Vegas Blogs

With 5000 people moving here each month, somebody had to spill the beans.

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I had heard earlier this month that a lion attacked a trainer at The Lion Habitat at MGM Grand.  Come to find out, a tourist was shooting video when it all took place!

Here’s a thought – let’s stop thinking that putting a wild animal in an unnatural environment isn’t going to eventually piss it off.

Just as everybody in Los Angeles wants to be an actor, it appears that everybody building our secret project wants to be a Vegas entertainer. We’ve already seen Wade’s dancing skills, so now it’s up to Rip and me to audition as well.

For my part, I butcher about three seconds of a BeeGee’s classic. Rip’s death-defying performance is much more impressive. In both cases, I’d suggest you not try this at home.

It’s been ten days since our last video, which demonstrates how busy we’ve been! It’s hard to shoot video when your a Builder Bob apprentice! And speaking of Builder Bob, let’s meet Rip Rippetoe, as he explains what we’ve still got to do. - [Read more]

TGIF! You know what that means? No, not a lunch suggestion. It’s time for Friday Figures! All information from the GLVAR MLS system. This is the real deal: information you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley [...] - [Read more]

Thanks for dropping for Friday Figures! All information from the GLVAR MLS system. Here’s you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: Once again available units jumped, this time to 14057. While the number of short sale and non distressed available properties is up, there was no rise in the number of bank owned properties. Contingent and pending listings were down, but remain over 14,000. The number of contingent short sales does continue to decline, but some of those units have returned to the market as available. Median time on market for homes that are closing has finally reached 30 days — half of homes selling are on the market less than a month. This slow rise is partly due to institutional sellers insisting on longer periods before considering offers, or only considering investor offers after 2-4 weeks on the market. Our rental market for houses and condominiums is still healthy and stable despite the fact that apartment rents are at a 6 year low.

Other Information: Nationally, more construction is starting on more properties, but permits for the future are down. I don’t cover commercial real estate, but the Commercial Real Estate Price Index is down (great news for business owners looking for new space). Home buyers need to be aware that the FHA rules are tightening up; please consult your mortgage professional for details. Mortgage applications are up as rates are low. Some experts think the government must slash tax breaks for homeowners (please contact your Congressman and Senators if you feel strongly one way or the other). Remember that buying a short sale or foreclosure adds complications to the buying process (see here and here for more). More good news, mortgage delinquencies are down. Thanks to Steve for pointing out that in the second quarter, we had over 3000 cash transactions, and fewer than 1000 closings with a mortgage (FHA, VA, conventional, and owner financed combined! Yes, there were a handful of owner financed transactions). Cash is King in our market right now. And one last thing, the Hoover Dam Bypass should finish on schedule this fall.

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In this latest behind-the-scenes video, we take an over-the-shoulder look into some of the steps required to build our 288 square foot stage.  (We also feature the entertainment styling’s of one Wade Roberts.)

There is something joyous about finding an email addressed to friends@livinginlv.com in my inbox.  The stories.  The kind words.  The photos of groovy listeners from around the globe. So imagine my uber-joy as I proudly added three more folks to the Friends of the Living in Las Vegas Podcast page!

First we have Jason, who hails from Missouri and is clearly capable of any bodyguard duties I may need in the soon or distant future.

Next is Amber, a Las Vegas local who is a very impressive graphics designer. (She’s worked with several casinos here in town.)

And the latest addition is Michael and Melissa, a cute couple from Oregon who are in the midst of buying a short sale home here in Las Vegas.

Welcome all to the site!

By the way, are YOU on our Friends of the Living in Las Vegas Podcast page? It’s easy! Just attach a photo of yourself to an email and send it to friends@livinginlv.com. Include your name and location and you will join fabulous folks like Jason, Amber, Michael and Melissa!

Here is the latest video from our studio building project, which is happening just off the Las Vegas Strip.

In today’s video, we learn how to set off a fire alarm without starting a fire and see first hand that I have lost all track of time.

Here we are with another edition of Friday Figures! All information from the GLVAR MLS system. This is the no-nonsense data you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: It’s no surprise that available units are up, yet again, to 13,832. Nor is it surprising that median price on those units is slipping just a little, mostly on non-distressed properties. Pending and contingent properties stopped dropping, and now sit a little over 14,000. The number of contingent short sales continues to ever so slowly go down, and that is a very good thing for the long term. Closings have settled into their mid-month lull (Pro-tip: if you can close on your home mid-month, it will make your mortgage and title people happy and things are likely to run more smoothly). List price and final sales price on closed units remain very close to one another; this is not a time for low-ball offers if you really want the property.

Other Information: Last week Fannie wanted more money from the Feds? This week it was Freddie’s turn. The NAR assures us that home prices are “firming” nationally, but even NAR’s Chief Economist Lawrence Yun “urged caution on interpreting price data.” And remember that locally, there are several communities with problematic Kitec plumbing fittings. It’s an estimated 30,000 homes effected, so be sure to ask your home inspector about it. This is a far bigger deal locally than the tainted drywall issues in some parts of the country. I thankfully haven’t encountered any of that drywall (experts tell me it’s unlikely here), but I sure do know some developments with Kitec issues!

