One of the Maloof brothers has reportedly decided to buy a home in the south end of Las Vegas. The Maloofs, having significant interests in Coors and Miller distributing, Wells Fargo, NBA Sacramento Kings and The Palms hotel-casino in Las Vegas, found a house in Southern Highlands that seemed to suit perfectly.
The list of celebrity and/or household names who buy in Vegas continues to grow...
Another Record Set for Las Vegas Price Per Square Foot
A Las Vegas high rise condo just set a new high. One week after a Summerlin property sold for more than $1000 per square foot, a luxury Sky Las Vegas condo sold "gray-shell" for more than $900 per foot. Gray-shell means it didn't have flooring or any other cosmetics.
Supposedly the view is incredible. The Las Vegas RJ stated,
That must be some view to be worth so much without even being completed. It's interesting to see how people with money are still buying in Las Vegas even though the mid level homes are piling up.
Supposedly the view is incredible. The Las Vegas RJ stated,
"Why the high price for the penthouse? The view, which Ezra said is "arguably one of the best" on the Strip. The unit looks south down Las Vegas Boulevard, past Mandalay Bay to McCarran International Airport, and its view spans east toward Nellis Air Force Base. The home's owner will be able to see the planes landing at both sites, Ezra said."
That must be some view to be worth so much without even being completed. It's interesting to see how people with money are still buying in Las Vegas even though the mid level homes are piling up.
Realtors and Video Content for Their Web Sites
There has been considerable buzz suggesting that web sites, resumes, and other forms of marketing are going toward video and leaving behind basic static content. Don't be fooled by this claim. It's cool and some people can pull it off but video presentations have to be extremely professional to be effective. Actors and news anchors are a good example of how important a professional image must be. Either a lot of personality or a good deal of good looks will help some be successful but a visual image can create a lot of opportunity for discrimination even before a personal meeting.
There have been discussions on whether or not a Realtor should even have a picture on their agent website. Imagine how damaging a poorly done video could be to a professional's image. Even a well done video can be distracting and cost a user time in finding what they came looking for. For now, stick to professional, static content for web design and resumes.
There have been discussions on whether or not a Realtor should even have a picture on their agent website. Imagine how damaging a poorly done video could be to a professional's image. Even a well done video can be distracting and cost a user time in finding what they came looking for. For now, stick to professional, static content for web design and resumes.
Realtor Responsibility in Lending
Lenders lend. Realtors market and sell houses. So, is a Realtor responsible for the lending program a buyer chooses? Indirectly they may be.
As agents we often refer buyers to lenders we know will close the deal. Buyers trust our judgement when forming relationships with other industry professionals. Though a lender can charge what they want, recommend the programs they want, and close a deal how they must, we can look out for our clients to stave off potential foreclosures.
NAR President, Pat Combs, suggests we can reduce the chance of foreclosure for future buyers by doing the following:
As agents we often refer buyers to lenders we know will close the deal. Buyers trust our judgement when forming relationships with other industry professionals. Though a lender can charge what they want, recommend the programs they want, and close a deal how they must, we can look out for our clients to stave off potential foreclosures.
NAR President, Pat Combs, suggests we can reduce the chance of foreclosure for future buyers by doing the following:
- Advocating for smart lending practices
- Talking to lenders we work with to understand how they handle delilnquent mortgages
- Learning what our state and local governments and local nonprofits are doing to help borrowers in trouble on their mortgage loan
- Reaching out to consumvers in our communities to let them know what resources are available
- Making sure buyers we're working with understand how to eveluate the mortgage terms they're being offered. It's no longer enought to send buyers off to become prequalified before they start the home search.
Home buyers depend on us as Realtors to look after them during their transaction. Though we are not ultimately responsible for their decisions, we can ensure they are informed.
Clark County School District Hiring Large Numbers of Teachers
The deficit of school teachers for this fall is getting smaller in Las Vegas. Clark County has been working diligently to make up ground and fill the spots needed for many of the district's schools. New schools added because of the city growth have added strain to the staff.
Also, increases in the cost of living, including housing prices, has made it more difficult for teachers to reside in the valley. The district has had to recruit from many parts of the country to fill the spots needed. They get closer and closer to filling the voids before the school year begins.
Also, increases in the cost of living, including housing prices, has made it more difficult for teachers to reside in the valley. The district has had to recruit from many parts of the country to fill the spots needed. They get closer and closer to filling the voids before the school year begins.
