Thursday, 14 June 2018

Zillow expands new business of buying and selling homes to its second market: Las Vegas

Zillow CEO Spencer Rascoff. (GeekWire Photo / Kevin Lisota)

Zillow Group has expanded its new business of directly buying and selling homes to Las Vegas, its second market after kicking off in Phoenix in April.

Some homes on Zillow in Las Vegas will now have a big button that says “get an offer.” The seller fills out a short questionnaire and sends in a couple photos. About 48 hours later, Zillow comes back with an offer and an agent to work with. The seller and Zillow set up a call to walk through the offer and schedule an inspection. Then Zillow sends a revised offer after seeing the house. If both sides are happy with the situation, the seller signs forms digitally and picks a closing date. Zillow takes care of the rest.

Contractors working for Zillow do a small renovation project to prepare the home for sale. Zillow works with local agents — in Las Vegas Berkshire Hathaway HomeServices Nevada Properties and Coldwell Banker Premier Realty — to list and sell the homes.

The entrance into direct buying and selling represents an expansion of Zillow’s Instant Offers program. The move marks a risky bet, but one that CEO Spencer Rascoff says could be especially lucrative.

The company says it is going for sales volume over making a bundle on each and every sale. Rascoff explained the company’s pricing strategy in Zillow’s most recent earnings call, saying that right now, the main goal is just to come out ahead on homes at the beginning of the new program. Rascoff expects the margin on each home to rise as the home sales business grows.

For 2018, Zillow expects to hold 300 to 1,000 homes in inventory related to the new Homes financial reporting segment, from which it expects $125 million to $255 million in new revenue.

Zillow’s entrance into direct buying and selling of homes makes what was already a competitive market even more crowded. Another Seattle real estate heavyweight, Redfin, jumped into the market last year. Opendoor just today announced it has reeled in $325 million in fresh funding, a few weeks after Offerpad landed a $150 million debt and equity round.

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Sunday, 3 June 2018

Aces lose lead late in 5-4 loss to Las Vegas

Reno, NV. – A hot start for the Reno Aces wasn’t enough to secure the victory on Saturday night. Anthony Vasquez got the start for Reno, tossing six innings of two-run baseball while striking out six. The Aces offense was led by Kristopher Negron and Christian Walker who both finished with two hits. Negron’s triple in the bottom of the 5th inning ties him for sixth all-time in Aces history with 13 triples. The 5-4 loss brings Reno to a record of 24-33 on the season, 10 games back of the first-place Fresno Grizzlies.

Anthony Recker got the Aces offense going in the bottom of the first inning. After Negron singled, Recker delivered his team-leading 26th RBI of the season on a sharp line-drive double. Las Vegas Former Aces outfielder Zach Borenstein responded in the top of the second with a two-run home run to give Las Vegas a one-run lead. In the bottom of the third, Ildemaro Vargas ran into a Corey Oswalt fastball for his fourth home run of the season. The Aces added their fourth and final run in the bottom of the fifth inning, but a three-run seventh for the 51’s was too much for the Aces to overcome.

Top Performers – Reno
• Kristopher Negron (2-for-5, 2 R)
• Ildemaro Vargas (1-for-5, R)
• Christian Walker (2-for-4, RBI)

Top Performers – Las Vegas
• Todd Frazier (2-for-3, R, 2 RBI)
• Zach Borenstein (1-for-3, 2-run HR)
• Dominic Smith (1-for-5)

Tomorrow’s Matchup
DAY DATE OPPONENT PROBABLE PITCHERS TIME (PT) (PT) RADIO/TV
Sunday June
3 Las Vegas 51’s RHP Joel Payamps vs.
RHP Drew Gagnon 1:05 p.m. KPLY 630 AM

Notes & Information
Sold It Out: There were 8,080 fans in attendance at Greater Nevada Field Saturday night. This crowd was the second sell out of the Aces 2018 campaign. Their last came on May 9th when 9,152 Aces fans poured into the stadium downtown. Tonight, marks the 34th sellout in Aces history.

Three Bags: With a triple in the bottom of the fifth inning, Kristopher Negron moved up to sixth place all-time with 13 triples for the Aces. Current 51, Zach Borenstein, is tied with Negron despite 106 more games. The veteran utility man has 54 career triples and tallied 11 in 2017 with Reno.

