5 Things that Surprisingly Don’t Affect Your Credit Score

Great and useful article recently published to the LVRJ regarding misconceptions concerning what's really affecting your credit score.

The 5 factors that are said to NOT have an impact on your credit standing include:

1. Interest rates
2. Credit counseling
3. Soft credit inquiries
4. Income
5. Payments plans

For details, check out our CGroup News page here:
http://www.cgvegas.com/news/2014/12/30/5-things-that-surprisingly-dont-affect-your-credit-score

Source: LASVEGASREVIEWJOURNAL.com
Photo: THINKSTOCK.com

Freddie Mac Research Shows Many U.S. Renters Still Dream of Homeownership, but Some Prefer to Rent

Great Freddie Mac article on current trends and viewpoints among U.S. renters:

The majority of U.S. renters are struggling financially and plan to remain renters for the next three years, according to recent Freddie Mac survey data. However, the recent financial crisis did not tarnish renters' dreams of homeownership with 91% of them viewing homeownership as something of which to be proud. 

"It's no secret that for the last several years, consumers have felt more strapped financially, particularly renters," said David Brickman, executive vice president of Freddie Mac Multifamily. "Many renters are not buying homes because of a perceived lack of ability to afford the down payment or mortgage and poor credit history. But there also is a segment of renters who simply do not want the responsibilities of owning a home." Freddie Mac commissioned Harris Poll to survey more than 2,000 U.S. adults online in August 2014 to get their perceptions about renting in the post financial crisis marketplace. A presentation on the research results is available here. 

Highlights

• The majority of renters say they tend to live paycheck to paycheck. 45% of renters say they have just enough money to get by, and 17% say they do not have enough money for basics, like food and housing until the next payday. In comparison, only 38% of homeowners indicate a similar financial hardship.

• 61% of renters believe they will continue to rent in the next three years, despite 91% of them viewing homeownership as something of which to be proud. While 39% of all renters say they expect to purchase a home in the next three years, the remainder plan to continue to rent. Those most likely to buy a home in the next three years are from ages 25-44.

• Younger adults are more inclined toward buying a home than older ones. For example, 47% of renters aged 25-34 and 58% of renters aged 35-44 responded that they will purchase a home in three years, compared to 27% for people age 45-64. In addition, if a renter hasn't owned a home by age 45, then chances are they will continue to rent throughout their lifetime.

• According to renters, the top three favorable factors about renting are:

• Provides freedom from home maintenance responsibilities (78% strongly or somewhat agreed)

• Allows more flexibility over where you live (68% strongly or somewhat agreed)

• Protects against home price declines (66% strongly or somewhat agreed)

• According to renters, the top three favorable factors about homeownership are:

• Something of which to be proud (91% strongly or somewhat agreed

• Can be passed on to your children (90% strongly or somewhat agreed)

• Allows more flexibility to design it the way you want (89% strongly or somewhat agreed)

Source: FREDDIEMAC.MWNEWSROOM.COM

Las Vegas Home Prices Tick up 1.1 Percent

According to the latest housing news from GLVAR, Las Vegas home prices posted a small bounce in November. The median price of a single-family home jumped to $202,000, up 1.1 percent from $199,900 in October.  This median price is based on the November sale of 2,483 units through the MLS, with overall closings down 13.2 percent from October.

Although Realtors are currently selling fewer homes, the listings that do close are going for more money. With the current sales pace, the local market has a four-month supply of homes for sale (versus a standard six-month supply for typical balanced markets).

Heidi Kasama, GLVAR Association President stated, "Our local housing market has been fairly stable this year. Unless something dramatic happens in the coming, months, we expect to see more of the same in 2015."

Photo: DAVID BECKER

Source: REVIEWJOURNAL.com

Search Thousands of Homes via Custom RE/MAX App

Searching for a home? Now you can map search thousands of Las Vegas and Henderson homes right from your phone or tablet with the amazing RE/MAX app!

Download the app here: http://getmobile.remax.com/

Use "scunningham" as your personal access key. You can ask questions to Shawn directly from inside the app.

Great Features:
- Real time listing information
- Interactive maps (see what's for sale around you)
- Instantly share with friends, family - or your agent
- Connect directly with your RE/MAX CGroup agent

Contact shawn@cgvegas.com if you need assistance installing or navigating the app!

Why Now is the Best Time to Invest in Las Vegas

Here are few reasons why NOW is the best time to invest in Las Vegas real estate:

1. Did you know that traditionally December is the best month to invest in real estate? Home prices typically are lowest during the holiday season (because of fewer buyers competing in the market). More folks are on vacations or planning holidays or out shopping for gifts than buying homes. This gives you as an investor a unique opportunity to try to get better deals from eager sellers. The best time to invest is when competition is less.
   
2. Need a tax write-off? Now might be a good time to considering making an investment purchase before the end of the year rolls around. Talk to your CPA about the benefits of investing in real estate to lessen your tax burden.
   
