Las Vegas Real Estate Still Booming - Investors and Home Buyers are Back

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In the face of gloom and doom by financial prognosticators, unstoppable Las Vegas just keeps roaring along. And as springtime buyers are surfing the web for the next hot deal, several developers have announced major new projects, some are releasing new inventory and others have conjured up great new incentives to lure customers through their doors.

Despite bad press, the Las Vegas real estate market broke just about every available record in the first quarter of 2006. New home sales were a sizzling 19.3% ahead of last year's first quarter, and March was the fifth highest new home sales month in history. Resale prices, predicted by Forbes magazine to drop by 8.5% this year, were at a record $284,900, an 8.3% increase over last March. And existing home sales were just about 1% ahead of 2005 in volume.

The highly anticipated Urban Village opened to the public this week and already has reservations for the 212 brownstones in its first phase, prompting developer Centex Destination Properties to release more inventory immediately. In the heart of the new “South Strip,” Urban Village lies directly between two huge projects being developed by Station Casinos and Coast Casinos, and looks to be at the heart of a booming new area.

Unlike other developers that usually wait months or even more than a year to begin construction, Centex plans to start moving dirt by mid May.

The first brownstones will range from 938 to 2,225 square feet in size, with asking prices of $375,000 to $795,000. The project will include brownstones, condo hotels and loft style homes, neighborhood residential retail with lots of shops and restaurants, plus pools, walking paths, dog parks, rose gardens and fitness facilities.

Reservations can be made with a refundable $5,000 deposit and will go to hard contract by late June at which time a balance of the entire10% down payment will be due. For reservations and information call 702-596-7821.

Traverse Point, a popular condo conversion project near the prestigious Green Valley area, announced that for a limited time it would be offering no mortgage payments for the first year. This program is based on interest only payments for 12 months @ 6% on a 90% loan to value ratio for buyers that qualify through their preferred lender along with no homeowner’s association dues during that time.

Traverse Point offers one bedroom condos starting in the mid $160s up to 3 bedroom floor plans in the high $200s in a lush gated community with work out facilities and pool area. Many of the units are already rented, a great additional incentive for investors. For more details about this special financing program please call 702-985-7654.

The red hot Cosmopolitan Resort and Casino project finally released their penthouse units and may soon release some of their best inventory to date: high story studios on the north side of the Beach Tower. The Cosmopolitan has already started construction – their underground parking alone will be the largest excavation in Nevada history - and still remains the best selling condo hotel project in Las Vegas. For more information on the penthouse and studio units along with floor plans and pricing please visit the web site at http://www.GreatLasVegasCondos.com/cosmopolitan_resort.htm.

The Platinum Condominium Hotel and Spa will soon be complete with their grand opening scheduled in June of 2006. As a result the first resales on their condo hotel units are now available. These fully furnished one and two bedroom units start in the low $400s, making them the lowest priced condo hotel units in the city. And the hotel is already being reserved by prospective hotel guests. For information on these units and on other new projects around the Las Vegas Valley please contact a residential or high rise specialist from the award winning Tonnesen Team at Prudential Americana Group Realtors by by calling 702-985-7654.

A number of Las Vegas new homes communities have announced great incentives - up to tens of thousands of dollars - on standing or soon to be completed inventory. So what's the catch? You have to use the builder's lender to get the incentive, and often their interest rates are higher and their programs are more costly (and limited) than more competitive venues. But there is a way to beat the system and get both good terms and those great incentives before the inventory disappears again. To find out more please call 702-596-7821.

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