Housing Starts Up and Permits Down
It seems the housing market is at odds with itself. While housing starts are up, building permits are down.
Oddly enough, home builders in Las Vegas are planning for a much better 2008. Some are improving lots preparing for an improving market. It will be interesting to see."Building permits fell 7.5 percent in June to a pace of 1.406 million units. That's just above the 1.402 million unit rate seen in June 1997 and below the 1.48 million unit rate that economists had expected.
Wednesday's data comes a day after a report indicating that home-builder confidence is sinking as mortgages become more difficult to obtain, with banks tightening their lending standards." - MSNBC
Home Theators: Affordable Luxury
I love my movies. Friday night, a successful week's work accomplished, the kids off to bed and it's time to relax. Pop some corn, pour a cold drink and sit back from the 109 inch front projected screen and enjoy any preferred movie.
For anywhere between $800 and $10,000 a homeowner can take advantage of amazing home theators these days. Some prefer a large flat panel TV with surround sound and some prefer the front projector hanging from the ceiling with rich surround sound.
I went to the movie theator with my wife for the first time in 3 years the other night. It was fun but I didn't experience anything much different than what we have in the house. We are patient and await all of the big movies. They arrive in the mail and we watch them as we please. Our theator is of high enough quality that we can't justify the trip to the cinema and $20 for tickets and rediculous prices for treats. We just dim the lights, pop off the shoes, and lean back in the recliners to view our favorite flicks.
As projectors, TVs, and sound equipment are more and more affordable we'll see and increased number of homes for sale with theators included. I, for one, plan to have a theator set up in all of our future homes.
For anywhere between $800 and $10,000 a homeowner can take advantage of amazing home theators these days. Some prefer a large flat panel TV with surround sound and some prefer the front projector hanging from the ceiling with rich surround sound.
I went to the movie theator with my wife for the first time in 3 years the other night. It was fun but I didn't experience anything much different than what we have in the house. We are patient and await all of the big movies. They arrive in the mail and we watch them as we please. Our theator is of high enough quality that we can't justify the trip to the cinema and $20 for tickets and rediculous prices for treats. We just dim the lights, pop off the shoes, and lean back in the recliners to view our favorite flicks.
As projectors, TVs, and sound equipment are more and more affordable we'll see and increased number of homes for sale with theators included. I, for one, plan to have a theator set up in all of our future homes.
Las Vegas Houses Now Selling for $1,000 Per Square Foot
It is believed a new record has been set in Las Vegas real estate. A home in Summerlin at the Promontory at The Ridges subdivision recently sold for nearly $7.9 million. The price is considerable but not a jaw dropping factor. The home that closed escrow sometime last week was 7,519 square feet. My calculator popped out $1,050 or so per foot. That's amazing for just about anywhere in the country and is supposedly a new high for the Las Vegas valley.
Home prices generally average around $180-220 per square foot as a whole throughout the valley. Amazing homes in amazing neighborhoods demand amazing premiums.
Home prices generally average around $180-220 per square foot as a whole throughout the valley. Amazing homes in amazing neighborhoods demand amazing premiums.
Las Vegas Luxor Remodeled
Casino after casino gets a new facelift. In several cases the whole building is replaced with more modern and larger scale resorts. The Luxor will keep its pyramid shape but the interior will be changed entirely.
The owners, MGM Mirage, are looking to update the image to draw more adults. Reportedly, the arcade and egyptian designs will be replaced with more hip and adult-focused clubs, bars, and entertainment.
The hotel portion of the building will also be remodeled.
Las Vegas attracts millions of visitors annually. Each casino attempts to maximize foot traffic and slot play. It often requires a remake in image to accomplish better numbers. It will be interesting to see how the Luxor is modified.
The owners, MGM Mirage, are looking to update the image to draw more adults. Reportedly, the arcade and egyptian designs will be replaced with more hip and adult-focused clubs, bars, and entertainment.
The hotel portion of the building will also be remodeled.
Las Vegas attracts millions of visitors annually. Each casino attempts to maximize foot traffic and slot play. It often requires a remake in image to accomplish better numbers. It will be interesting to see how the Luxor is modified.
Update: NBA Team in Las Vegas
I'm excited that Las Vegas is being considered for an NBA basketball team. There are many benefits to the city and its residents, not to mention we won't have to travel to CA or UT to catch a game.
