| Monday, July 16, 2007 |
| Las Vegas Real Estate Looking Better |
Las Vegas home sales are off by 40 percent, prices continue to fall and home builders have cut back on construction. PMI Mortgage Insurance Co. has called the city a “top at-risk market.”
With the inventory of homes for sale on the Multiple Listing Service climbing to a record 23,642 in June, certainly, the downturn has hurt real estate professionals in all areas.
“Experienced [real estate professionals] and mortgage officers are surviving, but those with less knowledge or a small network of contacts are leaving for a more steady paycheck," Robin Comacho of Direct Access Lending told the Las Vegas Review-Journal.
But not everyone thinks the sky is falling; Real estate consultant Steve Bottfeld scoffs at the notion that this slowdown is anything but temporary because the city is creating more jobs rapidly.
“What outside observers tend to miss – and sometimes even local analysts – is that this market is in the middle of a major transition. Things are changing and we think for the better," he says.
Other analysts agreed, saying Las Vegas' job creation will help create future demand for housing.
Source: Las Vegas Review-Journal
Real estate is slow everywhere right now, but the experienced agents who know their profession are still surviving...some quite well. It's not a marketplace for beginners or those whose hearts are not in it, though. Myrtle Beach real estate is doing fairly well during the summer tourist season, but still tough for those who don't have the marketing - especially on the internet.Labels: las vegas real estate, myrtle beach real estate |
posted by Myrtle Beach Web Design @ 1:54 PM  
|
|
|
|
| Saturday, March 17, 2007 |
| Las Vegas Real Estate News- Verge Condominiums |
News from Diann Tonnesen in Las Vegas... VERGE, downtown’s newest mid-rise, mixed-use condominium community, had its Grand Opening ceremony on Thursday, March 15th. Mayor Oscar Goodman was there for the ribbon cutting and to give his insights on the exciting downtown redevelopment. Mark Stark, CEO of Prudential Americana and Darren Dunckel, the developer, were keynote speakers talking about VERGE's potential as part of the new downtown urban living environment. Downtown Las Vegas is currently undergoing an epic $14 billion revitalization to cultivate the first pedestrian-friendly, urban experience Las Vegas has ever seen. This comprehensive plan consists of new commercial, residential, retail, live-entertainment and dining establishments for the local patron to live, work, and play. VERGE, one of the first downtown Las Vegas condos to be finished, will be affordably priced from the mid $100s.  At the VERGE ceremony, housed under a massive white tent, hundreds downed free drinks and crab cake hors d'oeuvres while waiting in line to tour unit models in Verge's sales office. The crowd - 1,200 people RSVP'd for the party - was younger, maybe "hip," and definitely serious, with lots of talk about buying a condo for investment or living. And unlike the scene at similar parties for the multiple other condo projects around the city, this one was decidedly local. That, said Lance Bazil, director of sales, is what Verge was hoping for. "Our marketing campaign said, 'Before we go public, we go Vegas,' " Bazil said. "When you look at high rises going up, a majority of them, if you drive by at night, there are no lights on. VERGE’s location is walking distance to all the action, including the newly renovated Fremont Street casinos, the Block, Union Park’s World Jewelry Mart and World Market Center, the Smith’s Performing Arts Theater, The Lou Ruvo Brain Institute, Fremont East’s Entertainment District and much more. VERGE’s 296 residence community offers the latest in modern living, state-of-the-art architecture and design. There are 39 impressive floor plans including studios, one, two, three bedroom condominiums and spectacular lofts with 23-foot ceilings. Many residences have remarkable views of Downtown Las Vegas. Other onsite amenities include 2 rooftop pools; rooftop restaurant; on-site boutique grocery store; indoor racquet ball courts; fitness center with steam and locker rooms; secure access-controlled underground parking and entry; and a rooftop pet park. The VERGE development was inspired when the developer found an architect whose patent-pending design for modular building would decrease construction costs 30 percent from comparable projects. The preformed sections, carried to the site and put together like a puzzle, also speed up construction without sacrificing structural quality. Some estimates have put construction time for the building at just over 12 months, a record for any condo project in the Las Vegas real estate community. Starting Monday, March 19th, VERGE will be accepting first round reservations with a refundable deposit of $2,000. Unit selections and contracts will take place sometime in late May or June, at which time first round reservation holders, as a special incentive, will only need the balance of a 5% total down payment until close of escrow which is estimated to be in late 2008. To view sample floor plans and estimated price ranges, please go to: VERGE floor plans. Or for immediate assistance, please call the Tonnesen Team of Prudential Americana Group Realtors at 702-985-7654. VERGE is being marketed by the Prudential Americana High Rise Division. ## Labels: las vegas highrise condos, las vegas real estate, las vegas realtor, myrtle beach condos, myrtle beach real estate, prudential realtor las vegas, real estate marketing myrtle beach |
posted by Myrtle Beach Web Design @ 5:23 PM
|
|
|
|
| Sunday, February 26, 2006 |
| Myrtle Beach Restaurants Target a Wealthier Clientele |
Bargain hunters doomed to frustration - hot resorts nationwide “Going Gourmet”.