3. Did you know that interest rates are hovering around 4.0% right now? Those of you who have invested and leveraged real estate in the past know that these rates are near historic lows. They obviously will not last forever. It's rarely been cheaper to finance an investment property. Don't kick yourself later when rates rise back up above 5%. There is a huge difference between a 4% rate and a 5%+ rate.

Our team is constantly looking at properties, in all locations, in all price points for our investors. Contact me today if you're ready to talk about purchasing a home and we can tailor a search to match your criteria.

Have a great holiday week!

Kyle Cunningham
(702) 823-0840 | call or text
kyle@cgvegas.com
Cunningham Group
RE/MAX Advantage

Great Las Vegas Neighborhoods: Comparing Cost, Crime, Schools and More

As Southern Nevada recovers from the economic downturn, neighborhoods across the valley are re-emerging as a result of new construction, renovation projects, and renewed interest among buyers and renters. Many of our neighborhoods have a distinct feel, as well as their own merits in regard to price, location, safety, and schools.

Please take a look at this great article with an informational overview of notable neighborhoods and communities in the Las Vegas Valley:
http://www.vegasinc.com/news/2014/nov/10/great-las-vegas-neighborhoods-cost-crime-schools/

Photos: Christopher Devargas, Mikayla Whitmore, & L.E. Baskow
Source: VEGASINC.com

Las Vegas Home Resales Ebb, Prices Fall, Realtors Report Notes

According to a recent report from GLVAR, the median price of single-family homes dipped from $202,500 in September to $199,900 in October. This is down 1.3 percent month-to-month. Year-to-year, the single-family median home price was up 8.1 percent from $185,000 last October.

The recent decline was not unexpected, as home sales typically tend to slow down with the arrival of cold weather and the holiday season.

Read more at the article:
http://www.reviewjournal.com/business/housing/las-vegas-home-resales-ebb-prices-fall-realtors-report-notes

Clark County Home Price Index | FindTheBest

Photo: David Becker

Source: REVIEWJOURNAL.com

Thinking Green? Be More Environmentally Aware at Home

Small changes of habit can mean big differences in your energy efficiency, not to mention - can lower your energy bills!

Here are some tips from RE/MAX on how to make your home more environmentally friendly:

• More insulation - If your home is under-insulated, it’s probably not as cool in the summer or as warm in the winter as it could be.
• Efficient appliances - Replacing older appliances with energy-efficient models may cost a bit up front, but they’ll save you money over the long haul.
• Smarter lighting - LED lights and compact fluorescent lamps (CFLs) save money and energy (a lot!). They produce less heat, use less energy, and last significantly longer than traditional light bulbs.
• Thermostat awareness - Programmable thermostats will help you regulate temps throughout the day and night in the most energy-efficient way.
• Water wisdom - An aerator on all household faucets could cut your annual water usage by nearly half. Low-flow toilets can save thousands of gallons of water per year. Watering your lawn at night minimizes evaporation and reduces water waste, and adding xeriscaping can help you cut down on (or even eliminate) sprinkler use.

Source: http://www.remax.com/c/housing-blog/blog-post/thinking-green-be-more-environmentally-aware-at-home

Clark County Market Report September 2014

Source: TICORTITLE.com

Mortgage Rates Holding Under 4 Percent

Great news for those still hoping to buy in today's housing market.  These incredible mortgage rates won't last forever so try and look into it while you still can!

From the article:

Mortgage rates returned to levels best characterized as "under 4 percent" today after drifting higher on Friday.  Last Wednesday was the first foray into the "high 3's" in more than 16 months.  Not every scenario will be seeing those high 3's today, but for top tier borrowers, 3.875% is slightly more prevalent today when it comes to conforming 30yr fixed rate quotes.  4.0% is a close runner-up, but 3.75% may be a viable option for borrowers interested in paying higher upfront costs. 

Today's modest recovery suggests that we're in the midst of a few days of limbo relative to the bigger picture.  Historically, after a big swing down in rate followed by a big snap back (like that seen last week) there has been a time frame of a few days or even a few weeks of comparatively smaller changes before rates embark on their next noticeable move.  That means that long-term optimists can keep hope alive for further gains, but also that there's a risk they won't materialize.  In any event, it won't be long before we know one way or the other.  

It also means that both locking and floating can be justified at the moment, and neither is necessarily a bad choice.  It's worth noting, however, that today's rates are right in line with the second best day in over 16 months.  If you missed out on last week's sub 4% rates, here they are again.

Read more at the article:

http://www.mortgagenewsdaily.com/consumer_rates/400114.aspx

Source: MORTGAGENEWSDAILY.com

5 Ways to Trigger Your Money-Saving Reflex

If you have trouble balancing your wants vs. your needs when it comes to spending, the LVRJ has some tips on how to prioritize your long-term savings goals over your short-term expenses.