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Wednesday, 23 May 2018

16-acre spread on Las Vegas Strip listed for $800M

People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto

People walk on the Strip near Harmon Avenue past a 16-acre piece of property that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
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Three years after trying to sell a chunk of the Strip, a group of investors has put the property back on the market — and they’re asking $300 million more this time.

Spectrum Group Management and partners are trying to sell 16 acres — largely comprising retail buildings and parking lots — at the southeast corner of Las Vegas Boulevard and Harmon Avenue, across from CityCenter.

The asking price? A cool $800 million, according to listing broker John Knott of CBRE Group.

Real estate has been selling on Las Vegas Boulevard in recent years, though not at a rapid clip, and land sales have been especially slow, with no one paying close to the $50 million an acre that Spectrum wants.

But, the seller contends, this is the last developable site in the heart of the tourist-choked, casino-packed boulevard, and prospective buyers are looking at it.

“We’ve already had some meetings with people who don’t think we’re crazy,” Knott said.

When the property was listed in 2015, it was on the market for $500 million, Knott said, and the market has improved since then. That listing included the former Smith &Wollensky building, which Spectrum sold last year for $59.5 million.

CBRE on Tuesday announced that it was hired to sell the property. Knott, head of its global gaming group, said in a phone interview that the location is “fantastic,” being near MGM Grand, Planet Hollywood and other casino-hotels. He said he expects a buyer to bulldoze the existing buildings and develop something else.

The site includes a Walgreens; a low-slung retail plaza with souvenir shops, a food court and a Fatburger; the Hawaiian Marketplace, which has tenants but is laced with vacancies; a Travelodge; and the empty former Harley-Davidson Cafe building at Harmon.

Knott said the current owners would sell the property in pieces, and while a buyer is unlikely to build a megaresort with 4,000 rooms, the spread could have a smaller boutique or luxury hotel.

But will anyone pay $800 million? The long-mothballed Fontainebleau hotel on the north Strip sold last year for $600 million, and months later, Wynn Resorts reached a deal to acquire 38 acres of land next to Fashion Show mall for $336 million.

Years ago, a multibillion-dollar Elvis-themed resort reportedly was planned for the site. But in 2010, after the economy crashed, New York-based Spectrum acquired the property out of bankruptcy, managing partner Jeff Schaffer confirmed Tuesday.

He said the property generates “a lot of cash flow,” and that a buyer could leave some buildings in place but bulldoze others for a new project. He also said he wasn’t worried by the slow pace of land sales on the Strip, saying the property is in a “premier location” in the center of Las Vegas Boulevard.

Still, Schaffer acknowledged he was seeking a hefty price.

“I guess we’ll find out what people are willing to pay,” he said.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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Saturday, 12 May 2018

Horse roundup in mountains near Las Vegas draws protesters

LAS VEGAS — Protesters gathered at a community fire station to protest federal plans to trap about 200 wild horses in a mountain area northwest of Las Vegas.

The Las Vegas Review-Journal reports that U.S. Forest Service and Bureau of Land Management officials began the horse roundup Thursday, several days ahead of a planned Monday start.

Spring Mountains National Recreation Area manager Donn Christiansen told about 50 people at the fire station in Cold Creek late Wednesday that the horses were suffering effects of drought and couldn’t remain on a hardscrabble range unable to support them.

Crowd members called the roundup cruel, unnecessary and dangerous for pregnant mares and newborn foals.

Officials said it could take up to 10 days to capture all but about 50 of the horses living around Cold Creek.

Information from: Las Vegas Review-Journal, http://www.lvrj.com

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Tuesday, 1 May 2018

NV Energy grants support education and youth

RENO — The NV Energy Foundation continued its tradition of giving back to the communities it serves by donating $1.1 million in the first quarter of 2018 to Nevada nonprofits that support education and youth.

The NV Energy Foundation addresses key community needs in the areas of education and youth, environment and community enhancement, safety and wellness and arts and culture. The NV Energy Foundation is funded by NV Energy, not its customers.

“The nonprofits who provide education and youth programs are essential to community,” said Paul Caudill, NV Energy Foundation President. “NV Energy is pleased to be able to support their missions, and to help ensure the success of Nevada’s students.”

