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Home , Golf course community, Juhl (Las Vegas), One Las Vegas, One Queensridge Place, Panorama Towers, Park Towers (Las Vegas)

INC PULATION REA PO DU SE RING U 20 NL % 13 2 V EN 7, 5 RO 8 . L 2 C LM 4 S 7 N EN 8 Y 062,2 3 T , 5 E 6 T E 3 NR , G 2 N O 6 A % EW N L I R COM S LM 2 G VE E C E 9 N A A RS N N I L RE T A .6 FR 3 V 3 I N 3 O , M E 3 L IO NR 9 U T OL F A LM 5 N E O S E ALIFO N L C R T R N M T A I U 4 U A S Q . 7 T E A O . o C 0 R C 0 0 9 E M 1 A P 9 FO 0 F G M IN R N O E T O T IN H 1 S S T E N O U E F C O 8 1 I C H G . R O S A 9 T R T N 7 I E 9 M V 0 E

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S 3,086,745,000(ASSISTED BY LVGEA)

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E NEW COMPANIES

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I ANNUAL HOME SALES N 7 U 4 R EMPLOYMENT 5 T E E , W O B REAL ESTATE7 S 0 & 4 A T , L 7 A 5 E 895,700 , perspective 9.5% 6 L 7 6 UNEMPLOYMENT 4 0 RATE 6

E M M IS E LU A R LUM VO P TOU VO R M A C R L O ITO E E R M VIS G T S A T M N O M V E 6 H O G M ER M SS O $ . E CI PA 8 R R N AL 7 N . E O $ M A 7 N T F A .6 RR 1 3 0 T M D F RK 9 CA E 4 9 5 M I ET 3 C 0 A C 4 M OC R AN E 5 ,5 7 C D M 7 TION 0 0 U KE A ,8 CONVEN 5 , 9 PA T RK 78 ATTENDANCE 1 0 NC 20 ET 5 2 Y 0 ,0 . % D VA ,2 0 EM CA 7 3 AN NC 0 S M 7 D IN Y R F 1 $ 6 3 DU ATE .1 , ,6 ST 25.7% 5 9 0 RIA TY 0 L M CLARK COUN ENUE ,7 S ARK G REV 24 F ET GROSS GAMIN

Residential...... 122 Industrial Market...... 132 Clark County Occupied Housing Units 122 Major Industrial 132 Number of New Home Sales 122 Industrial Market Vacancies 133 Median New Home Price 122 Distribution 133 Number of Resale Home Sales 122 Manufacturing 133 Median Resale Home Price 122 Research and Development 133 Home Sales and Pricing 122 Flex 133 Number of Resale Home Closings by Type 122 Total Industrial Market 133 Distribution of Resale Home Closings by Type 122 2013 Homes Sales Pricing Distribution 123 Office Market...... 134 Conventional Mortgage Interest Rates 123 Office Market Vacancies 134 Class “A” Office Properties 134 Timeshares and ...... 124 Class “B” Office Properties 134 Las Vegas Timeshare Inventory 124 Class “C” Office ropertiesP 134 Las Vegas Market Rents 124 Total Office Properties 134 Las Vegas Apartment Market Occupancy Rate 124 Vacant Land Market...... 135 Major Residential Developments...... 125 Las Vegas Vacant Land Prices 135 Projects Exceeding 300 Acres & Currently Under Development 125 Las Vegas Vacant Land Sales 135 Vacant Land Transactions 135 Home Sales Activity...... 126 New Home Sales 126 Trends and Opinions...... 136 Existing Home Sales 127

Building Permits...... 128 Residential Permits 128 Commercial Building Permits 129

Luxury Multi-Family Residential Map...... 130

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Residential

Clark County Occupied Housing Units

350,000 2012 2013 % CHANGE n Boulder City 6,915 6,870 -0.6% 300,000 n Henderson 105,535 109,219 3.5% 250,000 n Las Vegas 215,923 222,623 3.1% n Mesquite 7,072 7,433 5.1% 200,000 n North Las Vegas 68,738 70,557 2.6% 150,000 n Unincorporated Rural 10,182 10,422 2.4% 100,000 n Unincorporated Urban 322,417 332,863 3.2% TOTAL CLARK COUNTY 736,782 759,987 3.1% 50,000

Source: Clark County Comprehensive Planning. 0

Number of Median Number of Median New Home Sales New Home Price (in December) Resale Home Sales Resale Home Price (in December)

$160,000 7,076 58,522 $300,469 51,367 51,774 52,553 $130,000 47,570 $115,000 5,244 5,438 5,389 $209,000 $219,000 $211,265 $219,963 $114,900 $104,900 3,793

'09 '10 '11 '12 '13 '09 '10 '11 '12 '13 '09 '10 '11 '12 '13 '09 '10 '11 '12 '13 Source: SalesTraq. Median prices as of December for each year.

