Michelle Sterling’s Blog

Casino Montelago Karaoke Night at Lake Las Vegas
Lake Las Vegas Resort
Show off your musical chops with a turn at the mic at Casino Montelago Karaoke Night at Lake Las Vegas. The event is held in the Portofino Room and participants can enjoy $1 draft beers.
When 6:00 pm

Ladies Night at Blue Martini
Blue Martini Lounge
Enjoy half off martinis on Wednesday nights at Blue Martini in Town Square for Ladies Night.
When 6:00 pm

Wednesday Happy Hour at the Hostile Grape at M Resort
Hostile Grape
M’s cellars presents Mix and Mingle Wednesday happy hour with two-for-one drinks from Canyon Road Winery and Ultimat Vodka. Wine samplings start at $2 per ounce (over 120 wines by the glass), plus live music with DJ Carlos Sanchez and DJ Drew with Sam Limos on sax and Cayce Andrew on percussion.
When 6:00 pm

Multiple Orgasms book signing at Blue Martini
Blue Martini Lounge
Head to Blue Martini for martinis and multiple orgasms? We can’t promise the latter but you can check out a book signing of Multiple Orgasms with author London Kennedy.
When 7:00 pm

Shear Madness at Town Square
Town Square
Come see what many have called America’s favorite comedy when Paul Portner’s Shear Madness comes to Town Square. It’s set in a hair salon where a wacky murder has taken place and the hilarious whodunit story unfolds as they audience gets to try to solve the crime.
When 7:00 pm

Rock Naked at Little Darlings Gentlemen’s Club presents Jupiter Crash
Little Darlings
Rock Naked at Little Darlings Gentlemen’s Club presents Jupiter Crash, Burn Unit, and Dreamscar performing live from 7 p.m. until midnight.
When 7:00 pm

Bobby Slayton
Tropicana Casino & Resort
If you aren’t familiar with Bobby Slayton’s comedy, you may be familiar with his voice. Slayton’s voice has been heard often on Family Guy and Dr. Katz in addition to movie roles. The Pitbull of Comedy will be performing live at the Tropicana.
When 8:00 pm

Freaks at O’Sheas
O’Sheas
The Las Vegas nightlife scene is about to get a little freakier. Anthony Cools presents Freaks at O’Sheas where guests can watch the most extreme “freakish” human behavior including human shish-kabobs, glass eating, knife throwing and sword swallowing.
When 9:00 pm

Men of “X” at Hooters
Hooters
Men of “X” features a sexy “six-pack” of men strutting their stuff as everything from doctors and firemen to sexy soldiers. Men of “X” will arouse the audience at the Night Owl Showroom at Hooters with their hard bodies performing heart-stopping choreography sure to tease and please.
When 9:00 pm

DJ Keith Evan at Taste at Cafe Soleil
Cafe Soleil
DJ Keith Evan will be performing live at Taste, featuring down-tempo, mid-tempo, lounge, dub, Brazilian and deep house music along with tapas starting at 10:30 p.m. at Cafe Soleil. Check out DJ Keith Evan in our Local DJ Guide.
When 9:30 pm

Interestingly enough, I ran across these Las Vegas community information sites this evening.  I haven’t seen them before now.

http://letsgo.com/profile/lasvegasrealestate
http://www.idealist.org/if/i/en/av/UserProfile/210401-116/c
http://www.2collab.com/user:lasvegasrealestate/profile
http://www.linkedin.com/pub/sandy-kim/14/19/205
http://realestatelv.stumbleupon.com/blog/

Has anyone been able to find an accurate zip code map?  I’m also looking for a good community map of the entire Las Vegas valley if anyone knows of a good one.

Listed below are the conventions coming to Las Vegas in June 2009.