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On November 23, 1998 I jumped into the entrepreneurial waters.  Since then, I’ve started three successful businesses (website design, branded music CDs and Internet broadcasting).  For each of those businesses, I’ve been fortunately enough to have, on average, about a 10 foot commute to work. 

That is, until about ten days ago.

For some time now, I’ve been working on a concept for a new type of offering from PodWorx.  It’s an idea that I’m very excited about and one where the technology has caught up with the vision.  It’s never been attempted here in Las Vegas and based on the feedback I’ve received from a group of very smart folks who’ve been briefed (after signing a Non-Disclosure Agreement), there’s a lot to be excited about.

To create the environment necessary for this new concept, I have to expand beyond my existing work environment.  As a result, I have found myself in the land of commercial real estate.  After a relatively-short search, I was connected with a great guy/landlord and a great space from which to launch this project. 

After securing a small amount of funds from outside sources, on August 2nd, 2010, I accepted the keys to my first commercial property!  A wave of excitement, fear, anticipation and the unknown washed over me.  I’m not a Builder-Bob kind of guy, so I was nervous.  Luckily, I have two GREAT friends (Rip and Wade) who are helping me build what I believe will be one of the coolest video studios in town.   

The video above is the first of several I’ll be recording during the building process.  We’re still in stealth mode but I wanted to share the process as best I can. Ten days into the project, I’ve learned a lot, spend a great deal of time at Home Depot and Ahern Rental, and feel as if my credit card is beginning to melt.

Stay tuned. . .

Welcome to Friday Figures! All information from the GLVAR MLS system. This is the no-spin data you need to know before touring, listing, or making a purchase offer this weekend.

Summary: We’re up to 13261 available houses, condos, and townhomes. I fully expect that we will have 15000 before the end of the year, particularly since time on market is going up (partly due to reduced buyer interest, partly due to short sales falling out). At least prices show signs of leveling off for the moment. While there is no doubt that we have more distressed properties coming on the market, I am seeing anecdotal evidence of an increase in rehabbed properties being sold by investors, particularly in the sub-$200k market. The number of contingent and pending units is down to 14252. Closings are strong this week as we finish up the month. I am concerned by the rise of single family homes priced under $100,000; most of these are bank owned, and few can realistically be financed. A few creative mortgage products involving a second rehab loan exist but I only know one mortgage professional who is enthusiastic about them. These cheap properties might pose an opportunity for an investor with cash, but I can’t in good conscience recommend any of them to the first time buyer who might be attracted by (im)possible low monthly payments.

Other Information: Even though prices are dropping nationally and locally, sales of new homes are up. Sales of existing homes are still “above historical median.” Home ownership is down to a 10 year low and dropping, and that unfortunately means that there are more vacant homes everywhere. Vacant homes are a target for crime, including arson, so please be careful when touring homes (and keep an eye open for strange things at vacant homes near you). A number of sources think this may be a good time to buy a home for several reasons, one of which is low interest rates.

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Just saw this in our local neighborhood paper. 

The Tea Lounge on the 23rd floor of he Mandarin Oriental at CityCenter is offering locals 20% off their bill for tea and/or tea cocktails now through Labor Day.

What is a tea cocktail?

Good question.  Here’s a couple examples:

Royal Tea – orange vodka, simple syrup, chilled Osmanthus Oolong tea, splash of lemon juice, on the rocks.

Tea-tini – bourbon, chilled jasmine pearl tea, and apple juice, sweetened with agave nectar.

I wonder if I can hang a Lipton bag on the side of my Tanqueray and Tonic and call it a tea cocktail?

Thanks for reading Friday Figures! All information from the GLVAR MLS system. Here’s what you really need to know before touring, listing, or making a purchase offer this weekend.

Summary: We’re up to 12960 available units, just under 13,000 and about a 30% increase from the low we set earlier this year. No surprise that prices are under downward pressure. Contingent and pending listings are down, however, and we may eventually work through the huge backlog of contingent short sales one way or another. 600-700 closing properties a week seems to be the “new normal” for a little while, but I do expect more closings this coming week as banks try to clear the July books.

Other Information: Unfortunately, the economy is of great concern going forward. Nevada unemployment is at 14.2% and in the Las Vegas Valley it’s 14.5%. Builders are also nervous about the economy. Home sales are slowing nationwide — which the experts did anticipate after the home buyer tax credit expired. This week has also seen a lot of criticism of how few people have really been helped by the HAMP program — and a few pointing out how little help it is to some of the people who have gotten modifications. There is still some good news to report: mortgage rates are at yet another all time low; many Clark Country residents got lower property tax bills in the mail this week (which may result in budget shortfalls, but that’s another issue); and apartment rents are down. So far I have seen no real drop in rental home prices, partly because those owners have fixed expenses and a slightly different business plan.

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A lot of Vegas restaurant guides tend to favor locations on The Strip, but that’s not terribly convenient for those of us that chose to live further away. Count me among those that don’t really go down there all that often, but still want to enjoy great food! That being said, two of my favorite places for dinner just happen to be a few hundred feet from one another at the Red Rock Casino Resort.

