"The rich are even richer than ever before and the very wealthy are pouring more money into residential real estate," says Laurie Moore-Moore, the founder of the Dallas-based Institute for Luxury Home Marketing.
Las Vegas Luxury Housing Market Resists Mortgage Crisis
Although foreclosure proceedings have increased some 70% in 2007 for many homes, luxury real estate has not yet been heavily affected. In fact, in many markets the prices continue to rise. Las Vegas real estate is an example of a strong luxury market. By luxury we're not talking $500,000. Homes in the millions of dollars are in shortage and that limited supply of primier properties has caused the value rise among the wealthy. Several communities in the Las Vegas valley are very resistent over all.
Web Users Able to Show Off Their Homes
Web savvy? Proud of your home? TheLensFlare is a photo sharing community that allows users to upload pictures and share them with others. It targets professionals and is a PG rated site. Home owners who want to share pictures of their beautiful homes or anything else for that matter can sign up for free and post away.
Examples:
Examples:
- http://www.thelensflare.com/gallery/p_jewel_3658.php
- http://www.thelensflare.com/gallery/p_weathersnow_23528.php
- http://www.thelensflare.com/gallery/p_bonsai_5664.php
Las Vegas MLS System Updated
In recent months the Las Vegas MLS Search system was enhanced for Realtors in the valley. Real estate agents are able to generate more accurate searches and pull better reports for clients.
The home search is challenging for many buyers. It has become difficult for some to sift through the thousands of homes to find the right one to purchase. A good real estate agent will help narrow down the options that don't fit and put clients in front of great homes.
If you're looking for a home of any sort in Las Vegas check out this free look at the multiple listing service. Once you have an idea of what you are looking at please contact an agent because they have access to more enhanced tools to help you find the right home.
The home search is challenging for many buyers. It has become difficult for some to sift through the thousands of homes to find the right one to purchase. A good real estate agent will help narrow down the options that don't fit and put clients in front of great homes.
If you're looking for a home of any sort in Las Vegas check out this free look at the multiple listing service. Once you have an idea of what you are looking at please contact an agent because they have access to more enhanced tools to help you find the right home.
Work Begins on Monte Carlo
Just 4 days after fire charred the upper floors of the Monte Carlo on the Las Vegas Strip workers enter to begin repairs. On Friday, thousands were evacuated as flames shot out of the top floor windows. The smoke could be seen from many parts of the valley. Yesterday visitors were allowed to return to collect belongings. They had been displaced to other MGM properties and comped their stay so they would feel it was OK to return. The casino will open as soon as possible. Both fire damage and water damage affect the reopen but efforts will be focused on the reconstruction so operations can be restored.
Las Vegas a Great Place to Live
There are hundreds of reasons to live in Las Vegas or invest here. Las Vegas still thrives during a time of national economic issues. World renown shows, clubs, casinos, hotels draw millions of locals and tourists annually. Real estate recently appreciated at historic rates and future expectations are strong. New casino projects are popping up all over, high rise condos/hotels are scheduled by the dozens along with well planned communities, jobs are abundant, new home developments continue to build out as demand for property remains steady and tourists flood The Strip.
Las Vegas is in its Manhattanization Phase. Great city growth, both outward and upward, is anticipated over the next decade. Job growth has been strong and with massive entertainment and retail projects currently under way it is expected that many more jobs will become available.
Local housing is surrounded by great schools, parks, easy access freeways, shopping, and jobs. People can choose from many different types of communities to fit their taste.
Las Vegas is in its Manhattanization Phase. Great city growth, both outward and upward, is anticipated over the next decade. Job growth has been strong and with massive entertainment and retail projects currently under way it is expected that many more jobs will become available.
Local housing is surrounded by great schools, parks, easy access freeways, shopping, and jobs. People can choose from many different types of communities to fit their taste.
Best of Las Vegas Poll
The Las Vegas Review Journal, a major news paper in Southern Nevada, is asking for voters as it begins the year with its "Best of Las Vegas" poll. Las Vegas residents and visitors are able to place votes for favorite restaurants, hotels, shopping, etc. They will then post the results on the site cataloging the business scene preferences.
If you live in Las Vegas or plan to move to the valley or have visited recently make your vote count. Visit http://www.lvrj.com/promotions/bestoflv.html and take a minute to select your favorites.
If you live in Las Vegas or plan to move to the valley or have visited recently make your vote count. Visit http://www.lvrj.com/promotions/bestoflv.html and take a minute to select your favorites.
What the Fed Cut Means to Americans
The good news: real estate rates may get cheaper and have already been priced cheaper in recent months.
