Episode #27 of “Unnamed Show” | In this episode Brendan and Jack talk all about the launch of the new BKG Instagram page, new year brings back more events after delays, Clark County preparing for cannabis lounges, Las Vegas ranked 12 in hottest real estate markets in US, $25M mansion, blockbuster Strip sales among top real estate deals of 2021 and Summerlin ranks third in the nation for new home sales in 2021.
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This is Episode #27 of the Unnamed show |
Excited for our new jump to REAL for 2022!
(01:40) Instagram Launch
- We are excited to launch our new BKG Instagram page!
- Check it out & follow us @Brendakinggroup
The BKG is excited to announce that we will be adding 5 more agents to the team by the end of January.
- Go to www.jointhebkg.com
(03:58): Coming to Las Vegas in 2022: The new year brings back more events after delays
(06:40): Clark County preparing for cannabis lounges | Las Vegas Review-Journal
1. The Cosmopolitan of Las Vegas
3. $25 million mansion
4. Sands sell-off
6. MGM Growth buyout
7. The Mirage
8. The Palms
10. Hockey house
(15:51): Summerlin ranks third in the nation for new home sales in 2021
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The Brendan King Group
Real Broker, LLC
7997 W. Sahara Ave. #101
Las Vegas, NV 89117
Summerlin Home Search https://bit.ly/3dr5Ian
New Home Site: https://www.showingnew.com/kingvegashomes
This is transcribed (accuracy not guaranteed)
BrendanKing(00:35):Hey, what's going on? It'sBrendan King from the Brendan King Group @ REAL.
JackPalermo (00:38):Jack Palermo from the Brendan KingGroup @ REAL.
BrendanKing (00:40):And this is episode number 27 of"The Unnamed Show."
JackPalermo (00:43):"Unnamed Show."
BrendanKing (00:45):What's going on everybody?Again, it is episode number 27. Nice to have you Jack.
JackPalermo (00:50):Yes, this is week one of 2022.
BrendanKing (00:53):It is. It is. Holy cow. I can'tbelieve it's 2022. We've got a lot for you today. We're actually controllingthis show today. David is out of town and we're kind of doing the whole dealhere.
JackPalermo (01:07):So bear with us.
BrendanKing (01:08):We've got a skeleton crew today.
JackPalermo (01:10):Bear with us.
BrendanKing (01:10):So yeah, definitely bear withus. And of course, don't forget as always text VIP to (702) 553-1955.
JackPalermo (01:20):(702) 553-1955 to get on our VIPlist.
BrendanKing (01:23):And of course, text VIP to (702)553-1955. And as anybody who's been following us knows, we recently made a jumpto a new brokerage. We jumped over to REAL. So, a new, nice, excitingannouncement-
JackPalermo(01:38):Yeah, very excited.
BrendanKing(01:40):So yeah, we just made the jumpto REAL. Honestly, it's been great. We've had a lot of people that we'veinteracted with now that have honestly shared a ton of information and equallywe've done the same for them. And also, also, also, also just as important,don't forget to follow us on Instagram.
JackPalermo(01:59):Yes, please do.
BrendanKing(02:00):If anybody knows, we lost ourlast King Vegas Homes. Instagram for no reason at all. But follow us@brendankinggroup, @brendankinggroup. Follow our Instagram page. We reallyappreciate it. Like I said, we completely lost out of nowhere.
BrendanKing(02:16):We don't even know why at all.And another important announcement, the Brendan King Group will be adding fivemore agents to the team by the end of January. Check out the website,www.jointhebkg.com, www.jointhebkg.com. Like I said, we'll be adding five moreagents. We've got a great kind of, I don't want to say team page I guess, thatyou can check out that's jointhebkg.com. Any information you want to know abouteither joining REAL or joining the team, all of it is on there. And of courseyou could just reach out to us as well. And...
JackPalermo(02:54):Hey, give me a call.
BrendanKing(02:55):Any of us will give you theinfo.
BrendanKing(02:57):Either direct message us or callus. Hey, it is getting so nice outside.
JackPalermo(03:03):So nice. This is what I'm usedto.
BrendanKing(03:05):This is Vegas weather. This isVegas winter weather. We've been freezing our butts off for the last two weeks.
JackPalermo(03:12):About two weeks.
BrendanKing(03:12):Yeah. Yeah. For us, for us.We're wimpy west coasters, but it's looking like 65 degrees on Friday 64 onSaturday.
JackPalermo(03:21):62, 62, 63 and 60 going all theway through Wednesday.
BrendanKing(03:25):And look at that rain percentagethree, two, one, two, zero and then 24.
JackPalermo(03:31):And we're fine.
