High-Rise Residential - Las Vegas, NV

Transcription

1 High-Rise Residential - Las Vegas, NV Coldwell Banker Premier Realty MARKET IQ High-Rise Residential Q1-13 Las Vegas Market IQ High-Rise Report Summary After a dysfunctional and virtually non-existent market in 8 and 9, sales volume has been returning and 1 posted respectable figures in several buildings. This has continued into 13. AUTHOR John McClelland, Vice President, Research The Martin continues to have strong closings. The project is % closed. CONTACT Strong closings in One Queensridge Place has demonstrated a desire exists for homes in the top end of the market. Coldwell Banker Premier Realty Strategic Services In condo-hotels, Trump Las Vegas is leading the sales count in that sector. A nd story home closed above $7/sq.ft. Phone: info@cbprds.com Web. Several buildings have multiple months of stabilized prices and a handful have clear upward trends. 89 W. Sahara Ave, Suite Las Vegas, NV We have identified multiple likely short sale candidates. Despite this, some may be slow to replenish the resale supply. A large number of homes are now utilized as rentals. We understand that leasing continues to be respectable relative to other housing types. This is a stabilizing factor for the market. The recent bulk sale at Veer Towers has served to rebase pricing in the project and contracts are being signed.

2 Q1-13 Las Vegas Market IQ High-Rise Report Las Vegas Valley High-Rises 1 I-1 9 Juhl One Queensridge Place Newport Lofts The Ogden Allure Soho Lofts Palms Place Sky Las Vegas Turnberry Towers Trump Turnberry Place The Martin Park Towers Platinum Regency Tower Metropolis Panorama I & II Signature (Turnberry MGM) 1 CityCenter -Mandarin Oriental -Veer Towers -Vdara One Las Vegas Boca Raton 1 Condominium Condo-Hotel I-1 Coldwell Banker Premier has facilitated a multitude of high-rise transactions in Las Vegas. We draw on this experience and information obtained from local government and the Greater Las Vegas multiple listing service. The information is deemed reliable but is not guaranteed. Market IQ analytics and consulting.

3 Q1-13 Las Vegas Market IQ High-Rise Report Timeline of High-Rises by Approximate Date Began 1 st Wave of High- Rise Development nd Wave of High- Rise Development 3rd Wave of High- Rise Development 197 Regency Towers Turnberry Place 1 Turnberry Place Turnberry Place Metropolis Turnberry MGM 1 Turnberry MGM Turnberry MGM 3 Newport Boca Raton Streamline Turnberry Place The Martin The Cosmopolitan CityCenter -Mandarin 1 -Vdara -Veer Juhl Park Towers Panorama 1 Soho Lofts Platinum Panorama Turnberry Towers East Turnberry Towers West One Queensridge Allure One Las Vegas Trump Palms Place Coldwell Banker Premier has facilitated a multitude of high-rise transactions in Las Vegas. We draw on this experience and information obtained from local government and the Greater Las Vegas multiple listing service. The information is deemed reliable but is not guaranteed. Market IQ analytics and consulting.