Convention Name - Hotel/Casino - Start Date - End Date - Number Attending

International Quality & Productivity Center - Call Center Week 2009     Bellagio     06/13/2009     06/18/2009     600
ASTM International - Committee D19 on Water     Imperial Palace Hotel & Casino     06/14/2009     06/18/2009     40
Intel’s Technical Bootcamp Series 2009     Venetian Resort - Hotel - Casino     06/14/2009     06/19/2009     850
Pushback Network (PBN) - Pushback National Convening     Monte Carlo Hotel and Casino     06/14/2009     06/23/2009     300
Society of Corporate Compliance & Ethics - 8th Annual Compliance & Ethics Institute     Planet Hollywood Resort & Casino     06/14/2009     06/17/2009     250
West Virginia University-Continuing Education for Forensic Professionals Program     Harrah’s Las Vegas Hotel and Casino     06/14/2009     06/21/2009     250
American Association of State Troopers - National Board Meeting     Luxor Hotel and Casino     06/15/2009     06/18/2009     60
Circus Fans Association - 2009 National Convention     Orleans Hotel and Casino     06/15/2009     06/18/2009     160
American College of Addictionology & Compulsive Disorders - Certified Addictionologist Program     Golden Nugget     06/16/2009     06/22/2009     50
National Society for Histotechnology - NSH Summer Symposium     New York-New York Hotel & Casino     06/16/2009     06/17/2009     100
American Management Association - Critical Thinking #2533 - 2009     Encore Las Vegas     06/17/2009     06/19/2009     25
American Management Association - Leading Virtual & Remote Teams #2280 - 2009     Encore Las Vegas     06/17/2009     06/19/2009     25
Cadillac & LaSalle Club - 2009 Grand National     South Point Casino Hotel & Spa     06/17/2009     06/20/2009     1,000
Black Writers Reunion & Conference 2009     Golden Nugget     06/18/2009     06/19/2009     200
National American Rosie the Rivet Association - Annual Meeting     Imperial Palace Hotel & Casino     06/18/2009     06/20/2009     100
SASH - Seoul American High School Alumni Reunion     New York-New York Hotel & Casino     06/18/2009     06/21/2009     80
2009 Public Safety Writers Association     Suncoast Hotel and Casino     06/19/2009     06/21/2009     30
Deaf Seniors of America 2009 Annual Conference     Paris Las Vegas     06/19/2009     06/28/2009     5,000
International Order Of The Rainbow For Girls - Nevada Annual Grand Assembly     Tropicana Las Vegas     06/19/2009     06/23/2009     200
International Remote Viewing Conference     Green Valley Ranch Resort & Spa     06/19/2009     06/21/2009     500
Marquez / Brokaw Wedding     Caesars Palace     06/19/2009     06/21/2009     150
Slaughter Family Reunion 2009     Circus Circus Hotel, Casino and Theme Park     06/19/2009     06/21/2009     24
Vietnam Sentry Dog Alumni Reunion     Tuscany Suites & Casino     06/19/2009     06/21/2009     150
Yoshinaga Family Reunion     MGM Grand Hotel and Casino     06/19/2009     06/21/2009     40
2009 The Uniglobe Group Annual Conference     Wynn Las Vegas     06/20/2009     06/21/2009     90
2009 Annual Facility Operators Conference & Tradeshow     Flamingo Las Vegas     06/22/2009     06/26/2009     150
4th Annual Incentive Travel Exchange     THEhotel at Mandalay Bay     06/22/2009     06/24/2009     225
American Contract Bridge League - The Las Vegas Regional     Riviera Hotel & Casino     06/22/2009     06/28/2009     1,000
Labor Arbitration Institute Program on Labor Law & Labor Arbitration     Las Vegas Convention Center     06/22/2009     06/23/2009     300
National Space and Missile Materials Symposium 2009     Green Valley Ranch Resort & Spa     06/22/2009     06/25/2009     400
Tatum Family Reunion     Fitzgeralds Casino and Hotel     06/22/2009     06/26/2009     100
Illinois Bankers Assn - Annual Conference & Tradeshow     Wynn Las Vegas     06/23/2009     06/28/2009     325
National Association Of Community Health Centers - Practice Operations Management June 2009     Hampton Inn Tropicana     06/23/2009     06/25/2009     40
International Bowl Expo 2009     Mandalay Bay Convention Center     06/24/2009     06/25/2009     6,000
Modern Language Association of America - 2009 ADE Summer Seminar West     Flamingo Las Vegas     06/24/2009     06/28/2009     90
NAPEO–2009 SalesQuest     The Ritz-Carlton, Lake Las Vegas     06/24/2009     06/27/2009     150
2009 Las Vegas Grand National Finals     Las Vegas Hilton     06/25/2009     06/30/2009     1,000
Casino Chips & Gaming Token Collectors Club 2009 Annual Convention     South Point Casino Hotel & Spa     06/25/2009     06/27/2009     5,000
Gerard Butler Fan Convention     Las Vegas Hilton     06/25/2009     06/27/2009     150
International Billiard & Home Recreation Expo aka 2009 BCA Expo     Sands Expo & Convention Center     06/25/2009     06/27/2009     4,700
National Apartment Assoc. - Naa Education Conference & Exposition     Mandalay Bay Convention Center     06/25/2009     06/27/2009     5,500
The Great West Truck Show     Las Vegas Convention Center     06/25/2009     06/27/2009     16,000
Tuskegee National Alumni Association - 2009 Western Region Conference     Flamingo Las Vegas     06/25/2009     06/28/2009     80
Whalum Family Reunion     Orleans Hotel and Casino     06/25/2009     06/28/2009     150
Copart, Inc. 2009 meeting     Mirage     06/26/2009     06/28/2009     80
Marie-Chantal Uwanyiligira Wedding Party 2009     Sahara Hotel and Casino     06/26/2009     06/27/2009     130
Metal Powder Industries Federation Annual Spring Conference     Mirage     06/28/2009     07/01/2009     1,000
School Nutrition Association Annual National Conference     Mandalay Bay Resort & Casino     06/29/2009     07/03/2009     3,000

