VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/203574
In business real estate buyers are not biting on overpriced homes WHAT A DIFFERENCE A YEAR MAKES WHO KNEW BEING ON OUR OWN WOULD BE SO REWARDING? For starters, we have paid out THOUSANDS OF DOLLARS TO WINNERS like Lou who won $36,000 playing Lucky Fountain. We also created OVER 200 NEW JOBS, partially due to the opening of two fantastic venues: RE:LAX SPA OFFERS YOU TOTAL BODY REJUVENATION with everything from therapeutic massages and signature facials, to manis, pedis and treatments especially for men. FARM 24·7 IS A FARM-TO-TABLE CAFÉ EXPERIENCE featuring fresh locally sourced, seasonal fare all day, every day. JOIN US THIS NOVEMBER AS WE CELEBRATE OUR FREEDOM WITH CASH, PRIZES, PARTIES AND MORE! EXPERIENCE THE DIFFERENCE By Eli Segall staff writer Las Vegas homeowners are getting greedy. With real estate prices soaring, many local residents are hoping to cash in and sell their homes for big dollars, in many cases more than they are worth. Homeowners should dial down their excitement, though. Buyers increasingly are ignoring overpriced listings while homeowners who figured they'd sell to investors or others willing to pay anything are discovering that nobody's biting. "They're getting ahead of themselves," Prudential Americana Group broker Jack Woodcock said. In September, the valley had 6,330 single-family homes for sale without any offers on them. That's up 13 percent from August and 61 percent from a year ago, according to the Greater Las Vegas Association of Realtors. The number of listings without offers has climbed every month since April, when there were 3,161 such houses on the market. That doesn't mean houses aren't selling. "Everything that's priced right is selling; that's the trick," said Dave Tina, coowner of Urban Nest Realty and GLVAR president. Wall Street investors had been buying cheap homes in bulk to turn into rentals but now are paring down on local purchases because of the rising prices they helped create. Earlier this year, listings often received a dozen or more bids, many submitted sight unseen by investors. That frenzy has all but stopped, real estate agents say. Listings now get only a few offers, mak- ing it tougher for homeowners to find someone who's willing to pay top dollar for a house. Meanwhile, the improved construction market remains muted compared with Las Vegas' boom years. If developers were building more subdivisions and injecting more competition into the market, local residents might not feel so emboldened to seek high prices for their homes. "I find myself debating with clients right now over numbers," Hudson Real Estate broker Krystal Sherry said. The median price of previously owned single-family homes sold in September was $180,000, down 1 percent from August but up 29 percent from September 2012, according to the GLVAR. It was the first month in almost two years in which prices fell, and September was the first month since February that the year-toyear price increase dipped below 30 percent. Prices in the valley have been climbing at some of the fastest rates nationally. Despite the upswing, real estate here remains underpriced and ripe for bargains, industry experts say. Sellers who are fixated on the hot streak, however, think they can get a lot more than what the market will bear, and real estate agents often go along, said Cokie Booth, owner of BC Real Estate. Analysts said the region's soaring prices were bound to taper off. No city can sustain a skyrocketing market forever, especially Las Vegas, which still has a sluggish economy and, as of July, a 9.7 percent unemployment rate. "You can only stay hot for so long," RCG Economics principal John Restrepo said. gaming Station Casinos exec kelley resigns By Ed Komenda staff writer Download our app aliantegaming.com 20131104_VI10_F.indd 10 Station Casinos Executive Vice President Kevin Kelley has resigned "to pursue other professional opportunities," according to a recent filing with the Securities and Exchange Commission. "The company expresses its gratitude to Mr. Kelley for his valuable service to the company," the Oct. 3 filing says. Kelley's exit follows a three-decade career in the gaming industry that included jobs ranging from valet attendant to chief operating officer with three com- panies on two continents. An attendee of UNLV's hotel school, Kelley, 56, worked at Station through the '90s in various executive roles before joining the Hard Rock in 2003. He moved to Las Vegas Sands in 2007 to serve as senior vice president of its budding Macau operations. He rejoined Station in January 2008 to run the local operator's day-to-day business. Kelley helped lead the company during its struggle through Chapter 11 bankruptcy protection. 10/30/13 3:09:13 PM