COLUMN: Good news prevails at year-end

Things that have piled up on my desk:

-- The Apartment Insider, a publication by market specialist Michael Belnick, states that despite the events of Sept. 11 and subsequent layoffs, the local economy is humming right along.

Belnick said very wealthy individuals are buying very large apartment complexes in Southern Nevada, and because there's not enough product for the number of buyers, it's still a seller's market. He claims many of the buyers today are bargain hunters coming from other markets.

A final observation from the specialist at Coldwell Banker Commercial (ETN Real Estate Services): investment real estate has not been on the forefront for investors for about 10 years. Belnick believes the change has been brought about because of cash flows, interest rates, leverage tax consequences and possible appreciation.

-- On the other hand, Hendricks & Partners was pessimistic in its third-quarter 2001 Las Vegas report. The newsletter extrapolated a weak employment picture to translate into a weak real estate market. Then it goes on to say that rents were holding steady in the third quarter and apartment sales were doing well.

-- An end-of-November study by Marcus & Millichap finds the retail market still is doing well in Las Vegas, although more in the suburbs than before.

The company's report finds signs of recovery in the local market according to several indicators, such as weekend hotel occupancy rates near 100 percent and weekday rates near 80 percent. This has prompted casinos to rehire previously laid-off employees.

As an interesting sidelight, the research points out that Standard & Poor's placed a credit watch on other tourist destinations such as Hawaii; Anaheim, Calif.; Orlando, Fla.; and Washington, D.C. Marcus & Millichap believes Las Vegas was not placed on the watch because its tourism income is not as reliant on air travel as other tourist destinations.

-- Home builders held their collective breath after 9-11, but there is still a demand for a well-built, well-priced house. The very high and very low ends slowed somewhat. Wealthy individuals held off on purchases as they waited for the stock market to settle down. Low-income locals delayed buying a home in wake of the post-tragedy layoffs -- those who retained their jobs worried about being next to receive a pink slip.

Despite the slight slippage in new-home closings, the Las Vegas housing industry will end the year in record territory.

-- Del Webb Corp. recently announced a partnership with Troon Golf to run the company's luxury courses in Arizona and Las Vegas. This venture will be a plus for homeowners in the local Del Webb communities as Troon has a long and successful record as a golf course management company in 21 states and 11 countries.

-- The Housing Division of the Clark County Economic Opportunity Board held its second annual holiday program for 80 kindergartners from Booker Elementary School. The children noshed on Happy Meals from McDonald's and each received a toy and a stocking from Santa. The board, with money raised by Star 102.7 radio station and Pageantry Homes, assisted 100 families during the holiday season. The families received presents, gift certificates for Vons and Target, and a Christmas tree donated by Home Depot.

-- Last, but certainly not least, the Silver State Apartment Association joined with Nevada Hand to help children in Clark County have a brighter holiday season. Part of the price of admission to the Holiday Charity Ball at the Alexis Park on Dec. 1 was a new, unwrapped toy. All the proceeds from a silent auction went to Nevada Hand, a nonprofit housing and neighborhood development company headed by Mike Mullin, one of the greatest guys in Las Vegas. Many low-income families are living in a comfortable home thanks to that company's efforts. Nevada Hand also has built apartment complexes for low-income seniors.

Hope Santa was as good to you as he was to me.

Carmel Hopkins, real estate product manager for the Las Vegas Review-Journal and Las Vegas Sun, can be reached at 380-4574. Her e-mail address is Carmel_Hopkins@ lasvegasnewspapers.com. Snail mail is P.O. Box 70, Las Vegas, NV 89125.

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