4 Sale Price Q1-13 Las Vegas Market IQ High-Rise Report Year-Over-Year Comparisons MLS Condominium Key Stats Q1 ' 13 Y-O-Y Change Q1 ' 1 Average Sale Price $,89 8% $3,138 Average.* $87 % $17 Median Sale Price $33, 91% $18, Avg. Square Feet 1,83 1% 1,7 DOM % 1.8 Sales % of List 9.1% % 9.% Number of Sales 13 1% 17 Listed Inventory 37 1% 8 Condo-Hotel Key Stats Q1 ' 13 Y-O-Y Change Q1 ' 1 Average Sale Price $3, 3% $,7 Average.* $3 % $93 Median Sale Price $188, 1% $1, Avg. Square Feet 9-3% 79 DOM 8. -8% 1.9 Sales % of List 97.3% 3% 9.8% Number of Sales -33% 7 Listed Inventory 11 -% 1 Prices have firmed in many buildings within this sector. While there is a lot of variation between towers, height and the mix of product sold, the market has clearly seen price increases. Marketing times have dropped substantially as well. Some of the increased listing activity occurring in condominiums is also due to builder marketed inventory being placed on the MLS. Source: Mlxchange. Update on the Las Vegas High-Rise Condominium Market While we see each high-rise project as a market unto itself, for brevity, we occasionally refer to the market for high-rises. In 8 and 9, the high-rise market segment was nearly left for dead and many questioned where the bottom of the market was. 11 and 1 saw a lot of the distressed component leave the market and we are observing prices gradually ratchet up in several buildings. Further, Las Vegas area fundamentals are much better, with visitor volume expanding to record levels in 1, retail sales and gaming revenues are also far off of their lows and Las Vegas appears to once again be in a positive migration scenario. In this report we examine both building level and overall market news and closing data. We should also note that we perceive condo-hotels to be a distinct product from traditional condominiums and treat them separately in this report. This segment has also experienced a rebound in sales from the lows of 8 and 9. In 1 and 11, Signature at MGM experienced brisk sales and in 1, Trump was a leader in sales within that category, which continues into 13. Stability In 11 we began to see some evidence of stabilization in pricing. This trend has been confirmed in the 1-13 period for several buildings including Allure, Sky Las Vegas, Panorama Towers, Turnberry Towers, Boca Raton and within Palms Place, The Platinum and Signature at MGM (Turnberry MGM). With some caution regarding trends within buildings with units that vary substantially in price by floor and view, we note general upward trends in Panorama Tower I, Turnberry Towers and Soho and Newport Lofts in the downtown submarket. In the condo-hotel category, Trump Las Vegas has a very clear upward trend in price on strong volume. The Martin continues to lead in condominium sales and sales at One Queensridge Place has proven that there is an appetite for product in the high-end of the market. We also note High-Rise by Size and Price - Q1, 13 that Veer at CityCenter is also getting significant traction. It is imperative that homes do not remain dark, so either having owner-occupants or renters is important for association finances, a key consideration for potential buyers. The ability to lease in many of the Valley s high-density development has been net positive for values since many owners are receiving positive or breakeven cash flow. Leasing has been a bright spot in the market for the last couple of years with solid occupancies reported in the downtown buildings as well as several on the strip and south strip. This has gone a long way towards clearing up the distress in the market. Additionally, renting is a great option for many individuals and families that work in the hospitality industry, require a second residence or for corporate housing purposes. $ 1, 1,,, 3, Source: Clark County, Coldwell Banker Premier Realty. The Downtown leasing market continues to tighten with Juhl leasing very quickly. The Ogden remains near capacity as well. With more Zappos employees and other firms moving Downtown, we expect the Downtown submarket to outperform for a long time. At some point, what has occurred in the leasing market may point towards reasonable sales velocities for for-sale product in the next couple of years. Our sources also point towards respectable leasing velocities and renewals within the CityCenter buildings as well. These homes provide owners and tenants with a unique project located near some of the Strip's most famous casinos and shopping centers, as well as convenient access to McCarran Airport. $1,, $9, $8, $7, $, $, $, $3, $, $1, Sq.Ft. ALLURE JUHL METROPOLIS NEWPORT LOFTS ONE LAS VEGAS ONE QUEENSRIDGE PLACE BOCA RATON PALMS PLACE (Condo-Hotel) THE MARTIN PANORAMA TOWER 1 PANORAMA TOWER PARK TOWERS THE PLATINUM (condo-hotel) REGENCY TOWER MANDARIN ORIENTAL - CITYCENTER SKY LAS VEGAS SOHO LOFTS TRUMP (condo-hotel) TURNBERRY MGM - SIGNATURE (condo-hotel) TURNBERRY PLACE TURNBERRY TOWERS VEER TOWERS - CITYCENTER

