Nevada Real Estate >> Las Vegas Real Estate Specialist: January 2007

Vistana Condominiums

Total Units:  732

43 Total Listings (1/30/2007, view detail):

Address-Price-Square Feet-BR-BA-GARAGE-PRV Pool/Spa

7159 S DURANGO DR 184,777 906 2 2 1 N N
7163 S DURANGO DR 169,500 685 1 1 0 N N
7135 S DURANGO DR 182,000 743 1 1 1 N N
7143 S DURANGO DR 210,000 906 2 2 0 N N
7163 S DURANGO DR 179,900 743 1 1 0 N N
7107 S DURANGO DR 199,777 906 2 2 0 N N
7107 S DURANGO DR 185,000 929 2 2 1 N N
7107 S DURANGO DR 204,999 929 2 2 0 N N
7123 S DURANGO DR 179,500 929 2 2 0 N N
7107 S DURANGO DR 164,900 906 2 2 0 N N
7185 S DURANGO DR 200,000 943 2 2 1 Y N
7135 S DURANGO DR 173,500 743 1 1 1 N N
7167 S DURANGO DR 199,900 943 2 2 1 N N
7147 S DURANGO DR 195,000 962 2 2 1 N N
7127 S DURANGO DR 210,000 906 2 2 0 N N
7159 S DURANGO DR 210,000 962 2 2 1 N N
7111 S DURANGO DR 206,000 943 2 2 0 N N
7147 S DURANGO DR 179,990 971 2 2 0 N N
7127 S DURANGO DR 167,900 743 1 1 1 N N
7173 S DURANGO DR 203,000 943 2 2 0 N N
7163 S DURANGO DR 199,995 954 2 2 1 N N
7189 S DURANGO DR 169,500 743 1 1 1 N N
7115 S DURANGO DR 184,900 929 2 2 0 N N
7159 S DURANGO DR 224,999 1437 3 2 1 N N
7107 S DURANGO DR 179,900 816 1 1 1 N N
7173 S DURANGO DR 169,900 743 1 1 1 N N
7115 S DURANGO DR 204,900 962 2 2 1 N N
7135 S DURANGO DR 179,900 906 2 2 0 N N
7119 S DURANGO DR 199,999 962 2 2 0 N N
7163 S DURANGO DR 169,990 906 2 2 0 N N
7143 S DURANGO DR 221,900 1278 2 2 1 N N
7111 S DURANGO DR 184,990 962 2 2 0 N N
7173 S DURANGO DR 205,000 929 2 2 0 N N
7127 S DURANGO DR 192,500 943 2 2 0 N N
7155 S DURANGO DR 229,999 1437 3 2 1 N N
7123 S DURANGO DR 169,000 929 2 2 0 N N
7167 S DURANGO DR 159,950 743 1 1 1 N N
7143 S DURANGO DR 174,800 962 2 2 0 N N
7103 S DURANGO DR 209,990 943 2 2 1 N N
7155 S DURANGO DR 179,900 906 2 2 0 N N
7189 S DURANGO DR 213,400 962 2 2 0 N N
7151 S DURANGO DR 199,500 906 2 2 1 N N
7135 S DURANGO DR 199,999 962 2 2 1 N N

Six Total Sold 11/1/2006-1/29/2007:

7103 S DURANGO DR 174,999 929 2 2 1 N N
7151 S DURANGO DR 163,900 743 1 1 1 N N
7123 S DURANGO DR 169,900 906 2 2 0 N N
7131 S DURANGO DR 179,900 962 2 2 0 N N
7163 S DURANGO DR 171,000 700 1 1 1 N N
7147 S DURANGO DR 185,000 962 2 2 1 N N

Vistana Condominiums are snuggled in the southwest Las Vegas valley foothills. They feature great peek-a-boo views of the mountains to the west and to the north and some condos even have views of the strip!