5 Ways to Empower Your Savings Habits:

1. Create a Paper Chain to Manage Debt or Grow Savings
• Get Rich Slowly published an article by a woman who created a paper chain to tackle her debt. Each ring represented $100 she owed. As she worked to pay down expenses, she would tear apart the chain and watch it grow smaller. This physical representation made her progress more noticeable, effectively increasing her satisfaction and motivating her to diminish her debt. This same tactic can be used for saving money, as well (by adding rather than removing rings on the chain).
2. Build a Vision Board
• Pinterest is a popular social media tool for building inspiration and idea boards. If you’re an active user of this site, building a vision board for your financial goals can be a wise motivator when it comes to saving money. If you don’t use Pinterest regularly, you can also place a physical poster board in your bedroom or office to keep you motivated on a daily basis.
3. Write Your Goals on Your Credit Card or Wallet
• There’s no better way to remind yourself of your savings goals then to put them right in your hand at the moment you need to think of them most. Say you’re still $850 away from your goal of saving $1,000: Write down that number on a post-it and wrap it around your card. The next time you’re tempted to buy something you don’t need, you’ll see your goal written out and can subtract from that amount whatever you decide not to buy.
4. Pay Yourself Every Time You Decide to Save
• Whenever you make good on your promise to save, divide the amount saved to pay yourself a bit for following through. Saving money shouldn’t necessitate denying yourself — that’s just a recipe for disaster later on. Rather than completely withholding from immediate expenses, you could also take the $50 you decided to save on shoes, credit $40 to your account and give yourself $10 to spend however you choose. It might take a bit longer to reach your savings goal, but this strategy will help keep you satisfied in the process.
5. Opt for Another Low-Cost Option
• In the same vein, saving money shouldn’t be associated with the pain of denying yourself some fun and enjoyment. If you decide to not buy those expensive concert tickets, go to a free or cheaper show instead. Don’t completely hold out on the things you enjoy. Choose a low-cost alternative to the expense you avoided to prevent resentfulness and to help maintain your resolve to save.

Source: REVIEWJOURNAL.com
Photo: THINKSTOCK.com

First Peek: Resorts World Las Vegas Dining and Nightclub

The Chinese-themed Resorts World Las Vegas is the latest and greatest project plan to hit our very own Las Vegas strip.  Hopeful to make its 2016 debt, Resorts World is set to be built in stages and will neighbor the new SLS Las Vegas on the North Strip.

The resort is concentrating its heavy pitch on the foreign investor market, complete with 3D renderings and the earliest glimpses of dining and nightlife options.  With less than 24 months before its theoretical opening day, the artist renderings provide gratifying insight on the resort's overall concept and architectural direction.

Link to the article:

http://vegas.eater.com/2014/10/10/6958683/first-peek-resorts-world-las-vegas-dining-and-nightclub

Source: VEGAS.EATER.com

Back in Business: Henderson’s Inspirada Eager for a Comeback

Things are picking back up at Inspirada as crews are working to build new homes, parks and roads, and are installing utilities and landscaping throughout the community. With just 1,350 homes of a total planned 8,500 homes, Inspirada is still quite far from competition.

Check out the VEGASINC article for more information on Inspirada's comeback:
http://vegasinc.com/business/real-estate/2014/oct/02/hendersons-inspirada-eager-comeback/?utm_source=dlvr.it&utm_medium=twitter#.VC0cvlS0bzw.twitter

Source: VEGASINC.com
Photo: STEVE MARCUS

Third Quarter Housing Summary

See below for the 2014 Third Quarter Housing Summary provided to us by Ticor Title. For a closer view of the summary, just click on the image.

Source: TICORTITLE.com

Las Vegas Economy on a Roll as Downtown Summerlin Opens

Downtown Summerlin's 1.6 million square ft. shopping center is finally set to open to the public at 10am this Thursday.  More than a mall, Downtown Summerlin boasts shopping, dining, and entertainment (Regal movie theatre included).  Even more so, the project signals the long-awaited upturn of Southern Nevada's economy.  With over 2,000 employees on the way, the Downtown Summerlin complex is the largest off-Strip project in nearly a decade and is expected to gear the local economy for further growth and recovery.

The project began at the dawn of the Great Recession and went unfinished for over 6 years. Its empty frames mirrored the city's devastated economy as the incomplete complex sat looming over the 215 Beltway. Jeremy Aguero, principal analyst with local research and economics consulting firm Applied Analysis, told the LVRJ, "People who drove by Downtown Summerlin saw it every day. It was a symbol of just how difficult a time we went through as a community and an economy. Now it represents the opposite -- a reflection that the market has turned."

See below video for a tour of Downtown Summerlin:

Link to the LVRJ article:
http://www.reviewjournal.com/summerlin-downtown/las-vegas-economy-roll-downtown-summerlin-opens

Photo: Justin Yurkanin

Source: REVIEWJOURNAL.com

Home-Price Rise Cools, but Las Vegas Shows 12.8 Percent Gain

The Standard & Poor's/Case-Shiller 20-city home price index rose 6.7 percent in July from 12 months earlier.  Of the cities included in the survey, Las Vegas placed best in the nation with a 12.8 percent annual gain.  Sales of existing homes have been generally sluggish over the past year in the Las Vegas Valley, in large part due to the larger housing inventory we are now seeing as compared to a year ago.