5 Q1-13 Las Vegas Market IQ High-Rise Report 7 3 Number of Homes in a Negative Equity Position Bulk sales continue to be a factor in the Las Vegas High-Rise market. Trump Las Vegas has sold some units to Hilton Grand Vacations to be used as timeshares. Also, In late 1, Ladder Capital bought 7 units at Veer Towers within CityCenter for around $3 per square foot. Of these homes, nearly 3 were reported to be leased. 1 CityCenter Residential will now focus its efforts at The Residences at Mandarin Oriental, a project that we consider to be a competitor in the Super-Premium market. It is our understanding that sales at Veer have been strong and there have been 19 closings in the first quarter, a significant improvement from prior months These bulk sales follow the sale of 79 homes at Turnberry Towers in late 11 to CIM Group. The ST Residential national portfolio has also been in play. A winning bidder should be identified soon. It is uncertain as to whether there will be any specific re-trading of assets that may influence Las Vegas. Source: Ticor Title. Note: Based on automated estimates and not appraised values. May not be comprehensive due to possible gaps in loan level data. Distressed Inventory Since ST Residential has been managing the buildings from the failed Corus Bank portfolio, large blocks of bank owned inventories has greatly diminished. Additionally, trustee deeds (homes in the name of a lender, i.e foreclosed homes) represent only about one percent of the existing market. We note just three bank owned (REO) homes available on the multiple listing service (MLS). Part of disparity between performing loans and what we see in the foreclosure pipeline is due to legal issues including (but not completely) assembly bill 8, which requires an affidavit that states the signatory has first hand knowledge of all of the required documents in order to foreclose. Further, as several of the major banks were attempting to comply with the National Foreclosure Settlement, we have observed inventories for all home types decline. This is not just a Nevada occurrence but is found to be a national issue as well. Finally, many banks prefer the short sale process to foreclosures. Currently, we note six short sale condominiums and one condo-hotel in the MLS that are not under contract. Despite the lack of a wide pipeline in foreclosed homes, negative equity remains an issue in Las Vegas housing and in the high-rise segment. Our data exposes nearly homes in high-rise condominiums that are estimated to be in a negative equity position. 833 REO s and 89 Short Sale high-rises have traded through the MLS since 9. This is nearly 1% of the Las Vegas high-rise universe and nearly % of the homes that would be considered a retail transaction. These transactions, combined with bulk transfers to solid owners, have gone a long way towards removing distress in the market. We should note that homes in a negative equity position could become active inventory as a short sale or ultimately as REO and is a noted risk in some buildings. However, we are also finding that the spread between REO, Short Sale and equity sales has diminished. Our Perspective Although the interest in purchasing high-rises has lagged single family, recent activity is indicates greater interest in this asset class. Our role in working with investors has revealed some willingness to overlook weak yields in anticipation of price appreciation and as we noted, the increases observed in some buildings have been a trigger for some investors. Secondly, many buyers, investors and owner-occupants alike, recognize that many units can still be purchased below replacement cost. One factor that has been holding back sales is a wide bid-ask spread. With these frictions, it has been hard to measure the effective demand for high-rise product. However, with the reset in pricing at Veer Towers and prior, The Martin, sales have picked up markedly. The Martin experienced one sale higher than $ per square foot. One Queensridge sales have also pointed towards interest in the higher end of the market and there is interest in Mandarin Oriental as well, which we consider to be in the super prime category of luxury buildings. Finally, strong sales at Trump have proven the market for that product segment and we believe that there is some value in the condo-hotel sector, predicated on a continuance of strong occupancies in strip properties that remain firmly ahead of recession levels. Our view on this sector is increasingly positive, especially since we have observed many months of positive trends in several aspects of the market. Sales at The Martin has passed seventy percent (and received Fannie Mae approval) and Trump, one of the few buildings with the original sponsor in place, is also seeing the results of a strong sales effort. Coming on the back of a relatively strong close-out at Allure, this reinforces our view that the high-rise sector deserves more attention from potential buyers. For sellers, the low level of active inventory in several buildings and price ranges may imply that today is a good time to list a home on the market. The lack of financing and somewhat high association fees in a few projects is a drag on purchasing interest, however we are increasingly engaged with buyers that understand that association fees include more than just amenities and that high-rise buildings are basically machines that require significant maintenance. The lifestyle is often enough for some to view the size of association fees as necessary for that lifestyle. 1.

6 # Closed Price Per-Square-Foot Q1-13 Las Vegas Market IQ High-Rise Report Absorption Rates of MLS Listed Supply - Q1, 13 Condominium Condo-Hotel Months-of- Months-of- Price Range Listed Q1 Sold Supply Listed Q1 Sold Supply Less than $1, $1, - $1, $1, - $, $, - $, $, - $3, $3, - $3, $3, - $, N/A N/A $, - $, N/A N/A $, - $, $, - $7, $7, - $1,, 3 1. N/A N/A $1,, - $,, $,, - $3,, N/A N/A $3,, - $,, 3 N/A N/A N/A N/A N/A $,, - $,, 3 N/A N/A N/A N/A N/A $,, 9 N/A N/A N/A N/A N/A Source: GLVAR. 3 High-Rises and Sale Prices Per Square Foot - Q1, 13 $1, $9 $8 $93 $7 $ 1 1 $198 $19 $13 $13 $187 $381 $ $3 $9 $1 $18 $3 $3 $7 $9 $71 $177 $8 $33 $ $ $3 $ $1 $ # Closed Min Average Max Source: Clark County, Coldwell Banker Premier Realty. Note: Reflects traditional sales, not the recent bulk transactions.