In northern Nevada, $418,000 in grants were provided to 28 organizations including Arts for All Nevada, Boys and Girls Club of Truckee Meadows, DRI Foundation-Science Alive, Junior Achievement of Northern Nevada, and Sierra Nevada Journeys.

In southern Nevada, $705,500 in grants were provided to 32 nonprofits including 100 Black Men of Las Vegas, Grant A Gift of Autism Foundation, Las Vegas-Clark County Library District Foundation, After-School All-Stars Las Vegas and Girl Scouts of Southern Nevada.

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Friday, 20 April 2018

Air Quality Isn’t Good In Las Vegas And Clark County: ALA

LAS VEGAS, NV – The American Lung Association released its "State of the Air 2018" report Wednesday and, according to the data analyzed, Las Vegas is 12th most polluted city in America by smog, and 24th most polluted city by year-round particle pollution.

The "State of the Air 2018" report concluded that ozone pollution overall worsened significantly in America from 2014-2016 compared to its previous report, which looked at 2013-2015. In Las Vegas, ozone pollution improved compared to last year’s report, but the number of unhealthy days is "still too many more than are safe."

"The 2018 ‘State of the Air’ report finds that unhealthful levels of ozone in Las Vegas put our citizens at risk for premature death and other serious health effects such as asthma attacks and greater difficulty breathing for those living with a lung disease like COPD," said Kristina Crawford, executive director of the Lung Association in Nevada. "Across the nation, the report found continued improvement in air quality, but still, more than four in 10 Americans – 133.9 million – live in counties that have unhealthful levels of either ozone or particle pollution, where their health is at risk."

Though the report revealed some harsh truths about Sin City air, it also showed that things are improving. Data compiled for the 2018 report showed that Las Vegas reported the fewest number of unhealthy ozone days ever. It also said that short-term particle pollution decreased from last year, continuing a downward trend of what the report described as "extremely dangerous and even lethal," pollution.

Many cities had more days when ground-level ozone — known as "smog" — reached unhealthy levels, the report said.

Statewide in Nevada

When it comes to the number of high smog days in Nevada, besides Carson City, the six counties where data was recorded didn’t fare well. Carson City received an admirable "B" grade, but the two most populous counties – Clark and Washoe – each got an "F." Lyon County received a "D" and White Pine and Churchill each received "C" grades.

Many counties across the country received either an INC grade — meaning there was incomplete monitoring data — or a DNC grade, indicating there was no monitor collecting data.

When it comes to soot, Clark County and Carson City each received the highest grade, with a "C." Washoe County received a "D" and Douglas County received an "F."

Here’s the grades for the counties in Nevada that provided enough data to assess:

Clark CountySmog grade: FSoot grade: CWashoe CountySmog grade: FSoot grade: DCarson CitySmog grade: BSoot grade: CDouglasSmog grade: DNCSoot grade: FChurchillSmog grade: CSoot grade: DNCWhite PineSmog grade: CSoot grade: DNC
Across the country

More than 40 percent of Americans live in counties with an unhealthy level of either smog or soot, the study said. California had many cities with the most air pollution.

Eight of the 10 smoggiest cities and eight of the 10 most soot-ridden cities reside in California. Among these were Los Angeles, Fresno, Bakersfield and Visalia.

"Los Angeles remains the city with the worst ozone pollution as it has for nearly the entire history of the report," the authors wrote.

For the first time, Fairbanks, Alaska, ranked as one of the most polluted for year-round soot levels, while Bakersfield maintained its badge of shame as the city with the worst short-term soot levels.

The study used the latest quality-assured data available and examined soot levels in two ways: averaged year-round and over short-term levels, defined as 24 hours. The analysis also used a weighted average number of days. Click here to read the full methodology.

Ramifications

The authors emphasized the need to keep the Clean Air Act intact, funded and enforced — something some lawmakers have targeted for repeal. The study says the number of people exposed to unhealthy levels of air pollution increased to nearly 134 million people, up from 125 million in their previous report.

Furthermore, the authors said climate change contributed to worsening smog levels, particularly with record-setting heat.

"The spike in ozone demonstrates the public health impact of increased temperatures from the changing climate on the nation’s air quality," the report said. "With 2016 marking the second warmest year on record, the higher temperatures provided fuel to increase the formation of ozone from the still under-controlled emissions of the precursor emissions."

