Coldwell Banker Premier Realty

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A visit to the Cosmopolitan

This will be the newest thing for a long time...
Posted: January 03, 2011 at 11:58 AM by John McClelland

Cosmopolitan opened on the 15th of December and I finally made it there yesterday. The property cost $3.9 Billion and has 2,995 rooms. This is actually a significant increase in the available room supply on the strip. The word about employment that we are hearing is that the property has about 5,000 employees. That’s about 1.6 employees per room, down from the 2+ figures we used to hear about in the upper-end resorts. It is very likely that recent economic strains have caused firms to automate more ta read more

A new price index

Hedonic Index
Posted: December 02, 2010 at 9:16 AM by John McClelland

FNC,Inc has developed and published a new home price index using a hedonic, rather than repeat sale method. Basically, the hedonic approach uses price as the dependent variable and the characteristics of the homes sold as regressors (ie, home size, age, location, etc.). Essentially this is taking a partial derivative of price with respect to each variable, or characteristic of homes.By employing this method, FNC,Inc hopes to overcome some of the problems associated with repeat sales. One being a sample read more

A new entry into the Las Vegas Area

U.S Micro make Las Vegas it's western HQ
Posted: November 04, 2010 at 9:29 AM by John McClelland

Movement is occuring in the Las Vegas commercial sector. We are seeing a lot of investor interest in Las Vegas and finally some office absorption. New construction to meet specific end-user needs is seeing some activity too. CoStar reports that U.S Micro, an IT and data security company, is planning to break ground on a new project next month. U.S Micro is expected to bring 100 jobs. That is not huge job growth in a metro this size but every little bit helps. Further, we like to see companies like this make read more

Case-Shiller Results

Most Cities Decline, Las Vegas was up just a little
Posted: October 27, 2010 at 9:27 AM by John McClelland

The Case-Shiller home price indices were released yesterday. Nearly all 20 cities experienced a decline. The reading is from August. The Las Vegas aggregate index saw a .1% increase. Of course, when you are dealing with increases this small and measurement error, the true population of prices could be anything. Up, down or flat. Nevertheless, it was actually surprising that it did not slide down further. There may be some lingering support from the homebuyer tax credit extensions (which went until Sept 30). read more