Governor Guinn's innovative proposal

Governor Guinn's innovative proposal to make housing more affordable involves the state acquiring parcels of federal land throughout Nevada and inviting private developers to build homes and condominiums on the acreage, which would be kept in a state trust.

Individuals purchasing the homes would pay only the cost of the housing unit. The land will be kept under the state trust. This proposal has been widely welcomed by the residents and the housing industry, which find that owning a home may no longer be possible for large sections of the society. But this proposal has received a lukewarm reception from legislators when the governor announced the affordable housing proposal during his during his Jan. 24 State of the State address.

Many Senators would like more details before giving their support. Some of their concerns include

1. The state may be taken for a ride by some homebuyers who may quickly sell these homes at market value earn a windfall profit. They feel there should be some restrictions and safeguards to prevent this from happening.

One solution might be to require people selling the homes to return to the state the share of the sales price that represents the land's value. This money could be used to acquire additional land or cover administrative costs.

2. Would the homeowners pay property taxes on the land's value if the property is owned by a state trust? If not, how will the state earn revenue from these projects for putting up roads and infrastructure.

3. The program could never become very big, as there is little federal land available.

It is noble cause and it may do some good, but it is not going to solve the problem of affordable housing feel the majority of the people.

Trump Towers in Las Vegas

Donald Trump's joint venture project with Phil Ruffin of the New Frontier Hotel
for a 64-storey condominium-hotel project has found potential buyers for all the 1,282 condominium units.

The $500 million project known as the Trump International Hotel and Tower project is to be constructed on a portion of gaming hotel's property. It has been an instant hit with people from all walks of life, all age groups and even many buyers from around the world.

The excitement of owning a piece of Trump property had people queuing up to snap up all the 880 studio and 352 one-bedroom designs on the 16th-59th floors of the building. The 50 deluxe one, two, three-bedroom penthouses and suites on the top 5 floors were also similarly snapped up. The prices for these condos ranged from $600,000 to $6 million.

Construction on the project is expected to begin between July-September of 2005.

Get a new lifestyle not just a new condo says Morton

Peter Morton said he was bowing to wishes of a lot of
people that patronize The Rock hotel and who had
asked him about building condos. Finally he was ready
for such a project. It's a 1 billion dollar project
and will consist 3 high rises condo towers called The
Residences, 2 smaller ones called the Flats and number
of bunglows encirling the pool with their own private
terraces, rooftop pool, private yard and resident
parking. The 32 units, ranging in size from 1,800 to
3,600 square feet, start at $2.5 million.

According to owner of the project 375 units at The
Residences are already sold, with buyers putting down
anywhere from $5,000 to $50,000 deposits. This project
as being unlike anything ever seen in Las Vegas. It's
being designed by architect Chad Oppenheim of Miami,
and Las Vegas-based Marnell Corrao is the general
contractor.

The whole project is going to be unique and they have
put in features that no one has even thought of
before. Christian Liaigre Interiors is designing the
unit interiors. An upgraded spa, including a fitness
center and full-service hair salon, is being designed
by Zaha Hadid, a Pritzger Award-winning architect.

What Peter Morton is planning is a whole new design
that will give people a new lifestyle not just another
home in a high rise. It will be like owning a piece of
The Rock!