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April 17, 2014

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Eli Segall

Business reporter

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Story Archive

Nevada foreclosure rate drops in 2013 but remains second-highest in U.S.
Wednesday, Jan. 15, 2014
Nevada’s foreclosure rate showed a big improvement last year but was not good enough to pull the state out of the doldrums.
2014 real estate predictions: What’s on tap for housing, retail, office and industrial space this year
Monday, Jan. 13, 2014
Las Vegas’ battered commercial real estate market is showing signs of life but remains a long way from full recovery. Last year, investors snapped up properties, landlords signed new tenants, industrial buildings sprouted and developers pushed ahead with big retail projects. Much of the same is expected this year, although the valley still faces big obstacles.
A clean slate to reinvent downtown Las Vegas
Landscape is at once mortifying and exciting
Monday, Jan. 13, 2014
Downtown Las Vegas has been a consistent bright spot in the city’s sluggish economy.
Stores and restaurants are opening, new developments are sprouting, and tech entrepreneurs are streaming in to build the valley’s geek scene.
Amid the excitement, though, another aspect of downtown is just as noticeable but not nearly as welcoming: the area’s empty, undeveloped land.
Miami firm buying Las Vegas-based chemicals manufacturer
Friday, Jan. 10, 2014
A Miami investment firm is buying Las Vegas chemicals maker American Pacific Corp., whose PEPCON plant exploded in a deadly inferno a quarter century ago, for $392 million cash.
Las Vegas home prices end year up 24 percent
Wednesday, Jan. 8, 2014
Las Vegas home prices inched higher last month to end the year far above 2012.
Property purchase raises speculation about possible expansion for Summerlin hospital
Tuesday, Jan. 7, 2014
Is Summerlin Hospital Medical Center plotting another expansion? Its owners recently bought 7 acres of undeveloped land across the street from the Las Vegas facility, property records show.
Investors snatch up four senior housing complexes in foreclosure
Monday, Jan. 6, 2014
Southern California and New York investors have teamed up to buy four distressed senior-housing complexes in Las Vegas. The $75 million acquisition — by Interwest Capital Corp. and Angelo, Gordon & Co. — closed last month.
Downtown's Ogden, Juhl among properties acquired in deal
Friday, Jan. 3, 2014
Some of the more stylish residential buildings in Las Vegas are under new ownership, several years after the recession dented their financial health. ST Residential has sold Juhl and the Ogden — two downtown high-rises — along with One Las Vegas, Loft 5 and Spanish Palms Condominiums for $237 million combined.
Enjoy science? Alright with tight quarters? Interested in space? A North Las Vegas company has the job for you
Tuesday, Dec. 31, 2013
If you enjoy science and won’t get claustrophobic living with others in a spacecraft, Bigelow Aerospace has the job for you. The North Las Vegas company is seeking “mature, well-adjusted” adults with technical backgrounds to work part time in astronaut simulation studies.
It's official: Warren Buffett is in the Nevada energy business
Thursday, Dec. 19, 2013
Billionaire Warren Buffett has completed his purchase of NV Energy, whose chief executive is retiring and being replaced by a Buffett underling.
Banking company bringing call center to Henderson, filling some of the space Zappos left vacant
Tuesday, Dec. 17, 2013
A British banking giant is bringing a credit card call center to Zappos’ former headquarters in Henderson.
The valley's priciest homes: A few million dollars buys stable, elevators, water slides
Tuesday, Dec. 17, 2013
The valley’s priciest homes typically span at least 6,000 square feet and include wine cellars, movie theaters, outdoor kitchens, indoor pools and elevators.
New law to cost Nevada State Bank owner $387 million
Monday, Dec. 16, 2013
The owner of a big Las Vegas bank says it will take an almost $400 million hit because a law that targets risky trading will force it to shed investments.
NV Energy sells land to home developer for $14.8 million
Monday, Dec. 16, 2013
NV Energy, Nevada’s main electric utility, has sold almost 40 acres of vacant land to developer Ryland Homes. The $14.8 million deal closed last month and was announced today by the brokerage firm CBRE Group, which represented NV Energy.
MGM sells property near M Resort; owners undecided about use
Thursday, Dec. 12, 2013
MGM Resorts International has sold about 90 acres of land south of Henderson off Interstate 15. The $11.75 million deal, which closed last month, was a speculative purchase, and the buyers do not have any immediate plans to develop the property.
Henderson could get 1,100 new homes, including a senior community
Thursday, Dec. 12, 2013
After years of delay, a proposed Henderson master-planned community that fell victim to the recession might finally see shovels in the ground. The LandWell Co., developer of the proposed 2,200-acre Cadence project between Boulder Highway and Lake Mead Parkway, has sold at least 200 acres to homebuilder Lennar Corp. and is working with Woodside Homes to develop 18 acres.
Nevada out of dubious top 10 for foreclosures? Almost
Wednesday, Dec. 11, 2013
