August 30th, 2009
Posted by Mark Clawson
The best outdoor dining in Las Vegas is on a lake.
On Lake Jacqueline in the community of Desert Shores you’ll find Garfield’s. I seriously don’t think you will find a better atmosphere for family dining; it’s a special place with special people. Garfield’s is a family restaurant with a French twist.
The restaurant has a nautical feel and the patio dining, on the water, is wonderful. The Las Vegas weather is so conducive to this style of dining, especially as we enter the month of September.
Garfield’s is named in honor of Sir Garfield Sobers, Knighted by Queen Elizabeth II on the playing fields of Barbados in 1975. Sir Garfield is considered the greatest all-around Cricket player of all time.
Executive Chef Jean-David Groff-Daudet is on the left.
I was the guest of Executive Chef Jean-David Groff-Daudet, “Chef JD,” for an afternoon lunch. The Chef suggested their Panini Seven Hours Leg of Lamb with roasted peppers, Harissa dressing on Ciabatta Bread. The sandwich was delicious and perfect for an afternoon meal on the lake. I should also note that the French fries were excellent as was their presentation.
Seems odd that I mention the French fries, however, that attention to detail is what we all look for in a great restaurant.
This is a dining destination not just your average restaurant experience.
The restaurant offers fresh, organic, farm-to-table cooking. The setting is Lake Jacqueline at Desert Shores. I know that you will not be disappointed. The Chef is very outgoing and is in constant contact with his customers. Here is a link to their menus.
Chef Jean-David prepares delicious dishes with emphasis on the SlowFood® movement which is a global, grassroots movement that links the pleasure of food with a commitment to community and the environment.
Family dining should be a time of togetherness; a time to listen and share our daily experiences. Garfield’s is a place that nurtures that type of environment.
Slow food is the antitheist to fast food. The mission of Slow Food is to counteract fast food and fast life, the disappearance of local food traditions and people’s dwindling interest in the food they eat, where it comes from, how it tastes and how our food choices affect the rest of the world.
Slow Food is dedicated to bio-diversity (preservation of food variety) and sustainability (meeting present needs without compromising those of future generations). Slow Food works to support the small farmer, local artisans and preserves cultural food traditions.
Here is the link to the Slow Food site.
Garfield’s phone number is 702-925-8333 and you can click here to get to their website.
Enjoy!
August 24th, 2009
Posted by Mark Clawson
Photo courtesy of Sun West Custom Homes in Las Vegas.
The clock is ticking fast for first-time homebuyers. Borrowers are looking at the $8,000 tax credit and trying to make sure that they get it done in time. Here is the link to the article from Reuters.
Photo courtesy of Signature Custom Homes Las Vegas
In refernece to the article above; lets take a look at some of the problems that have been evolving in the appraisal industry. This is very much an issue for new homebuyers since it is taking so long to get appraisals done. Diana Olick, CNBC Real Estate Reporter, talks about how appraisers are threatening The real estate markets recovery.
Photo courtesy of Slade Development in Las Vegas.
Jann Swanson writing in the Mortgage Daily News comments on some stabilization in the housing market. She goes on to say “While the abundance of affordable foreclosure properties is a boon for many first-time homebuyers, I don’t believe we’ll see significant recovery until demand-side fundamentals improve, and more move-up and move-across buyers re-enter the market.” Here is the link to her article.
Photo courtesy of Signature Custom Homes in Las Vegas.
Here is a post from an associate of mine at Kenmore Undressed; Jim talks about some of the consequences of short sales. “The Ugly reality of Short Sales in Your Neighborhood.”
August 22nd, 2009
Posted by Mark Clawson
I stopped by The Lakes neighborhood in Las Vegas this week and found some new construction taking place. The Lakes is a neighborhood in Vegas that is centered around water. The same concept can be seen in the Desert Shores community. It provides a vitality that is common among many waterfront communities.
New Construction taking place on the waterfront.
Docks are plentiful.
