State Roundup: Nevada, Colorado, and Texas

October 1, 2005

Nevada: Ivana condo.

And I vant it now. Some 1,500 real estate practitioners are promoting the posh Ivana Las Vegas high-rise condominium building to be situated on the Strip. Luke Chadwick, director of sales for the 80-story tower, Las Vegas’s tallest, says the plan was to tap area practitioners’ marketing prowess early on. “Real estate practitioners are very Web savvy,” he says. “They have clients from all over, and buyers want local representation by a Vegas-area salesperson.” Prices for the 945 units start at $500,000 and reach $35 million for the penthouse. Some 300 units had been sold by early September. Construction is slated to be completed by the end of 2008.

Colorado: Costly upkeep.

Foreclosures are a burden—and not just on property owners and lenders. Denver spends just under half a million dollars a year to keep about 100 vacant and neglected foreclosed properties from becoming blighted. The money’s used to board up the buildings, remove trash, cut lawns, and cover the salaries of two city inspectors. Costs are even higher when indirect expenses such as property tax losses are added in. The study was reported in the August 22 Denver Business Journal.

Texas: SSN security.

Real estate companies that handle customers’ Social Security numbers must maintain and make public a policy for protecting the number from identity thieves under a state law that took effect September 1. Among real estate professionals, property managers are most affected since they run credit checks using rental applicants’ SS number. The Texas Association of REALTORS® has developed a model privacy policy that can be adopted for the purpose. TAR members can access the policy online (available to TAR members only).

Robert Freedman

Robert Freedman is the former director of multimedia communications at NAR.

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