The recent downfall of the Corus Bank in the Las Vegas Market was caused by the bad investments it made. According to the reports, the shares of Corus plunged down 98% from their 52 week high of $5.23 per share. Regrettably, last September 15, the Corus was delisted from the Nasdaq National Market.

According to the reports, the turmoil in Las Vegas Valley’s high rise market continues because of price resets in order to meet the depressed condition in this product. With a low purchase rate, some new owners can take advantage of it and make a very good profit with sales at the foreclosure price. This summer, the median price of the Las Vegas luxury condominiums was $386,500 , which is 25% lower than last year.

Due to this, The Starwood Capital Group recently purchased several high-rise properties in Las Vegas through U.S. Federal Deposit Insurance Corp.’s asset auction of Corus Bank, a unit of Chicago-based Corus Bankshares. In the past years, Corus Bank supplied more than $400 million worth of loans for Las Vegas Valley condominium developments, many of which didn’t reach full potential. Based on the reports, this is an opportunity that may result in some quick price adjustments thought Las Vegas Valley. This deal will more likely have a huge effect on Southern Nevada’s luxury condominium market because of the scope and scale of Corus Bank’s local financial participation.

Local projects financed by Corus include Meridian ($111.3 million), Platinum ($87.6 million), Loft 5 ($56.5 million), Juhl ($106.2 million), Newport Lofts ($67.1 million), Panorama Towers ($236.3 million), Village Green ($60 million), the Residence Las Vegas ($56.8 million), Soho Lofts ($49.3 million), Copper Canyon ($43 million), Boulders at Lone Mountain ($40.2 million), Verano ($39.5 million) and Spanish Palms ($28.2 million) Streamline downtown and One Las Vegas on the South strip.

Country superstar Garth Brooks have agreed to come out of retirement and take a five year weekend residency and shows at the Wynn Encore in Las Vegas starting on December 11. The reason for this was Steve Wynn, the Las Vegas casino mogul. By offering Brooks a large paycheck together with perks, Brooks agreed to take the offer. This summer, Brooks have already kicked of his shows by playing two secret shows at the hotel.
Having been in the casino business for quite some time, Wynn knows that attracting people to visit his hotel can be one of the [...] Continue Reading…

As stated by The Montecito Companies, a Las Vegas based real estate investment and development firm, they will start purchasing around 100 bank owned properties in the city some of which they will rent but others they intend to purchase before prices start rising. They also explained that the key to turning a profit is getting a steep discount by buying properties in bulk for cash and spending $3,000 to $10,000 in refurbishment, for a swift resale. The real estate buyers are now risking their business if the real estate prices fall again. As reported by the experts, [...] Continue Reading…

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The scenario could have gone a little better for the real estate market if not only the decline of the August home sales which apparently, according to the records dropped 2.7 percent from that of July.
Sales were actually higher 2 percent last year nationally in comparison to that of this year which fell from July to August with median price this year of $177, 700.

Several factors contribute to this drop; one factor is the continuous job loss of many individuals. With escalating rate of unemployment, more short sales are to be expected next year. Hence, people could not [...] Continue Reading…

How to overcome economic survivor guilt

The news organization USA Today reported that months after the financial meltdown, a phenomenon called economic survivor guilt started to creep into the American society.

Economic survivor guilt is defined as the uncomfortable feeling of “capitalizing off of somebody else’s misfortune.”

In Las Vegas and surrounding Clark County, this economic survivor guilt is specifically prevalent.

This phenomenon is specifically prevalent in Las Vegas and surrounding Clark County as a great number of homes in these areas are owned by banks.

Last July, one in 13 homes in Las Vegas and surrounding Clark County was owned by [...] Continue Reading…

Foreclosures could be lessened by short sales

One way to reduce the number of foreclosures is by increasing the short sales, this according to the president of HBN Interactive Duane LeGate.

In Las Vegas where foreclosure is at its height, increase in short sales could lead to fewer foreclosures.

A short sale is a transaction whereby a lender permits a borrower to sell his home for less the amount that the borrower owes.

LeGate reported that many lender banks are putting off the foreclosure process when an acceptable short sale is in sight.

About 10 percent of the property [...] Continue Reading…

$8,000 tax break for first-time home buyers to expire soon

The expiration of the $8,000 tax credit for first-time home buyers is set on Dec. 1.

As Dec. 1 draws near, first-time home buyers are making extra efforts to avail on the Federal government’s tax credit, the Las Vegas Review-Journal reported.

Time is not on the side of the first-time home buyers. Despite the fact that the tax credit expires on Dec. 1; still the Nov. 30 deadline has to be beaten for one to qualify.

To avail on the government’s tax credit, the transfer of [...] Continue Reading…

New homes snag buyers’ interest

The organization called Home Builders Research has reported that despite strong competition from foreclosed homes, there are strong indications that buyers’ interest are shifting to new homes.

Home Builders Research reported that 426 new homes were sold in Las Vegas last month; while 407 new homes were reported sold last July in Las Vegas. Sales for existing homes in Las Vegas reached 3,833 in August; while 4,371 existing homes were sold in July.

Difficulty of finding good foreclosed homes and multiple offers are some of the reasons of the growing interest of buyers for new [...] Continue Reading…

Foreclosure activity in Nevada plunges by 8%

Data aggregator RealtryTrac reported that for the month of August, the foreclosure activity in Nevada decreased by 8 percent from the previous month. Despite this foreclosure dip, the data aggregator said Nevada still ranked number one in the nation’s foreclosure rates.

Las Vegas-based SalesTraq, meanwhile, reported that there is a continuous supply of home repos on the Las Vegas real estate market.

One in every 62 housing units in Nevada received a foreclosure filing for the month of August, this according to RealtryTrac. In the entire Nevada for the month of August, 17,902 housing [...] Continue Reading…