By Jan Chilton, Myrtle Beach Web Design
Myrtle Beach, SC (PRWEB) February 25, 2006 -- As budget hotels give way to luxury condo resorts in Myrtle Beach, pricey themed restaurants are becoming the new trend in the Grand Strand. The upscale chains like Bonefish Grill, Carrabbas, and 5 star steak-houses such as “New York Prime” are nudging out the small local hideaways.
Nationwide, the wealthy baby boomers are changing the landscape and the typical vacationer in the major resort areas looks for the gourmet dining experience instead of country buffets, fast food, and inexpensive family diners. High-end fresh seafood and steaks, grilled and prepared with unique sauces and salads, make restaurants like “Bonefish Grill” fill to capacity nearly 7 days a week. Italian classics with only the best ingredients pile hungry diners into “Carrabbas” and “Olive Garden”, while the smaller places find it hard to compete.
With the many new Myrtle Beach condos causing an increase in lodging prices, there are concerns about the area becoming less of a family beach and catering to the affluent, such as the towns like Sarasota and South Beach have done. Retirees and large families on a budget are likely to find a week at the beach more costly than ever.
A typical meal at any of these Myrtle Beach restaurants can run anywhere from $20 to $30 a person. A family group will end up with a bill equal to a night's stay in the budget hotels in Myrtle Beach just a few years ago.
Locally, luxury resort sales show few signs of a slow-down. Indeed, this month, CNN Money predicted home prices in Myrtle Beach to increase more than 7% in 2006.
David O’Connell of The Myrtle Beach Condo Store, the area preconstruction marketing expert, maintains that Myrtle Beach condo sales are as strong as ever, and expects this year’s numbers to exceed 2005.
Joe Russo, a broker with Exit Grand Strand Realty says states, "In 2005, Myrtle Beach, Orlando, and Naples, FL were touted as the three top areas for income producing real estate. When you consider the lifestyle diversity offered by the many coastal towns on the Grand Strand; it's no wonder that real estate values have increased substantially. With no end in sight, Myrtle Beach real estate is still an excellent investment.”
A native of New York and Connecticut, Joe says that the restaurant business has always been fiercely competitive in the northeast, but never as fierce as today.
“The New York metropolitan location is a prime example," he adds. "This area is so ethnically diverse that you can find restaurants offering gourmet delights from all four corners of the earth. With excellent food being the norm rather than the exception, restaurateurs have begun to emphasize amenities such as alfresco dining, theme decor, and enhanced atmosphere, all of which increases the real estate value of their establishments. In addition, baby boomers are now reaching retirement age and often relocating to resort areas. They bring their taste for high quality cuisine with them. Restaurant owners in Myrtle Beach are now facing fierce competition."
Diann Tonnesen, top Las Vegas Prudential real estate broker agrees.
“Out west the rush is on to lure the biggest names in the restaurant industry to staff the elaborate and lavish Las Vegas high rise condo restaurants being built. Last year more restaurants opened in Nevada than in any other American state.”
“The booming Las Vegas real estate industry has created an insatiable demand for high end eateries as the "Strip" transitions away from all-you-can-eat buffets to elegant gourmet dining. Currently Las Vegas is home to five of the eight James Beard award winning chefs. A search for Las Vegas restaurants on the Internet shows over 19,000,000 results."
Over in the far west out in the Pacific Ocean, Hawaii tourism brings the same results. Jeff Manson of American Dream Realty on Oahu, reports,
“According to Pacific Business News, February arrivals are up 2.5%, and Honolulu arrivals are up 6.3% compared to 2005. The Hawaii hotels have been averaging around 80% - 85% occupancy this year. This boom in domestic travel is fueling a hot Hawaii real estate market as well.”
“The Oahu Luxury real estate homes have been selling at a record rate, increasing the demand for fine dining. Restaurants such as Roy's, Alan Wongs, and Hoku's at the Kahala Maderine Hotel maintain full reservation lists. There are 3,800 restaurants in Hawaii, and 14% of the states employment is in 50,000 restaurant jobs.