Ozone and particle pollution are associated with premature death, developmental harm, reproductive harm, lung cancer and heart damage, the ALA says.

Patch reporter Dan Hampton contributed to this report.

Photo credit: Joe Raedle/Getty Images

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Monday, 9 April 2018

Historical home in east Las Vegas lists for $680K

The original owner Arthur Marshall of Marshall Rousso, liked to entertain celebrities at the Huntridge neighborhood home. (Berkshire Hathaway Home Services)
Berkshire Hathaway Home Services This historical home at 1404 Maria Elena Drive is on the market for $680,000.
Entertainers and business owners Ron Decar and Jamie Richards purchased this Las Vegas historical home at 1404 Maria Elena Drive in n 2002 for $285,000. (Tonya Harvey Real Estate Millions)
Owners of Viva Las Vegas Wedding Chapel, Ron Decar and Jamie Richards, purchased the 1966 home that Arthur and Jayn Marshall of Marshall Rousso stores built. It is on the market for $680,000. (Tonya Harvey Real Estate Millions)
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What is considered a historical home in a city as young as Las Vegas, barely a hundred years old? It’s where midcentury modern is about as dated an architectural style as you can find — and new again, simultaneously?

The national standard is the house must be at least 50 years old, according to Heidi Swank, executive director of the Nevada Preservation Foundation, which strives to save the state’s noteworthy older buildings. “It’s not just about the age, but also the story of the home and how much it’s altered over time,” she said.

The property for sale at 1404 Maria Elena Drive in Las Vegas could be historically important, Swank speculated, because of its original owners. “Given this was Art and Jayn Marshall’s house, and they were very significant to Las Vegas history.”

In 1955, Arthur Marshall and his brother-in-law, Herb Rousso, founded Marshall Rousso, a chain of specialty retail clothing stores in casinos and airports. In 1966, the Marshalls had a custom home built in Ridgeview Estates, where they frequently entertained celebrities and politicians, such as Red Skelton and Winston Churchill III, as seen in Marshall’s book “The Marshall Plan,” co-written with Jack Sheehan.

“He knew a lot of celebrities, because of having fairly high-end clothing stores in many Strip hotels. I’m sure Ann-Margret, Lola Falana, Liza Minnelli and women like that who were headlining in Las Vegas, I would say it’s a certainty that they shopped in Marshall Rousso stores,” Sheehan said. “Art always loved celebrities, and I’m sure he would have made a point of introducing himself, and he was very close friends with Red Skelton. Art had a custom-made Rolls Royce and Red Skelton fell in love with the car, and begged Art to sell it to him,” which he did, reluctantly.

The house is in the Huntridge neighborhood, and all the lots on the street measure 0.35 acre or more. Located north of Oakey Boulevard and east of Maryland Parkway, it is close to Sunrise Hospital, the north end of the Strip and downtown businesses. The mature tree-lined streets were designed to be pedestrian-friendly. Many local family names including Molasky and Boyd appear in the street’s property records. It is around the corner from homes that have been owned by many prominent Las Vegans, including Liberace and County Commissioner Chris Giunchigliani.

“Needless to say, that was a very upscale neighborhood in the 1960s. There was a lot of business deals that transpired between people in that area who grew up together and stayed friends through the years.” The neighbor across the street was Bill Boyd, retired CEO of Boyd Gaming, Sheehan said. “They’ve been lifelong friends, and from that friendship a lot of business transpired, including Art becoming chairman of the board of Bank West of Nevada, which Bill Boyd started.”

Does that type of networking still take place in today’s luxury gated communities, many of which are double and triple-gated?

It’s hard to say, Sheehan said. “A lot of upscale businessmen, who were successful in Las Vegas at that time, would have no trouble meeting up, because the town was so much smaller,” he said.

The homes’ fourth set of owners are Ron Decar and Jamie Richards, co-owners of Ron Decar’s Event Center and the Viva Las Vegas Wedding Chapel, which they bought from Stratosphere owner Bob Stupak.

Decar sang lead in the “Folies Bergère” show at the Tropicana for many years; sang in the Las Vegas Hilton’s “City Lights”; and performed with Las Vegas headliners Debbie Reynolds, Jim Nabors and the McGuire sisters. Richards was an ice skater and dancer, appearing in the “City Lights” and “90 Degrees &Rising” productions and the movie “Carmen On Ice.”