View Map (Satellite Hybrid)

Schools (1/292007) Zoned are: Sierra Vista High School, Fertitta Middle School (soon to be Faiss) & Wayne Tenaka Elementary school. With extreme growth in the valley schools change quickly and for no rhyme or reason so it is always best to check online for current zoning with Clark County School District.

Amenities include Exercise Facilities, Tennis and 2 Pools.

There are exactly 732homes in this neighborhood ranging from 695-1437 square feet. The builder was Rhodes Homes and these homes were built between 1999-2003.

View: floorplans, listings, rentals and recent closed sales on my website, and a virtual Real Estate Show.

Vistana is walking distance from shopping, restaurants and gaming. When minutes matter: Vistana is located less than one mile from St Rose San Martin Campus Hospital.

Renée has watched this area grow from a desert to a thriving community. She is proud to say she has toured every model in the following subdivisions: Sierra Madre @ Rhodes
Ranch (where she resides), Venezia, Liberty @ Warm Springs, The Falls @ Rhodes Ranch,
Canyon Trails @ Rhodes Ranch, Vistana & Richmond American @ Rhodes Ranch. Hiring a
Realtor who lives in, works in, cares about and KNOWS the neighborhood will give you a
distinct advantage over the rest.

Sierra Madre neighborhood is snuggled in the southwest Las Vegas valley foothills.  It features great peek-a-boo views of the mountains to the west and to the north.

View Map (Satellite Hybrid)

Schools (1/22/2007) Zoned are:  Sierra Vista High School, Fertitta Middle School (soon to be Faiss) & Wayne Tenaka Elementary school.  Tenaka is located right outside of Sierra Madre to the East (Quarterhorse) and Faiss will be located right outside of Sierra Madre to the West (Fort Apache).  With extreme growth in the valley schools change quickly and for no rhyme or reason so it is always best to check online for current zoning with Clark County School District.

There is no homeowner's association - which is very rare for Las Vegas newer homes.

There are exactly 300 homes in this neighborhood ranging from  1182-2607 square feet.  The builder was Lennar (Greystone & US Home) and these homes were built between 2001-2003. 

I will be back to edit so you can view floorplans, listings, rentals and recent closed sales on my website.

Renée has watched this area grow from a desert to a thriving community.  She is proud to say she has toured every model in the following subdivisions:  Sierra Madre @ Rhodes
Ranch (where she resides), Venezia, Liberty @ Warm Springs, The Falls @ Rhodes Ranch,
Canyon Trails @ Rhodes Ranch, Vistana & Richmond American @ Rhodes Ranch. Hiring a
Realtor who lives in, works in, cares about and KNOWS the neighborhood will give you a
distinct advantage over the rest.  

Housing Conditions:

• Foreclosure/Short Sale Listings (1/21/2007):  Total Listings (1/21/2007)  19,904; Foreclosures Commenced (listings 1/21/2007) 492, 2.5% of all listings; Short Sales (listings 1/21/2007) 874, 4.4% of all listings; Both Foreclosures Commenced AND Short Sales (listings 1/21/2007) 200, 1.0% of all listings.
• New Home Sales (November 2006, units sold):  2,176  Year Change -31.1% (excl condo conversions, highrises)
• New Home Sales (November 2006, median price):  $329,655  Year Change -4.5% (excl condo conversions, highrises)
• Existing Home Sales (November 2006, units sold):  2,753 Year Change -35%
• Existing Home Sales (Novmber 2006, median price):  $285,000  Year Change:  0
• Single Family Residential Permits (December 2006):  1,118  Year Change -52.6%
• Apartment Rental Rate (3 Q 2006):  $847 Year Change +5%

My analysis:  Watch for rents to rise as housing becomes less affordable.  New home incentives will disappear the first two quarters of 2007 as housing permits continue their downward trend.  Potential new home buyers will move into the inventory soaked resale markets and normal market conditions may return by the end of 2007.