Recent league scandal has placed some strain on the possibilities but government officials have reassured Stern and others that the valley will be able to support a team. REI has plans to build a stadium near main and Charleston and recent NBA events in town have gone off very well.
We'll keep a weather eye to the horizon awaiting as the story unfolds...
Recent league scandal has placed some strain on the possibilities but government officials have reassured Stern and others that the valley will be able to support a team. REI has plans to build a stadium near main and Charleston and recent NBA events in town have gone off very well.
We'll keep a weather eye to the horizon awaiting as the story unfolds...
Is a Rental Home a Savvy Investment?
Many investors flooded the Las Vegas market with cash and high hopes. Many didn't ask the right questions about the market and about investing in a home before they got started. In fact, some are up side down because they jumped at something without thinking it all through.
Investors should ask some questions before they decide to buy a property. A skilled real estate agent can help in the decision making process. Here are some questions for starters:
Much of Las Vegas' slower real estate market and foreclosure rate is based on the decisions of investors who were not savvy in their choice of home. Make sure your agent will get you pointed in the right direction before jumping in.
Investors should ask some questions before they decide to buy a property. A skilled real estate agent can help in the decision making process. Here are some questions for starters:
"What you really need to ask is: Will the rent receipts cover mortgage payment,
lost income from cash you invested, property taxes, property insurance, say a 5
percent allowance for maintenance and repairs and another 5 percent for
vacancies or uncollected rent? Add in something for the cost of your own lawyer
and tax professional, because as an investor, you should use both right from the
beginning." - Las Vegas Review Journal
Much of Las Vegas' slower real estate market and foreclosure rate is based on the decisions of investors who were not savvy in their choice of home. Make sure your agent will get you pointed in the right direction before jumping in.
Private Financing May Help Sell a Home
As interest rates continue to rise, some sellers are considering private financing. In other words, they are setting the lending terms with buyers to help them get into the home they are buying. A move like this ties up the cash for the seller but in many cases, it helps them get moved on to another home while the new buyer pays a premium to own the home.
If the new buyer ceases to make payments according to the agreement arranged a the time of purchase then the seller forecloses on the property and sells it again.
Participants in a negotiation like this will want the right professional team envolved so that title is transferred correctly and the negotiations are appropriate.
If the new buyer ceases to make payments according to the agreement arranged a the time of purchase then the seller forecloses on the property and sells it again.
Participants in a negotiation like this will want the right professional team envolved so that title is transferred correctly and the negotiations are appropriate.
Searching for a Home Using the Las Vegas MLS
The internet has become a starting place for many Las Vegas home buyers. As they begin their research they dig into the MLS to find homes in their price range. Many web sites require personal information before they'll serve up home details to users. Other real estate web sites are free and allow users to view properties without providing their info. Providers of such sites hope that by offering up such sites, users will become used to the great level of service and once they become serious they will naturally contact the corresponding agent.
In Las Vegas users can find free MLS search tools to use to find a home. These MLS tools also provide calculators, pictures, and all sorts of specs necessary to find a home. After a set of homes is found the user should feel free to contact the agent who is best qualified to help them make a purchase.
In Las Vegas users can find free MLS search tools to use to find a home. These MLS tools also provide calculators, pictures, and all sorts of specs necessary to find a home. After a set of homes is found the user should feel free to contact the agent who is best qualified to help them make a purchase.
First Rain in Las Vegas in 60-some Days
It has been a hot dry summer here in Las Vegas. Of course, it's a desert so that's to be expected. Residents are used to indoor activities and relaxing at nights while it is still warm. Many barbque and swim when the temperatures are warm.
This morning many woke up to wet streets and a forecast of rain into the near future. It is monsoon season so we expect rain clouds from the south into the next few weeks. People who enjoy an occasional change in the weather have a little to look forward to. Those who love their sunshine will have it back soon enough.
This morning many woke up to wet streets and a forecast of rain into the near future. It is monsoon season so we expect rain clouds from the south into the next few weeks. People who enjoy an occasional change in the weather have a little to look forward to. Those who love their sunshine will have it back soon enough.
Nevada Fishing Report
I recently returned from a trip to Montana where I caught (and released all) some 50 trout of various types. I have been wondering how the fishing around Las Vegas and Nevada as a whole has been doing. A report recently came out describing the success of many of the bodies of water around the state.
It is surprising that, despite the heat, people are finding success. Each lake in the report seems to require different baits and techniques but they are catching them.