BrendanKing(03:31):Which means six minutes of rain.
BrendanKing(03:34):Almost always if it rains here,if you're not from here, it's literally six minutes.
BrendanKing(03:39):How often have we ever had awhole day of rain?
JackPalermo(03:42):I've been here for seven, sixyears now. And probably maybe once or twice.
BrendanKing(03:47):Another reason to move to Vegas.I think last year we had an inch and a half of rain total.
BrendanKing(03:52):For the entire year. Where inChicago or New York-
BrendanKing(03:55):We had 14 inch rainstorms in onestorm.
JackPalermo(03:58):Yeah, in one storm.
BrendanKing(03:58):Yeah. One in a half inches, buta normal year is four inches. So one and a half was a little nuts. Excitingnews.
BrendanKing(04:06):Everything's back to a certainextent for now.
BrendanKing(04:10):2022's a new year. And there area ton of events going on in Vegas. So coming to Vegas in 2022 new year bringsback more events after a ton of delays, but check out this next slide.
JackPalermo(04:26):Tons of stuff. So right nowgoing on is CES, then you got, of course-
BrendanKing(04:31):We were a little worried thatCES-
JackPalermo(04:34):That wasn't going to happen.
BrendanKing(04:35):Was going to get canceled. But,I think they cut it down a little, but it's still happening. And of course,hello.
JackPalermo(04:41):Adele. Don't forget about Adele.Weekends with Adele begins the 21st of January.
BrendanKing(04:46):Garth Brooks, NHL All Star game,the Pro Bowl.
JackPalermo(04:50):Luke Bryan at Resorts World,Metallica and Billy Joel in the same weekend at Allegiance stadium.
BrendanKing(04:55):Oh, that's right, that's thesame weekend. The Nighthawks their season in March 18th, the Henderson SilverKnights. And of course the Aviators every year back in the spring, our minorleague baseball team.
JackPalermo(05:07):John Legend residency kicks offit Planet Hollywood in April 22nd.
BrendanKing(05:12):Michael Buble, the NFL draft isfinally going to happen.
JackPalermo(05:15):Yes. It's going to be awesome.
BrendanKing(05:16):Been a long time coming for us.
JackPalermo(05:17):It's going to be awesome. Acesopen up their season May 8th against the Seattle Storm. The Doobie Brothers.
JackPalermo(05:23):With Michael McDonald, which isamazing.
BrendanKing(05:25):Weekend Jam with Tony Hawk.That's not just music, it's sports as well.
JackPalermo(05:30):The Wild N Out tour at the MGMGrand.
BrendanKing(05:32):And of course the Red Hot ChiliPeppers, not in their old costumes from back in the nineties, their bodies havechanged. And the locals, the local favorites, The Killers.
JackPalermo(05:41):And the Raiders return September13th, but the Raiders are not done yet.
BrendanKing(05:46):Let's be honest. The Raiders arenot done.
JackPalermo(05:47):The Raiders are not done.
BrendanKing(05:48):Raiders are not done. But,September 13th of next year, you can look forward to their next season afterthey win the Super Bowl this year.
JackPalermo(05:55):Okay. Raiders win Sunday,they're in the playoffs. Anyway, Life is Beautiful returns September 16ththrough the 18th. And what do we got? My Chemical Romance at T-Mobile arenaOctober 7th. That's their reunion tour. And the South Point 400 October 14ththrough the 16th. So far.
BrendanKing(06:12):So far. So far.
JackPalermo(06:14):That's what we have so far.
BrendanKing(06:14):We've got a ton of things goingon and there's only more that's going to be added of course. We'll see how thepandemic plays out the next few months.
BrendanKing(06:22):Hopefully, fingers crossed we'reseeing the end of this. I don't really know. I'm not a scientist or a doctor,but-
JackPalermo(06:30):Let's hope. We can hope.
BrendanKing(06:31):Let's definitely hope this isthe end of this.
BrendanKing(06:33):Completely unrelated, but veryfirst market, I guess you could say, Vegas is expecting cannabis lounges. Sowe're going to be the new Amsterdam.
JackPalermo(06:44):Yeah. Cannabis lounges areopening up all over Clark county in Vegas in 2022.
BrendanKing(06:51):And I want to say it was 20licenses first.
JackPalermo(06:55):I believe so. I think you'reright.
BrendanKing(06:56):I think it was 20 licenses. Thiswill be interesting. I think this will definitely bring a whole differentdemographic to the strip and to the city overall. Amsterdam was popular forthis reason, maybe we'll be the next Amsterdam who knows.
JackPalermo(07:10):Who knows. We'll see.