New Residents/Employment Conditions:

• New Residents (December 2006):  5,820, Year Change -18.1%
• Total Employment (November 2006):  944,300, Year Change +4.9%
• Unemployment Rate (November 2006)  4.0%, Year Change +8.1%

My analysis:  We need more jobs to continue strong growth.  Our employment rate is still low.

Tourism/Gaming Conditions:

• McCarran Total Passengers (November 2006):  3,882,310, Year Change +7.3%
• Gaming Revenue (November 2006):  $989,644,606, Year Change +16.9%
• Visitor Volume (November 2006):  3,496,110, Year Change 0
• Convention Attendance (November 2006):  585,047, Year Change +2.9%
• Hotel/Motel Occupancy (November 2006):  87.5%  Year Change +1.4%

My analysis:  The gaming/tourism industry is still strong.  Still not strong enough to support all proposed new rooms (condotel and hotel) developments.

Sources:  Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles,  McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation

They are a lifestyle: Well in my market anyway!

I have met many buyers who really wanted an Single Family Residence but inquired on a condo. They have images of grandeur that believe that since a condo is priced lower, they will have a lower payment. :record scratch hold the phone:

When you buy a condo, you are only buying a lifestyle. You end up paying for the amenities and and the lack of yard & exterior maintenance. You are also speculating on future returns as condos are more succeptible to price fluctuations than a single family residence. Condos are not good products to buy with 100% financing. In fact, underwriters do not like to see too much of the same type of financing in a single complex.

Construction defect litigation can lower your value because of rate hits and speculative association dues increases. Check into your state's laws in regards to construction defect litigation.

You pay for it in the form of association dues, rate hits and speculation - which in my market, can earn you on average 20% more buying power (and easily put you) in the Single Family Residence market.

When considering buying a condo:

It is important to read the association bylaws & financials. Read Ardella DellaLoggia's blog on this. Not only should you be careful and make sure you can live with every little law the community has, you need to pay attention to investor (rental) caps and the financials.

Weigh the affordability:

• Association dues can be astronomical. Make sure you check the cap on yearly increases. Find out what amenities and bills your association coves.
• While you may not have to pay for homeowner's insurance, you still need a renter's type of policy on your personal property. Sometimes that type of policy can cost you more than a homeowner's policy which includes personal property.
• Watch for rate hits: 100% financing, financing a condo and construction defect litigation can affect your interest rates. Be aware of this and get a rate quote from a knowledgable mortgage broker prior to even considering a condo.

Make sure you read the preliminary title report. Make sure the deeded parking is in there. Make sure the title insurance will cover issues that may arise against that assigned parking spot in the future- YOU ARE PAYING FOR THAT SPOT! Read Laurie Manny's blog about this!

If you are buying a condo simply because you feel you are priced out of your single family home market, make sure you interview Realtors who have product knowledge in your market so you can buy the right affordable product you are looking for!

Here comes the snow that we have been "promised" all week long. It is descending on Red Rock Canyon.

The National Weather Service is saying the valley floor will get about two inches and the western foothills (that's me that's me) will probably see more! (edited to add: they just changed it to the eastern side of Vegas :sad face:)

I hope it starts before the kids get out of schools. Most of the middle and high schools have open air commons areas and I love to hear the stories when my kids get home.

I hope we get enough to go sledding at Desert Breeze Park late tonight! It's so cool because people come from all over and I love to see adults that have come from places like Hawaii and Cali - who have never seen the snow - turn into little kids again!

It's gonna be below freezing the next three to five nights so we have the palm trees wrapped, turning off the sprinklers, & keeping the pool on (can't wait to get that electric bill!) These houses are definitely not built to withstand cold conditions for a prolonged period of time.

Won't all those tourists coming here for the three day MLK holiday weekend be shocked?

I am happy to report that there has been a distinct change, in the last three weeks. There is almost ZERO available standing inventory in the SFR entry level market (under $275K) in the South, Henderson (south) and Southwest portions of the Las Vegas Valley (Clark County).