It is surprising that, despite the heat, people are finding success. Each lake in the report seems to require different baits and techniques but they are catching them.
A Cruel Form of Search Engine Abuse
An article I read recently described the negative techniques used by some SEO businesses to harm competitor web sites. Like always, doing great at what you do draws attention and sometimes the attention is accompanied by jealousy, etc. In this case, a real estate agent may want to sabotage a competitor and knock them down in the search engines in hopes of replacing them in top rankings. Though I don't thing this is common, it is good to be aware of.
Online Remodeling Tools
Many people are comfortable using online tools for many things. The internet is becoming more and more functional for home and lifestyle. I found a site that helps people design rooms and see the results instantly. That way, they don't even have to go to Home Depot or Lowes but can do their design from their PC. Once they figure out more or less what they want then they can plan out the actual remodel.
It's cool to take swatches and see the results of a given change. Here is the site: http://homegarden.move.com/homegarden/remodeling-tools
It's cool to take swatches and see the results of a given change. Here is the site: http://homegarden.move.com/homegarden/remodeling-tools
Slower Economy Growth Tied to Housing
The Fed reported a slower economic expansion into the forseeable future due to the slow pace the housing market has set, among other key factors. Inflation risks are still moderate to high so the Fed is leary of dropping rates to stimulate the economy. The current housing situation has a great deal to do with the economic well being of the next couple of years.
Bernanke said, "the economy has emerged from its anemic spell, but overall growth for the year will be lower than expected. Inflation remains the chief concern...the economy appears likely to expand “at a moderate pace” over the second half."
Some are reporting (hoping) for a turn in the housing trends in 2008. The economy will follow suit over time and rebound some. Federal interest rates will remain unchanged as they have for nearly a year at 5.25 percent.
Bernanke said, "the economy has emerged from its anemic spell, but overall growth for the year will be lower than expected. Inflation remains the chief concern...the economy appears likely to expand “at a moderate pace” over the second half."
Some are reporting (hoping) for a turn in the housing trends in 2008. The economy will follow suit over time and rebound some. Federal interest rates will remain unchanged as they have for nearly a year at 5.25 percent.
Time Shares - To Buy or Not To Buy - 7 Tips
The time share industry seems to be booming. However, there are many practices out there that are a little sketchy. Many people love their purchases while others have mixed reviews. In the end, if you plan to make a purchase do your research and beware.
This article outlines several tips in buying: http://www.bankrate.com/natl/news/real-estate/20070410_timeshare_vacation_pressure_a1.asp
Briefly, the 7 tips are:
This article outlines several tips in buying: http://www.bankrate.com/natl/news/real-estate/20070410_timeshare_vacation_pressure_a1.asp
Briefly, the 7 tips are:
- Know the numbers
- Deal with high pressure sales tactics
- Walk away
- Don't buy into the "real estate" spiel
- Ask a lot of questions
- Pick a vacation spot because you like it
- Become a second owner to avoid depreciation
Many people find joy in vacationing in a certain location and a time share fits their goals. However, time shares don't necessarily increase in value so know your product before you buy.
Presidential Fundraising in Nevada
The presidential candidate race is alive and well. Without getting too political I thought I would make note of a report that just came out in the Las Vegas Review Journal. It shows a graph that displays the amounts of money earned by front runners in the election. Man, can the Republicans earn some money.
It will be interesting to see how much impact the funds have over the next few months.
It will be interesting to see how much impact the funds have over the next few months.
Friendly Reminder: Don't Leave Your Kids in the Car in the Summer Time Heat
For most, it is common sense to not leave a child in the car alone. In Las Vegas and other desert regions this issue can become a life and death situation. Each year the valley loses a few kids to neglect in the heat. The weather can create 115 degree temperatures outside the vehicle. Inside a vehicle, the temperature can rise very quickly to 130-140 degrees.
Parents are reminded to take that extra 30 seconds to take the child out of the car and pack them along.
Parents are reminded to take that extra 30 seconds to take the child out of the car and pack them along.
Keep Your Real Estate Deal Together
It is suprising how often deals that fall apart began to crumble in the area of financing. Home buyers often don't know where they stand in their ability to make a purchase based on their finances. Even when they do get pre-approved their lenders have often not done enough homework to make sure a deal will be solid.
A recent article was written stating, "Sellers should think twice before accepting an offer from buyers who haven't been preapproved. It's tempting to accept any offer if your home has been on the market for some time unsold. But, think of the time lost if your home is taken off the market for an underqualified buyer."