The bad news: savings interest rates will likely take a hit.
MSNBC wrote an article about the effects of these changes on Americans. There will be little change for those with an existing mortgage unless the variable rate is in effect on the loan.
The bad news: savings interest rates will likely take a hit.
MSNBC wrote an article about the effects of these changes on Americans. There will be little change for those with an existing mortgage unless the variable rate is in effect on the loan.
"If you need to borrow money, it might get cheaper. Rates on 30-year, fixed-rate mortgages already have fallen to about 5.4 percent from 6.3 percent six months ago. These rates take their cue from 10-year U.S. Treasury bonds..."
Fed Cuts Interest Rates
The government, nervous about recession, has cut the key rate by 3/4 of a point from 4.25 to 3.5. Stock markets around the world have been hit hard by recent news about the world's largest market.
"Analysts said the fact that the Fed did not wait until its meeting next week to cut rates underscored the seriousness of the situation."Though the stock market is jittery and the situation is serious, savvy home buyers may see the move as good news with regards to their large purchase committment. There may be great opportunities for future real estate purchases.
New Home Builders Stay Current on New Home Designs
New home builders in Las Vegas are finding changing trends in the preferences of home buyers. Some searching for Las Vegas properties seek green while others seek organization. Many inquiring about Las Vegas homes want no wasted space and tidy garages. As technology advances real estate developments are looking at smart homes and higher end options. Residents want higher ceilings and "flex space", which is rooms with multiple uses. Granite, stainless steel, and hardwood or tile floors remain popular. The key is to find an agent who can help you locate these home features quickly and then negotiate them into the package.
Home Building Drops Almost 25% from Prior Year
Reportedly, national homebuilding has slowed considerably from previous years on account of several economic factors. Not all areas are affected so drastically. Las Vegas, for example, has slowed but considerable business developments in the valley over the next couple of years allows home builders to maintain a modest pace of building.
Some areas of the country have been affected more greatly than others. It is important to contact a real estate agent in your prospective area to see how recent trends have affected the local market.
Some areas of the country have been affected more greatly than others. It is important to contact a real estate agent in your prospective area to see how recent trends have affected the local market.
2008 Toyota Tundra - Great Professionals Vehicle
Successful real estate agents are often recognized for the type of car they drive. Many choose a Lexus or BMW or Mercedez or that huge SUV to haul all of those clients. Here's food for thought. We test drove a new Toyota Tundra Crew Max, which was selected as the 2008 Motortrend Truck of the Year, and would consider it as the perfect Realtor vehicle.
It is as roomy as any comfort class car. It has all the gadgets (bluetooth, JBL stereo, Leather, navigation, etc.) and a bed for those pesky open house signs and other bulky carry-alongs. If I lived anywhere rural, even in Las Vegas, I'd have a truck for sure for realty work and the Tundra seems classy and durable.
It is as roomy as any comfort class car. It has all the gadgets (bluetooth, JBL stereo, Leather, navigation, etc.) and a bed for those pesky open house signs and other bulky carry-alongs. If I lived anywhere rural, even in Las Vegas, I'd have a truck for sure for realty work and the Tundra seems classy and durable.
Major Las Vegas News Group Supports Mitt Romney
A Las Vegas newspaper, the Las Vegas Review Journal, has chosen Mitt Romney as the recommended candidate for Nevada caucuses. Nevada is shaping up to be a key state in this election. The news group claims:
"In Thursday's Review-Journal, the editorial board recommends Republicans in the Saturday caucuses support the candidacy of former Massachusetts Gov. Mitt Romney. The board notes his positions and experience give him an edge in a field of worthy and viable Republican candidates. "Saturday the 19 is the caucus for Nevada. Will be an exciting day.
Las Vegas City Center Half Sold Out
Around 50% of the 2650 units have sold at the Las Vegas City Center project. The units are high-end homes located right on the strip. The project is huge. It will cost around $7.8 billion when all is said in done in November 2009.
"The demand for this product is there," Dennis said. "What our sales figure show is that the high-end residential market is much more buoyant and resilient than the general residential home market. We're comfortable we'll reach a sell-out mark by opening."The project will require thousands of employees to support it creating many jobs. The residential market will heat up simply because of the demand for workers.
First Time Las Vegas Home Buyer Asperations
I spoke with a young man recently who is finishing college and has the world in his talented hands. He could choose any direction and he would succeed. He said one of his first goals once he nails down what his plans will be is to purchase a Las Vegas home. He sees the value his parents home has gained even in the downturn and is timing the market just right to get into the market. His eyes are fixed on the news and determining when to get in. He understands that later this year and into the next there will be more than 60,000 (some report 100,000+) new jobs drawing residents from all over. Well, the rental industry supply is low and there are currently less than 25,000 listings including condos and townhomes. What happens when a supply is extinguished and demand remains high? Simple economics say the prices will rise. The buzz is getting exciting. Many are asking, "when is the market going to swing?" The answer is soon and according to many it will be a considerable swing.