As I was driving west on Lake Drive I noticed that there is a series of private parks with water features. This is continuation away from the center of the community and a way of keeping the water theme alive.
A popular place for our feathered friends as well.
August 17th, 2009
Posted by Mark Clawson
The September Effect and the Stock Market?
Here we are again, looking at the months of September and October in the stock market. Historically these months are very scary. The summer rally seems to have run it’s course after a 50% run-up from the March lows. The Fed has been pouring money into the markets and that has contributed to the market’s big move. Greenspan did the same on a number of ocassions while he was the chairman of the Federal Reserve.
My gut tells me that we are in for some significant trouble in the weeks ahead. However, the Fed may continue to come to the rescue; unless they feel that they now have some breathing room since the markets have performed so well.
This is really uncharted ground. Do you feel that good about the economy? Are you still worried about your job? I read an article in Esquire magazine about an editor for the magazine looking for a job; even though he had one. Three hundred applications later I think he had one job offer. This does not make me feel comfortable about the economy and it’s ability to create jobs.
The commercial real estate market is going to get much worse and the credit card companies are going to be in big trouble. I guess I don’t see any light in the tunnel.
Our elected officials scare the hell out of me. We are creating a tremendous amount of debt and China seems to be less interested in our Treasury securties. On top of that we have the words “socialism, and nazi” being bantered about. Why do we continue to elect people who care only about getting re-elected. It’s like we hired them to do the job of getting re-elected.
Many will say that it doesn’t matter its just about free enterprise. I think that in many ways certain companies in the free enterprise system have let us down. Greed and instant gratification are not the values that built our system of enterprise.
The real story of this post is about protecting yourself and feeling comfortable. If you have an investment advisor; start asking him or her if there is a way to protect yourself in another market decline. Investors have a short memory of events and its important to remember the last couple of years and to be proactive.
Secondly, you need to take a really hard look at refinancing. An optimistic view of the economy suggests that once this correction plays itself out things are going to change in a big way. The Fed is going to tighten; its just the way that the Fed manages the economy. A negative view going forward is just going to buy you more time to make that decision.
I wrote awhile back that I thought that we could see rates on the 10-Year Treasury note fall to 3-3.2%. They dropped to roughly 3.2% in July for 4 days; I think that we may see a test of that area in the next few weeks (currently we are at about 3.5%).
Be proactive and get in touch with someone that you trust; whether that be an investment advisor or a loan consultant just do it!
August 13th, 2009
Posted by Mark Clawson
Real Estate News Las Vegas is a new series that I am developing. The idea is to bring you news that is relevant and a little bit fun! I know that we are all hoping that the bottom is getting near; if not already in place. I will be linking to local news reports and other real estate bloggers in Las Vegas trying to keep you up to date on our city and real estate developments that may impact your life.
I always encourage feedback and hope that you will make comments. This is a way of having a conversation with you; ideas on content and articles of interest are always welcome. I love using photos on my blogsite and they are not always tied to the link or post in question. These photos are from some of our great custom homebuilders in Las Vegas.
Photo Courtesy of Sun West Custom Homes
This weeks first link is from the Las Vegas Sun in an article written by Cara McCoy. Cara notes that Michael Jackson was planning on acquiring the Primm estate which is “nestled among the homes of casino owner Phil Ruffin, the Sultan of Brunei and entertainer Wayne Newton”. Jackson had looked at The Ridges and MacDonald Highlands but liked the history of the Primm 10-acre estate. Here is the link to the story.
Photo Courtesy of Signature Custom Homes
Hubble Smith writing for the Las Vegas Review Journal indicates that July home sales showed more signs of a recovery. This is not a huge event event but the trend is starting to look better. Always remember that in any type of investment the trend is your friend. Here is the link on home sales in Las Vegas.
Photo Courtesy of Slade Development
Home sales go up and visitor volume in Las Vegas heads down. Howard Stutz writing for the Las Vegas Review Journalsays that the hotel “occupancy rate was 82.7 percent through June, which the convention authority said is 28 percentage points higher than the national average.” For the full article click here.