A couple of them falling out of escrow here and there but very slim pickings! Most are dirt lots looking at a 6-8 month build. Incentives are still being offered if you use the builder's preferred lender and most are still paying a good portion of closing costs + a few upgrades. With the standing inventory disappearing right in front of our eyes, I wonder how long those will last ?!?!?!

I have been blogging about how builders are pulling building permits and decade + lows for the last several months. Recent buying activity has almost exhausted standing inventory and this is a wonderful thing for the resale market!

Permit History Present to 1994.

So have any other Las Vegas agents noticed the change?

Las Vegas will be featured on The Weather Channel's Sunday program "It Could Happen Tomorrow." It is actually a pretty good show that deals with different "possible but not probable" weather scenarios. I do believe it is to draw awareness to emergency preparedness. They did film a Katrina-like episode prior to Hurricane Katrina and I have seen a couple of others on Sacramento flooding and a NYC Hurricane. Pretty good watch: as long as this stuff doesn't make you paranoid.

The focus on Las Vegas will be "The Big One", as in earthquakes! If it comes up in casual conversation I let it be known that I do have an earthquake insurance rider. A couple hundred dollars a year to pretty much protect a couple hundred g's in equity. Everyone I have told, thinks I am a looney bin. The question is: Am I?

This lil Nebraska girl was living here for two years already when I woke up in the middle of the night October 16,1999 with my house shaking wildly. I was pretty drowsy and freaked out. I left the window open and a cold wind from an unexpected weather change was blowing my window blinds wildly also. My first instinct is TORNADO! You can take the girl out of Nebraska, but you can't take Nebraska out of the girl ;)

I rounded up the kids and took them downstairs and shoved them in the bathroom (the smartest thing in a tornado, dumbest thing in an earthquake.) By the time I was done the shaking ended. I went back to bed tired. I woke up and realized that we survived the Joshua Tree Quake (OK really the Hector Mines quake) and some areas of the valley felt the equivalent impact of a 5.0 magnitude earthquake. WOW! That was my first. My inquisitive nature sent me in a fury of earthquake research that day.

What I found out is not to be afraid of the earthquake. They happen all around us! We want the "lil" ones to relieve pressure & tension on the faults which will help us avoid "the big one".

Earthquakes in Nevada happen for all sorts of reasons. Some on natural faults, some from mining (nation's leader in gold, silver and mercury mining), some from extracting water from our state's extensive aquifer system, some from the pressure on the water on Hoover Dam.

<-this and of a nevada sample in earthquakes faults is>USGS.

You can read earthquake FAQ's here.

You read more about emergency preparedness, what to do during, and after here.

Be aware, be prepared and insure your assets: just in case!

Indicator - Reporting Period - Statistic - Monthly Change - Annual Change

• New Residents - November/2006 - 6076 - -5.5% - +5.2%
• Total Employment - November/2006 - 944,300 - +.4% - +4.9%
• Unemployment Rate - November/2006 - +4% - 0% - +8.1%
• New Home Sales - October/2006 - 2,167 - -14.9% - -20.9%
• New Home Permits - October/2006 - 864 - -4.4% - -31.4%
• Median Price/New Home - October/2006 - $344,990 - +3.7% - +2.5% (excl condo conversion & hi rises)
• Median Price/Existing Home - October/2006 - $290,000 - +1.8% - +2.6%
• Apartment Rental Rate - 3rd Q 2006 - $847 - +1.7% - + 5.0%
• Gaming Revenue - October/2006 - $889,908,269 - +10.2% - +.6%
• Visitor Volume - October/2006 - 3,793,381 - +3.7% - +1.5%

Source: The Center for Business & Economic Research UNLV

Wow!  I thought the Seahawks were SO done but what was that?  A bad snap?  Did Homo want the TD over the FG?  Amazing!

I was going for the Seahawks anyhoo so this is great news for Seahawks fans!

Congratulations!  Is this their year?

I know it ain't over till it's over (three timeouts left) but WOW WOW! 