Annette Smith of RE/MAX Properties in Sarasota Florida adds, "The booming luxury Sarasota real estate market has created new gourmet restaurants in the city and along the waterfront. Sarasota has long been known for its culture, shopping and upscale cuisine. Complimenting the waterfront dining venues, a new downtown Sarasota condo market has created a more cosmopolitan atmosphere in our city. After attending an Asolo or Van Wezel performance, hotel guests and performers drift over to the Hyatt Hotel’s Boathouse Restaurant which offers a late night fare. Also, Sarasota’s first downtown Starbucks is bustling with tourists and residents alike. "
As the baby boomers proceed to take over the economy, their pursuit of plush surroundings and a trendy atmosphere will continue to affect entertainment and dining venues.
The king of all baby boomers, Donald Trump, expresses it well when quoted as saying,
"I wasn't satisfied just to earn a good living. I was looking to make a statement."
We’re a hedonistic generation, that’s a fact.
_______
Myrtle Beach Web Design handles Internet marketing for several area real estate agencies and vacation rental companies, as well as providing search engine and marketing assistance for a network of friends and clients in the real estate field all over the US.
For real estate information in these resort areas, contact the below contributors:
David O’Connell
The Myrtle Beach Condo Store
Myrtle Beach, SC
843-455-5500
www.myrtlebeachcondostore.com
Diann and Glen Tonnesen
Prudential Americana Realtors
Henderson, Nevada
702-596-7821
www.greatlasvegashomes.com
Joe Russo
Exit Realty
Garden City Beach, SC
866-651-0500
www.jorusso.com
Jeff Manson
American Dream Realty
Kailua, HI
808-792-7000
www.adrhi.com
Annette Ashley Smith
Re/Max Properties
Sarasota, FL
941-308-3814
www.annettesellssarasota.comLabels: Hawaii real estate, las vegas real estate, myrtle beach condos, myrtle beach real estate, Sarasota Real Estate |
posted by Myrtle Beach Web Design @ 6:37 AM
|
|
|
|
| Friday, December 23, 2005 |
| Preconstruction in Las Vegas Cooling Down? |
The doom and gloom of bubble predicting still plods on...with the less than hopeful prophets trying their best to create that which isn't yet happening. I think that if enough of them say it enough times it will convince many investors that it's true, and unfortunately become true just from the negative publicity.
Thank goodness Myrtle Beach condos have a longer way to go before they price themselves out of existence. I won't believe in any of it until I see it happen in Miami, Vegas or one of the other hot-spots. Here's another little blurb I ran across today...
Signs Condo Craze in Las Vegas Cooling Off
Dec 19, 2005, 07:13 PM EST KLASTV.com
The condo craze in Las Vegas may be in a cooling down period. The advertising blitz for high-end condos is aggressive. But some projects, like the well publicized "Ivana Trump Las Vegas" are failing to just break ground.
The Ivana promised to tower over the Las Vegas skyline. But, experts say that if a high end project fails at first, that doesn't spell it's doom. There is a good chance that another developer will pick it up and be successful with it.
Linda Rheinberger, with the Greater Las Vegas Association of Realtors says rising construction costs, poor planning, and just bad timing are some of the reasons why some hi-end condo projects are not making it. But, Rheinberger says that more of these projects are making it than what was initially thought.
At first, experts thought only 20-percent would be successful. Rheinberger says "It's closer to 30-percent or 40-percent, so I think it's fairly normal." Some realtors are confident the trend to build upwards will continue and be successful.
Jeannine Cutter with Spanish View Towers says she's been experiencing successful sales, where the starting price for a condo is around $800,000.
Cutter says: "My thinking is there is no bubble."
**********************
There's no slow down of condos for sale in Myrtle Beach or North Myrtle.Labels: las vegas real estate, myrtle beach condos, preconstruction |
posted by Myrtle Beach Web Design @ 11:07 PM
|
|
|
|
| Wednesday, December 01, 2004 |
| Preconstruction Real Estate Investments - "Buy Now, Pay Later" |
Cash in on pre-sale profits in the country's five hottest real estate markets: Las Vegas, Myrtle Beach, Sarasota, Austin and Tucson. Small deposits on preconstruction properties can bring huge payoffs in appreciation for investors who purchase before building commences in the cities with soaring prices.
