A Las Vegas law firm that handles injury litigation cases is relocating within downtown by building a $4 million office complex two blocks from the Clark County courthouse.
Construction is underway for the new headquarters of Rogers, Mastrangelo, Carvalho &Mitchell at 700 S. Third St., the longstanding site of law firm Crockett &Myers.
The two-story office will measure 15,000 square feet and is expected to house 13 attorneys and 20 support staff. The 1.18-acre site has an existing building constructed in 1939 that will be demolished. The new Class A office building will have room for expansion and 42 covered parking spaces.
The area is already undergoing major redevelopment with the upscale Eclipse Theaters under construction one block to the south.
The law firm, which was established in 2004, is located on the seventh floor of the Bank of America building in downtown.
Managing Partner Dan Carvalho said the firm needs to relocate to accommodate its future growth while at the same time remaining close to the courthouse. He said it’s great to continue the tradition of a law practice on an historic downtown corner but with a more modern and larger building.
Former owner Jim Crockett of Crockett &Myers is now a full time District Court judge. He began practicing law at that location in the late 1970s with his partner Richard Myers.
The new building’s designed by local architect Michael Crowe, a former principal of JMA Architectural Studios whose project includes the new Las Vegas City Hall. The general contractor is OS Construction Services Inc.
Inspirada one of top 10 best-selling U.S. master plans
Less than two years after its re-launch, Inspirada ranks as the ninth top-selling master-planned community in the country, according to RCLCO’s mid-year update that lists 290 sales for Inspirada in the first half of the 2016. Inspirada was credited with 389 sales in 2015.
Inspirada’s five homebuilders offer 66 model homes in 15 neighborhoods priced from the high $100,000s to $500,000s in the 1,500-acre, master-planned community in Henderson that includes four parks, six resident-only swimming pools and the Pinecrest Academy Inspirada campus charter school.
In addition to its 85-acre system of parks, trails and open spaces, Inspirada is also the gateway to Sloan Canyon National Recreation Area. The Bureau of Land Management recently opened the Sloan Canyon Visitor Contact Station and Nawghaw Poa Road, improving access to Sloan Canyon and Petroglyph Canyon through Inspirada
With a projected build-out of 8,500 homes, Inspirada is home to more than 2,500 residents who have access to programs and activities managed by a full-time staff that creates social calendars to bring neighbors together in the parks and the Inspirada Community Center. For more information, visit www.inspirada.com or follow the community on Facebook at www.facebook.com/InspiradaNV.
Home sales continue to increase
CoreLogic released its CoreLogic Home Price Index and HPI Forecast for September, which shows home prices are up both year over year and month over month.
The report shows Las Vegas posted increases slightly lower than the national figures. Including distressed sales, the valley saw an increase of 6 percent in September compared to the same time last year. On a month-over-month basis, home prices, including distressed sales, increased by 0.9 percent in September compared with August.
Home prices nationwide, including distressed sales, increased year over year by 6.3 percent in September compared to the same time last year, and increased month over month by 1.1 percent in September compared with August 2016, according to the CoreLogic HPI.
The CoreLogic HPI Forecast indicates that home prices will increase by 5.2 percent on a year-over-year basis from September 2016 to September 2017, and on a month-over-month basis home prices are expected to increase by 0.3 percent from September 2016 to October 2016.
The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
“Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Nationwide during the past year, the average gain in housing wealth was about $11,000 per homeowner, but with wide geographic variation.”
“Home-price growth creates wealth for owners with home equity,” said Anand Nallathambi, president and CEO of CoreLogic. “A 5 percent rise in home values over the next year would create another $1 trillion in home-equity wealth for homeowners.”