If you are selling your home make sure your real estate agent is astute at communicating to the buyer's side agent and lender that an offer will only be accepted if enough confidence can be instilled that the home will close.
A recent article was written stating, "Sellers should think twice before accepting an offer from buyers who haven't been preapproved. It's tempting to accept any offer if your home has been on the market for some time unsold. But, think of the time lost if your home is taken off the market for an underqualified buyer."
If you are selling your home make sure your real estate agent is astute at communicating to the buyer's side agent and lender that an offer will only be accepted if enough confidence can be instilled that the home will close.
Las Vegas Great Place for Entrepreneurs
Las Vegas has grown tremendously in recent years. The residential growth has caused a need for supporting commercial real estate and business. At around 1.8 million residents, the town is still relatively small so a good name and great service go along way. Businesses have seen great growth opportunities.
Entrepreneurs tend to do well in Las Vegas compared to other cities. Many markets are not nearly saturated with product and service. A person who chooses the right line of work, executes their business plan well, and works hard to be successful will usually come out on top.
A recent article in a Las Vegas news channel expressed that many restaurants and other franchises succeed because of the demand for quality products and services.
Entrepreneurs tend to do well in Las Vegas compared to other cities. Many markets are not nearly saturated with product and service. A person who chooses the right line of work, executes their business plan well, and works hard to be successful will usually come out on top.
A recent article in a Las Vegas news channel expressed that many restaurants and other franchises succeed because of the demand for quality products and services.
More Change on the Las Vegas Strip: Frontier Hotel Casino to Close
Another casino hotel on the Las Vegas Strip is closing its doors awaiting development of yet another huge real estate project. The Frontier, opened in 1942, closed its doors at 12:01am this morning. The 105 room hotel has quite the history as it has become a landmark in the ever popular Las Vegas Boulevard.
The announcement comes with little shock after recent implosions of classic casinos like the Stardust. Many who may have seen the Strip as long as 2 or 3 years ago wouldn't recognized the changed skyline. Huge high rise towers and other projects have popped up in the "Manhattanization" phase of Las Vegas.
Other parts of the valley continue to see growth as well. Residential properties continue to build out across the valley.
Even in a national downturn of the real estate market Las Vegas remains strong.
The announcement comes with little shock after recent implosions of classic casinos like the Stardust. Many who may have seen the Strip as long as 2 or 3 years ago wouldn't recognized the changed skyline. Huge high rise towers and other projects have popped up in the "Manhattanization" phase of Las Vegas.
Other parts of the valley continue to see growth as well. Residential properties continue to build out across the valley.
Even in a national downturn of the real estate market Las Vegas remains strong.
Minorities No Longer a Niche
Real Estate Magazine recently wrote an article claiming that "within the next five to 10 years minorities - the majority of them Hispanic - could account for up to 60% of all first-time home purchases." In fact, by 2050, as much as half of the country's population will be non-caucasian. Many of the residents will not speak english and will come from different cultures and backgrounds.
Real estate agents must be prepared to change their services and in some cases their communication methods to account for varied languages (i.e. spanish real estate agent web site). Agents who are most versatile will gain a reputation and stand out to potential clients and markets.
Real estate agents must be prepared to change their services and in some cases their communication methods to account for varied languages (i.e. spanish real estate agent web site). Agents who are most versatile will gain a reputation and stand out to potential clients and markets.
Las Vegas Agency Code Changed
Several changes have recently be made to the Las Vegas real estate agent code: NRS 645. One of these changes was an actual definition of "agency": a relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party. Other changes have also been made for clarification, etc.
Another change, of several, was that a client can waive the duty to present all offers with informed, written consent. That will cut out the presentation of low ball or rediculous offers if so waived.
Las Vegas Realtors should become aware of such changes and understand their impacts as they represent their clients.
Another change, of several, was that a client can waive the duty to present all offers with informed, written consent. That will cut out the presentation of low ball or rediculous offers if so waived.
Las Vegas Realtors should become aware of such changes and understand their impacts as they represent their clients.
Timely Response to Internet Leads
A report stated that as many as 80% of internet leads are not responded to in a timely fashion. Specific to real estate the numbers are similar. 48% are not responded to with a phone call and of the remaining 52% 16 hours pass from the initial contact to the followup call.
