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Las Vegas Market Watch

Las Vegas Is Always Buzzing

Posted on: Mar 04, 2014 by Melinda Zolowicz

Bellagio - Conservatory and Botanical Gardens

Conservatory Hours: Open 7 days a week, 24 hours.

2014 Exhibit Calendar
Spring Celebration | Mar 8 - May 11
Summer Garden Party | May 17 - Sep 7
Autumn Harvest | Sep 13 - Nov 30
Winter Holiday | Dec 6 - Jan 4, 2015

Free admission - Open to General Public Guests can enjoy live musical performances daily from 5 p.m. to 6 p.m.

Live musical performances from the Victorian Gazebo in the South Garden. Sounds of the harp and violin delight strolling guests with the compositions and arrangements inspired by European musical masters like Mozart, Beethoven, Bach and Chopin.

Mr. & Ms. Green Thumb are in the Conservatory every day between the hours of 10:30 a.m. - 11:30 a.m. They provide tips and answer questions about the gardens.

Click here http://www.earthcam.com/client/bellagio/ to watch time lapse of the botanical gardens come to life. Follow the direction on the navigation tools to zoom in or out and direct the camera. To email, save or share your image via Facebook or Twitter – click on the image and select from the sharing method on the top left. The images are refreshed every 15 minutes.

140 expert horticulturists arrange gazebos, bridges, ponds, and water features in a setting surrounded by restaurants and shops. The pictures below are the spring and summer exhibits last year. With the time lapse video feature you can visit all of the past year’s exhibits on line.
The conservatory is undergoing renovations until the completion of the Spring Celebration on March 7th at 5:00 p.m. and you can watch it unfold on the live time lapse video.

Brilliance abounds inside the breathtaking Conservatory & Botanical Gardens. The attention to detail is astounding. The glorious display of nature is sensational! Locals and tourists from all over the world stroll amongst the rarest of finds selected distinctively for Bellagio from all over the world. Enjoy the gardens and the unrivaled beauty displayed for the change of seasons, Holidays, and Chinese New Year shown below.

Las Vegas Is A Hub Of Activities

Las Vegas has activities going on every day. From book clubs to water slides to the rodeo, there are educational events, sporting activities, theatre shows and attractions, music and art festivals, boating, fishing, snow sports, localized sightseeing trips, and the list goes on.
Visit my website for more details on activities: http://www.melindazolowicz.com/quality-of-life/ .

Las Vegas Is Headed In the Right Direction

Posted on: Jan 29, 2014 by Melinda Zolowicz
$7,136,600,000 in Projects Underway!

2013   
$ 675,000,000
2014 $ 1,131,600,000
2015 $ 480,000,000
2016 $ 2,350,000,000
Development is synonymous with construction and permanent jobs that will revitalize the state of our economy.

Here is a gallery of the $7,136,600,000 project plans with completion dates.


DownTown Grand Hotel and Casino $100,000,000 2013

LINQ $550,000,000 (High Roller Ferris Wheel) 2014

Robert T. Eglet Advocacy Center $18,000,000 2013/2014

GALLERIA Renovation $7,000,000 2013/2014

SLS Boutique Hotel $750,000,000 2014

WAS BILLS GAMBLING HALL $185,000,000 (NO NEW NAME YET) 2014

MGM Entertainment District $100,000,000 2014

Federal Justice Tower $35,000,000 2014

Vada Tech $11,600,000 2014

SHOPS AT SUMMERLIN $450,000,000 2015

South Point Bowling Center $30,000,000 2015

GENTING Resorts World $2,000,000,000 – 2016 Phase

MGM Resorts / AEG ARENA $350,000,000 2016

Convention Center Redesign $2,500,000,000 – No Date Yet

Switch MegaNAP 9 No information

Konami Gaming Expansion
State-of-the-art 120,000 square foot gaming facility that designs, produces, and sells
imaginative gaming products.
No development cost information available

Several years ago, the development projects in the casino, retail, and housing industries caused the landscape to change overnight. Jobs were created and real estate was booming. There were so many cranes in the sky that the “crane” was jokingly referred to as the Nevada state bird. Today the landscape is significantly different without the cranes. But projects are being added to the drawing board. Many projects are in the development stage and they are creating jobs.

The creation of jobs will not only help to mend our economy, it will bring qualified buyers to the real estate market again.

Unemployment to Employment

Governor Sandoval stated, "As 2014 begins, all indications suggest additional improvements with trends pointing to further job growth and a continued decrease in the unemployment rate."

