Kirk Sanford News

According to the Lied Institute for Real Estate Studies, which recently conducted a study based on the opinions and observations of leaders in the community of Las Vegas, diversification is the best way for the economy to cope with economic crisis in the future.

As a result of the recent collapse of the local economy in Las Vegas 70 of Southern Nevada’s business leaders, politicians and academics took another look at an idea that isn’t new, diversification of the economy.

Because the economy of Southern Nevada relies heavily on industries that rely mostly on growth-fueled industries such as construction and real estate, aside from the vulnerable industries of gaming and tourism, when the national economy staggers, Southern Nevada falls.
Relieving the pressure on these industries to provide the engine for the financial well-being of the region would be accomplished by and expansion of industry into less vulnerable areas, therefore diversification is a key goal for the future health of the Southern Nevada and Las Vegas economies.

This would be good news for all segments of the Las Vegas economy, including real estate investors such as Kirk Sanford, whose Sightline Acquisition Corporation invests in distressed properties in the area of Las Vegas and Southern Nevada.

2010 should be a good year for potential home buyers. Obama has recently signed legislation that extends a first time home buyers tax credit. It gives both new and move-up buyers a tax incentive to buy a home until at least April 20, 2010, and even longer for military personnel.

In a depressed economy, companies like Sightline Acquisition Corp, with CEO Kirk Sanford, have been working to pump money into the economy by buying properties. Kirk Sanford chairs this privately held investment fund that specifically looks to acquire distressed properties and other assets.

This new tax law extends the credit for first-time homebuyers which is worth up to $8000. Even existing homeowners can cash in on this legislation. A new credit of up to $6500 is available to existing homeowners who qualify. This is for those who either buy a new primary residence or have one built by April 20, 2010. They have to already have their existing property for five consecutive years of the last eight years.

As part of many people’s New Year’s resolutions, you can add home buying to the list. 18% of Americans, according to a survey on Move.com, say that they are ready to become first-time homebuyers in 2010. With mortgage rates at a record low and prices down a great deal, this is, undoubtedly, a smart move.

Kirk Sanford, the Chairman and CEO of Sightline Acquisition Corp, is certainly looking ahead to the market in 2010. Sanford and Sightline Acquisition Corp specialize in acquiring distressed property in Las Vegas. At the moment, Vegas is the perfect location for their ventures due to its rapid population growth, its mature market statistics, and its present low prices for real estate.

In addition to home buying, many people say that they want to start home improvements in 2010. Nearly 40% of those surveyed said that they home to start home improvements and they hope to use cheap home equity money to do the job.

CityCenter, Las Vegas

Kirk Sanford of Sightline Acquisition Corporation and other businessmen in the Las Vegas region are hoping that the distressed Las Vegas economy will experience a big boost today as approximately 12,000 people will be appointed to various posts at the CityCenter project.

This new development has been in the works for about four years, and at 18 million square feet and a cost of $8.5 billion the sprawling CityCenter is the largest commercial real estate project in the United States.

Owned by MGM Mirage, which also owns other casinos in the Las Vegas area such as the Bellagio and the MGM Grand, the CityCenter will include up-market hotels, a shopping center, concert facility and a casino.

With the establishment of Sightline Acquisition Corporation Kirk Sanford ventured into the exciting world of Las Vegas real estate. If Las Vegas is nothing else, it is surely exciting.  For instance, despite an increase in the number of home sales, prices have continued to decline in the city known for its casinos and legal gambling. The decline is actually officially the steepest in the nation, just passing Phoenix as the city with the fastest home price decline.

The statistics read like this: Since August 2006 which was the peak in home prices, the cost of a home in Las Vegas fell 54.3%. In June 2006 Phoenix reached its own home-price peak, and has since slid down by 53.9%, just a tad less than in Las Vegas.

In an apparent contradiction, despite the price declines numbers of home sales continue to increase. July marked the eleventh month in a row in which home sales increased, with a total of 29% increase since last year.

The discrepancy is easily explained: Most of the home sales are foreclosures, which sell at discounts. Two thirds of Nevada’s mortgage holders actually owe more on their homes than their homes are worth, leading them to foreclosure. Conclusion: More sales, cheaper prices.