BrendanKing(07:11):Yeah, I guess we don't knowuntil it happens. But once again, this show is a little shorter this week. So,we've got a little less on each category-
BrendanKing(07:22):Just with us doing full shophere.
BrendanKing(07:24):But, we do always do our Mondaymarket update every single Monday. So don't forget text "Market" to(702) 553-1955. If you would like the market update every Monday, all thesestats, we'll give you in a text if you'd like, if you text "Market"to (702) 553-1955. But, everyone knows, what kind of market is it Jack?
JackPalermo(07:48):It's a seller's market Brendan.
BrendanKing(07:49):It's a seller's market. It's notchanging much, but you know what? The way we get ahead of when things change isto stay on the data and watch it. And that's our job, we watch it. And as longas you follow us, you'll always know what's going on. But you know who else hasinsane data, insane data?
BrendanKing(08:08):King Zillow of real estate.Zillow does know their stuff, their analytics part of their industry or theirbusiness actually-
JackPalermo(08:20):Did you know what Zillow justsaid?
BrendanKing(08:20):What'd they say?
JackPalermo(08:21):Can I just tell you? Las Vegasranked the 12th hottest real estate market in the U.S. which-
BrendanKing(08:26):You know what? I knew that.
BrendanKing(08:28):Because that's the next slide,Jack.
JackPalermo(08:29):Whoa. All right.
BrendanKing(08:30):But yeah, Vegas was ranked 12thin the hottest real estate markets. And this is not just about home values.
BrendanKing(08:38):I believe it's beyond that. It'sthe strength of the job market, number of people moving in, the transiency orthe incoming residents, plus home values plus plus plus plus plus.
BrendanKing(08:49):Parks and recreation and all ofthat.
JackPalermo(08:52):All things awesome in Las Vegas.That's why they're 12th.
BrendanKing(08:55):Weather. Have we mentioned theweather yet?
JackPalermo(08:56):And 12th is actually number oneI think, but that's okay.
BrendanKing(08:59):Yeah. 12 is the new one. Andthere were 11 others before us, but those will go unnamed because this is theplace to be for sure.
JackPalermo(09:06):This is the place to be.
BrendanKing(09:08):In other news related to realestate, so there was some huge, huge deals in 2021.
BrendanKing(09:14):And we figured in the realestate section, we'll go through some of the biggest deals of the year. Notjust a $25 million mansion or some of the blockbuster strip sales, but also acouple of athlete, celebrity sales as well. So number one-
JackPalermo(09:31):The Cosmopolitan. So the CosmoNew York financial conglomerate Blackstone announced in September it wasselling the flashy Cosmo for $5.65 billion, nearly $4 billion above itspurchase price in 2014.
BrendanKing(09:45):Yeah, that's crazy. So-
JackPalermo(09:46):Yeah, as part of the deal-
BrendanKing(09:47):Four billion above what theybought it for. So Blackstone made a pretty good choice on that one. And ofcourse, the never ending saga of the Fontainebleau is back to theFontainebleau.
JackPalermo(10:00):The Fontainebleau, The Drew, TheFontainebleau.
BrendanKing(10:02):Yeah. This thing, The Drew, TheFontainebleau, just finally it's back to the Fontainebleau and what's the dealwith this one?
JackPalermo(10:08):That one. Wow. This thing wasreacquired. It's still unfinished, but the conglomerate Coke Industriesacquired it through a process to let everybody avoid foreclosure on theproperty. So that's going to be a 67 story hotel set to be finished by 2023.
BrendanKing(10:26):Oh nice. Yeah. And this thing ishuge. If you haven't seen this on a strip, then you just didn't know what itwas, but-
JackPalermo(10:30):It was the eyesore, but now it'sgoing to be really nice.
BrendanKing(10:32):Yeah. It's going to bebeautiful. It's massive. 60 plus stories and Coke is a massive investment. Thetwo brothers are massive investors. So, honestly I hope they bring somethinggreat to the strip. Another one, this house is like James Bond.
JackPalermo(10:49):This house is insane.
BrendanKing(10:49):So the owner of Loan Depotbought this property for $25 million, which is actually a record sale inSouthern Nevada. It is the most expensive home sold in Southern Nevada at $25million.
JackPalermo(11:04):Three stories, 15,000 squarefoot home, two infinity saltwater pools, a glass wine storage wall, a skylounge.
BrendanKing(11:13):Yeah. And was purchased by thebillionaire Anthony Hsieh, not to be confused with Tony Hsieh from Zappos, butAnthony Hsieh from the mortgage firm Loan Depot. And it's actually out inHenderson. It's huge. It's a massive, massive, massive home. And honestly, thelargest transaction in history. We had the highest sale few years back at 13million. This doubles that in a of a matter of three years.
