Katrina Victims become Las Vegas Residents

Las Vegas continues to be the landing spot for thousands of residents displaced by hurricane Katrina. Although Lousiana has been rebuilt in many aspects there are many who have struggled to find work and housing.

People are relocating to Las Vegas. It's warm, DRY climate intices them. The job market is strong and people can settle in.

Las Vegas tends to be a melding pot anyway so newcomers are welcome. You can learn many things about Las Vegas.

There are many housing options for those coming to the Las Vegas Valley. Contact a Las Vegas real estate agent today to find help.

Summerlin Development Approaches Half Way

Summerlin is known for its quality and amenities throughout Las Vegas as well as other parts of the country. It is reaching the midway point in its overall development.

Summerlin consists of 30 communities: 11 of which are complete and 8 are under construction. Its overall acreage consists of 22,500 acres bordering the Red Rock area on the west and several well established communities on the east.

The Summerlin communities will continue to build out to the west and to the south and is scheduled to be complete around 2020. This is considered a significant mile-stone for the Howard Hughes Corp. Since its purchase in 1950 the infrastructure of a great master plan has been under development. Its village communities add great value to the Las Vegas Valley.

Summerlin properties serve as great Las Vegas real estate options. Amenities and features of the communities attract residents from all over the world to call this western piece of Las Vegas their home.

Las Vegas Real Estate Market Mirrors National Real Estate Market

July was an indicator of the current market for the nation. Sales were down some as inventories grew. It came as no surprise to see data for Las Vegas at the end of last month. The number of sales is down which, many real estate pros would say, creates a great time to buy Las Vegas Property.

MSNBC.com reported a drop in the number of previously owned homes in July. "Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a new record high, fresh signs that the housing market has lost steam.

The National Association of Realtors reported Wednesday that sales of existing homes and condominiums dropped by 4.1 percent in July from June to a seasonally adjusted annual rate of 6.33 million. That was the lowest level since January 2004."

Las Vegas also saw a slight decrease in resale homes across the valley for July. A growing number of listings bumped up inventory. Sellers and their real estate agents are doing all they can to attract buyers which is good news for newcomers and people trading up or down. Negotiable prices, closing costs, and flexible terms are some of the factors that are being included in offers.

Las Vegas' C2 Lofts On Schedule

Have you taken a trip to the C2 Lofts in Summerlin? If you are into loft projects C2 is one to visit. Fantastic views in all directions along with convenient shopping and social sources make the lofts a great option for Las Vegas luxury living.

Las Vegas real estate, like the C2 Lofts, suits a number of types of people. Units sport a contemporary look and feel.

According to the Las Vegas Review Journal, "Senior construction manager Kelly McLaughlin said construction at C2 Lofts in Summerlin is on schedule with first move-ins anticipated for late 2006. The development in Summerlin at the Las Vegas Beltway and West Charleston Boulevard will include two five-story buildings, housing 100 lofts, priced from $700,000 to $1.2 million.

"This is an excellent time to visit C2 Lofts in Summerlin," McLaughlin said. "At this point in time, you can really see the unique exterior architecture taking shape, plus we are able to invite prospective buyers to actually come out to the site and tour the lofts that are under construction in our first building. It's an opportunity for buyers to get a true sense of the architectural drama and volume these lofts offer, as well as the stunning views of the city and Red Rock Canyon."

The Christoper Company community features panoramic views of the Spring Mountains and city lights and Las Vegas Strip. Each loft will have a private outdoor terrace.

Lofts offered are as large as 2,800 square feet. The industrial styled designs expose duct work, full-wall windows and 10-20 foot ceilings depending on the unit. High end features and amenities are included in the base price, such as stainless steel appliances, upgraded cabinetry, granite counter tops and Kohler plumbing fixtures.

Hours are 10 a.m. to 6 p.m. daily. For more information contact us.

Las Vegas Resale Home Listings Inch Higher

Las Vegas resale home inventory continues to rise. As the summer begins to draw to an end interest rates, high investor sales, and new home builder incentives drive the number of Las Vegas listings up.

While there is a similar number of newcomers to the valley each month the number of people hoping to sell increases. Sellers consider price drops and give out incentives. Buyers are able to negotiate a strong position.

Las Vegas Real Estate: Drawing near the end of the Summer Season

The number of home sales in Las Vegas this year are similar to years past. The difference in today's market over past markets stems from one major event along with other factors. These factors as a whole have caused a rise in current housing inventory throughout Las Vegas and other areas of the country. As the summer season draws to a close inventory levels may continue to rise creating even better opportunities for buyers during winter months.

The events of 9/11 affected Las Vegas real estate. 9/11 was likely responsible for much of the recent trends in Las Vegas real estate. Major home builders had gobbled up the smaller builders and got cold feet after 9/11. They put a halt on new housing start applications. After a couple of years when these starts would have been finishing up few developments had ample properties for buyers. People who would have bought new now gobbled up the resale inventory and a huge shortage occurred.

Investors came in by the droves. They added to the shortage. Then, interest rates and a renewed inventory of new homes restored the inventory. With so many new homes and investor properties purchased the inventory has taken a huge swing even though the number of buyers has remained relatively consistent.

There are typically more purchases made in summer months yet this year the inventory has continued to rise. Las Vegas home buyers are getting all sorts of great incentives and deals as Las Vegas home sellers and Las Vegas real estate agents get creative to find ways to attract them. As the summer cools off inventories may continue to rise and buyers will have many great opportunities.

Las Vegas Single Family Housing May Fade Away

Factors and trends in Las Vegas suggest a future shift away from single family housing. Land prices and land shortage in the valley are two key factors that have builders considering other Las Vegas housing options. Buyer preference is also altering the focus on development build out.

Some Las Vegas market analysts say there are 8 to 10 years of land left in the valley. Such a limit in supply has driven up land prices and will continue to into the foreseeable future. At more than $1 million an acre builders struggle to justify future projects of standard single family residences at 6 per acre. It seems more reasonable to build attached housing or multi-story housing. Recent numbers show that around 70% of homes sold in the Las Vegas Valley are single family residences on an average 6,500 square foot lot. As the valley continues to build out builders will begin to alter the norm and build up.

Buyer preference is also changing. Married couples buy more homes than any other demographic. However, unmarried women now account for a substantial number of sales.

According to the Las Vegas Review Journal, "Unmarried women in particular are buying homes in big numbers: The National Association of Realtors' Profile of Home Buyers and Sellers shows single women compose the second-biggest group of buyers, after married couples. Single women bought 21 percent of homes in 2005, up from 18 percent in 2004. Single men bought 9 percent of homes sold in 2005, the association reported. And a study by Fannie Mae found that single women will helm 28 percent of all U.S. households by 2010."

Baby boomers are also contributing to change. "The oldest baby boomers are turning 60 at the rate of 8,000 a day, and every seven seconds, an American turns 50. As consumers gray, Bottfeld said, they're demanding a streamlined lifestyle. The expansive suburban home, the quarter-acre lot, the pool -- all the features that made sense for young, growing families -- have become maintenance burdens to empty nesters." Their desires to decrease their maintenance and have a social scene promotes a shift in housing.

"Evolving consumer preferences and demographic trends will drive home buyers into compact, urban communities, he said."

Tight land supply, rising prices, and changing buyer preferences will shift the way builders develop. It will create an urban feel for parts of the Las Vegas Valley.