According to the National Association of Realtors, there are 2.3 million homes on the market nationwide - up 4.5 percent from a year ago.  More of the homes for sale are also being listed by regular homeowners rather than as a result of foreclosure.  In Nevada alone, the number of homes for sale has jumped by 46 percent.

Link to the article:
http://www.reviewjournal.com/business/housing/home-price-rise-cools-las-vegas-shows-128-percent-gain

Source: REVIEWJOURNAL.com
Photo: LYNNE SLADKY

As Cash Sales Dip, Vegas Housing Market Strengthens

Watch the video below for a local news report on recent trends in the Vegas real estate market.

Link to source article:
http://www.foxbusiness.com/industries/2014/08/25/vegas-housing-market-strengthens-even-as-cash-sales-start-to-dip/
Source: FOXBUSINESS.com

Top Tips For Successfully Renting Out Your Home

If you are considering renting out your home and need some advice on how to get started, Investopedia has listed 5 tips to get you started in the right direction:

1. Understand The Responsibility Involved
Although the benefits of renting can be great and numerous, acting as a landlord also takes great responsibility. If you decide to handle this responsibility on your own, you will need to stay on top of repairs, maintenance, rent collection, home inspections, tenant communication, and so much more.

2. Prepare Your Home
Your home should always be thoroughly cleaned and prepared before it hits the market. You will need to consider whether you will be offering appliances in the home and if so, the condition of the appliances. You will want to highlight the best, most appealing features when marketing your home (such as granite counters, stainless appliances, vaulted ceilings, upgraded flooring, etc.). It is also helpful to know that late spring and early summer seasons typically see the highest rates of activity in the rental market.

3. Hire Professionals
Working with professionals who know local tax laws and property rules is the best way to protect yourself and your investment. You'll want to know what rental expenses are deductible on your taxes and the limit of those deductions. It is also imperative to work with someone who is highly knowledgeable about landlord-tenant laws and governing rules for local communities. A Licensed Property Manager should know all of this, and should be fully prepared to get your property marketed and leased as soon as possible.

4. Set A Competitive Price
Your Property Manager can also determine the best price for your rental home. Typically, comparable properties in the neighborhood and local community are used to determine a strong and competitive price.

5. Screen Tenants Carefully
Not only do you want to find a tenant who pays the rent on time, you also want a tenant who keeps your home in good condition and follows the rules set by the community. Credit history, rental history, and income all play an important role in approving prospective tenants. An experienced Property Manager will screen a tenant for all of these items and will be very detailed when selecting a tenant for your home.

We have outlined the primary points from Investopedia's article.  For more information, please visit the source article below:
http://www.investopedia.com/articles/mortgages-real-estate/10/renting-out-home.asp

Image: ANDY DEAN / ISTOCKPHOTO.com
Source: INVESTOPEDIA.com

More Parking, More Stores Coming to Premium Outlets-North

Mall construction and renovation activity are flying high in the Vegas Valley right now. The Las Vegas Premium Outlets-North have also joined in the mix, following the new Downtown Summerlin Project as well as the expansions taking place at the Fashion Show mall and the Galleria at Sunset.

The Las Vegas Premium Outlets-North is especially popular with foreign tourists, often seen arriving by bus, tax, or limo. With nearly every storefront occupied (99-percent), the downtown mall sees thousands of visitors and locals shopping for discounts every day.

Management for the outlet has decided to build 34 more stores and expand a parking garage, offering visitors a greater shopping experience and an additional 780 parking spots. This is the mall's second expansion project since opening a decade ago at 255,000 square feet. Today, the outlet is settled on a much larger space of 535,000 square feet and will only grow larger with their new 150,000 square-foot expansion in the works (expected completion by May 2015).

Link to the article:
http://www.vegasinc.com/business/2014/sep/10/more-parking-more-stores-coming-premium-outlets-no/

Photo: MIKAYLA WHITMORE
Source: VEGASINC.com

Mortgage Rates Hit 2014 Low

According to Freddie Mac's weekly survey, the average rate for a 30-year loan has stood at a low of 4.1% over the past two weeks. This is the lowest level that average 30-year mortgage rates have reached since June 2013. For average 15-year fixed mortgages, the average rate is currently at 3.24%.

The government's stimulus program has successfully provided a steady market for mortgages. The Federal Reserve has been purchasing Treasury Bonds and mortgage-backed securities for years, keeping borrowing costs low for prospective home buyers. The Reserve has recently cut back on its purchases and plans to end the buying program entirely in October. This will effectively reduce the demand for mortgage bonds and eventually cause rates to climb.