August 10th, 2009
Posted by Mark Clawson
I wrote an article entitled “Kids Helping Kids in Africa” back in July.
“If you haven’t noticed; young people are getting involved. My daughter’s husband, Joe, spent time in Kenya a couple of years ago working at an AIDS hospice. While he did have a bout with malaria; his real memories come from the time spent helping the people. My daughter, Meredith, spent time working as a children’s counselor for Americorp helping those with less. Now the two of them will begin a trek to South Africa; setting aside time in their lives to help others.”
The reason I bring this up again is because I read an article on Tracy McGrady and his trip to Darfur.
Tracy reminds us that “Sometimes when we hear about war and famine in Africa, our instinct is to turn away. Maybe it is too much. Maybe we have our own problems or think the problems in America need to be solved first.We want to tell you that there are solutions to the worst problems in Africa, they don’t need to be that expensive, and there is a way we can all participate in the solution.”
This is a very worthwhile read and there is a great video of his trip to Afnca. Here is the article from ESPN.
August 8th, 2009
Posted by Mark Clawson
Sun West Custom Homes (The Ridges) 2009
There are some very special custom home builders in Las Vegas; this article will highlight a few of them.
There are a number of custom homebuilders in Las Vegas and the designs and character that they have built into their homes are many and varied. Some are strikingly beautiful and unique while others are often just large boxes with high ceilings and little character. Let’s take a look and discuss one of the pioneers in the field Frank Lloyd Wright.
Signature Custom Homes (McDonald Highlands) 2002
In the process of writing this article I started thinking about the time I spent in the School of Architecture at the University of Washington. The architectural vision of the future was to create new structures using imagination, new materials and technologies in the building of homes. Sadly, most builders continued to build what the client wanted rather than build something new that the public would come to see as a better alternative.
Slade Development (Red Rock Country Club) 2009
You can see from the above photos that the creative mind is still at work in Las Vegas!
When I was still in school I visited Taliesin West. Built by Frank Lloyd Wright, this complex was designed as a school for architects. Students, at the time that I was there, learned everything from operating construction equipment, framing to architectural design.
For the full article click here.
August 6th, 2009
Posted by Mark Clawson
The Fontainebleau Casino and Resort was going to be one of the finest in Vegas. Common sense would suggest that it still may well be; the question is when.
Bloomberg news reports that “The case involving a 70 percent completed resort casino hotel on the Las Vegas Strip could move to Nevada after another hearing Aug. 17, as the result of a Wednesday opinion from the bankruptcy judge in Miami.”
The Fontainebleau project, with a construction cost of $2.9 billion, on the north end of the Las Vegas Strip, was to have 3,815 rooms.
Miami Herald reporter Elaine Walker notes that “It may take another $1.5 billion to complete the bankrupt Fontainebleau Las Vegas; leaving a project that would be burdened by debt almost twice what appraisers say the resort is worth.”
One should know that appraisers seem to be a little off track these days with the economic collapse that we have been experiencing.
I remember being told that half of the cost of building a resort casino is tied to furnishing the hotel, its amenities and the gaming areas.
Bank of America Tower
Bank of America Senior Vice President Henry Yu, a specialist in corporate work-outs, states that Fontainebleau had been ”insolvent” since March, well before last month’s bankruptcy filing.
Another fine job by our financial institutions; where again is the due diligence? They screw it up and then decide to just pack it in?
This is hurting our economy!
According to Walker “During meetings in April to discuss a need to restructure the project’s finances, court documents filed by lenders show that Fontainebleau disclosed to the banks that:
(This is an eye opener)
• The project will only generate enough cash flow to support $1.4 billion in debt, less than half the projected financing of about $3.2 billion.
• It needs to restructure its financing. The proposal called for wiping out the $675 million of second mortgages and having the banks convert a ‘’substantial portion” of debt into an ownership stake in the resort.
• It considered building a pared-down resort to cut costs. There were discussions of a ”base plan” and ”enhanced plan” for the Fontainebleau Vegas. If the resort was built without restaurants, retail, nightclubs, pool deck gaming and bar area it would save $203 million.