One in every 859 housing units statewide received a foreclosure-related filing last month, down 53 percent from October and 55 percent from a year ago, according to a new report.
Median home sales price drops 1.1 percent in November
Tuesday, Dec. 10, 2013
The median sales price of previously owned single-family homes in Southern Nevada in November was $183,000, down 1.1 percent from October but still 25.3 percent higher than a year ago, according to a new report from the Greater Las Vegas Association of Realtors.
Doughnut Rambo: Cambodian refugee finds success, friendship in Las Vegas
Friday, Dec. 6, 2013
Sothy Seang drives to the Donut Hut in east Las Vegas almost every night around 7. He unlocks the door, turns on the lights, starts the fryer and makes hundreds of doughnuts. He doesn’t leave until after 11 a.m. the next day.
New health club to open near Green Valley Ranch in 2014
Tuesday, Dec. 3, 2013
A new, massive health club is coming to Henderson. Life Time Fitness is building an $8.5 million, 171,000-square-foot facility just west of Green Valley Ranch Resort, city records show.
Burgers, beer and pizza: How Las Vegas stacks up
Tuesday, Dec. 3, 2013
If you like burgers, beer and pizza, Las Vegas is the place to be. Infogroup Targeting Solutions said Las Vegas has the second-highest concentration of burger restaurants, is tied for sixth highest for pizza joints and is seventh highest for bars.
Developer buys Boulevard mall from lenders for $54.5 million
Monday, Dec. 2, 2013
The Boulevard mall, a once-thriving Las Vegas shopping hub that slid in popularity and financial health over the years, has been sold to local developer Roland Sansone.
Pahrump: 'It’s not exactly a wasteland'
Saturday, Nov. 30, 2013
When people think of Pahrump, they don’t usually think of high-minded literary types. The rural, unincorporated town 50 miles west of Las Vegas has legal brothels, a strong gun culture, no major industries and a smattering of casinos.
Competing with the big boys: How a local homebuilder beat the recession
Wednesday, Nov. 27, 2013
Homebuilder Robb Beville is a rare breed in Las Vegas: He works for a local company. The valley’s home construction market is dominated by out-of-state, publicly traded builders that are worth billions of dollars, employ thousands of people and sell tens of thousands of homes nationwide each year.
For Las Vegas homebuilders, 2013 called ‘year of recovery’
Monday, Nov. 25, 2013
Las Vegas’ home construction business slowed again last month as buyers faced rising prices and higher borrowing costs.
Cities across the country are vying to be the next Silicon Valley
Monday, Nov. 25, 2013
Persuading tech companies to move to Las Vegas can be a tough sell. The valley has a budding geek scene but sorely lacks educated workers, investment cash and job growth. UNLV is a research lightweight, and the few technical students it does produce often bolt town. Moreover, Las Vegas faces increasing competition from other cities that also want to make names for themselves as tech hubs. Despite the hurdles, local government and business leaders are trying to boost the industry and make Las Vegas a city of innovation, not just a gambling getaway.
Switch VP is first woman to lead Las Vegas Global Economic Alliance
Thursday, Nov. 21, 2013
The Las Vegas Global Economic Alliance has picked new leaders for its executive committee.
Chinese company relocates downtown with $10 million in capital
Thursday, Nov. 21, 2013
At first glance, Jonathan and Danielle Jenkins’ new office building doesn’t seem like a hub for innovation. The renovated building, though, is bringing new life to a quiet stretch of downtown.
40 percent of Las Vegas homeowners underwater, still highest in U.S.
Wednesday, Nov. 20, 2013
Las Vegas had the highest rate of upside-down borrowers last quarter among the 30 metro areas listed in a new report: 39.6 percent of local borrowers were underwater last quarter.
The days of living for free in a house awaiting foreclosure may be numbered
Friday, Nov. 15, 2013
Countless Las Vegans fell behind on their mortgages when the housing market collapsed, but many stayed put in their homes, living for free as banks struggled to seize the properties. But now lenders are adjusting to the Homeowner’s Bill of Rights.
Atlanta firm snatches six apartment complexes for $66 million
Thursday, Nov. 14, 2013
Prowling for discounts, an Atlanta real estate firm has been on a Las Vegas buying binge. Trimont Real Estate Advisors acquired at least four distressed apartment complexes last month and two others in May, spending $66 million.
Foreclosure-plagued Nevada welcomes drop in rate
Wednesday, Nov. 13, 2013
Nevada’s foreclosure rate improved last month but remains one of the highest in the country. One in every 407 housing units statewide received a foreclosure-related filing in October, down 39 percent from September and 15 percent from a year ago, according to a new report from Irvine, Calif., research firm RealtyTrac. Filings include default notices, scheduled auctions and bank repossessions.
NV Energy says joining energy partnership 'may benefit' its customers
Thursday, Nov. 7, 2013
After more than a year of study, NV Energy says it “may” have a new way to help customers.
Sales of homes, land continue to soar in Summerlin
Thursday, Nov. 7, 2013
Land and home sales keep climbing in Summerlin, whose developer said it sold 76.5 acres of land to homebuilders for $29.7 million in the last quarter.
