Las Vegas Sun

December 19, 2014

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Eli Segall

Business reporter

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Story Archive

Las Vegas’ underwater mortgage rate improving but still worst in nation
Tuesday, Dec. 16, 2014
Some 27.8 percent of local homeowners with mortgages were upside-down — meaning their debt outweighs their home’s value — in the third quarter. That’s down from 39.6 percent a year ago and ...
Report: Housing outlook not ‘warm and fuzzy’
Tuesday, Dec. 16, 2014
With home sales and construction plans sliding and prices flat, there’s little reason to feel “warm and fuzzy” about Las Vegas’ housing market next year, a new report says. Builders sold ...
Q+A: Las Vegas contractor talks city’s colorful past, surviving recession, stepping aside
Tuesday, Dec. 16, 2014
Frank Martin, the 67-year-old co-founder of Martin-Harris Construction, helped build Las Vegas, turning dirt lots into schools, office buildings and casinos. His company was hit hard by the recession, but survived. But now, with business improving, Martin is ready to call it a ...
Report: Nevada among top states for mortgage fraud
Monday, Dec. 15, 2014
Mortgage fraud is rising nationally and remains more active in Nevada than in almost every other state, a new report shows. Some 74 percent of U.S. home loans last year involved ...
Delayed 1,700-acre project to get first homes
Thursday, Dec. 11, 2014
The Olympia Companies has sold 80 acres at Skye Canyon — a fraction of the 1,700-acre project site — to Pulte Homes and Woodside Homes, executives said today.
For Las Vegas renters, pricey resort-like options increasing
Thursday, Dec. 11, 2014
Despite the still-sluggish economy in the Las Vegas Valley, investors are building a burst of higher-end rental complexes with larger units, lots of amenities and much higher prices. It’s unclear how many people want — and can afford — to live in them all, and whether too many developers are ...
Las Vegas home prices creep up as sales continue to drop
Tuesday, Dec. 9, 2014
The slowdown in Las Vegas' housing market is poised to continue next year, a new report says, as investors keep pulling back from the valley. The median price of single-family homes sold through the Greater Las Vegas Association of Realtors’ listing service in November was ...
Events facility Venue a potential boost for Fremont East
Thursday, Dec. 4, 2014
Years after buying the project site, nightlife entrepreneur Victor Perrillo is building an events facility on the cusp of Fremont Street’s rowdy bar scene. Construction is underway at ...
In Las Vegas, some recession scars are healing, others smarting
Wednesday, Dec. 3, 2014
Las Vegas was almost wiped off the map by financial hurricanes during the recession. But as things improve nationally and in America's gambling mecca, some problems just won't go away. The valley has made strides, but ...
Buyers spend more than $49 million at BLM land auction
Tuesday, Dec. 2, 2014
Homebuilders and other investors purchased 415 acres of land at a government auction today. The U.S. Bureau of Land Management sold the parcels, all in the southwest valley, for ...
Allegiant offering bargain flights in Thanksgiving promotion
Tuesday, Nov. 25, 2014
Allegiant Air is getting in on Thanksgiving sales mania again and — like many retail stores — it’s betting that customers will start bargain-hunting in the middle of the night. The Las Vegas-based discount carrier said ...
Pahrump electric utility to open Las Vegas office
Thursday, Nov. 20, 2014
A Pahrump electric utility is opening a satellite office in Las Vegas. Valley Electric Association, which serves about 45,000 people, has signed a lease for 6,500 square feet in Red Rock Business Center between Russell and Sunset roads just east of the 215 Beltway, in the southwest valley.
Builders struggle as new-home sales slow
Thursday, Nov. 20, 2014
Southern Nevada homebuilders continue to struggle this year, with lower sales and a rising volume of canceled deals, a new report shows. Local developers sold ...
Investors are flipping fewer Nevada homes, report finds
Wednesday, Nov. 19, 2014
Real estate investors aren’t flipping homes in Nevada as often as last year, but they’re still more active than flippers nationally. Flipping slowed nationally to ...
Allegiant fliers complaining about fees but still paying
Sunday, Nov. 16, 2014
Las Vegas-based Allegiant racks up consistent profits selling cheap airplane tickets with a bevy of add-ons, but some people view its latest fee as particularly unreasonable. On Sept. 1, the airline began charging customers, with some exceptions, $5 to print a boarding pass at airport ticket counters. But fliers are paying, and the fee is padding Allegiant’s earnings ...
Las Vegas real estate market is a wild ride
Sunday, Nov. 16, 2014
Housing is a volatile business but seems more extreme in Las Vegas, with its long history of fast-paced construction, out-of-town investors and transient residents.
Major Southern Nevada construction company being sold
Friday, Nov. 14, 2014