Bank of America to Purchase Countrywide for $4B
A deal has come together for Bank of America to purchase Countrywide for $4 billion. The deal greatly expands the financial services empire of the nations largest consumer bank and will make it the largest home mortgage lender and servicer.
The news comes at an interesting time in the mortgage industry. There is risk for the purchaser even with the discounted prices on existing loans.
The products B of A has to offer is expanded with the purchase. However, lenders are tightening down considerably on home buying requirements. Many would-be home buyers are forced to consider alternate housing options. We have seen buyers in Las Vegas fight to remain qualified even while a home is in escrow because of the changes.
The news comes at an interesting time in the mortgage industry. There is risk for the purchaser even with the discounted prices on existing loans.
The products B of A has to offer is expanded with the purchase. However, lenders are tightening down considerably on home buying requirements. Many would-be home buyers are forced to consider alternate housing options. We have seen buyers in Las Vegas fight to remain qualified even while a home is in escrow because of the changes.
Las Vegas Real Estate Market Statistics (2007 December Month End)
Summary: The number of listings slowed due to seasonal factors. The average days on market have stayed contant. The median prices have dropped slightly.
Las Vegas Listings: (view chart)
As predicted by seasonal changes listings in December dropped by a normal margin. The curve matches other years and is a bit more exaggerated by negative press on housing.
Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, although it has climbed. The key to selling today is pricing a home correctly.
Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has decreased. The holiday season affects both buying and selling activity.
Las Vegas Median Prices: (view chart)
Median prices dropped some. They're holding steady at between $240k - 260k.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
The holidays have affected the number of home for sale. Sellers are involved in other activities so listing numbers drop off. Buyers who are motivated are making purchases and will reap the benefits. The national average for days on market is around 90 in a healthy market. Las Vegas homes, which usually sell in less time, that are priced correctly are selling on average for just under that amount still. While the market is in correction, gains from years ago are still considerable.
Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/
Las Vegas Listings: (view chart)
As predicted by seasonal changes listings in December dropped by a normal margin. The curve matches other years and is a bit more exaggerated by negative press on housing.
Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, although it has climbed. The key to selling today is pricing a home correctly.
Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has decreased. The holiday season affects both buying and selling activity.
Las Vegas Median Prices: (view chart)
Median prices dropped some. They're holding steady at between $240k - 260k.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
The holidays have affected the number of home for sale. Sellers are involved in other activities so listing numbers drop off. Buyers who are motivated are making purchases and will reap the benefits. The national average for days on market is around 90 in a healthy market. Las Vegas homes, which usually sell in less time, that are priced correctly are selling on average for just under that amount still. While the market is in correction, gains from years ago are still considerable.
Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/
10 Tips for Protecting Your Credit
Buying a home requires good credit in most cases. Restrictions are tighter today than they were before. So, protecting your credit is very important. This report suggests 10 tips to protect that credit score:
- Reflect on the ways errors can creep in
- Check out your credit report
- Contact the credit bureau first
- Keep good records
- Go to the source as well
- Understand how mistakes should be handled
- Take a deep breath
- Be alert for telltale signs of identity theft
- Do you need legal help
- Think you’ve been a victim of identity theft
It is critical to check in on your score from time to time. I have had my credit card stolen twice and I never leave it out of site. The bank called to report unusual activity and remedied the situation. However, had they not caught the fraud I would have been in for a long process. Securing a home, auto or education can hinge on good credit.
Las Vegas Hosting CES Convention on the Strip
The countries largest electronics shows is underway. The Consumer Electronics Show (CES) is hosted in large convention centers down on the Strip. Las Vegas is expecting some 150,000 visitors from the show. Hundreds of companies are involved showing off the latest and greatest in technology.
We paid the show a visit yesterday and saw how up and coming technology might inpact the real estate industry. The big factors is that everything is becoming mobile. Companies are focused on helping people connect and transport information using mobile devices. Bill gates spoke at the keynote on Sunday and expressed just that point. The industry will be focused on the user experience and connecting everyone.
We paid the show a visit yesterday and saw how up and coming technology might inpact the real estate industry. The big factors is that everything is becoming mobile. Companies are focused on helping people connect and transport information using mobile devices. Bill gates spoke at the keynote on Sunday and expressed just that point. The industry will be focused on the user experience and connecting everyone.