In real estate, those who fell farthest are now soaring highest
Thursday, Nov. 7, 2013
After soaring fast and crashing hard, Southern Nevada home values are recovering at one of the fastest rates nationally. But this market isn't alone: Several other cities that experienced housing bubbles and economic destruction when the bubble burst are also leading the pack in real estate recovery.
Southwest Gas reports slight quarterly loss
Wednesday, Nov. 6, 2013
Las Vegas-based Southwest Gas, which provides natural-gas service to 1.9 million customers in Nevada, Arizona and California, reported its third-quarter earnings today.
Las Vegas home prices rising again after brief dip
Wednesday, Nov. 6, 2013
After a one-month dip, Las Vegas home prices are climbing again. The median sales price of previously owned single-family homes in Southern Nevada last month was $185,000, up 3 percent from September and 32 percent from October 2012.
Construction begins on delayed Sahara Center shopping plaza
Tuesday, Nov. 5, 2013
Developer EHB Cos. has started construction on a shopping center near Summerlin, giving the west valley one of several new — yet delayed — retail hubs.
Hospital hopes new app means gains in weight-loss surgeries
Tuesday, Nov. 5, 2013
Desert Springs Hospital Medical Center in Las Vegas has rolled out a smartphone app that lets users “upload your own photo and gently swipe away the extra pounds from your body."
Las Vegas’ tech sector has come a long way over the past year but still has some maturing to do
Monday, Nov. 4, 2013
Even though local money remains scarce, tech products and companies are becoming better developed than they were a year ago. Low-cost, startup-focused office space has opened and drawn hundreds of tenants, and companies are moving to Las Vegas whether or not they get money from the Zappos-linked investment fund, helping to boost the valley’s fragile economy.
NV Energy says refund drops earnings to $187 million for 3rd quarter
Friday, Nov. 1, 2013
Las Vegas-based utility NV Energy, which serves about 90 percent of Nevada’s population, reported its third-quarter earnings today.
The city’s premier shopping areas of the ’60s, ’70s and ’80s now in foreclosure and disrepair
Wednesday, Oct. 30, 2013
The two worlds of Las Vegas retail: Thriving shopping hubs with brand-name stores on the outer rings of the valley and small, low-end strip malls with mom-and-pop stores and lots of vacancies in the inner core.
Casino MonteLago at Lake Las Vegas closes over lease issues
Tuesday, Oct. 29, 2013
For the second time in three and a half years, Casino MonteLago is shutting its doors. The small gambling spot “suspended operations today pending resolution of lease issues.”
Goodwill: Where teddy bears, sport coats and sometimes jewels go to die — or get a second life
Tuesday, Oct. 29, 2013
Near the back of a sprawling North Las Vegas warehouse, hundreds of stuffed animals are smashed and bound together, a 1,200-pound massacre of unwanted pandas, frogs and bunnies. Children once clutched the animals, cuddling them as they fell asleep. Now they’re being sold to a salvage dealer who will ship them to China, Mexico or some other far-off place. Just another day on the job at Goodwill of Southern Nevada. “We try to get every dollar we can, every penny, I should say, or every half a penny,” said Retail and Operations Director Chris Matlock. “Doesn’t matter what it is. We want to get something for it.”
Not all real estate investors are fleeing Las Vegas housing market
Wednesday, Oct. 23, 2013
With Las Vegas home prices much higher than last year, Wall Street investors have started to pull back and buy fewer properties. But overall, investor appetite is growing statewide. Institutional investors, or buyers who pick up at least 10 homes a year, accounted for 25 percent of all residential sales in Nevada last month, according to a new report from RealtyTrac.
Former NM Gov. Bill Richardson joins board of Henderson company
Tuesday, Oct. 22, 2013
Former New Mexico Gov. Bill Richardson has joined the board of directors of a Henderson clean-energy company.
Desert now, but Henderson's Bermuda Road corridor is ripe for development
Monday, Oct. 21, 2013
Grand plans have come and gone for a wide area of southwest Henderson surrounding Bermuda Road. With a FedEx distribution center under construction off Executive Airport Drive and new plans being submitted for housing development in the area, is now the time for this mostly-desert land to finally be developed?
House flipping remains fruitful in Las Vegas, if not elsewhere
Wednesday, Oct. 16, 2013
Real estate investors across the country are backing away from the house-flipping game. But it appears the practice continues to be a good bet in Las Vegas.
Valley housing prices have given residents the ride of their lives
Tuesday, Oct. 15, 2013
The past decade has been a horrible roller coaster ride for Las Vegas’ housing market, and now the market is expected to cool off as property values are on the rise. Every city and town in Southern Nevada went through a bell curve-shaped boom and bust.
Struggling Bank of Las Vegas sold to Michigan company
Monday, Oct. 14, 2013
The bankrupt owner of a Las Vegas Valley community bank has reached a deal to sell the struggling lender.

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