A recent report from the National Association of Realtors also shows the housing market has had a strong summer with sales of existing homes rising 2.4% in July. Stronger job growth, a larger inventory of homes, and slowly climbing home prices have boosted activity on the market. These conditions are expected to provide a solid foundation for homes sales in the fall.

Link to the article:
http://money.cnn.com/2014/08/21/real_estate/mortgage-rate-drop/index.html

Source: MONEY.CNN.com
Graphs: FREDDIEMAC.com

Fashion Show Mall Plans Expansion, New Restaurants

Fashion Show mall has announced plans to set up five new restaurants on the exterior plaza of its shopping center that runs along Las Vegas Boulevard. Construction for the 22,000 square foot redevelopment and expansion plan is expected to begin early next year and reach final completion by winter 2015.

More specifically, the addition will include three full service restaurants and two bistro-sized eateries with outdoor seating, as well as six retail kiosks, an elevator at the main parking level, and a "cloud bar" with a floating oval roof above glass walls.

Fashion Show Senior Marketing Manager Janet LaFevre said they are now in the bidding for contractors. "This is our opportunity to do something new and fresh and I'm excited to bring this forth," she told the LVRJ. After speaking of the Fashion Show's survival from the economic downtown LaFevre further commented, "Retail in the city is back with a vengeance."

Link to the story:
http://www.reviewjournal.com/business/retail/fashion-show-mall-plans-expansion-new-restaurants

Source: REVIEWJOURNAL.com
Photo: Erik Verduzco

Sales of Henderson Mountainside Mansion Lots Underway at Ascaya

The mountain-mansion project called Ascaya is finally underway again in Henderson. The long-delayed project that started in 2009 is expected to be fully developed within the next decade. The sales team is now accepting refundable $50,000 deposits from those who wish to reserve an undeveloped lot of their choice.

Developers are imposing design restrictions in the community to ensure each home has a unique and contemporary desert-themed look. The listings, priced at about $1 million each, will be sold in phases. Six lots have already been reserved out of the sales team's long-term goal of 313 lots.

Read the article for more details on the Ascaya mountainside homes in Henderson:
http://www.vegasinc.com/business/real-estate/2014/aug/21/sales-henderson-mountainside-home-lots-underway-as/

Photo: L.E. Baskow
Source: VEGASINC.com

Nevada Jobs Count up 44,600 in Last Year, Report Says

According to the state Department of Employment, Training and Rehabilitation, Nevada employers have added 44,600 jobs in the past year alone.  This made for the 43rd straight month of annual gains in Nevada employment.  July was also the sixth consecutive month with year-to-year gains greater than 40,000.  Although Nevada's unemployment rate remained at 7.7 percent from June to July, it was down 2.2 percent from the prior year.

Read the article for more info and employment stats:

http://www.reviewjournal.com/business/economy/nevada-jobs-count-44600-last-year-report-says

Photo: ASSOCIATED PRESS
Source: REVIEWJOURNAL.com

Service Animals in Non-Pet Properties…

What do you do if you have an application from a potential resident who has a service animal, but you don’t want pets in your property?  The answer isn’t so simple.

The Federal Fair Housing Act, the Americans with Disabilities Act and the Rehabilitation Act (Section 504) require applicants and tenants with disabilities be provided with “reasonable accommodations” as needed in order for them to have an opportunity for full use and enjoyment of their housing.  Allowing tenants and their guests who have disabilities to be accompanied by their service animals is a reasonable accommodation to housing policy and practice.

These regulations seem at first glance to be an imposition on landlords and businesses that may, for good reasons, have policies which do not allow pets and animals on their premises.  The good reasons, we already know… the possibility of noise, territorial disputes between animals, and clean-up problems are the most obvious.  But the benefits of these rules should also be considered.

For more information see a summation of the law attached.

Rising Las Vegas Home Prices Hit ‘Nice Milestone’

According to a new report from the Greater Las Vegas Association of Realtors, the median sales price of previously owned single-family homes hit $200,000 in July. This was up 11.1 percent from the year before, and marked the highest recorded level in almost six years.

"This tells you how far we've come back from the depths of our downturn a few years ago," explained GLVAR President Heidi Kasama after calling the $200,000 mark a "nice milestone".

Link to the article:
http://www.vegasinc.com/business/real-estate/2014/aug/08/rising-las-vegas-home-prices-hit-nice-milestone/

Source: VEGASINC.com

Apartment Complex Rising at the District in Henderson

Years after having bought the project site, The Calida Group is finally continuing its construction on an apartment complex near the Distract at Green Valley Ranch in Henderson.  The complex will bring 360 new, high-end apartments to the area, the first 100 or so slated to open in early January.  Rental rates are expected to top out at around $2,500 per month.  After local development hit record lows last year, this project is one of several valley apartment complexes currently under construction or on the drawing board, putting developers on track to open over 2,000 apartment units this year.