One of the largest construction firms in Southern Nevada is being sold. Martin-Harris Construction owner Frank Martin is selling his company’s assets to ...
Buy $38 million Palms penthouse, and they’ll throw in a Lamborghini
Thursday, Nov. 13, 2014
Phil Maloof’s rooftop penthouse at the Palms is packed with opulence, but after sitting on the market for five months without luring a buyer, his listing agents have thrown in one more perk: A Lamborghini. Under a fittingly flashy promotion, whoever buys Maloof’s $38 million Las Vegas party pad will get a two-year, pre-paid lease on a 2015 Lamborghini Huracán, with an option to ...
More than 250,000 flock to Downtown Summerlin in opening days
Wednesday, Nov. 12, 2014
At its opening extravaganza last month, Summerlin’s massive new retail center had fireworks, live music, food trucks and lots of visitors. The 1.6-million-square-foot Downtown Summerlin ...
Some Las Vegas contractors are having trouble hiring workers
Thursday, Nov. 6, 2014
With construction picking up in Las Vegas, some contractors are having trouble finding qualified workers. The Las Vegas area had 43,600 construction workers as of September ...
Work progressing on recession-stalled Beltway project
Thursday, Nov. 6, 2014
The former ManhattanWest, the stylish retail, office and residential complex that sat unfinished for years at Russell Road and the 215 Beltway, is being being completed by WGH Partners, which also is finishing construction on an abandoned condo project on Cactus Avenue at Bermuda ...
Henderson latest Southern Nevada city to launch home foreclosure registry
Wednesday, Nov. 5, 2014
In a region still stung by foreclosures, Henderson officials have kicked off the latest effort to track abandoned homes and prevent them from falling into disrepair. Nevada’s second-largest city this week launched a foreclosure registry at registerhenderson.com to monitor homes that are ...
Food 4 Less pulling out of the Las Vegas market
Thursday, Oct. 30, 2014
Discount grocer Food 4 Less is ditching Las Vegas. Management said today it is converting six locations in the valley to Smith’s Food & Drug stores — both brands are owned by Kroger Co. — and closing eight others as it exits the Las Vegas market. The conversions and closures will take place by early next year. Food 4 Less employs ...
Number of Las Vegans without bank accounts on the rise
Wednesday, Oct. 29, 2014
Some 15.3 percent of Las Vegas-area households reported using an “alternative financial service” in the past 30 days when surveyed last year, compared to 12 percent nationally. Another 14.6 percent of local households had used such services in the past year, versus ...
Investors’ retreat from Las Vegas housing market triggers sales slowdown
Wednesday, Oct. 29, 2014
When investors flocked to Las Vegas for cheap homes after the economy crashed, they resurrected the housing market with sorely needed ...
Hughes Center adding cheaper eating options at office park
Wednesday, Oct. 29, 2014
Owners of the Hughes Center are bringing a slate of new eateries to the Las Vegas office park. The Blackstone Group, which bought the 68-acre property last year for $347 million, recently started construction of ...
Report: Outlook for new-home sales not ‘too exciting’
Tuesday, Oct. 28, 2014
A sluggish year for Las Vegas homebuilders isn’t expected to pick up anytime soon, a new report says. Local builders sold 605 new homes last month, bringing the year’s total to ...
First mountainside home lot at Ascaya in Henderson sells — for $925,000
Tuesday, Oct. 28, 2014
Developers of Ascaya, the long-delayed mountain-mansion project in Henderson, have sold their first lot — a 0.46-acre parcel for $925,000. The sale closed Friday, property records show, and sales of two other lots are expected ...
Nevada solar plant workers get nearly $2 million in back pay
Thursday, Oct. 23, 2014
Federal labor officials have recovered almost $2 million in unpaid compensation for workers at a 1,600-acre solar-panel plant near Tonopah. The U.S. Department of Labor said today it recovered about $1.91 million in back wages and fringe benefits for ...
Allegiant Travel earnings down 17 percent for 3rd quarter
Wednesday, Oct. 22, 2014
The parent company of Las Vegas-based Allegiant Air, a discount carrier that connects small cities to resort destinations, reported earnings today for the third quarter ending Sept. 30. Allegiant, with small base fares and lots of add-on fees, said its average total fare ...
Seller of Atomic Liquors building buys bank-owned office building
Tuesday, Oct. 21, 2014
A few months after selling the Atomic Liquors building to Downtown Project, the bar’s bosses have plunked down a few million for an office building in ...
Owner of downtown’s Ogden bucks trend with condo sales blitz
Thursday, Oct. 16, 2014
When investors bought the Ogden and four other Las Vegas residential complexes last year for big dollars, they were among many laying bets on the valley’s apartment market. Now they’re betting they can ...
Hospital group has renewed interest in Henderson medical campus
Wednesday, Oct. 15, 2014
