Real Estate News for August 2013
British Businessman Vows to Restore Liberace Mansion
Posted by Diann Tonnesen on Friday, August 30th, 2013 at 10:45am.
An historical remnant of Las Vegas’ colorful heyday made the news this week: the 15,000 square foot Liberace Mansion. Built in 1962, Liberace purchased the mansion in 1974 and made it uniquely his own. Containing only two bedrooms but a whopping 10 bathrooms, the mansion still exhibits evidence of Liberace’s original decor, including large piano key decorations, ancient Greek pillars and a bedroom ceiling adorned with a $1.6 million reproduction of Michelangelo’s painting from the Sistine Chapel. Read More
Rising prices lift half of Las Vegas homes above water
By JENNIFER ROBISON LAS VEGAS REVIEW-JOURNAL
Rising home prices have thrown a life preserver to thousands of locals who are underwater on their home loans.
Thanks to double-digit price gains over the past year, the number of Las Vegans with negative equity — owing more on their mortgage than their home is worth — fell below the 50 percent watermark in the quarter that ended in June, according to real estate website Zillow.
That means most of the market is above water for the first time since Zillow began tracking equity in early 2011, and housing inventories and consumer spending could benefit, experts said. Read More
Carpenter 1 wildfire may devalue homes in Spring Mountains
By BEN BOTKIN LAS VEGAS REVIEW-JOURNAL
Edward Underhill and his dogs Ziggy and Foxy Lady returned to his Kyle Canyon cabin on Wednesday morning, after he had watched the fire roar from his home in Pahrump.
He and his neighbors have good reason to be thankful. Their homes escaped the flames of a forest fire that charred the mountains and forced the evacuation of Kyle Canyon.
But that doesn’t mean property owners will come out completely unscathed from the massive Carpenter 1 Fire that devastated about 28,000 acres of forest in the Spring Mountains.
Analyses of other wildfire-hit mountain communities in the West suggests he and his Mount Charleston neighbors might lose… Read More
Las Vegas leads all cities with 24.9 percent home-price gain
By CHRISTOPHER S. RUGABER THE ASSOCIATED PRESS
WASHINGTON — U.S. home prices rose 12.1 percent in June from a year earlier with Las Vegas leading all cities with a 24.9 percent gain.
But month-over-month price gains slowed in most markets, a sign that higher mortgage rates may weigh on the housing recovery.
The Standard &Poor’s/Case-Shiller 20-city home price index slowed only marginally from May’s year-over-year gain of 12.2 percent, the fastest since March 2006. And all 20 cities posted gains from the previous month and compared with a year ago, according to the report released Tuesday. Read More