As Las Vegas continues to grow outwards and reaches the mountains, developers have begun to eye the surrounding hillsides for new developments.

The Las Vegas City Council approved an ordinance to control the growth of new developments on the surrounding hillsides.

The new ordinance allows the city to look at new development proposals on an individual basis.

Nobody would have thought that this type of ordinance would have been necessary twenty years ago.  The original zoning ordinance did not even contemplate developments on hillsides, as there was plenty of land on the valley floor.

However, the city continues to annex parts of Clark County, particularly towards the west.  Many new master planned communities have been built towards the Spring Mountain Range.

Developments such as Summerlin are among the most popular on the local real estate market.  The area is home to several new condominium and single family home developments, as well as numerous luxurious private communities.

Housing projects have almost reached the Red Rock Canyon National Conservation Area.

The arrival of the Las Vegas beltway further spurred development on the west side of the city.  The freeway gives residents easy access to downtown Las Vegas and the strip.

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A New York-based real estate firm, Artisan Real Estate Ventures, has bought a 440 unit condominium complex in northeast Las Vegas. 

Summerhill Apartments, located at 2150 N. Tenaya Way, sold for $52 million.  The per unit price is $118,000. 

The Summerhill Apartments were bought two years ago by the former owner, Great American Capital Inc. for just over $32 million.  Great American Capital Inc. owns properties in Las Vegas and southern California. 

Occupancy in the apartment complex is currently at 90 percent.  The complex is close to freeways.  Downtown Las Vegas and the Las Vegas strip are just a few minutes away, making the property an attractive choice for renters. 

Artisan also owns two other properties in Las Vegas. 

Current numbers from the Center for Business and Economic Research at the University of Nevada, Las Vegas show that apartment vacancy in the area has risen 38.4 percent in the last year.  The vacancy rate stood at 7 percent in July 2007, up from 5.1 percent in July 2006. 

However, rental rates are increasing across the Las Vegas Real Estate market.  There was a slight 2.8 percent increase in the average rent for an apartment in Las Vegas over the last year.  During July 2007, the average was $856, up from $833 in July 2006. 

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The real estate market in Las Vegas appears to be going through difficult times as foreclosures have increased in the area. According to RealtyTrac, who markets foreclosed properties on the internet, foreclosure filings in Las Vegas affect one out of every 31 homes.

A total of 22,928 foreclosures were reported in the first half of the year, double the amount of the first half of 2006. According to www.narreia.com, there were 2709 defaults on home loans in the greater Las Vegas area. .

The real estate market in Las Vegas also is seeing a slight decrease in average prices of homes. According to data from the multi listing service in the Las Vegas area, the average price for homes has decreased steadily since February 2007.

Inventory is also increasing. The most recent numbers from www.narreia.com show that the inventory of single family homes in Las Vegas has increased to 21,337 as of August 22, 173 more than the previous week.

More foreclosures and higher inventory numbers should lead to a glut of single family homes in Las Vegas. Investor interest seems focused on downtown Las Vegas condominiums and luxury properties on the Las Vegas strip.

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