7 Number of Units Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan-7 Apr-7 Jul-7 Oct-7 Jan-8 Apr-8 Jul-8 Oct-8 Jan-9 Apr-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-1 Apr-1 Jul-1 Oct-1 Jan-13 Q1-13 Las Vegas Market IQ High-Rise Report Historical Sales Activity in the High-Rise Sector Includes builder sales and resales Condominium Source: Clark County Assessor. Note: Excludes recent bulk sales. Condo-Hotel 7, Supply Additions and Cumulative Supply,,, 3,, 1, Condominium New Deliveries Cumulative Condo Supply Note: Based on year built date per Clark County. Source: Clark County. Condo-Hotel New Deliveries Cumulative Condo-Hotel Supply

8 Q1-13 Las Vegas Market IQ High-Rise Report Submarket/Property Units Total Closed For Sale MLS* Developer Owned** Lender Owned South Strip Boca Raton One Las Vegas Total Resort Corridor Allure Sky Las Vegas CityCenter-Mandarin Oriental CityCenter-Veer Towers Total 1,731 1, Adjacent Strip Metropolis Park Towers Regency Tower Turnberry Place Turnberry Towers Panorama Towers I & II 3-8 The Martin Total,83, Suburban One Queensridge Total Downtown Juhl Newport Lofts Soho Lofts The Ogden (formerly Streamline) Total Grand Total,3,3 8,17 3 Condo-Hotel CityCenter-Vdara 1,9 18 1,38 - Palms Place Trump 1, The Platinum Turnberry MGM (Signature) 1,79 1, Grand Total,31,88 1,81 3 *Includes Inventory Under Contract **Either owned by the developer or a new owner of multiple homes such as ST Residential or CIM. Further, the bulk sale of Veer is still considered in the developer owned category. Total Closed refers to all closings that occurred from project start date to the end of the current quarter that traded on a retail or resale basis. Note: Much of the supply of developer owned homes are in the rental stock. Examples include One Las Vegas, The Ogden and Juhl.

9 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 Q1-13 Las Vegas Market IQ High-Rise Report Sales and Pricing Time period begins at which is when several condominiums became active. Strip Corridor $ Allure $, Mandarin Oriental 1 $ $, 1 $ $3 $ $1, $1, 1 8 $1 1 $ $ $ $8 Sky Las Vegas $9 Veer Towers - CityCenter $7 $ $ $ $3 $ $ $8 $7 $ $ $ $3 $ $1 3 1 $ $ Note: Does not include the recent bulk transactions Adjacent Strip $ The Martin 1 $7 Panorama Tower I $ $ 1 $ 18 1 $3 1 $ 1 $3 $ $ 8 $ $ $1 $ $1 $ $1 $ $ Note: Prices can vary substantially between sample periods. Prices reflect view and floor premiums and may also vary by finish level. Continued

10 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 Q1-13 Las Vegas Market IQ High-Rise Report Adjacent Strip Continued $7 Panorama Tower II 18 $1, Park Towers $ $ $1, $1, 3 $ $3 1 8 $8 $ $ $1 $ $ 1 $ $ $9 Turnberry Place Phase I $7 Turnberry Place Phase II $8 $7 $ $ $ $ $ 3 $ $3 3 $3 $ $1 1 $ $1 1 $ $ $8 $7 $ $ $ $3 $ $1 $ Turnberry Place Phase III 3 1 $7 $ $ $ $3 $ $1 $ Turnberry Place Phase IV

11 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 Q1-13 Las Vegas Market IQ High-Rise Report Adjacent Strip Continued $8 $7 $ $ $ $3 $ $1 $ Turnberry Towers $ $ $ $3 $ $1 $ Metropolis $7 Regency 7 $ $ $ $3 $ $1 $ 3 1 South Strip $ Boca Raton $ One Las Vegas 1 $ $ 3 3 $ $ $3 $ $3 $ 8 $ $1 1 1 $ $1 $1 $ $ $

12 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 Q1-13 Las Vegas Market IQ High-Rise Report Suburban $1, $1, $1, $1, One Queensridge Place 3 3 $8 $ $ $ $ 1 1 Downtown $ Soho Lofts 3 $ The Ogden 1 $ $ 9 8 $ $ 7 $3 1 $3 $ 1 $ 3 $1 $1 1 $ $ $ Newport Lofts 3 $ Juhl 8 $ $ $3 $3 $ $ $3 $3 7 $ 1 $ $ $1 $1 $ 1 $ $1 $1 $ 3 1 $ $