BrendanKing(11:41):And it historically, it's anincredible feat for Vegas. It's more of an LA price or a New York price really.But this is becoming the norm for us.
BrendanKing(11:50):Another thing is the Sands selloff.
JackPalermo(11:52):Yeah. Casino operator Las VegasSands announced in March it was selling the Venetian Palazzo and the Sands Expoand Convention center for 6.25 billion to investment firm Apollo GlobalManagement and Casino, landlords VICI properties.
BrendanKing(12:06):And this is another just massivecompany moving into Vegas. They've honestly been making billion dollarpurchases on the strip and it's unheard of in the past. Well maybe at one or 2billion, but now four or five, $6 billion, it's huge.
BrendanKing(12:25):Another one is City Center.
JackPalermo(12:27):City Center. MGM Resorts soldthe remaining pieces of its City Center in 2021, it announced in July it wouldbe buying out its partner in City Center for more than 2.1 billion giving MGMfull ownership of ARIA and Vdara, and that it would sell two hotels toBlackstone for $3.89 billion and lease them back.
BrendanKing(12:47):And this is all in 2021. And ofcourse the MGM growth buyout, again, Caesar's Entertainment spit off AvicheProperties, which is involved in the other deal, did a deal to acquire MGMResorts, spin off MGM Growth Properties and a 17 billion plus dollar deal. Thecasino landlords announced this back in August. So honestly, all of thesepurchases are just massive purchases. But this one to me was, I felt-
JackPalermo(13:18):It's a shock?
BrendanKing(13:19):A little bit of a shock.
BrendanKing(13:20):This next one was a bit of ashock.
JackPalermo (13:23):Well, it's close to your heartman.
BrendanKing(13:25):I used to work at LOVE andthey're selling to the Hard Rock.
JackPalermo(13:29):Yes. So, they're going to havethe large, like we talked about a couple of weeks ago on the show, you're goingto have a large guitar are on the strip as the guitar hotel and casino.
BrendanKing(13:38):And you know what? As historicalas the place is, I'm open to new and modern and different and all the changes.And this one is historical as far as history's concerned with Steve Wynn andeverything else. But, the next one was kind of a family owned hotel for a shortperiod of time.
BrendanKing(13:58):And then they ended up sellingto-
JackPalermo(14:03):San Manuel Band of MissionIndians.
BrendanKing(14:04):So the Palms, which ended upbeing purchased by Station Casinos-
JackPalermo(14:09):Yeah, from the Fertitta's.
BrendanKing(14:10):From the Fertitta family, theydid a brief what? 50 or 150 million I forgot what it was.
JackPalermo(14:16):Hundred and 50 million.
BrendanKing(14:18):I think it was. And then theysold it off to the Indian reservation.
JackPalermo(14:23):San Manuel. Yeah. San Manuel.
BrendanKing(14:24):So we'll see how this one playsout. Hopefully they continue to improve the property like the Fertitta's did.They just made some massive deals when they purchased it. The club, weren'tthey giving-
JackPalermo(14:24):Yeah, Oh my God.
BrendanKing(14:35):They were giving awaymultimillion dollar contracts.
JackPalermo(14:40):I'm sure they lost a lot ofmoney is what I'm trying to say. They probably lost a lot of money with Cardi Band all these people that they signed to play that club. So...
BrendanKing(14:50):Yeah. I don't think they madeanything on that deal, but hopefully this is another spinoff and it's anothernew owner that brings better ideas. We'll see. Next one is-
JackPalermo(15:01):It's Cal Nevada, Arizona. It's alittle small town. It was bought for $8 million recently. So it's kind of onthe corners of all three states, kind of little cool town in there.
BrendanKing(15:12):How far away is this?
JackPalermo(15:14):Um on the-
BrendanKing(15:15):It's nowhere near the strip,right?
JackPalermo(15:16):No, nowhere near the strip.
BrendanKing(15:17):Yeah. Interesting. Yeah.
BrendanKing(15:19):And of course-
JackPalermo(15:20):The Hockey House.
BrendanKing (15:21):The hockey house.
JackPalermo (15:21):So this was cool. So AlexPeitrangelo owned this property. He bought it I believe for $5.4 million. Oh no,$5 million. And he ended up selling it to a teammate for $5.4 million. So MaxPacioretty is now the owner of that property.
BrendanKing(15:39):Yeah. That's kind of a funtransaction.
JackPalermo(15:43):It's called The Hockey House.
BrendanKing(15:44):Yeah. That's why it's called TheHockey House. Yeah. They changed hands between the two of them. And who boughtit? Pacioretty?