Link to the article:
http://www.vegasinc.com/business/real-estate/2014/aug/05/apartment-district-henderson-real-estate-develop/

Photo: MIKAYLA WHITMORE
Source: VEGASINC.com

Las Vegas Tourism on Record Pace in June

The Las Vegas Convention and Visitors Authority recently announced the best visitor volume on record for the month of June, reporting 3.46 million visitors to Southern Nevada.  This was a 3.1 percent increase from a year earlier, and marked the third-best month for Vegas valley tourism in 2014.  Las Vegas is on track to attract a total of over 41 million tourists this year, a substantial increase from the 39.7 million visitor record made in 2012.

Read more at the LVRJ article:

http://www.reviewjournal.com/business/tourism/las-vegas-tourism-record-pace-june

Photo: DAVID BECKER
Source: REVIEWJOURNAL.com

Renewable Energy Creating Thousands of Nevada Jobs, Reid Says

This past Monday, Senator Harry Reid defended the economic impact of renewable energy in Nevada.  He attributed such projects with creating "thousands and thousands of jobs", although many of these jobs are short-term.  Similar to the building of a highway, lots of jobs are created to construct one, then a smaller number is kept to keep the highway in working condition.

The government distributed over $14 billion in grants and loan guarantees to renewable energy projects between 2007-2010 in hopes to spark the industry during the recession. A 2013 study by the American Council on Renewable Energy points out that 21,861 jobs in Nevada are associated with "green goods and services". This is a Bureau of Labor Statistics category that includes jobs in businesses "that benefit the environment or conserve natural resources".

In response to skepticism toward the job benefits of renewable energy projects, Reid cited MGM Resorts as a company that incorporates environmental concerns into their business model.  The company will be including rooftop solar in its $375 million arena project that broke ground off the Strip in May, and it currently boasts its City Center complex as the largest green project in North America.  Jim Murren, Chairman of MGM Resorts International, told the Review Journal, "MGM determined long ago it needed to be a more careful steward of the environment. We have decided as a company many years ago we would invest literally now billions of dollars in clean energy."

Link to the article:
http://www.reviewjournal.com/news/water-environment/renewable-energy-creating-thousands-nevada-jobs-reid-says

Source: REVIEWJOURNAL.com
Photo: JEFF SCHEID

Developer Secures $312 Million Loan for Summerlin Mall, Office Project

With the security of a near $312 million loan, developer Howard Hughes Corp. can continue to finance its construction on the new Downtown Summerlin project.  The massive retail and office project near Red Rock Resort, formerly referred to as the Shops at Summerlin, is now part of the broader Downtown Summerlin Project.  The Project is being pitched as a pedestrian-friendly "urban center" with over 125 shops and restaurants that are slated to open October 9 of this year.

Read more on the story here:

http://lasvegassun.com/news/2014/jul/16/developer-loan-business-vegas-mall-wells-fargo/?_ga=1.129378191.200842218.1404837152

Source: LASVEGASSUN.com
Photo: L.E. BASKOW

Ikea Announces Plans to Open Las Vegas-Area Store

Ikea announced yesterday that is plans to open its first store in Las Vegas at Sunset Road and Durango Drive near the 215 Beltway. The store is expected to open to the Las Vegas market in the summer of 2016 with 351,000 square feet of lot space over 26 acres. The store will provide 300 full and part-time jobs and its famous dine-in cafe (known for their fan-favorite Swedish meatballs).

Ikea officials said they had been eyeing the Las Vegas market for a decade as it was approaching Ikea's minimum market size of 2 million people. When they found a lot large enough, officials finally made their move. Fans of the assemble-it-yourself furniture retailer and Clark County government officials welcomed the news with open arms.

"Clark County is moving up to the next level," said Steve Sisolak, the county commission chairman. The Swedish company noted in their statement that they already had 101,000 customers in the Las Vegas area prior to the announcement.

The below photos show renderings of street and aerial views of the proposed Ikea store to arrive in Las Vegas.

Link to the article:
http://lasvegassun.com/news/2014/jul/14/ikea-announcing-plans-open-las-vegas-area-store/?_ga=1.227397278.200842218.1404837152

Source: LASVEGASSUN.com

Consistent Gains Mark Nevada Housing in First Half of ‘14

Even as sales fell during June, Nevada's housing market showed improvements in inventory and a continued increase in median house prices.  According to recent numbers from the Greater Las Vegas Association of Realtors, Nevada closed out the first half of 2014 with steady home price gains.  The median price of a single-family resale in June was $199,900, up 14.2 percent from one year earlier.  This median price is the highest reported by GLVAR since September 2008.  The median price for existing condos and town houses also jumped an even higher 26.7 percent year over year to a notable $109,000.

Check out the article for more info and statistics:

http://www.reviewjournal.com/news/las-vegas/consistent-gains-mark-nevada-housing-first-half-14

Source: REVIEWJOURNAL.com

Caesars Entertainment to Transform Quad into Linq Hotel & Casino

Caesars Entertainment announced yesterday its newest property on the Strip, the $223 million Linq Hotel & Casino.  Formerly known as Imperial Palace, Caesar's new reimagination of the current Quad Resort & Casino will feature 2,256 brand new modern rooms and suites, a renovated entrance built around a lobby bar, and all-new retail and spa amenities and a new pool deck.