Terra Rossa has a superb menu of well prepared Italian dishes. It’s not the cheap bowls of pasta you may have come to expect at many restaurants by any stretch of the imagination. In fact, all the pasta is homemade.

An antipasto plate will arrive at your table before you can even consider your menu options, and a bread basket will follow soon thereafter. The thin crust, wood-fire cooked pizzas make a nice appetizer, or a meal by themselves. Classic items ranging from deep fried calamari to chicken parmigiana are of course available and well prepared. A few of our favorite menu items are the prosciutto appetizer, gnocchi, and spaghetti al carbon.

There is a full bar with expert mixologists and an extensive wine list. The service is always just right, and a member of the team is sure to be nearby when you need something. [The outside dining is pretty cool as well. -Ed]

Hachi is a “Modern Japanese” restaurant with an ample selection of sushi. Why do the waiters have belt buckles shaped like the number 8? Because hachi is the Japanese word for eight!

To be honest, we tend to treat sushi restaurants as “small plate dining”, a sort of Japanese tapas. As a result, we’ve tried a lot of menu items over the three years they’ve been open, but we’ve never actually had any of their main courses. The menu sort of encourages this grazing by offering a section of 38 small dishes for $8 or less. If you like spicy food, don’t pass up the Crispy Spicy Shrimp, Kholester Roll, or the french bean tempura. For those with more traditional tastes, the crispy baby whitefish, sea bass cakes, and kumamoto oysters are excellent. A traditional assortment of sushi bar staples can be had as well, such as nigiri, miso soup, and edamame. And it’s worth saving room for dessert. (Don’t be surprised if the sake sommelier shows up at your table to talk about the sake menu, but there’s a full bar too.)

Reservations are recommended, but both restaurants can usually work you in fairly quickly if you show up without them.

Good news for our readers in Summerlin. There will be a new Firefly Tapas Kitchen & Bar location coming to the area. The restaurant will be located at 9560 W. Sahara Ave, which is between Grand Canyon and Fort Apache. (It is currently the home of Z’Tejas Southwestern Grill.) Firefly offers Spanish style tapas for lunch, dinner and late night dining all at a affordable price. A large portion of the menu’s over 40 items are under $10.

The new Firefly location will be approximately 6,000 square feet and will seat around 200 people. Firefly has two other locations in the valley: 3900 Paradise Road (by the Hard Rock Casino) and inside the Plaza Hotel (Fremont Street and Main Street). There is no time-line to open the new restaurant, however it should be open by the start of August.

Social House, which is a unique sushi restaurant owned by Pure Management Group, has opened inside Crystals at CityCenter. Executive Chief Joe Elevado has trained under “Iron Chef” Masaharu Morimoto to deliver what should be an interesting and diverse blend of Pan-Asian style. Locals just need to show a valid Nevada ID and receive 20% off Sunday through Thursday.

I did not have the opportunity to eat at the old Social House which was located inside Treasure Island. So I would be interested to hear from some of our listeners who ate at the old Social House and compare it to the new Social House.

[Melissa and I have taken many LV visitors to the TI-based Social House. It was one of our “go to” places. We’re not sushi people, but those who are raved. For we cooked-food lovers, their food was excellent as well. — Scott]

Once again it’s time for reading Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer this weekend? Read this first!

Summary: Available units rose again, this time to 12521, and median price on single family homes dropped and median time on market rose by a day. The number of properties in the process of being purchased dropped very slightly, but this is not a cause for concern as many of these properties have been in that state quite a while awaiting short sale approval. Over half the homes that are now closing were on the market less than a month, so there is still some competition for the “most desirable” properties. In fact, 95 of the 658 properties that closed in the last 7 days were on the market less than a week before an offer was accepted!

Other Information: Please be careful out there this weekend! We have an excessive heat warning; don’t count on working air conditioning in a vacant property! Unfortunately, Nevada once again leads the nation in foreclosures while we are at a record high as a nation. Home mortgage applications are falling while rates remain low. And just for fun, some statistics on American homes.

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My friend Jay, who runs promotion for a variety of shows in Las Vegas (including the LA Comedy Club) sent me the following email.  Looks like he’s looking for an assistant for a comedy magic show on Fremont Street.  Here’s the email:

Are you looking to be part of a fun show or know someone who is? If so then forward this to them.

Looking for an assistant in a comedy magic show on Fremont Street. Must be attractive, friendly and outgoing (very good with people).

Job duties include: Pitch the show 2 hours before the show, Work along-side the shows performers in a one-hour show.

Experience a huge plus, however if you’re a natural we would love to take a look.

Hours: Approximately 2:00pm- 5:30pm. Wed-Sun

Flat fee ($60) for your appearance plus commissions on sales of tickets.

Please send any information you think may be helpful in addition to a headshot (photo), plus full length photo, number to reach you at and resume. We will not even take a look without a photo. You will be performing on stage and must look presentable to the public.

This is a fun environment however we are also very hard workers.

Call 702.287.0915 to set up an interview on Friday

His email address (for the headshot, resume, etc.) is screamoutloudmarketing@yahoo.com.