little hope for short-term recovery in market: Monday, March 21, 2011; Las Vegas homebuilders struggled during the first two months of 2011 and aren’t showing much optimism for a quick recovery in the market. Sales of new homes fell 19 percent in January and February compared to 2010, while sales of existing homes rose 1 percent as prices continued to fall, according to a report released Monday by SalesTraq. Buyers closed on 502 homes in January and February, down from 621 in the first two months of 2010.
Experts see hope for Southern Nevada’s housing market: Monday, March 21, 2011; Las Vegas has served as a destination point for brokerages holding their international conventions. The top executives of Coldwell Banker and RE/MAX took their turn to speak about the housing market and its prospects for recovery.
Foreigners paying top dollar for distressed properties: Monday, March 14, 2011; International investors are swooping into Las Vegas and purchasing distressed commercial real estate, many times blowing away much lower offers from domestic buyers.
Nevada sees big slowdown in foreclosure filings: Wednesday, March 9, 2011; Nevada led the nation in foreclosures in February for the 50th consecutive month, but the problem lessened as lenders slowed down their foreclosure process. February’s foreclosure filings fell 22 percent compared to January and fell 13 percent from February 2010.
Las Vegas home sales increase in February as prices drop: Tuesday, March 8, 2011; The Southern Nevada housing market bounced back slightly in February with increased sales, but it wasn't enough to prevent home prices from slipping again over the past year. The 2,591 sales of single-family homes in February were 3.3 percent higher than January and 8.4 percent higher than February 2010, the Greater Las Vegas Association of Realtors reported today.
Index shows small decline in Las Vegas economic conditions: Monday, March 7, 2011; The Las Vegas and national economies are moving in opposite directions, according to a Southern Nevada economic index. UNLV officials said the Southern Nevada Leading Economic Indicators index fell by 0.3 percent.
Las Vegas businesses feeling pinch of rising prices at the pump: Monday, March 7, 2011; For a local cookie shop owner, rising gasoline prices are no cakewalk.
Jane Lee becomes successful cookie monster: Monday, March 7, 2011; For Jane Lee, the economic downturn has been bittersweet.
Consultant says low taxes not enough to draw business here: Tuesday, March 1, 2011; At a time when legislators are debating the pros and cons of whether to tax — and whom to tax — to help rescue Nevada from fiscal calamity, Sallie Doebler has a daunting task in front of her.
Q&A: Sallie Doebler: Monday, Feb. 28, 2011; Sallie Doebler has a daunting task in front of her.
More builders adopting green initiatives for homes: Monday, Feb. 28, 2011; Homebuilders are on the green-energy bandwagon these days. They see green as the best way to market homes in an economy that have seen sales plummet.
Construction industry workforce in Nevada shrank 19.5 percent in 2010: Thursday, Feb. 24, 2011; The Nevada construction industry shed 19.5 percent of its workforce in 2010 and faces additional challenges in 2011 with builders not undertaking any significant projects, according to a report released today by the Associated General Contractors of Southern Nevada.
Price of existing homes at 20-year low in Las Vegas: Tuesday, Feb. 22, 2011; New home sales in January and the price of existing homes tumbled to their lowest level in two decades in Las Vegas.
2010 saw increase in land sales as prices continued to fall: Monday, Feb. 21, 2011; More land traded hands in 2010 than it has since the recession began, but prices continued to plummet, according to a Las Vegas research firm.
Distressed real estate market alive in Las Vegas: Monday, Feb. 21, 2011; One humorous truism among brokers in Las Vegas and the rest of the country described how there were more seminars on distressed commercial real estate than there were sales of those properties.
Firm predicts tourism boost will help businesses near Strip; weakness elsewhere: Tuesday, Feb. 15, 2011; Retail sales in Las Vegas will increase more than 8 percent in 2011 as an increase in tourism will benefit retail outlets closest to the Strip, according to a forecast released by a California research firm.
Outlook bright for Las Vegas apartments, national firm says: Monday, Feb. 14, 2011; A national research firm is bullish on the recovery of Las Vegas’ economy and suggests that will help the region’s apartment market.
Las Vegas visitor numbers will grow in 2011, tourism official says: Friday, Feb. 11, 2011; The worst of the economic slowdown is behind Las Vegas and 2011 will mark the beginning of a recovery, according to one analyst and the head of the city’s tourism and convention industry.