Myrtle Beach, SC (PRWEB via PR Web Direct) December 1, 2004 -- Preconstruction condos are selling at a breakneck pace. The release of phase I of Prince Resort at the Cherry Grove Pier was evidence of that when it was sold out ($53,000,000) in the first 48 hours. Investors are snapping up 2 to 3 units at a time, as the Myrtle Beach condos market continues to be one of the most undervalued preconstruction condo markets in the country. Real estate investments continue to be one of the safest investments an individual can make in this day and age. "Getting in early on a preconstruction project can assure the investor of paying the lowest price, and of course, choice of units," says David O'Connell of NewResorts.Com, who has dominated the Myrtle Beach market for the past 7 years. He is about to release a $60,000,000 oceanfront condominium project in the next few weeks.
The sizzling Las Vegas real estate market is turning up the heat another notch. With over 80% of Nevada owned by the US government, land-starved developers are going vertical to meet the demand for housing in the fastest growing city in the United States. Presales of luxury high rise condos and "condotels" along the Las Vegas Strip are skyrocketing, with over 30 new high-end projects already in progress and more opening at the start of 2005. Developers are catering to sophisticated investors by offering a bundled package of lavish fully furnished units, onsite leasing agents and nightly rentals tied to the local casinos, and the return on investment for these Las Vegas condos is so high that many projects are sold out before ground has even been broken. Anticipated appreciation rates (which hit 30% this spring) are also fueling the buzz.
Some of the most expensive yet highly sought after property can be found in Sarasota, Florida. As a "city of the arts" and a tropical paradise, homes in Sarasota will always be in demand. Downtown Sarasota's bay front condos are the hottest Sarasota Real Estate right now. Within walking distance to Sarasota Bay, theaters, restaurants, upscale shopping, specialty stores and cultural centers world-class amenities are right at your doorstep. Prices range from $300,000 to $10,000,000 depending on location, square footage and water views, for a two bedroom/two bath condo. These top of the line extraordinary new condos offer breathtaking views of Sarasota Bay and the Gulf of Mexico. Inc. Magazine recently named Sarasota as "Florida's next big thing!"
Another hot area for investors is Austin, Texas real estate. Since the tech market crash of 2001, this jewel in the rough has been of strong interest to investors, especially those who are able to capitalize on their equity from other hot markets. It remains quite affordable for most first-time investors, with Austin homes and condos in the $100,000 to 300,000 range, as well as duplexes. Nestled in the beautiful hill country, Austin is scenic and serene, with a chain of lakes running from west to east and thousands of acres of devoted park land and nature preserves. According to Austin Realtors, the market seems poised to take off again in 2005, with the number of homes for sale dropping slightly in late 2004, and a frenzy of home buyer activity occurring during this holiday season. All in all, one would do well to consider the up-and-coming Austin real estate market as part of a savvy investment portfolio.
And meanwhile, out in Tucson, Arizona, the local real estate market is also heating up, according to Brenda O'Brien, a top Tucson Realtor. While homes in Tucson are still reasonably priced, they are starting to climb at double digit rates. October listings in the Tucson Real Estate Market decreased 20% from October 2003, and the average price of a home in Tucson was $211,240, according to the local Association of Realtors. This represents an increase of 13.4% over last year's average price. Tucson new home sales are also booming, and great homes can still be had in the $300,000 to $500,000 price range. Retirees from all over the country are choosing Tucson for the perfect weather and reasonable home prices, which add to the investment potential.
By going to contract prior to construction in any of these cities investors should be able to benefit hugely from the projected appreciation increases before even closing on their purchases. Those who purchase multiple units in several projects should do exceptionally well in 2005 before rising inflation costs drive prices up even more.
For more information on sales in these areas please contact:
Myrtle Beach - David O'Connell
Myrtle Beach Real Estate Investment Groups LLC
843-455-5500
http://www.myrtlebeachcondostore.com
Las Vegas - Diann Tonnesen
Century 21 MoneyWorld
702-596-7821
http://www.GreatLasVegasHomes.com
Sarasota - Annette Smith
ReMax Properties
941-954-5454
http://www.AnnetteSellsSarasota.com
Tucson - Brenda O'Brien
Long Realty
520-918-5968
http://www.Tucson-Az-Home.com
Austin - Jason Crouch or Jim Olenbush
Austin Texas Real Estate
1-800-790-7910
http://www.JimOlenbush.com
http://www.AustinTexasHomes.com
# # #
|
Labels: Austin Texas Real Estate, las vegas real estate, myrtle beach condos, Sarasota Real Estate, Tucson AZ Real Estate |
posted by Myrtle Beach Web Design @ 11:12 AM
|
|
|
|
|
|