Home Sales and Pricing Number of Resale Home Closings by Type 2009 2010 2011 2012 2013 2012 2013 % CHANGE residential Auction Sale 4,544 2,964 -34.8% Number of Home Sales Foreclosure (REO) Sale 13,468 4,184 -68.9% New 5,244 5,438 3,793 5,389 7,076 Short Sale 14,517 10,437 -28.1% Resale 51,367 51,774 58,522 52,553 47,570 Non-Distressed Sale 20,024 29,985 49.7% TOTAL 56,611 57,212 62,315 57,942 54,646 TOTAL 52,553 47,570 -9.5% Distribution of Home Sales New 9.3% 9.5% 6.1% 9.3% 12.9% Resale 90.7% 90.5% 93.9% 90.7% 87.1% Distribution of Resale Home Closings by Type TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 2012 2013 CHANGE Auction Sale 8.6% 6.2% -2.4% Median Sales Price - For the Year Foreclosure (REO) Sale 25.6% 8.8% -16.8% New $212,816 $206,844 $200,184 $207,490 $260,000 Short Sale 27.6% 21.9% -5.7% Resale $125,976 $118,656 $105,714 $117,000 $149,000 Non-Distressed Sale 38.1% 63.0% 24.9% TOTAL 100.0% 100.0% Median Sales Price - In December of Each Year Source: SalesTraq. Note: Non-distressed home sales reflect homes not New $209,000 $219,000 $211,265 $219,963 $300,469 classified in one of the other categories. Resale $115,000 $114,900 $104,900 $130,000 $160,000

Source: SalesTraq.

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2013 Homes Sales Pricing Distribution Do you think home prices in southern Do you think it is a good time NEW HOMES RESALE HOMES in the next 12 months will: to buy a in southern Nevada? Under $100,000 0.5% 24.8% $100,000 to $199,999 18.7% 46.9% Increase $200,000 to $299,999 46.0% 17.4% 61.5% Yes 68.8% $300,000 to $399,999 21.5% 5.9% $400,000 to $499,999 7.7% 2.2% $500,000 and Higher 5.7% 2.8% No 28.0% Source: SalesTraq.

Don’t Know Stay the same Decrease 3.2% Conventional Mortgage Interest Rates 31.0% 7.5% (Average 30-Year Fixed)

5.0% 4.7% 4.5% 3.7% 4.0%

'09 '10 '11 '12 '13

A view from above, living in . Photo by Angie Rodriguez. residential

Tuscany Village is a master planned golf course community located in the southeast Vegas Valley. The community features La Vita Tuscana, a 35,000 square foot recreation center. Tuscany Residential Village is within minutes from shopping, restaurants, movies and entertainment. Twenty minutes from the and from McCarran International Airport, and a mile away from the Resort.

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Timeshares and Apartments

Las Vegas Timeshare Inventory PROPERTY NAME ADDRESS ZIP CODE PHONE UNITS Bluegreen Club 36 372 E. Tropicana Ave. 89169 856-2900 356 Cancun Resort 8335 Las Vegas Blvd., S. 89123 614-6200 444 Carriage House Deluxe Suite Hotel 105 E. Harmon Ave. 89109 798-1020 125 The Cliffs at Peace Canyon 4550 S. Grand Canyon 89147 248-3570 176 Club de Soleil 5625 W. Tropicana Ave. 89103 507-9400 238 Desert Paradise Resort 5165 S. Decatur Blvd. 89118 257-0010 138 The Grandview at Las Vegas 9940 Las Vegas Blvd., S. 89123 966-4700 1,856 Hilton Grand Vacations Club - Las Vegas 455 Karen Ave. 89109 946-9210 319 Hilton Grand Vacations Club at the Flamingo - Las Vegas 3575 Las Vegas Blvd., S. 89109 697-2900 279 Hilton Grand Vacations Club on the Las Vegas Strip 2650 Las Vegas Blvd., S. 89109 765-8300 800 Holiday Inn Club Vacations at Desert Club Resort 3950 Koval Ln. 89109 731-6100 458 Jockey Club, The 3700 Las Vegas Blvd., S. 89109 798-3500 270 Marriott's Grand Chateau 75 E. Harmon Ave. 89109 862-5600 732 Polo Towers Suites 3745 Las Vegas Blvd., S. 89109 261-1000 525 Polo Towers 3745 Las Vegas Blvd., S. 89109 261-1000 304 Royal Resort Hotel 99 Convention Center Dr. 89109 735-6117 73 Tahiti All-Suite Resort 5101 W. Tropicana Ave. 89103 284-7200 149 Resort & Spa 7200 Las Vegas Blvd., S. 89119 440-6800 762 Westgate Flamingo Bay Resort 5625 W. Flamingo Rd. 89103 251-3435 125 World Mark I, The Club 4225 Spencer St. 89119 862-8567 42 World Mark II, The Club 8601 Las Vegas Blvd., S. 89123 492-9863 402 World Mark III, The Club 5275 W. Tropicana Ave. 89103 818-1940 208 Wyndham Grand Desert 265 E. Harmon Ave. 89169 691-2600 700 TOTAL NUMBER OF UNITS 9,481 TOTAL NUMBER OF PROPERTIES 23

Source: Las Vegas Convention and Visitors Authority, as of December 31, 2013.