There was a very interesting article in the May 4th edition of the New York Times entitled Where Home Prices Crashed, Signs of a Rebound. The main focus of the piece was Sacramento, California, but the Las Vegas real estate market also received prominent mention. Writing for The Times, reporter David Streitfeld observed… “Indications of progress are visible in other hard-hit areas, including Las Vegas, parts of Florida and southeastern California. Sales in Las Vegas in March, for example, rose 35 percent from last year.”

Readers of this blog know that I believe in the long-term potential of Las Vegas, Nevada as a truly unique metropolis and the long-term value of Las Vegas homes as a solid investment for the long run. Apparently I am not alone in this estimation of the situation. First-time buyers and real estate investors are absorbing our bank-owned inventory at an astounding rate. As of this writing, there are just over 16,000 homes for sale in Las Vegas and an additional 11,000+ properties in pending or contingent status. As you can plainly see, buyer activity is extremely strong. The critical components that make for a bottoming-out in our residential market are well on their way to forming. The Michelle Sterling Las Vegas Real Estate Team is ready to assist those individuals who believe that the time to watch and wait has passed, and the time to seize a historic pricing opportunity has arrived.

Click Here to Read Part I of this Blog Series

It’s not easy to be a new home builder in Las Vegas these days. Las Vegas foreclosures are all the rage with aggressive buyers and it’s difficult for new construction to steal the spotlight and get some attention of it’s own. The only way to compete in our market at this phase in the cycle is price per square foot. New home builders are responding to this challenge by pushing prices down in a wide variety of communities to less than $100 a square foot, in some cases significantly less. D.R. Horton, no doubt feeling the pressure to move product, dropped their prices on new Las Vegas homes by about 50% in January of this year and immediately saw a significant increase in sales. KB Home is offering a selection of new homes in the northwest section of the Las Vegas Valley at close to $80 per square foot.

In addition to promoting the benefits of a 10-year new home warranty, builders are also enticing potential customers with special financing rates, payment protection plans and assistance with closing costs. In addition, many Las Vegas new home builders seem to be focusing intently on first-time buyers that currently rent, and are being especially vocal about the benefits of the $8,000 tax credit. It’s definitely going to be an uphill climb for the new home market in Las Vegas and anything that even begins to look like recovery is still a significant distance away. The recent lifting of foreclosure moratoriums, which is about to significantly increase REO inventory again, won’t help the new home case either. What does it all add up to? Downward pricing pressures across-the-board that continue to benefit buyers of Las Vegas homes.

The level buyer activity that has developed in the Las Vegas foreclosure market over the last five months has been nothing short of astounding. First-time buyers are enjoying prices that have dropped all the way back to 2001 levels. Affordability has returned to the our residential market beyond anything anyone would have imagined even one year ago. Investors (with little faith in stock and bond markets) have zeroed-in on positive-cash-flow opportunities that present themselves for condos, townhomes and single-family homes all across Southern Nevada. How crazy are things beginning to get? I was reading the other day that foreign nationals from the Pacific Rim were being flown-in and transported in large groups by limousine and shuttle bus for what is being presented as a ”Las Vegas Foreclosure Tour”. I’m honestly not surprised by this. When prices drop by 55-60 per cent (in less than two years) in what is still one of the most dynamic and sought-after cities in the world, buyers sit up and take notice, apparently in droves.

How compelling are the pricing opportunities in the Las Vegas real estate market? Why are the majority of our current clients long-term investors with the wallets to hold and maintain properties responsibly? Why are so many of our clients willing to pay cash for Las Vegas homes at this stage in the market correction? Why are Canadian investors so aggressive about snapping-up real estate in Southern Nevada? Maybe this is why…

Yohan Lowie, chief executive officer of Queensridge developer Executive Home Builders, told the Review-Journal…
 
“There is a group of foreign investors coming to this city right now for serious investment in real estate,” he said. “I just met with two different groups, very affluent groups, that are trying to buy real estate. It’s surprising for us to see that you can buy homes today for less than the construction cost for just the structure, not including the land.”