The Linq Hotel & Casino is set to welcome its first guests on October 30 at a special introductory rate starting at $89.  As the Linq Promenade retail mall is just steps away, hotel guests will be drawn by the Linq's 12 restaurants, eight bars, 14 retail shops, and two concert venues.  With all these attractions and the High Roller centering it all, the Linq was recently named the "World's Coolest New Tourist Attraction" by Travel & Leisure.

"The resort will provide guests with a highly social and connected environment, with all the great restaurants, shops and experience available at the Linq Promenade right at their fingertips," said Tariq Shaukat, executive VP and VMO of Caesars Entertainment.

Link to the article:
http://www.lasvegassun.com/vegasdeluxe/2014/jul/01/caesars-entertainment-transform-quad-linq-hotel-ca/

Photo: CAESARS ENTERTAINMENT
Source: LASVEGASSUN.com

Westgate CEO Plans Sweeping Changes for Newly Acquired LVH

David Siegel, president and CEO of Westgate Resorts, confirmed on Monday that he was closing on a deal to acquire LVH hotel-casino for an undisclosed purchase price with estimates between $160 and $170 million.  The LVH, which originally opened in 1969 as the International Hotel, will be renamed to Westgate Las Vegas.  The property stands at 30-stories high and holds 3,261 rooms.

As founder and CEO of Westgate, Siegal is ecstatic to finally have his own stand-alone property in a market that he has been trying to enter for nearly three decades. Siegel hopes to welcome LVH's current 2,000 employees as part of his family, and further plans to convert about 200 rooms of the hotel to timeshare ownership.

Read more at the article:
http://www.reviewjournal.com/business/casinos-gaming/westgate-ceo-plans-sweeping-changes-newly-acquired-lvh

Photo: STEVE MARCUS
Source: REVIEWJOURNAL.com

Report: Las Vegas among Nation's Leaders in Job Growth

According to a Brookings Mountain West report released on Wednesday, the Las Vegas metropolitan area experienced a 1.4 percent increase in jobs in the first quarter of 2014.  This was one of the strongest performances among the nation's largest metro areas.  Although Southern Nevada unemployment has fallen to its lowest point since early 2008, the number of jobs in Las Vegas still remained 6 percent below the pre-recession peak.

As compared to the first quarter of last year, the rate of increase in house prices has slowed down to 2.9 percent for the first three months of this year.  Last year's first quarter rate was recorded at a much stronger 5.9 percent increase, but in relation to other large metro areas, Las Vegas housing has still posted one of the strongest quarterly gains in the country so far this year.

Link to the article:
http://www.8newsnow.com/story/25868769/report-las-vegas-among-nations-leaders-in-job-growth

Source: 8NEWSNOW.com

May Investor Report

Click on the images below to view Ticor Title's May 2014 Investor Report for all SFR homes in Clark County (organized by zip code).

Source: TICORNEVADA.com

Newest McCarran Security Fast-pass to Depend on Biometrics, Memberships

Great news for frequent travelers at McCarran International Airport!  Beginning later this summer, you could be making your way through airport security checkpoints much faster than ever before.  A New York based technology business named Clear announced yesterday that McCarran will be the 10th airport where travelers can use a Clear Card to fast-pass through airport security checkpoints.

Clear uses government-approved, advanced-biometric technology (fingerprints and iris recognition) to verify member identities.  See below photo for a look at the Clear Kiosk.  These member-only kiosks are expected to launch at McCarran in mid-August.  For an annual membership fee of $179 (add $50 annually for a partner), Clear members will get through security screening checkpoints in typically less than five minutes.  There are currently more than 300,000 Clear members nationwide who have used its system nearly two million times for travel.

Following the article link below more information about Clear:
http://lasvegassun.com/news/2014/jun/18/bio/?_ga=1.258352650.1044074921.1381245745

Source: LASVEGASSUN.com

Southern Nevada Economy Seen Strengthening through 2014

Chief economist Stephen Brown says that Nevada is on the right path in returning to its healthier, long-term trends.  Southern Nevada's economy is expected to strengthen throughout the coming year as tourism, gaming, construction, and the housing industry continue to gear up.

Hit worse than any other state during the recession, Nevada has spent the past four years seeking recovery from the economic downturn.  Improvements are proceeding at an accelerating rate and widespread growth is finally visible across Southern Nevada's industries.  This year is already off to a good start, with Nevada having added 19,800 jobs in just the first four months of 2014 (a notable 5.1 percent increase).

