Las Vegas Real Estate Blog

FX Luxury Realty LLC, an affiliate of CKX Inc., has gone from part owner of a 17.7-acre lot in Las Vegas to full owner with the acquisition of the remaining 50 percent interest in the property from Africa-Israel Investments. FX Luxury paid the seller $180 million in cash.

Known as the Park Central property, the coveted lot sits right on Las Vegas Blvd. Acquisition of the other half of the land paves the way for FX Luxury's previously announced plan to develop a mixed-use project on the site. The development will feature a hotel and casino, as well as retail space, commercial space and residential units. "Given CKX's ownership of Elvis Presley Enterprises and the presence he had when he was performing here, it's likely that the property will be used for an Elvis-themed development," an FX Luxury spokesperson told CPN today. "Elvis was the embodiment of Las Vegas and, in all surveys, is the entertainer most associated with Las Vegas."

Land in Las Vegas comes at a premium, and parcels have been getting snapped up at a rapid pace--and with high price tags--over the last few months. Last month, Peebles Corp. bought Con AM Management Corp.'s 13-acre parcel, located a half-mile form the Las Vegas Strip, for $65 million to pave way for the development of Las Palmas Hotel & Residences, a $2.5 billion project that will be the city's largest non-gaming hotel. In May, MGM Mirage, which is on a development binge, closed on the purchase of several parcels totaling eight acres from Concord Wilshire Acquisitions for $131 million. In a separate deal that month, the company also closed its $444 million acquisition of a 26-acre parcel from Gordon Gaming Corp.

CKX is engaged in the ownership, development and commercial utilization of entertainment content. The Company has focused on acquiring globally recognized entertainment content and related assets, including the rights to the name, image and likeness of Elvis Presley, and the rights to the name, image and likeness of Muhammad Ali. FX Luxury is pursuing real estate and attraction-based projects throughout the world, including a project near Elvis's Graceland property in Memphis. Additionally, directly and through subsidiaries, the company holds 836,588 shares of common stock in Riviera Holdings Corp., the owner and operator of the Riviera Hotel & Casino in Las Vegas.

Housing Statistics Snapshot:
for Clark County, NV

Clark County Population Breakdown
Total Population of Clark County, NV: 1,375,765
Males: 699,728
Females: 676,037
Total Children Under 5: 103,301
Total Children Under 18: 33,656
Median Age: 34
Total Over 65: 146,899

Clark County Housing Information

By Brian Wargo / Staff Writer

 Brian Wargo covers real estate and development for In Las Vegas

Real estate report: In its 2007 Las Vegas real estate market semi-annual review, Beasley & DeVarreau Sotheby's International Realty said prices of resale homes are starting to fall and expect the median price of homes to drop about 3 percent at the end of 2007. Home sales will continue to drop until prices move closer to what buyers and lenders are willing to pay, the firm reported.

With single-family home permits down 44 percent and multifamily permits down 35 percent compared to 2006, resale homes become the option for buyers, the firm said.

In the $1 million single-family home market, the firm reported that sales are down 34 percent in 2007 compared to 2006. There were 278 sales through early June this year compared to 422 a year ago, it reported.

The firm predicts there will be 18,200 single-family home permits in 2007, a drop of 16 percent from 2006. It expects 17,900 permits in 2008.