The current unemployment rate in Las Vegas, Nevada is the highest it has been in a very long time. At 6.2% we’re actually higher than the national average at the moment, as opposed to being consistently lower, which is normally the case. This temporary condition is already in the process of righting itself and the ramifications for the Las Vegas real estate market are clear. Let’s look at some examples of what can be expected in the near-term future as relates to employment opportunities across Southern Nevada.

First and foremost is the addition to Wynn Las Vegas, aptly named Encore. Hiring has recently begun for 5,300 prized positions at the new Encore resort on the Las Vegas Strip. Encore features 2,034 rooms and is due to open by the end of the year. 

The $675 million Aliante Station, which is scheduled to open Nov. 11, began taking applications for its nearly 1,200 jobs July 6th.

The $1 billion M Resort will begin taking applications in September to fill the nearly 2,000 jobs at the hotel-casino scheduled to open next spring.

The $2.9 billion Fontainebleau is scheduled to begin hiring early next year for the nearly 6,000 workers need for when the property opens in late 2009.

Boyd Gaming Corp. expects to hire 10,000 workers for its $4.8 billion Echelon project, and MGM Mirage expects to begin accepting applications for 12,000 workers for its $9.2 billion CityCenter development early next year.

Las Vegas is a city that just won’t quit and won’t stop growing. This is hardly the first time in its history that Las Vegas has faced challenging economic circumstances in the short run. On every previous occasion, Las Vegas emerged stronger and more successful than ever. This time will be no different. Today’s prices for Las Vegas homes present an outstanding opportunity for buyers with long-term vision.

Military.com recently listed Austin, Mission Viejo and Las Vegas as great places to buy a home in 2008. As usual, it was our local economic profile combined with continued strong population growth. The Las Vegas Strip continues to be the most impressive economic engine ever created. The current oversupply of Las Vegas real estate is being steadily absorbed by a city that refuses to quit. Retirees continue to flock to Southern Nevada as do people looking for a reasonable cost of living, good job prospects and low taxes. We talk to clients every week that are coming to fill new jobs at Project CityCenter and Echelon, just to name two. Las Vegas homes are a sound long-term investment in a city with a sound economic future.

This blog has predicted that the Las Vegas real estate market would be among the first to recover from the nationwide residential slump. Now comes tangible evidence that consistently strengthening buyer activity is beginning to push supply and demand back into balance across Southern Nevada. Hard to believe? A ridiculous notion considering the daily headlines? Read on and judge for yourself, but don’t forget that Las Vegas is a truly unique city in virtually every way.

Housing Improves Despite Tough Economy

By Brian Wargo / Staff Writer

The Las Vegas economy may be battling a recession brought on by higher fuel prices and a slowdown in the nation’s economy, but the region’s housing market is showing signs of improving, according to a UNLV economist.

Keith Schwer, director of UNLV’s Center for Business and Economic Research, says the housing market has shown its first signs of a “credible correction” and that it’s not just wishful thinking that may have sprouted over the past two years.

With 24,070 housing units permitted in 2007, Schwer said that number will drop to 14,000 this year before rising to 16,000 in 2009. Excess supply and rising construction costs have limited expansion, but with that inventory drying up, Schwer said there might be a slight increase in permitting during the second half of 2008.

“Most notably, the silver lining in an otherwise turbulent scene is housing,” said Schwer, who gave his midyear economic forecast June 25 at the World Market Center. “The critical factor is that housing is correcting and it is not the problem it once was.” Also, Las Vegas continues to be well positioned because its affordability is increasing compared with California.

Schwer’s forecast gives credence to those who think the housing market has been improving in recent months with increased sales in the existing-home market. The increase in sales is reducing inventory and might be a sign the market may have hit bottom…

Brian Wargo covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun.

Home Sales Increase for Sixth Straight Month

The number of homes sold in Las Vegas increased for the sixth straight month in June and inventory is stable, the Greater Las Vegas Association of Realtors reported today.

Realtors sold 2,226 single-family homes in June, a 50.8 percent increase from the same month a year ago and up from 2,026 sales in May.

“We’re encouraged to see another significant increase in the number of homes sold here in the Las Vegas area,” association president Patty Kelley said. “This is a good sign for our local housing market and for the Las Vegas economy overall.”

Jul. 09, 2008
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