Many brokers and agents spend thousands on their web sites. Few brokers and agents have the resources and staff to respond in a timely fashion. Solo agents run about their business only to arrive at their inbox late in the day when a hot lead has been sitting and since found someone else with the manpower to respond.
Companies who have a live transfer system of some sort have much higher conversion rates than others without such a system. The bottom line is directly affected by improving these conversion rates.
Many brokers and agents spend thousands on their web sites. Few brokers and agents have the resources and staff to respond in a timely fashion. Solo agents run about their business only to arrive at their inbox late in the day when a hot lead has been sitting and since found someone else with the manpower to respond.
Companies who have a live transfer system of some sort have much higher conversion rates than others without such a system. The bottom line is directly affected by improving these conversion rates.
Realtors and Technology
An article in Real Estate magazine perked my interest (granted I'm kind of a geek). It said that in a recent survey, 25% of respondents had spent more than $2000 on technology in 2006. Two-thirds have a real estate business web site and 1/4 of those spend more than $1000 annually to maintain that site. In all, more than 50% spend more than $1000 per year in some type of technology.
The demand for additional technology is high and 2/3 say they would like their broker to offer more technology solutions.
It will be interesting to see what solutions arise in the future to make Realtors more productive and successful.
The demand for additional technology is high and 2/3 say they would like their broker to offer more technology solutions.
It will be interesting to see what solutions arise in the future to make Realtors more productive and successful.
Las Vegas Crime
As a Las Vegas Realtor we frequently get asked about crime statistics for specific areas. "Is this area safe?" is a question that comes up. The liabilities of steering accusations stop us from giving our opinions. However, we do point clients to the valley crime tracking resource: http://www.lvmpd.com/crimeviewcommunity/
Potential new home buyers can research the areas they are interested in and determine for themselves whether the area is safe or not.
Las Vegas is a city. Like any city there are going to be crimes. A small town in Montana has crime. The key is to find a place where you and your family feel comfortable.
There are many types of communities in the valley. Some are guard gated, some just gated, and some open to anyone. Some are secluded and some are very public. Residents can determine what makes them feel safe and associate with people who will aid them in a secure lifestyle.
Potential new home buyers can research the areas they are interested in and determine for themselves whether the area is safe or not.
Las Vegas is a city. Like any city there are going to be crimes. A small town in Montana has crime. The key is to find a place where you and your family feel comfortable.
There are many types of communities in the valley. Some are guard gated, some just gated, and some open to anyone. Some are secluded and some are very public. Residents can determine what makes them feel safe and associate with people who will aid them in a secure lifestyle.
New Gasoline Line to Come to Las Vegas
Sometime around the beginning of the year I posted a blog about research done to predict the future need of gasoline and other petroleum based fuels in the valley. A TV program had reported their research that the valley's 2 lines (one for consumer fuel and the other for jet fuel) would be at max capacity by 2010.
The RJ has reported that a new line will spend $300,000 on a new line. A different owner than the current line will cause some competition so gas prices may drop relative to current valley standards.
Las Vegas residents will benefit from the price changes and the increase in fuel availability. As more people move into the area many infrastructure and consumer systems are expanded. Businesses grow around these communities and supporting the surrounding real estate growth.
The RJ has reported that a new line will spend $300,000 on a new line. A different owner than the current line will cause some competition so gas prices may drop relative to current valley standards.
Las Vegas residents will benefit from the price changes and the increase in fuel availability. As more people move into the area many infrastructure and consumer systems are expanded. Businesses grow around these communities and supporting the surrounding real estate growth.
Las Vegas Market Watch (2007 June Month End)
Summary: Listing numbers flatten some and prices remain fairly flat - drop slightly. The median prices hover around $275k - 285k.
Las Vegas Listings: (view chart)
For the sixth straight month the number of net listings has grown. The listing numbers have flattened some. The net increase was still considerable but not as great as previous months.
Las Vegas Market Strength: (view chart)
According to the formula we are using the market strength has changed little. Buyers are still buying at a decent rate. Of those homes that sell, the average days on market remain fairly constant at 76.
Las Vegas Resale Homes Sold: (view chart)
Homes are selling. A large inventory provides great opportunities for buyers as they enter the market. The number of buyers purchasing resale homes is down from previous years when the market was scorching hot. It has adjusted to a more "normal" market. If you want your home to sell with the large inventory be sure to price it right and create the maximum market exposure.