Las Vegas Apartment Market Rents (Average Asking Rents Per Unit at Year-end) timeshares and apartmentstimeshares

2009 $770 $770 2010 $756 2011 $743 $756 $757 2012 $748 $748 $743 2013 $757

Source: Applied Analysis. '09 '10 '11 '12 '13

Las Vegas Apartment Market Occupancy Rate (Average at Year-end)

2009 90.1% 92.8% 2010 91.6% 92.0% 2011 91.1% 91.6% 91.1% 2012 92.8% 2013 92.0% 90.1%

Source: Applied Analysis. '09 '10 '11 '12 '13 Urban Lofts in downtown Las Vegas. Photo by Michelle Jetzer.

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Major Residential Developments

Projects Exceeding 300 Acres & Currently Under Development NO. DEVELOPMENT YEAR ESTABLISHED ACRES UNITS DEVELOPER 1 Aliante 2002 1,900 7,500 North Valley Enterprises 2 Anthem 1998 4,755 13,000 Pulte/Del Webb 3 Inspirada 2007 2,000 N/A Focus Group 4 Lake Las Vegas 1984 2,243 1,300 N/A 5 MacDonald Highlands 1995 3,210 6,500 MacDonald Properties 6 Mountain’s Edge 2004 3,000 12,500 Focus Group 7 Nevada Trails 2001 310 1,400 Pardee 8 Providence 2006 1,200 7,500 Focus Group 9 Country Club 1996 1,000 3,000 Dunhill Homes 10 Seven Hills 1994 1,300 2,500 Seven Hills Dev./American Nevada Corp. 11 Southern Highlands 1997 2,000 6,800 Olympic Group 12 Stallion Mountain 1994 636 1,800 Pulte Homes 13 Stallion Mountain Country Club 1992 640 1,200 Pulte Homes 14 Summerlin 1990 22,500 30,000 Howard Hughes Corp. 15 Tuscany 2005 518 2,000 Dunhill Homes 16 Cadence N/A 2,200 13,000 Landwell Development 17 Kyle Canyon N/A 1,700 9,000 Various 18 Highlands N/A 2,675 14,000 Crescent Bay Holdings/Others 19 Mesquite Master Planned Communities Sun City Mesquite 2006 2,031 6,052 Del Webb Canyon Crest 2004 333 999 Riverwest Investments

Highland Vistas 2005 325 1,005 LB Properties major residential developments Mesquite Estates 2004 767 2,301 Various

Source: Home Builders Research, Inc., City of Mesquite and others. 17 1 18 8

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6 Located in Aliante, a North Las Vegas master-, Sun City Aliante 5 is an age restricted community age 55+ and includes a Community Center with 10 conference rooms, ballroom, an indoor heated swimming pool, sauna, spa, game & 11 hobby areas, billiard tables, fitness center, computer lab, tennis and bocce courts, 2 horseshoe courts and the Aliante Golf Course interweaving the community. 3

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Home Sales Activity

New Home Sales

ZIP CODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. ZIP CODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. 89002 18 $285,096 2,314 $92 89130 79 $208,034 1,723 $110 89005 4 $490,713 2,722 $182 89131 86 $398,897 3,314 $121 89011 450 $246,695 2,025 $120 89134 N/A N/A N/A N/A 89012 180 $351,503 2,784 $127 89135 461 $315,401 2,117 $155 89014 59 $353,571 2,701 $132 89138 58 $473,640 2,469 $191 89015 106 $218,967 1,877 $112 89139 548 $303,052 2,906 $108 89019 N/A N/A N/A N/A 89141 278 $338,203 2,739 $111 89021 N/A N/A N/A N/A 89142 57 $233,223 2,627 $93 89027 78 $234,860 1,768 $134 89143 7 $159,843 1,747 $91 89029 39 $190,508 1,638 $108 89144 26 $487,692 2,268 $215 89030 N/A N/A N/A N/A 89145 56 $1,268,464 3,189 $375 89031 82 $273,703 2,812 $99 89146 N/A N/A N/A N/A 89032 44 $151,427 1,631 $95 89147 263 $286,790 2,219 $132 89034 78 $272,656 1,863 $151 89148 243 $323,921 2,435 $137 89040 N/A N/A N/A N/A 89149 303 $323,308 2,623 $120 89044 277 $315,190 2,504 $122 89156 N/A N/A N/A N/A 89052 247 $273,748 2,398 $113 89166 690 $225,476 2,175 $104 89074 73 $209,857 1,853 $113 89169 N/A N/A N/A N/A 89081 154 $247,342 1,970 $134 89178 481 $268,765 2,411 $108 89084 127 $288,307 2,808 $105 89179 572 $238,035 2,126 $115 89085 34 $281,764 2,639 $109 89183 57 $376,651 2,871 $132

