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Hello everyone and thank you for watching our second dedicated West Summerlin update
video. These videos are designed solely for the owners of West Summerlin and potential
new residents. If you like the following information and would like to know more, I would highly
encourage you to visit either my youtube channel or my website where you can learn much more
about the overall Las Vegas market and visit other videos on specific topics. Okay, so
lets go ahead and dig in right now. First, lets take a look at last months sales
numbers. We had 38 sales in May compared to 41 in April. Not a big deal but technically
down seven percent. Now lets compare these numbers to May of last year. Last year we
sold only 31 homes in May vs. 41 this year. The median sales price this May was $284K
vs. only $245K last year. We went from $105 sq ft to $126 sq ft. Simply stated, the average
home went up forty thousand dollars in just one year. This is why many buyers are shaking
their heads going, "had I just overpaid for that home last year I would have equity right
now instead of still looking". Okay, now, lets take a look at the current
inventory breakdown. Right now there's only eighteen homes currently for sale in 89138,
and four of them are my listings. That's it! Last month, I thought it was bad when we only
had twenty five. Now of those eighteen homes, only one is a short sale and there isn't even
one foreclosure. It's hard to believe but seventeen out of eighteen homes for sale are
"traditional sales". Normally I would throw up a pie chart on the screen right now but
why even bother... I'll just say that 95% of West Summerlin are just normal, regular
sales folks. That's super strong! Allright, on to some more interesting news
items. First is the long awaited introduction for Toll Brothers community of "Santaluz"
in "The Paseos". If you don't know, it's a gated single story community of only fifty
three homes from twenty five hundred square feet to twenty eight hundred square feet.
Well originally the homes were supposed to start from the high three hundreds. I joked
last month that it really meant three hundred and ninety nine thousand dollars. Well the
interest list swelled to fifteen hundred people. Needless to say, when sales began on Wednesday
June fifth they were immediately suspended by the end of the day. Fourteen out of the
first fifty buyers called went immediately into contract and after 3 increases in price
on the first day the base prices were four hundred seventy thousand dollars, four hundred
ninety five thousand dollars and five hundred and fifteen thousand dollars. Why were sales
suspended after such success? I would imagine it's because someone at corporate decided
that they could sell them for considerably more. If one third of the potential buyers
were willing to pay those prices and there's 1,500 interested buyers. That means five hundred
people are fighting over fifty three homes. I think you can pretty much draw your own
conclusion. I think it's going to be a beautiful neighborhood but I wouldn't be surprised if
the last few buyers are going to be paying well over six hundred thousand dollar base
prices for what we thought two months ago was going to be four hundred.
Last, is a quick update regarding the new retail centers in Summerlin. As you all know,
the main shopping mall called "The Shoppes In Summerlin" which has been just a steel
frame next to Red Rock Resort is finally starting back up. Macys and Dillards will be the anchor
tenants and there will be one hundred and twenty five other retail stores in there along
with a nine story office building. But here's the cool part... According to the Review Journal,
it should be open for the holiday season next year. Pretty cool right! Finally, if you don't
know, the second phase of Tivoli Village is under construction. But what's really cool
is that across from Tivoli Village where the parking lot structure currently resides for
what used to be "The Great Indoors" is going to be a seven hundred thousand square foot
indoor shopping mall called "Renaissance". There's going to be thirty retail spaces and
three department stores. From what I've heard, there will be a bridge over Alta that will
link Renaissance to Tivoli village. Both the second phase of Tivoli and Renaissance will
be done in less than two years with a Spring 2015 projected opening.
Now, if you made it this far and wish to learn more, please click here, for the June "Las
Vegas Market Update" video, which focuses much more on the OVERALL health of the real
estate market. Those videos focus on predicting future market activity by analyzing foreclosure
activity, legal changes and any current news topics that are relevant to our overall recovery.
Now thank you again for tuning in. Please click to subscribe, and don't hesitate to
contact me anytime with questions or concerns you have about Las Vegas or Summerlin real
estate. Have a great June and I'll see you next month!