13 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 J- M- S- J- M- S- J-7 M-7 S-7 J-8 M-8 S-8 J-9 M-9 S-9 J-1 M-1 S-1 Q1-13 Las Vegas Market IQ High-Rise Report Condo-Hotel $1, Palms Place 1 $7 Platinum $1, 1 $ $8 $ $ 8 $ $ $3 $ $ $1 1 $ $ $1, Turnberry MGM (Signature) $1, Trump 9 $1, $1, $8 $ $ $ 1 1 $1, $1, $1, $8 $ $ $ $ $ $1,8 Vdara - CityCenter Note: Trump has sold units in bulk and those are not reflected here. The above exhibit corresponds to traditional arms-length (retail or resale) transactions. $1, $1, $1, $1, $8 $ $ $ $ 3 1

14 Q1-13 Las Vegas Market IQ High-Rise Report Newport Lofts Began: Jun-7 Percent Closed: 1% Percent on MLS: 3.% % Q1, 13 avg PPSF: $13 One Las Vegas Began: Mar 8 Percent Closed: 18% Percent on MLS:.3% % Q1, 13 avg PPSF: $187 One Queensridge Began: Sep-7 Percent Closed: 7% Percent on MLS: 11.%.% Q1, 13 avg PPSF: $381 Panorama Towers 1 & Began: Sep- & Jul-7 Percent Closed:1% Percent on MLS:.% 1.% Q1, 13 avg PPSF: $3 Park Towers Began: Jul- Percent Closed:1% Percent on MLS:9.% % Q1, 13 avg PPSF: $9 Soho Lofts Began: Jun- Percent Closed:1% Percent on MLS:3.3% % Q1, 13 avg PPSF: $18 On MLS Lender owned Developer owned (may be rental) Closed

15 Q1-13 Las Vegas Market IQ High-Rise Report Allure Began: Dec -7 Percent Closed: 1% Percent on MLS:.9%.% Q1, 13 avg PPSF: $198 Boca Raton Began: Jun-7 Percent Closed: 7% Percent on MLS:.%.% Q1, 13 avg PPSF: $19 City Center Mandarin Oriental Began: Jan-1 Percent Closed: 3% Percent on MLS: 7.1% % Q1, 13 avg PPSF: 93 City Center Veer Towers Began: May-1 Percent Closed: 37% Percent on MLS: 3.% % Q1, 13 avg PPSF: $9 Note: Still being marketed by the original sponsor. Juhl Began: Feb-9 Percent Closed:1% Percent on MLS: 1.% % Q1, 13 avg PPSF: N/A Metropolis Began: Oct- Percent Closed: 1% Percent on MLS:.% 1.% Q1, 13 avg PPSF: $13 On MLS Lender owned Developer owned (may be rental) Closed

16 Q1-13 Las Vegas Market IQ High-Rise Report City Center Vdara Began: Mar 1 Percent Closed: 1% Percent on MLS:1.3% % Q1, 13 avg PPSF: N/A Palms Place Began: Feb 8 Percent Closed: % Percent on MLS: 3.%.% Q1, 13 avg PPSF: $71 Trump Began: Feb-8 Percent Closed: 33% Percent on MLS:3.1%.1% Q1, 13 avg PPSF: $8 The Platinum Began: Sep- Percent Closed: 9% Percent on MLS:.1%.% Q1, 13 avg PPSF: $177 Turnberry MGM (signature) Began: May Percent Closed: 9% Percent on MLS:.1% 1.7% On MLS Lender owned Developer owned (may be rental) Closed Q1, 13 avg PPSF: $33

17 Q1-13 Las Vegas Market IQ High-Rise Report AUTHOR John McClelland, Vice President, Research CONTACT Coldwell Banker Premier Realty Strategic Services Phone: Web W. Sahara Ave, Suite Las Vegas, NV The information and opinions in this report are believed to be reliable and has been obtained from sources believed to be reliable. Coldwell Banker Premier Realty makes no representation as to the accuracy or completeness of such information. The opinions expressed in the report constitute the judgment of the authors only and may not reflect the opinion of Coldwell Banker Premier Realty. This report is provided for informational purposes only and does not constitute investment advice. This report not be circulated or copied without our prior written consent. Copyright 13 Coldwell Banker Premier Realty.