Last year, Dignity Health executives backed out of building a hospital at Union Village, throwing a big wrench in the planned Henderson health care complex. But now ...
Chamber of Commerce finds new home in downtown Las Vegas
Tuesday, Oct. 14, 2014
After leaving its offices at Town Square last year, a Las Vegas business group has found a new home in an unlikely place. The Las Vegas Metro Chamber of Commerce is moving into the ...
Clash with board led to shakeup at Gay and Lesbian Community Center
Tuesday, Oct. 14, 2014
A year after hiring a new chief executive, the Gay and Lesbian Community Center of Southern Nevada has already replaced him with a new top ...
Southern Nevada financial industry paranoid about pot business
Sunday, Oct. 12, 2014
Although medical marijuana was legalized in the state, few so far have been willing to support the industry ...
For sale: Blighted Strip land, only $246 million
Sunday, Oct. 12, 2014
The prices are stark reminders that Strip real estate values have plunged since the boom years but still vastly outpace the rest of the valley.
Developers break ground on massive Henderson health village
Wednesday, Oct. 8, 2014
After years of planning and a major setback, developers of Union Village are gearing up to finally build the colossal Henderson health care complex. The $1.2 billion, 155-acre development is slated to include ...
Las Vegas home sales dip, but prices inch upward
Wednesday, Oct. 8, 2014
Despite a slowdown in sales, Las Vegas used-home prices inched past the $200,000 mark last month. The median price of single-family homes sold in September was ...
Summerlin mall, stalled amid the recession, polishes for opening Thursday
Tuesday, Oct. 7, 2014
The Shops at Summerlin Centre was one of the most visible casualties of the real estate bust in arguably the hardest-hit market in the country. But now, with new owners and a new name — Downtown Summerlin — the project is finally opening. About 85 shops and eateries will be ...
Mining company revives long-dormant gold exploration in tiny Searchlight
Friday, Oct. 3, 2014
There are no grocery stores or doctor’s offices in this speck of a town outside Las Vegas. Most people live in mobile homes, and new suburban-style housing tracts have streets and utilities but, like a ghost town, few or no homes. There are no major employers, and the only restaurants are McDonald’s and a small casino with 10-cent coffee. But a mile or so north of town, a small company is trying to ...
Back in business: Henderson’s Inspirada eager for a comeback
Thursday, Oct. 2, 2014
On the outskirts of southern Henderson, near large swaths of open desert and a small airport buzzing with private planes, the Inspirada community has been a prime example of ...
President resigns at Las Vegas-based Allegiant Air
Wednesday, Oct. 1, 2014
Andrew Levy, Allegiant Air’s day-to-day operations boss and its highest-paid executive, has resigned. The Las Vegas-based discount carrier announced today that ...
Poker player accused of violating commodities trading ban
Tuesday, Sept. 30, 2014
Last fall, Las Vegas poker player and investor Daniel Shak was hit with a $400,000 penalty and trading ban after he was accused of attempting to manipulate oil markets. But, regulators claim, he didn’t ...
Goodwill opening new stores in Las Vegas Valley
Tuesday, Sept. 30, 2014
Goodwill of Southern Nevada is adding two retail stores and relocating another. The nonprofit group, which sells low-priced used clothing, furniture and other goods, said today it will open a new store at ...
Work underway on site for huge Strip music festival
Friday, Sept. 26, 2014
Another project on the north Strip is moving ahead as planned, furthering the anticipated turnaround of an area that’s struggled for years. Construction crews are doing site work at the southwest corner of Las Vegas Boulevard and Sahara Avenue, the future home of the ...
Report: Rising prices a drag on new-home sales
Wednesday, Sept. 24, 2014
Las Vegas homebuilders are stuck in the doldrums as buyers continue to shy away from hefty price tags, a new report shows. Local builders sold 530 new homes in August, bringing this year’s total to ...
Long-planned Henderson health care complex poised to break ground
Wednesday, Sept. 24, 2014
Developers of a colossal Henderson health care project, years behind schedule, say they’re making progress on their plans and getting ready to build. Invitations have gone out to political leaders and businesspeople to attend a ceremonial groundbreaking Oct. 8 of Union Village, the proposed $1.2 billion ...
State high court ruling favors HOAs over banks on home seizures
Thursday, Sept. 18, 2014
Nevada’s highest court has upheld a law that lets homeowners associations foreclose on houses ahead of mortgage lenders, even if HOAs are owed a fraction of what ...
Major speculative industrial project begins in North Las Vegas
Wednesday, Sept. 17, 2014
A Southern Nevada developer plans to build a warehouse that it says will be the area's largest speculative industrial project in years. Prologis, based in San Francisco with ...

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