Apr. 14, 2008: page 22

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FORECLOSURES, SHORT SALES RISE, BRINGING BIG DROP IN PRICES

More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said.

The association reported 1,478 escrow closings for single-family homes during the month, a 34.6 percent increase from February. It was the third straight monthly increase. Sales are down 7.9 percent from the same month a year ago.

"What an increase we had in March," association President Patty Kelley said. "People are coming outside, the weather's getting warm and they've heard doom and gloom all winter long. There's some great deals out there, and they're not going to last forever."

Inventory of homes listed for sale is at 22,763, up 1.2 percent from February and up 6.9 percent from March 2007.

Median prices declined 1.4 percent to $243,169 as bank-owned properties continue to sell below market value, Kelley said. Foreclosures and short sales, or homes sold for less than the mortgage owed, accounted for 773 sales in March, 52.3 percent of the total.

-- by Hubble Smith

MIXED-USE PROJECT TO OPEN IN SPRING 2009

The $850 million Village at Queensridge mixed-use development at Rampart Boulevard and Alta Drive will take shopping and dining in western Las Vegas to a new level, executive Frank Pankratz said as he roamed the 30-acre construction site.

Executive Home Builders, known for the Queensridge custom home community and now One Queensridge Place luxury condominium towers, will bring the same quality expectations to the village, which is scheduled to open in spring 2009, Pankratz said.

The podium foundation has been constructed for the first of 18 buildings. The steel-and-concrete frame will support retail and residential building on top with covered parking beneath the structure.

The Village at Queensridge will have 700,000 square feet of retail space, including 120,000 square feet of restaurants, and 3,500 underground parking spaces.

-- by Hubble Smith

http://www.lvbusinesspress.com/articles/2008/04/15/news/iq_20837970.txt