This is my 3rd blog in a series of blogs about off strip life in Las Vegas, Nevada.

I had this written and when I went to go take pictures at one of the restaurants I was going to feature: Kilroy's, I found out that the smoking ban in Las Vegas was going to close the restaurant portion of Kilroy's. This changed the whole blog as the lifeblood of the city's restaurants are little neighborhood gaming bar/grill/restaurant combos that offer old Vegas type of eating specials and a great place to hang out 24/7 to watch sports or meet friends after a swing or grave shift. I do feel that the institution of these small establishments will change over the next year as they will have to decide whether to get rid of food or get rid of the smokers.

With that being said here are some stats:

• In 2005 there were 4344 eating and drinking places in Nevada
• 2006 projected restaurant sales were expected to be around: $3.7 BILLION
• There were approximately 185,000 restaurant and food service workers in 2006
• Restaurant and food service employment represents a whopping 14.3% of Nevada's employment!

With 4,344 restaurants in the state of Nevada (most lying in Clark County Las Vegas Valley) it is impossible to profile even close to all of them. What I am going to do is give my best of the best and if anyone has any to add: they are more than welcome!

Hofbrauhaus: Ok this one is rather close to the strip but where else can you go get close to your Eastern European roots without waiting for a Polish wedding to roll around? Right here! Live Polka music (uh huh, that is me doing the chicken dance in the background), massive quantities of their own beers, Bavarian food, and the evening is not complete without the host (usually Lynn) playing the national anthem on that "ricola" horn and hosting the guys and gals beer drinking contests.

Got a birthday? Well expect to get onstage and play with the band!

You also never know what celebrities to expect that will just drop by and October (Oktoberfest) activities are off the hook!

El Jefe's: Executive chef Tacho Kneeland brings some of the finest Mexican resort foods to two Las Vegas Locations! The atmosphere is casual but the aesthetics are very close to fine dining. The food is amazing and our favorite bartender Jen works at the Eastern/St Rose location. The restaurant is non smoking and they offer: a full bar, lounch and patio dining. My favorites are the lobster enchiladas, chile relleno and the avocado crusted mahi-mahi is TO DIE FOR!

Carmine's Little Italy: 2940 S Durango. The best casual Italian food I have found in this city. Cheesy but true, everything they offer is good. They have a full bar with gaming and big screen TV's plastered all over near the ceiling so not only is it a great place to eat, it is a great place to watch the big game too!

The Carmel Room: This is located inside the off-strip casino The Rampart. One of the finest off-strip properties I have seen. It was built to cater to the upper crust in Las Vegas but found itself in BK court due to the fact that the market could not bear that type of clientele. The JW Marriott group bought it and Cannery Resorts runs the casino. The Carmel Room is one of the finest fine dining establishments in Las Vegas. I always start with the Lobster Bisque made table side and finish with the Creme Brulee. Everything is great here for the middle also so I never limit my options :) The service is fabulous!

The Village Pub: These are owned by Ellis Island Casino & Brewery and are located all around the valley. These are some great local hangouts! Since one opened close to our house recently (and is now closed for remodeling which I suspect is because of the smoking ban) and we hung out there for MNF. Great eats and great brews! There is a secret steak special that is not on the menu: $4.95 for steak, veggie, potato and choice of soup or salad. Being from the midwest I am quite peculiar about my steaks and let me tell you: it ain't too shabby!

IMHO:

The Best Sushi: Nagoya (SW Corner Tropicana/Fort Apache) Great atmosphere, service and sushi!

The Best Chinese: China Ginger (SW Corner Tropicana/Fort Apache) Great lunch specials that are cheaper than fast food and will make you want to grab a cot for a quick siesta because you will leave STUFFED!

If you are new to the city you may want to visit the Annual Bite of Las Vegas (usually in October) sponsored by Mix 94.1 to get a sampling of local restaurants and a great festival featuring some great musical artists.

Another great guide is "The Best of Las Vegas" sponsored by the Las Vegas Review Journal and voted on by locals!