Credit Score Formula is About to Change
Fair Isaac Corp., the company responsible for the popular FICO credit score is changing the way the score is calculated. It is anticipated that it will do a better job at calculating and predicting the likelihood of a borrower defaulting on a loan. In fact, it should help decrease default rates by 5-15%.
The new score will be more lenient on occasional misses but more strict on repeat offenders.
The latest version of the FICO score
Millions of people will be affected by the shift. It should help the economy over time, lenders who don't want defaults and in the end the consumer may get cheaper rates and those who have a great history with minor blemishes will not be punished as hard. It could be good for many.
The new score will be more lenient on occasional misses but more strict on repeat offenders.
The latest version of the FICO score
will largely look and feel the same to consumers and lenders. Scores will still range from 300 to 850 -- the higher the better -- and the model will continue to look at the same factors, including consumers' level of credit indebtedness and payment histories, length of credit histories, number of recent credit openings and inquiries, and the type of credit used, to determine scores.
Millions of people will be affected by the shift. It should help the economy over time, lenders who don't want defaults and in the end the consumer may get cheaper rates and those who have a great history with minor blemishes will not be punished as hard. It could be good for many.
States Begin to Standarize Mortgage Broker Rules
Real estate agents tend to be quite regulated in their practices from state to state. However, mortgage brokers and agents have seen fewer restrictions. Getting a license in NV, for example, isn't nearly as vigorous as for real estate agents.
However, that may be changing in some states. 7 states: Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island have launched a standardized and mandatory process to more thoroughly license and track mortgage brokers.
However, that may be changing in some states. 7 states: Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island have launched a standardized and mandatory process to more thoroughly license and track mortgage brokers.
"While mortgage regulations vary dramatically from one state to another, the new system creates a uniform application for mortgage brokers and a database that banking regulators, and eventually consumers, can use to track down brokers who try to work in one state after being banned from another. Consumers should have access by next year." - MSNBCThis may be a trend we see on a more national basis to help protect consumers.
Las Vegas Housing Scam Revealed
The rise in foreclosures has caused some to become desperate to save their credit and as much money as possible. Residents look for ways to avoid the crunch. Meanwhile, others look to profit from the situation. Beware of equity skimmers.
A man in Las Vegas tells debtors he will buy a home and rent it out. He then defaults on the payments and makes off with the rent income. The bank forecloses on the original owners anyway.
If you are approached by someone trying to save your home be sure to research the scenario carefully. It is best to contact a sincere real estate professional to investigate your options.
A man in Las Vegas tells debtors he will buy a home and rent it out. He then defaults on the payments and makes off with the rent income. The bank forecloses on the original owners anyway.
If you are approached by someone trying to save your home be sure to research the scenario carefully. It is best to contact a sincere real estate professional to investigate your options.
Las Vegas "Downtown Centennial Plan" Well Under Way
In 2000 Las Vegas officials released a plan (revised in 2007) to Manhattanize Las Vegas. Anyone who visited the Strip for the very successful New Years bash has noticed the new skyline. What many may not know is the full extent of the city's central revamping.
Las Vegas has been divided into nine districts:
Las Vegas real estate in many parts of the city are affected by the redevelopment. High rises and other forms of residential living along with considerable commercial projects will reshape the heart of the Las Vegas valley.
Las Vegas has been divided into nine districts:
- Office Core
- Las Vegas Boulevard
- Downtown South (includes The Las Vegas Arts District)
- Union Park
- Central Casino Core
- Northern Strip Gateway
- East Village (includes Freemont East Entertainment District)
Las Vegas real estate in many parts of the city are affected by the redevelopment. High rises and other forms of residential living along with considerable commercial projects will reshape the heart of the Las Vegas valley.
New Year in Las Vegas Lights Up the Sky
Las Vegas celebrates the New Year with a huge display of fireworks. Seen from all over the valley, choreographed fireworks were launched from several of the casinos on the Las Vegas Strip.
News stations covered the event on TV complete with music. In fact, the whole night was covered. Parties all up and down Las Vegas Blvd hosted thousands. As many as 300,000 people participated downtown.
From the Freemont Experience to Mandalay Bay the noise of celebrating visitors and locals could be heard. The weather was great and droves of people had a great time. It was an exciting night.
News stations covered the event on TV complete with music. In fact, the whole night was covered. Parties all up and down Las Vegas Blvd hosted thousands. As many as 300,000 people participated downtown.From the Freemont Experience to Mandalay Bay the noise of celebrating visitors and locals could be heard. The weather was great and droves of people had a great time. It was an exciting night.
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