Read more at the article:
http://www.reviewjournal.com/business/economy/southern-nevada-economy-seen-strengthening-through-2014

Photo: JESSICA EBELHAR
Source: REVIEWJOURNAL.com

More Homeowners Becoming Landlords

A growing number of homeowners have been reluctant to sell their former homes in response to low mortgage rates and soaring rent prices.  Instead of selling, they're becoming landlords.  By synching great loan packages with attractive interest rates, these homeowners are bringing in rents larger than their home expense while using the profit to pay off the mortgage.

According to stats from Redfin, 19% of current homeowners either purchased or refinanced homes between 2011 and 2013 (historical lows were around 3.4%). Further, rents have risen by about 20% nationwide since the housing peak bubble around mid-2006, while home prices remain about 21% below what they had been at that time.

Read more:

http://money.cnn.com/2014/06/17/real_estate/homeowner-landlords/index.html

Source: MONEY.CNN.com

Survey Shows Las Vegas Ranks in the Top Third of Major Cities for Staycations

Las Vegas ranks 31 out of the 100 biggest American cities that were given consideration as staycations in a recent study conducted by Wallet Hub.  Known for its variety of state and local rankings, Wallet Hub is a social media network that helps its users make financial decisions.

Not long ago, the Las Vegas Convention and Visitors Authority launched their "Stay Here, Play Here" campaign during the recession, which allowed locals to partake in exclusive deals on and off the strip.  This initiative boosted local businesses and gave Las Vegas locals what they were asking for - a vacation closer to home.

Link to the article:
http://www.reviewjournal.com/business/tourism/survey-shows-las-vegas-ranks-top-third-major-cities-staycations

Source: REVIEWJOURNAL.com

America's Homes are Bigger Than Ever

Post-housing crash, economic experts say the rich have gotten richer while young, first-time home buyers are having a difficult time getting mortgages and escaping from student loans.  In light of this, the market for smaller homes (1,400 square feet or less) has dropped from 9% in 2005 to just 4% of homes built today.  Oppositely, extremely large houses (4,000 square feet or greater) have accounted for a much larger portion of new homes built (more than 9%), while homes between 3,000-4,000 square feet made up a hefty 21.7% of new homes built in 2013, up 15.6% from 2005.

According to the Census Bureau, the average size of homes built last year hit 2,600 square feet. This was an all-time high that surpassed even booming housing bubble years when the average was at 2,400 square feet.

Read more:

http://money.cnn.com/2014/06/04/real_estate/american-home-size/index.html

Source: MONEY.CNN.com

Cowabunga Water Park to Open in Henderson on July 4

Cowabunga Bay will be the second water park to open in Clark County within the last 14 months. Southern Nevada first saw the opening of  41-acre Wet 'n' Wild last May, and this year the 23-acre Cowabunga Bay is expected to open on Independence Day with 400 employees in tow.

Originally slated to launch on May 24, a "perfect storm of issues" delayed Cowabunga Bay's opening.  Although the $25 million family attraction did not open at its original set date, the owner has provided season pass holders with a pro-rated discount or full refund if requested, as well as other in-park discounts and bring-a-friend tickets.

Cowabunga Bay's water park will operate on 12 acres of the site, using 1.5 million gallons of heated water recycled through the park.  Its lazy river will be the largest in Nevada, and its wave pool will be second in size to Mandalay Bay.  There will also be eight water slides, three pools, a kids cove, rental cabanas with their own pool area, and three in-park eateries.

Link to the article:

http://www.reviewjournal.com/news/cowabunga-water-park-open-henderson-july-4

Photo: SAMANTHA CLEMENS
Source: REVIEWJOURNAL.com

Las Vegas Housing Market Going Big — as in Master-Planned

When the housing market crashed, Mark Paris delayed his plans to build a city within the city of Henderson that would have been fully equipped with schools, trails, and thousands of homes. Paris, CEO of LandWell Co., has rebooted his project with the recent sale of roughly 255 acres of Cadence community land to homebuilders.

Other developers around the valley are also seeking to build mini-cities that had gone south or were left on the drawing board as a result of the recession.  These master-planned communities will be built in phases and will require at least a decade of work before reaching scheduled completion.  If all goes as planned, the new communities are slated to bring up to 45,000 new homes to the Southern Nevada region, while the project itself will drive billions of dollars of work into the local construction industry.

Read the article for more information:
http://www.vegasinc.com/business/real-estate/2014/jun/04/las-vegas-housing-market-going-big-master-planned-/

Photo: STEVE MARCUS
Source: VEGASINC.com

Las Vegas Continues Record Pace for Tourism

According to the Las Vegas Convention and Visitors Authority, 3.5 million people came to Southern Nevada in April.  This was a 3.5 percent increase from April of last year.  Nearly ever measure of visitor activity was higher in April than the previous year, except for convention and convention attendance.  For hotels and motels, the average daily room rate was up 1.2 percent with 89.8 percent occupancy, and revenue per available room was up 4.4 percent.

Read more at the RJ article:
http://www.reviewjournal.com/business/tourism/las-vegas-continues-record-pace-tourism

Source: REVIEWJOURNAL.com