That is the burning question! I guess the issue didn't hit me like a ton of bricks until we went to one of our favorite neighborhood gaming bar & grill joints last night.

You will see a little piece of paper posted in the picture above my son's head. It basically said "thank you for your patronage but we are forced to shut the restaurant down on January 13th".

Why I ask? Because of the smoking ban in restaurants effective this month. I went on to question the employees. Why can't you just close the dining area (seemingly a little drywall between the gaming/bar area.) Nope won't work. The fire wall has to extend all the way to the top of the roof and restrooms would have to be added to the gaming/bar area. Are you kidding me?

Well that is stupid. I ask my husband (a large casino executive) if his casino would have to be compliant to the same rules. Nope, they wouldn't. The big boys are exempted. They don't have to build the fire walls and they don't have to worry about putting restrooms in each individual restaurant. If you have ever been to a big casino in vegas, you know the restrooms are not in restaurants they are (in)conveniently located near the casino areas. So this bill was drafted to snuff out (no pun intended!) the small local businesses.

So a seemingly nice dinner that was supposed to be a "buh bye" to my husband's brother, sister-in-law and niece ended up being distressful to me - saying goodbye to an entire institution in Las Vegas - let alone a restaurant where we would love to go to in order to choke down a big fat artery clogging hamburger and some greasy beer battered fries - nevermind the damage that a little second hand smoke will do.

Has Video Killed the Radio Star? Are We Singing "Bye Bye Miss American Pie"?

I think so. I think the non smoking lobby just killed the small institution of the local gaming bar & grill in Las Vegas. I personally didn't think it would do this much damage and avoided voting for it altogether as I was torn and unsure of the circumstances & ramifications on our economy. I personally think with all the enterprising individuals in this city and the trendsetting that we are famous for that, if there was a market, for a non-smoking gaming bar & grill - it would have been created, marketed and successful.

The small neighborhood bar and grill will be forced between some choices: get rid of the food or get rid of the smokers. Getting rid of the gaming is never an option. Our favorite neighborhood bar & grill chose to get rid of the food. The gaming is the bread and butter that lines the pocketbook and you should never bite off the hand that feeds you.

An employee told me that in that restaurant ALONE 40 people will be unemployed. That doesn't include the ripple effect of the inside stuff that the typical restaurant diner doesn't see: the baker who made the homemade buns, the produce supplier, the meat supplier, the linen supplier, et al. Another employee estimated that 1000 people will be losing their jobs over the next couple of weeks because of this new law.

The economic effects will be interesting over the next year. I do think with our low unemployment rate, that the economy will be able to absorb the workers and individuals will have to step up their game if they want to stay in the service industry. Establishments who do serve food will be able to raise their prices as we will see less choices. Taxes may have to go up or new taxes may need to be formed to make up for lost gaming revenue taxes. I do not, however, believe it is the end of the world, just the end of an institution. The Gaming Bars will get creative and we will see something new emerge.

Another burning question that I have is: why stop with smoking? This campaign to stop smoking in restaurants was all based on "for the children" emotional rhetoric. Why not alcohol? Why not gaming? They both ruin lives and hurt families. What about fast food restaurants that probably harm children WAY more than second hand smoke? The one good thing about this new law is that smoking is FINALLY banned in grocery stores!

So, with a heavy heart, I bid adieu to Kilroy's. Voted by LVRJ Readers "Best of Las Vegas" I don't know how many times! We had some great times in that restaurant with family & friends. People who came to town to visit always wanted to make sure we added a trip to Kilroy's! Thanks for all the memories!

The downward trend continues!

Only 885 Residential Building Permits were pulled for the month of November.

New sales were 2829 units in November, up slightly from October's 2606 units. The median new home price rose 11.3% for the same 12 month period but 366 high end high rise condo units closed in November also - Platinum and Turnberry.

The low amount of permits being pulled is splendid news for the inventory soaked resale market in 2007.