JackPalermo(15:49):Pacioretty bought it.
BrendanKing(15:51):So another actually excellentnews for Vegas is that Summerlin ranks third in the nation for new home sales.
BrendanKing(16:00):That's massive in the entirecountry. So Summerlin ranks third in the nation for new home sales for 2021.Honestly, I'm not surprised.
JackPalermo(16:11):Not at all.
BrendanKing(16:12):We've had endless amounts ofpeople moving here from out of state. And a lot of the people, especially fromCalifornia, they're used to older homes. They come to Vegas and they want a newhome. They're like, "We want what Vegas has to offer."
BrendanKing(16:26):And they're building-
JackPalermo(16:28):They're building like crazy.
BrendanKing(16:28):Yeah. They're building likecrazy. Toll Brothers just announced another development down in Summerlin Southover by the mesas. And I think Pulte is also going to build on this lot. We'vegot the whole Summerlin West area, of course, and then everywhere in betweenwith a Stone Gate, Red, Red Point, all these new neighborhoods. And they'reabout to connect Lake Mead, I believe, all the way through.
JackPalermo(16:53):Cool. Yeah. Because it stopsright there on the other side of the 15.
BrendanKing(16:56):That would be cool for you.
JackPalermo(16:57):Yeah. That'll be cool.
BrendanKing(16:58):You'll be able to pop right overthere without having to hop on the 215.
BrendanKing(17:01):But, these are all huge, hugethings, honestly, great things for Vegas, great things for Summerlin, greatthings for the strip. And of course, again, the BKG was ranked in Real Trendsas one of the top 1% teams in the United States.
BrendanKing(17:15):But not only that, I just foundthis out and I haven't even told you yet, Jack. We were also in the top 250 inthe county for the year last year.
BrendanKing(17:23):Actually ranked 68th.
BrendanKing(17:25):So we're right in the mix. Outof 20,000 agents and teams-
BrendanKing(17:31):We were ranked 68th. Which iskind of where we've been hovering, but this year we plan on breaking into thattop 20-
BrendanKing(17:38):With some of our goals that wehave this year and number of families we want to help. We've got a big chancethat we are going to break into that top 20.
JackPalermo(17:38):Let's do it.
BrendanKing(17:47):And you know what's going tohelp us do that, is REAL. So thanks to the jump with REAL, we've made somereally great connections with other massive teams that have already hit the numbersthat we're looking to do this year.
BrendanKing (18:00):So we're learning from the best.So, our new goals are really just based on growth and improving and gettingbetter and just connecting with more families and just helping people findhomes of course.
JackPalermo (18:12):Well put.
BrendanKing (18:12):Well, it's the truth.
JackPalermo (18:13):Very well put, well said.
BrendanKing (18:15):We speak from the heart.
BrendanKing (18:17):It's the reality and they canfollow us and see that that's the truth on of course-
JackPalermo (18:22):@brendankinggroup. I always saythe.
BrendanKing (18:25):I know, I felt like it was toolong. I almost grabbed the longer one, but it's already long as it is.
JackPalermo (18:25):Follow us @brendankinggroup.
JackPalermo (18:31):It's a great page.
BrendanKing (18:32):Yeah. Follow us either way.You're going to see the reality of the fact that we are actually people thatlike what we're doing.
JackPalermo (18:40):Yes, we do.
BrendanKing(18:41):We enjoy our job.
BrendanKing(18:42):And of course we love ourclients. And again, don't forget, we are adding five new agents to the team bythe end of January. Check out jointhebkg.com, www.jointhebkg.com. And don'tforget text "VIP"-
BrendanKing(19:03):And as always market-
JackPalermo(19:04):Text "Market" (702)553-1955.
BrendanKing(19:08):And of course-
JackPalermo(19:09):Dine to, what number Brendan?
BrendanKing(19:11):It's (702) 553-1955. Hey, thankyou so much for your patience this week.
JackPalermo(19:19):Thank you for bearing with us.
JackPalermo(19:21):We did it.
BrendanKing(19:21):I feel like a control operatorhere operating a camera and audio and the slides at the same time, but-
JackPalermo(19:27):We did it.
BrendanKing(19:27):Hey, whatever you put your mindto you kids.
JackPalermo(19:31):I think we put it off. Or youpulled it off. I'm just sitting here just, "Hey."
BrendanKing(19:32):Hey. Yeah, but I needed yoursupport. Either way, we'll see you guys next week. Thank you so much. Again,episode number 27. We'll see you next week.
BrendanKing(19:42):Have a good one.
JackPalermo(19:42):Have a good one.