89086 N/A N/A N/A N/A Source: SalesTraq. 89101 3 $205,833 N/A N/A 89102 N/A N/A N/A N/A 89103 67 $442,066 1,354 $320 89104 N/A N/A N/A N/A 89106 2 $91,078 968 $83 89107 N/A N/A N/A N/A 89108 2 $187,873 1,630 $132 89109 161 $384,509 929 $406

home sales activitiy 89110 N/A N/A N/A N/A 89113 127 $367,404 2,704 $130 89115 55 $144,994 1,559 $95 89117 30 $413,164 3,052 $134 89118 12 $463,819 2,963 $151 89119 N/A N/A N/A N/A 89120 N/A N/A N/A N/A 89121 N/A N/A N/A N/A 89122 134 $201,957 1,697 $119 89123 47 $293,124 2,304 $129 89124 1 $250,000 N/A N/A 89128 N/A N/A N/A N/A 89129 189 $238,322 2,129 $117

Lantern Gardens is centrally located on the west side of town with easy access to China Town & the I-95. This features a central park and offers 3 collections and 12 new home plans rang- ing from 1,670 to 4,996 square feet. These Next Gen homes offer home buyers their Everything’s Included® homes, giving buyers upgrades already included.

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Existing Home Sales

ZIP CODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. AVG. AGE* ZIP CODE NO. SOLD AVG. PRICE AVG. SIZE AVG. $ / SQ. FT. AVG. AGE* 89002 889 $184,797 1,979 $93 15.8 89130 918 $165,038 1,868 $88 17.8 89005 362 $199,824 1,799 $122 34.5 89131 1,438 $221,864 2,368 $93 11.8 89011 631 $214,217 1,903 $103 13.8 89134 893 $288,856 2,042 $132 19.8 89012 782 $308,646 2,313 $122 14.0 89135 884 $468,498 2,576 $156 10.8 89014 773 $164,656 1,773 $91 24.4 89138 434 $321,528 2,409 $131 9.4 89015 1,049 $138,162 1,579 $87 26.4 89139 904 $185,966 1,940 $97 10.1 89019 19 $54,013 1,412 $52 23.8 89141 882 $293,158 2,487 $106 10.1 89021 83 $166,155 2,386 $79 20.5 89142 706 $109,279 1,533 $71 21.1 89027 528 $157,784 1,543 $100 13.3 89143 463 $186,112 2,129 $89 12.1 89029 126 $110,292 1,353 $77 22.0 89144 619 $302,939 2,227 $125 14.5 89030 604 $66,025 1,452 $48 45.9 89145 818 $224,481 1,719 $102 25.6 89031 1,899 $141,746 1,812 $80 13.9 89146 301 $172,314 1,976 $82 33.0 89032 1,007 $122,340 1,659 $75 17.2 89147 1,205 $166,317 1,731 $95 20.2 89034 71 $248,734 1,801 $138 5.4 89148 1,285 $206,671 1,999 $100 9.9 89040 45 $112,676 1,799 $63 26.8 89149 1,092 $191,898 2,051 $91 11.9 89044 641 $273,712 2,210 $125 7.4 89156 714 $100,151 1,617 $67 23.2 89052 1,471 $327,229 2,315 $135 12.3 89166 406 $176,431 1,953 $90 6.2 89074 1,322 $208,691 2,037 $101 20.1 89169 304 $134,039 1,624 $77 44.0 89081 1,002 $145,582 2,028 $73 9.0 89178 1,120 $199,718 2,134 $94 7.3 89084 797 $186,509 2,209 $87 8.9 89179 165 $199,911 2,098 $98 5.7 89085 135 $211,905 2,463 $87 7.5 89183 842 $171,409 1,806 $95 11.3

89086 96 $156,602 2,365 $67 8.7 *Average age of the home when sold. Source: SalesTraq. 89101 398 $90,142 1,541 $64 52.6 89102 429 $133,562 1,625 $82 41.1

89103 951 $143,105 1,324 $104 27.8 home sales activity 89104 582 $97,273 1,550 $63 46.1 89106 456 $79,401 1,384 $58 33.9 89107 804 $115,177 1,617 $68 45.4 89108 1,663 $109,907 1,518 $73 30.9 89109 629 $257,205 1,256 $207 21.8 89110 1,174 $109,339 1,629 $66 28.7 89113 774 $216,966 1,930 $105 14.1 89115 775 $86,140 1,518 $59 22.8 89117 1,288 $240,242 2,155 $103 21.5 89118 430 $157,870 1,644 $91 19.6 89119 588 $99,208 1,459 $68 35.3 89120 526 $150,289 1,810 $76 30.5 89121 1,195 $114,567 1,765 $65 38.0 89122 1,207 $106,452 1,484 $73 17.5 89123 1,380 $181,116 1,805 $101 16.0 89124 38 $225,859 1,798 $143 34.9 89128 1,233 $151,699 1,605 $90 22.2 89129 1,527 $181,995 2,005 $90 14.8

Constructed in 1986, the Lakeside Estates by Lewis Homes, is located in the Lakes community in the 89117 zip code are. In 2013 zip code 89117 reported a resale volume of 1,288 and an average sales price of $240,242.