In just two years Nevada's unemployment has dropped from 11.2% to 8.9%, proving that progress is being made today. Nevada has stimulated the economy by adding 14,100 jobs in three months from September to December.  

Las Vegas Has A Bright Future

As we stated in a previous blog, the hedge fund investors have drifted out of our market. What has that done to the market? That has created a stable market for the typical buyer who is buying their first home, retiring to Las Vegas, moving up, or down-sizing.

Las Vegas has so many factors that make it stand out as the place to live. Las Vegas has great weather – other parts of the country are reporting sub-zero temperatures and today’s forecast for Las Vegas is in the 70’s.

Las Vegas is in close proximity to many recreation sites like Lake Mead for boating and fishing, California beaches, and the Red Rock Canyon and Charleston mountain areas for climbing, skiing and hiking.

Las Vegas has many ongoing community events from farmer markets to the performing arts. And of course the dynamic entertainment and retail community continues to bring over 100,000 visitors to our city every day. Las Vegas has tax advantages, affordable housing, over 46 golf courses, over 77 parks, and the list goes on.

Developers recently invested 24 million dollars in land. They believe. They believe that Las Vegas has a viable growth potential so they are investing in our future. It’s just a matter of time. The cranes may be back.

As the old cliché goes- “Follow the money”.

 

Las Vegas And National Housing Summary

Posted on: Dec 27, 2013 by Melinda Zolowicz
If Forecasters Are Correct, The Housing Sector Is Finally Ready To Have A Positive Impact On The Rest Of The Economy In 2014.
The strength of the housing recovery was a welcome suprise this year.  If forecasters are correct, the housing sector is finally ready to have a positive impact on the rest of the economy in 2014.

That's Because The Market Is Changing In Important Ways.
Families will be moving up or buying their first homes.  The cash-only investors are buying less than 5% of the available homes.  A normal buyer's offer will now be given more consideration.

Mortgage rates, which declined to historically low levels earlier this year, should continue to pick up.

Check out the difference between 4% and 5% interest rate.

The Federal Reserve said last week that it would start pulling back on a bond-buying program that has helped keep a lid on long-term rates.

Nationally - home supply and demand are finally in a balance that should encourage building.
 
 

Add it all up and it means a market that's less confusing than it was over the past few years,  when prices tanked then shot back up as inventory thinned out.  But it may also be less robust.

Here are three predictions economists are making about the housing market for the next year:

1.  Home prices hit the ignition button in 2013.  Don't expect such a meteoric rise in 2014.
National home prices have risen between 5% and 13% over the past year, depending on which price index is used.  Some markets in the West have seen home prices rise as much as 25%.

Economists say such heady gains aren't happening again.  In fact look for a national rise of 3% to 4.3% gain for 2014.

2.  Mortgages may become easier to get.  But they will also be more expensive.
 

Mortgage rates are set to end 2013 more than a full percentage point above year-ago levels, and many economists see them rising further in 2014 as the Fed continues to slow the bond-buying program that had pushed rates to record lows.

Some economists also think mortgages should slowly become easier to get, though not in a dramatic way.  Banks and mortgage lenders are facing big declines in volumes and profits as refinancing opportunities fade amid higher rates.

Lenders will compete to make loans to home buyers so shop around.

Rising home prices and falling mortgage delinquencies should also give lenders and mortgage-insurance companies more confidence.

3.   Construction will finally boost overall growth.

Nationally - building activity has remained depressed - a factor that has kept the economy from firing on all cylinders.

Now that housing inventory has been whittled down, however, builders are becoming more confident about breaking ground.

At the same time, household formation should improve along with the steady gains in the job market, adding to the already-high demand for new homes and apartments.

Housing starts were running at a seasonally adjusted annual rate of 1.09 million in November, up from a recessionary low of 554,000 in 2009 but still well below the 1.6 million average from 1995 to 2004 - before the peak of the housing boom.

Las Vegas - there were 523 new home sales recorded in November for a year to date total of 6,759 sales.  That is 1,832 more sales than last year - an increase of 37%.

Housing inventory bottomed in 2013, and higher prices have made it easier for builders to profitably sell new homes.  Forecasting firm IHS Global Insight is projecting construction starts to rise to 1.1 million next year, while real-estate research firm Zelman & Associates is predicting about the same.

 

 

Construction will finally
     boost overall growth.

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