Bank of America’s appraisal of Fontainebleau Las Vegas estimated that if completed by May 2010, the project would be worth $1.764 billion.”
Yu’s affidavit said he now believes Fontainebleau’s financial disclosures before the March 2 request for funding were “materially inaccurate because they failed to accurately present Fontainebleau’s financial conditions, including the fact that remaining construction costs exceeded available funds.”
The question that I have is: If you are lending money on a $3 billion dollar project why aren’t you more involved? The typical homebuyer is always looking over the shoulder of his or her contractor; this is surely no different.
This is just another example of corporate greed and incompetence that ends up hurting everyone. Due diligence is beaten into every MBA in the country why are our financial institutions so inept in this process?
All we have to do is look at the housing market. The banks will tell you that it was Congress who wanted everyone to have a part in home ownership. That the government’s actions in this regard pushed the banks to offer programs that would meet the needs of our citizens.
That is utter nonsense! This was all about letting capitalism (at its worse) loose. Okay the blame can be spread around; however, the bottom-line is that nobody was watching the shop.
If the normal individual had $100,000 on the line; I can tell you that they would be very involved in the process.
When you are too big you lose sight of what got you there; prudent lending practices, due diligence and follow up actions and reports.
Let’s hope that the Fontainebleau is resurrected!
When the Fontainebleau is the last casino built in Vegas for the next 10 years maybe the appraisers will be wrong.
For my 25 seconds of fame on ABC News about the Fontainebleau you can click here; its after the article on Will Farrell’s Sun Lotion.
August 4th, 2009
Posted by Mark Clawson
Sunday I dropped into the old west theme town of Bonnie Springs after having spent the morning at Spring Mountain Ranch.
The show at Bonnie Springs had not started so I can’t tell you much about the entertainment. I understand that they have simulated gunfights in the streets, an 1830’s melodrama complete with a mustachioed villain in their authentically recreated Saloon, and even a public hanging, with an obliging Stuntman swaying in the wind. The hanging sounds a little morbid but the shows are kids friendly?
The Ol’ Miner fortuneteller reminded me of something out of the movies.
In addition to their gunfights and cowboys, there’s a wax museum with figures from our frontier history. You’ll also find a miniture train ride that they keep running on the weekends and holidays.
They have a zoo of sorts; I surely wouldn’t go there just for that.
A bull snoozing.
A buffalo not on the range.
Swans
Bonnie Springs Ranch does look like a good place to go horseback riding; they offer a number of different rides.. Most of the rides are planned so that you will need to make reservations in advance. Here is the website for Bonnie Springs. After you leave Bonnie Springs I would encourage you to take a drive south towards Blue Diamond and visit Cactus Joe’s. Here is a post that I did on Cactus Joe’s a couple of days ago.
August 2nd, 2009
Posted by Mark Clawson
Gardening in Las Vegas is about creating a unique and natural desert landscape. On my way back from the Spring Mountain Ranch I came upon Cactus Joe’s. This joy of a place is located near Blue Diamond and is a jewel in the rough.
Shall we take a look inside?
Want to build a Zen garden?
How about a Giraffe for the kids?
Even a Mariachi Band; I think you get the picture.
Cactus Joe’s Blue Diamond Nursery is where you want to go to find cactus plants.
Visitors are treated to beautiful gardens filled with the area’s largest selection of native Nevada and Arizona cactus plants, succulents, Joshua trees, ocotillos, yuccas and agaves.
In addition to landscape plants, they also have a great selection of cacti and succulents for indoor and patio displays.
Yard art taken to another level; including sun faces, wire sculpted wall art, southwestern decor, talavera pottery, statues, bird baths, fountains, and many unique items that you just don’t bump into.
This is nine acres of fun; kids will love it!
The one on the right is the guard dog Sammy; he has found a new friend.
This is a worthy adventure for the family and a great place to find something unique for your garden.