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Building Permits

Residential Building Permits SINGLE-FAMILY MULTI-FAMILY MISCELLANEOUS PERMITS VALUATION ($000) PERMITS UNITS VALUATION ($000) PERMITS VALUATION ($000) BOULDER CITY 2009 14 $1,691 0 0 $0 75 $863 2010 11 $3,706 0 0 $0 126 $43,557 2011 3 $1,059 0 0 $0 92 $2,196 2012 9 $3,201 0 0 $0 81 $1,090 2013 10 $3,401 0 0 $0 110 $301,163 HENDERSON 2009 491 $61,082 99 855 $44,788 5,319 $12,419 2010 700 $85,592 10 437 $4,471 5,219 $7,625 2011 819 $109,646 5 829 $17,903 5,530 $9,410 2012 1,133 $145,151 39 851 $25,953 6,250 $9,857 2013 1,312 $181,244 69 430 $26,931 6,702 $13,797 LAS VEGAS 2009 744 $83,822 14 381 $26,487 2,887 $99,798 2010 926 $103,499 18 427 $25,929 2,760 $54,232 2011 814 $98,701 2 114 $7,782 2,410 $58,054 2012 1,234 $149,751 1 75 $4,394 2,635 $54,938 2013 1,536 $193,153 2 120 $9,259 2,346 $64,420 MESQUITE 2009 105 $15,485 0 n/a $0 196 $1,269 2010 201 $30,832 0 n/a $0 229 $806 2011 134 $21,268 0 n/a $0 173 $868 2012 169 $26,341 0 n/a $0 126 $779 2013 202 $33,066 0 n/a $0 295 $1,655 NORTH LAS VEGAS 2009 529 $71,285 0 0 $0 266 $3,444 2010 648 $83,032 2 2 $226 299 $3,061 2011 503 $68,194 26 150 $10,779 332 $3,961 2012 600 $81,084 36 182 $17,196 289 $3,722 building permits 2013 497 $69,000 9 9 $1,223 329 $6,779 UNINCORP. CLARK COUNTY 2009 1,930 $202,480 108 745 $55,172 2,445 $72,263 2010 2,023 $205,933 68 405 $29,845 2,015 $28,401 2011 1,599 $187,967 53 754 $36,604 1,950 $22,743 2012 2,966 $331,865 38 550 $97,497 1,956 $29,676 2013 3,515 $438,098 182 1,146 $76,171 2,385 $39,181 TOTALS 2009 3,813 $435,845 221 1,981 $126,447 11,188 $190,056 2010 4,509 $512,594 98 1,271 $60,471 10,648 $137,682 2011 3,872 $486,835 86 1,847 $73,068 10,487 $97,232 2012 6,111 $737,393 114 1,658 $145,040 11,337 $100,062 2013 7,072 $917,961 262 1,705 $113,584 12,167 $426,995

Source: 2013 Building Department reports for each entity. Notes: 1) Multifamily includes apartments, plexes, condos and townhouses; 2) Miscellaneous includes garages and carports, pools, spas, walls and fences, patios, guest , mobile homes, and miscellaneous structures.

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Commercial Building Permits HOTEL / MOTEL COMMERCIAL PUBLIC BUILDINGS PERMITS VALUATION ($000) PERMITS VALUATION ($000) PERMITS VALUATION ($000) BOULDER CITY 2009 0 $0 0 $0 0 $0 2010 0 $0 2 $604 4 $0 2011 0 $0 2 $1,205 13 $376 2012* 0 $0 4 $84,822 7 $312 2013 0 $0 4 $1,934 14 $9 HENDERSON 2009 0 $0 12 $17,547 3 $103 2010 0 $0 9 $7,225 0 $0 2011 0 $0 7 $8,416 0 $0 2012 0 $0 9 $4,522 1 $34 2013 0 $0 14 $46,920 1 $0 LAS VEGAS 2009 0 $0 39 $569,916 0 $0 2010 0 $0 22 $40,127 0 $0 2011 0 $0 21 $51,270 0 $0 2012 0 $0 21 $44,888 0 $0 2013 0 $0 57 $62,309 0 $0 MESQUITE 2009 0 $0 13 $2,875 0 $0 2010 0 $0 9 $2,400 0 $0 2011 0 $0 2 $12 0 $0 2012 0 $0 2 $52 0 $0 2013 0 $0 6 $616 0 $0