Las Vegas Median Prices: (view chart)
Median prices are relatively unchanged. They settle from month to month between $280k - 290k. This month they settled out on the low end of that range.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
There is no better time to buy or sell Las Vegas real estate. If you are going to buy, do it now while the market is awaiting the next positive growth. If you are going to sell, do it now. Prices will likely remain flat for 18-24 months so take advantage of the spring and summer selling season to make your transition.
Author: Las Vegas real estate agent: Darren Hildreth, Las Vegas Realtor®
Also Posted On: http://lasvegasrealestatenews.blogspot.com/
Las Vegas Listings: (view chart)
For the sixth straight month the number of net listings has grown. The listing numbers have flattened some. The net increase was still considerable but not as great as previous months.
Las Vegas Market Strength: (view chart)
According to the formula we are using the market strength has changed little. Buyers are still buying at a decent rate. Of those homes that sell, the average days on market remain fairly constant at 76.
Las Vegas Resale Homes Sold: (view chart)
Homes are selling. A large inventory provides great opportunities for buyers as they enter the market. The number of buyers purchasing resale homes is down from previous years when the market was scorching hot. It has adjusted to a more "normal" market. If you want your home to sell with the large inventory be sure to price it right and create the maximum market exposure.
Las Vegas Median Prices: (view chart)
Median prices are relatively unchanged. They settle from month to month between $280k - 290k. This month they settled out on the low end of that range.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
There is no better time to buy or sell Las Vegas real estate. If you are going to buy, do it now while the market is awaiting the next positive growth. If you are going to sell, do it now. Prices will likely remain flat for 18-24 months so take advantage of the spring and summer selling season to make your transition.
Author: Las Vegas real estate agent: Darren Hildreth, Las Vegas Realtor®
Also Posted On: http://lasvegasrealestatenews.blogspot.com/
Elite Las Vegas Homes Sell for Amazing Prices
A home located on 5 Misty Peaks Court recently sold for a very high amount. It's not the $8.7 million price tag that is mind boggling for Las Vegas; it is that it sold for $746/sqft which may be one of the highest in Las Vegas real estate history.
Communities in Summerlin have been proven as valuable properties. Other homes in the area are still selling at considerable amounts suggesting that the high end housing market has not flattened much.
Communities in Summerlin have been proven as valuable properties. Other homes in the area are still selling at considerable amounts suggesting that the high end housing market has not flattened much.
Fire Season in Nevada
On the way home from Montana we had to pass through Utah. Range fires near the I-15 shut down stretches of the freeway from Cove Fort to the I-20 junction. As we drove along, huge trees were engulfed by flames and in parts the visibility was extremely poor. We were detoured and could see the smoke for many miles.
As we entered Nevada, we could see smoke and fires on several mountain sides. It is believed that lightning started the fires but fireworks and camp fires are possibilities. Nevada homes are being protected and some have been asked to evacuate.
Residents and visitors should be very careful when camping and recreating.
As we entered Nevada, we could see smoke and fires on several mountain sides. It is believed that lightning started the fires but fireworks and camp fires are possibilities. Nevada homes are being protected and some have been asked to evacuate.
Residents and visitors should be very careful when camping and recreating.
Real Estate Differences From State to State
We arrived into Las Vegas late last night from Montana. What a great vacation. Our family really enjoyed our outing and had a chance to refresh.
My grandfather had just finished a home and was beginning another. He builds about one or so a year. I have spent most of my time focused on real estate here in Nevada and it seems I am surprised everytime I go back to see the variety of home styles along with the pricing and lot sizes.
Las Vegas has become such a popular place to live because of the great lifestyle that residents are settling for cozier lots and homes so they can afford to own. As a contrast, in Montana homes and lots are quite a bit larger but it is much harder to make a living and residents have to be of a particular personality.
While I miss the smell of sage and the open skys of Montana, I also enjoy the social atmosphere of the Vegas valley.
My grandfather had just finished a home and was beginning another. He builds about one or so a year. I have spent most of my time focused on real estate here in Nevada and it seems I am surprised everytime I go back to see the variety of home styles along with the pricing and lot sizes.
Las Vegas has become such a popular place to live because of the great lifestyle that residents are settling for cozier lots and homes so they can afford to own. As a contrast, in Montana homes and lots are quite a bit larger but it is much harder to make a living and residents have to be of a particular personality.
While I miss the smell of sage and the open skys of Montana, I also enjoy the social atmosphere of the Vegas valley.
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