Richards grew up in Las Vegas.

“The first movie I saw was ‘Mary Poppins,’ at the Huntridge Theater,” he said.

The pair bought the property in 2002 for $285,000. At the time, they were living in a house close by at Franklin Avenue and 15th Street, and when they heard the Marshall house had come on the market, they wanted to bid on it. It was bank-owned, Decar recalled, and “there were three people in front of us, and I just happened to have a nice chunk of change in the bank at the time,” which he offered to put down. The next day, the Realtor called to tell them they could move in within 30 days.

Richards and Decar have done their share of entertaining there as well, utilizing the large family room, den, formal dining room and outdoor areas for gatherings of 200 or more.

“Being entertainers, we used the house a lot in the beginning for parties,” Decar said. “All of our friends would come over and we’d have a karaoke machine and everyone would be singing and dancing. His (Richards’) mom and dad were dancers … very Fred Astaire and Ginger Rogers.”

Show business is apparently deep in their family histories. The house contains many photos of their family and friends, including Charo, Liza Minnelli and Julie Andrews, who was a longtime friend of Decar’s late friend and dancing partner, Carol Baker. He visited Baker at her childhood home in England in the 1980s, and ended up bunking next door at the home of Andrews’ parents. Even though Andrews was long gone by then, “it was probably one of the best times of my life,” he said.

The couple converted part of the back patio closest to the house into an enclosed lounge, adding a large custom bar and sliding glass doors into the backyard. Hanging above the bar are a set of framed, original costume designs by the renowned designer Bob Mackie, as well as a photograph of them with Mackie.

The house came with a Tango-built pool (a top pool company at the time, later bought by Anthony Sylvan), which Decar and Richards refurbished, adding a large spa and water feature. They installed palm trees and a flagstone fireplace against a wall. They downsized an outdoor bath to a stand-alone shower, enclosing it with stone and glass blocks, and used the square footage gained to expand the shower in their master bath.

Some of the bedrooms have the original hardwood floors; the others are carpeted. Three have en suite baths. The master bedroom includes a spacious 18-foot-by-12-foot loft, with a wooden railing that Decar stripped and restored to its natural finish.

The master bath came with top-of-the-line fixtures, including a Jacuzzi tub, dual sinks, and all the toilets in the house are wall-mounted, which was super fancy at the time, Richards said. “We had it appraised when we bought it, and the guy said, luckily everything they did in this house, even though it was 1967, was top-notch for the day, so even though it’s an old house, how it was built (was) way ahead of its time,” he said.

The couple, who are married and have been together for 28 years, are selling now to downsize, and are thinking about moving into a condo they own in the Palms Place. “We want to scale down. We’ve looked at homes, but the issue is being too far away from work,” Decar said. “Since both of our dads recently passed away, we’ve seen what it’s like to get rid of stuff, especially when you’re older, and that’s not fun, so we though why not think about that and scale down.”

They also have a home in Puerto Vallarta, Decar said, “that we never have time to get to, called Villa Tesoro Del Mar, which is rented frequently, near where Richard Burton and Elizabeth Taylor filmed ‘Night of the Iguana.’”

The neighborhood is one of the most stable in the downtown area, the pair said, adding that on their block, three homes are owned by the original buyer. They hope whoever buys their home will appreciate the snapshot of Vintage Vegas this neighborhood and its residents offer as much as they have.

About the House

Price: $680,000

Location: 1404 Maria Elena Drive, Las Vegas in the Ridgeview Estates, near Huntridge

Size: 4,684 square feet, 0.36 acre lot, five bedrooms, four baths

Features: Retro architectural details, Floridian-style windows, wood beams, custom built-ins, multiple fireplaces and entertaining areas, kitchen island and pantry, laundry room, adjacent bedroom with separate entrance; large pool, spa and water feature; poolside shower; four-car garage with six-space carport; master bedroom with loft/office; single story.

History: Originally built in 1966 by Arthur and Jayn Marshall of Marshall Rousso stores; sold in 1994 to James Corey, who served on the Las Vegas City Commission from 1967-1971. Bought for $280,000 in 2002 by entertainers and business owners Jamie Richards and Ron Decar.

Listing: Bill Berning, Berkshire Hathaway Home Services

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