NORTH LAS VEGAS building permits 2009 0 $0 16 $17,758 5 $52,618 2010 0 $0 18 $8,323 5 $13,847 2011 0 $0 43 $70,323 1 $6,400 2012 0 $0 18 $18,156 2 $0 2013 0 $0 26 $78,956 0 $0 UNINCORP. CLARK COUNTY 2009 3 $25,797 80 $81,638 2 $48,241 2010 0 $0 46 $76,046 7 $34,756 2011 0 $0 62 $72,989 3 $3,993 2012 3 $98,830 70 $256,298 0 $0 2013 0 $0 103 $267,143 0 $0 TOTALS 2009 3 $25,797 160 $689,734 10 $100,962 2010 0 $0 106 $134,725 16 $48,603 2011 0 $0 137 $204,215 17 $10,769 2012 3 $98,830 124 $408,738 10 $346 2013 0 $0 210 $457,878 15 $9

Source: 2013 Building Department reports for each entity. *Boulder City commercial permits were for a 92 MW Solar PV Project; transmission line foundations; and a pre- fabricated metal building.

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Luxury Multi-Family Residential Map

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1 5 2 14 29 12 20 31 13 6 3

luxury multi-family residential map luxury residential multi-family 10 25 28 21 26 23

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HOTEL-CONDOMINIUMS NAME ADDRESS SUBMARKET YEAR STORIES UNITS 1 4381 West Flamingo Rd. Resort Corridor/Off Strip 2008 44 599 2 211 East Flamingo Rd. Resort Corridor/Off Strip 2006 17 255 3 Signature at MGM Grand 125-145 East Harmon Ave. (3 Towers) Resort Corridor/On Strip 2006-07 40 1,728 4 Trump Int’l Hotel & Tower 2000 Fashion Show Dr. Resort Corridor/On Strip 2008 64 1,282 5 CityCenter 2600 West Harmon Ave. Resort Corridor/On Strip 2009 57 1,495

HIGH-RISE RESIDENCES NAME ADDRESS SUBMARKET YEAR STORIES UNITS 6 CityCenter Mandarin Oriental 3752 Las Vegas Blvd., S. Resort Corridor/On Strip 2010 47 227 7 Allure 200 West Sahara Ave. Resort Corridor/On Strip 2007 41 428 8 Metropolis 360 East Rd. Resort Corridor/Off Strip 2005 20 71 9 Newport Lofts 200 Hoover Ave. Downtown 2007 23 168 10 8255 Las Vegas Blvd., S. (2 Towers) South Strip 2008 20 359 11 9101 Alta Dr. (2 Towers) Suburban 2007 18 219 12 4425-4575 Dean Martin Dr. (2 Towers) Resort Corridor/Off Strip 2005-06 33-34 612 luxury multi-family luxury residential map 13 4471 Dean Martin Dr. Resort Corridor/Off Strip 2007 45 374 14 1 Hughes Center Dr. (2 Towers) Resort Corridor/Off Strip 2000 23 84 15 2700 Las Vegas Blvd., S. Resort Corridor/On Strip 2007 45 409 16 Soho Lofts 900 Las Vegas Blvd., S. Downtown 2005 17 120 17 150 Las Vegas Blvd., N. Downtown 2008 21 275 18 2747-2877 Paradise Rd. (4 Towers) Resort Corridor/Off Strip 2001-05 38 777 19 222-322 Karen Ave. (2 Towers) Resort Corridor/Off Strip 2007-08 45 636 20 CityCenter 3722-3726 Las Vegas Blvd., S. (2 Towers) Resort Corridor/On Strip 2010 37 670

LOW/MID-RISE RESIDENCES NAME ADDRESS SUBMARKET YEAR STORIES UNITS 21 Boca Raton 2405 West Serene Ave. (2 Buildings) South Strip 2007 Low/Mid-Rise 378 22 C2 Lofts Summerlin 11441 Allerton Park Dr. Suburban 2007 Low/Mid-Rise 40 23 District at 2220-2260 Village Walk Dr. Suburban 2004 Low/Mid-Rise 88 24 Echelon at Centennial Hills Phase 1 9051 Echelon Point Dr. Suburban 2008 Low/Mid-Rise 62 25 Loft 5 2775 West Pebble Rd. South Strip 2007 Low/Mid-Rise 272 26 Manhattan 68 East Serene Ave. South Strip 2006 Low/Mid-Rise 700 27 Mira Summerlin 9151 Canyon Dr. Suburban 2009-10 Low/Mid-Rise 216 28 Park Avenue 47 East Agate Ave. South Strip 2003-06 Low/Mid-Rise 642 29 Vegas Grand 818 East Flamingo Rd. Suburban 2008 Low/Mid-Rise 212 30 353 East Bonneville Ave. Downtown 2009 Low/Mid-Rise 328 31 The Modern 8925 West Flamingo Rd. Suburban 2009 Low/Mid-Rise 83

Source: Applied Analysis. Note: Some luxury condominium buildings are currently operating unsold inventory as rental units.

