Las Vegas Real Estate News

I am also in a ski resort market (Mammoth Lakes California) and we recently heard that Aspen and Vail had put a stop to construction of their new real estate developments for an unspecified period of time.  Do you know anything about that?

Hi Stacie - I don't know anything about a moratorium on construction in Aspen/Vail. How is real estate in Mammoth doing?

Sales have been very slow and our prices are about 25% down from peak market prices in late 2005.  The Ritz Carlton had begun taking reservations this spring with expectation of their sales event on June 20 and break ground after pulling a grading permit in July.  As of yesterday, it was announced that the project will be put on a one year hold while they continue to market and try to get more reservations.  They were churning at about 40 (some new and then some would fall off).  Their price per square foot started at $1450 and HOA starting at $1900/month.  It's a whole new level in our market.  Starwood Development is also about to launch their high end ski in ski out exclusive product in the next 30 days.

Our airport was finally approved for regional commercial service in the state of California and Las Vegas.  This will make our area more nationally accessible, hence, our area will be exposed to more than just our normal southern california buyers.  The airport has been closed for the summer while they do the necessary improvements and then service is set to start this December.  Mammoth Mountain Ski Area will subsidize unfilled seats to keep the flights going while they ramp up marketing and sale.

I'm not aware of any moratorium in Aspen or Vail. I was in Vail yesturday and they still have 9 cranes building new projects. What is happening is extremley strict guidelines on building and the inclusion of some deed restricted housing with each new project to help with our employee situation. This has caused some developers to second guess projects due to decreased margins. Plus the towns are virtually out of land which seriously restricts any new developments.

Hi Stacie - Thanks for the detailed explanation about Mammoth Real estate.  Sounds as if youhave your finger on the pulse of the market.  I had looked into buying a townhome there a couple of years ago.  SOunds like backing off was a wise decision.

Hi Jason & Deanna - It sounds as if Vail is one of those places that is bucking the trend in preconstruction projects.  I'm going to have a look at your site. Tight guidleines will be good for prperty values I expect.

Prices are about 25% off of where we were at the peak of the market in late 2005.  We're seeing values drop at a rate of about 2% per month which is up from .5% and 1% last year.  It's a great time for qualified buyers to buy.  There is so much inventory and sellers are motivated to start negotiations since offers are few and far between these days.  We don't have much going on in foreclosures...only about 3-4 Notices of Default in the paper at any one time.  Short sales are rising in popularity but what we really need is buyers to make a move.  The kick off of the new regional air service this winter may be the key.  But when the switch goes back on for us, buyers all seem to come at the same time but don't realize that by then...they have already lost their power position as a buyer because there are so many other buyers competing for the same properties.  I can't wait for that day! :)