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Industrial Market

Major Industrial Parks (30-Acre Minimum)

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FACILITY NO. OF ACRES FACILITY NO. OF ACRES FACILITY NO. OF ACRES BOULDER CITY NORTH LAS VEGAS AREA UNINCORPORATED CLARK COUNTY, SOUTH/SW industrial market industrial 1 Boulder City Business Center 687 1 Cheyenne West Corporate Ctr. 40 1 The Arroyo 300 2 Fisher 30 2 Hughes Cheyenne Center 209 2 Beltway 400 HENDERSON AREA 3 Brookspark 60 3 Blue Diamond Business Ctr. 110 1 Green Valley Business Park 112 4 Southern Nevada Industrial Ctr. 213 4 Russell Road Distribution Ctr. N/A 2 Sunpac 56 5 Lone Mountain Mesa 80 5 Koll Business Center 40 3 Gibson Business Park 260 6 Golden Triangle 320 6 Sunset/Valley View Dist Ctr. N/A 4 Black Mt. Business Park 140 7 Prologis LV Corporate Ctr. 112 7 Sunset Parkway Business Ctr. 80 5 Black Mt. Industrial Center 1,500 8 Las Vegas Corporate Ctr. 102 8 Airport Industrial Park 30 6 Henderson Executive Airport Ctr. 720 9 Nellis Industrial Park 206 9 McCarran Airport Center 100 7 Conestoga Industrial Area 153 10 Craig Corporate Park 87 10 McCarran Center 100 8 Pacific Business Center 48 11 Sunrise Industrial Park 102 11 Hughes Airport Center 390 CITY OF LAS VEGAS 12 Northern Beltway Industrial Ctr. 100 12 Marnell Air Cargo Center 30 13 Speedway Commerce Center 123 13 Majestic Runway Center N/A 1 Las Vegas Technology Ctr. 400 14 Apex 21,000 14 Spencer Airport Center N/A 2 Las Vegas Enterprise Park 74 15 Northeast Crossings Commerce Ctr. 30 15 Park 2000 Business Center 120 3 The Spectrum of Las Vegas 116 16 Arrowhead Commerce Center 110 CITY OF MESQUITE 17 Decatur Crossing 40 1 Mesquite Technology & 732 Commerce Ctr.

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Las Vegas Industrial Market Inventory Industrial Market Vacancies (Million SF at Year-end)

n 30% or Greater 106.0 107.5 n 20.0% - 29.9% 106.3 106.5 106.5 n 10.0% - 19.9% n 0% - 9.9% '09 '10 '11 '12 '13 n Not Material

Las Vegas Industrial Market Completions (Million SF Constructed)

1.1 0.9 0.4 0.1 0.1

'09 '10 '11 '12 '13

Las Vegas Industrial Market Net Absorption (Million SF Demanded) 3.6

0.9 (1.1) (4.3) (2.0) Distribution* Research and Development‡

'09 '10 '11 '12 '13 industrial market Number of Properties 1,403 Number of Properties 26 Total Square Feet 68,646,474 Total Square Feet 581,236 Vacant Square Feet 8,426,183 Vacant Square Feet 97,355 Las Vegas Industrial Market Vacancy Rate Percent Vacant 12.3% Percent Vacant 16.7% (As of Year-end) New Inventory - 2013 (SF) 729,085 New Inventory - 2013 (SF) 0 Net Absorption - 2013 (SF) 2,419,093 Net Absorption - 2013 (SF) 60,188 16.0% 17.2% 16.4% Under (SF) 944,529 Under Construction (SF) 0 13.9% 13.8% Planned Construction (SF) 876,502 Planned Construction (SF) 0 Average Lease Rate (NNN) $0.48 Average Lease Rate (NNN) $0.66 '09 '10 '11 '12 '13

Manufacturing† Flex1 Total Industrial Market Number of Properties 1,516 Number of Properties 545 Number of Properties 3,490 Total Square Feet 24,292,407 Total Square Feet 13,953,839 Total Square Feet 107,473,956 Vacant Square Feet 3,680,089 Vacant Square Feet 2,627,085 Vacant Square Feet 14,830,712 Percent Vacant 15.1% Percent Vacant 18.8% Percent Vacant 13.8% New Inventory - 2013 (SF) 205,064 New Inventory - 2013 (SF) 0 New Inventory - 2013 (SF) 934,149 Net Absorption - 2013 (SF) 700,987 Net Absorption - 2013 (SF) 420,456 Net Absorption - 2013 (SF) 3,600,724 Under Construction (SF) 263,384 Under Construction (SF) 0 Under Construction (SF) 1,207,913 Planned Construction (SF) 0 Planned Construction (SF) 0 Planned Construction (SF) 876,502 Average Lease Rate (NNN) $0.56 Average Lease Rate (NNN) $0.71 Average Lease Rate (NNN) $0.54

Notes: *Large box divisible potential, truck and grade load, high clear height, less than 10 percent office. †Large box, single- or multi-tenant, grade load, good clear height, 10-20 percent office. ‡Single- or multi-tenant, loading per requirement, mid clear heights, 20-30 percent office. 1Multi-use, smaller divisibility, greater than 30 percent office.

NNN = Triple Net. Source: Applied Analysis.

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Office Market

Las Vegas Office Market Inventory Office Market Vacancies (Million SF at Year-end)

52.7 52.8 52.1 n 30% or Greater n 20.0% - 29.9% 51.2 51.3 n 10.0% - 19.9% '09 '10 '11 '12 '13 n 0% - 9.9% n Not Material

Las Vegas Office Market Completions (Million SF Constructed)

1.3

0.8 0.1 0.5 0.1

'09 '10 '11 '12 '13

Class “A” Office Properties Class “C” Office Properties Las Vegas Office Market Net Absorption (Million SF Demanded) Number of Existing Properties 102 Number Of Existing Properties 411 0.2 Total Square Feet 10,994,173 Total Square Feet 9,707,014 Vacant Square Feet 2,545,380 Vacant Square Feet 2,696,679 0.1 Percent Vacant 23.2% Percent Vacant 27.8% (0.2) New Inventory - 2013 (SF) 35,000 New Inventory - 2013 (SF) 0

office market Net Absorption - 2013 (SF) 29,539 Net Absorption - 2013 (SF) (176,731) (0.6) Average Lease Rate (FSG) $2.36 Average Lease Rate (FSG) $1.46 Under Construction (SF) 443,000 Under Construction (SF) 0 (1.7) Planned Construction (SF) 644,838 Planned Construction (SF) 0 '09 '10 '11 '12 '13 Class “B” Office Properties Total Office Properties Number of Existing Properties 1,400 Number Of Existing Properties 1,913 Total Square Feet 32,051,881 Total Square Feet 52,753,068 Vacant Square Feet 8,317,399 Vacant Square Feet 13,559,458 Las Vegas Office Market Vacancy Rate (As of Year-end) Percent Vacant 25.9% Percent Vacant 25.7% New Inventory - 2013 (SF) 45,660 New Inventory - 2013 (SF) 80,660 26.0% 25.7% Net Absorption - 2013 (SF) 347,462 Net Absorption - 2013 (SF) 200,270 25.3% Average Lease Rate (FSG) $1.84 Average Lease Rate (FSG) $1.86 23.9% Under Construction (SF) 0 Under Construction (SF) 443,000 Planned Construction (SF) 1,539,395 Planned Construction (SF) 2,184,233 22.6%

Source: Applied Analysis. FSG - Full Service Gross. '09 '10 '11 '12 '13

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Vacant Land Market

Las Vegas Vacant Land Prices Las Vegas Vacant Land Sales (Average Price Per Acre of Non-Resort Property Sold) (Number of Acres of Non-Resort Property Sold)

$241,287 3,770 $209,142 vacant land market $176,253 $158,747 $148,605 2,432 2,113 1,556 1,532

'09 '10 '11 '12 '13 '09 '10 '11 '12 '13

Vacant Land Transactions NUMBER OF ACRES SOLD AVERAGE PRICE PER ACRE 2009 1,556 $241,287 2010 2,113 $176,253 2011 1,532 $158,747 2012 2,432 $148,605 2013 3,770 $209,142

Source: Applied Analysis. Note: Excludes resort properties.

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Trends and Opinions

Do you currently have a mortgage How long have you owned your home? Housing Affordability Concern or is the home fully paid off? If you have a housing mortgage, is it:

Don’t own Less than Not at all Paid off my home 1 year Concerned 15.3% Mortgage Fixed 3.6% Very 84.7% 24.1% 15.8% Concerned 87.7% 1 to 2 years 21.6% More 6.0% Interest than 3 to 4 years only Not too 3.7% 4 years 7.2% Concerned 59.0% 23.2% Somewhat Concerned Variable 39.3% 8.6%

For people in your area who are in a similar financial situation as you are, how good would you say What percentage of your monthly budget Do you think now is a good time the options are as far as affordable places to live? do you spend on housing? to buy major household items? YES

Less than 10% 15.0% Many good options 26.8% 10% - 20% 27.6% 48.4% 52.2% 50.4% Some good options 46.1% 21% - 30% 23.8% 44.8% 47.0%

Only a few good options 20.1% 31% - 40% 9.2% 41% - 50% 8.4% No good options 3.0% More than 50% 8.0% Not sure 4.0% '10 '11 '12 '13 '14 No Answer 8.0% trends and opinions trends

Residents at take advantage of the beautiful open space and walk ways.

Newport Lofts, located at 200 Hoover Avenue, offers appeal of high-rise living with the edginess of a warehouse loft. Photo by June Johns.

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