Las Vegas Real Estate

Uptick in Siesta Key Homes for Sale Requests

2009-06-11T08:53:00.015-07:00

Good news for the real estate industry - Las Vegas and Florida, two of the hardest hit real estate markets, are both reporting that things are looking up again, sooner than expected. Here’s the latest news from another resort style city, Sarasota, Florida.

With some of the finest white sand beaches in the world, Siesta Key beach moved up one spot to the Second Best Beach in the United States on Dr. Beach’s annual 2990 Top 10 Beaches List. Siesta Key was the 3rd best beach in the country according to Dr. Beach. Throughout the years, the beaches of Siesta Key have won numerous awards due to its sparkling white sand which is cool to the touch. Beachcombers love to wander the beaches on this 8 mile barrier island off the coast of Sarasota.

So Far in 2009, Annette Smith, Realtor and John Allen, Broker of Allen Real Estate Services in Sarasota FL report an uptick in sales activity on Siesta Key beach homes and condos. John’s site BuySarasota.com is the premier site for Sarasota area waterfront homes and condos for sale. Siesta Key homes and maintenance-free condominiums ooze with island charm, and residents love their resort lifestyle. Siesta Key sunsets are an extra benefit of island living.

Siesta Key Attractions

Beach: Drum Circle every Sunday until sunset
Shopping in Siesta Key Village
Restaurants: Broken Egg, Turtles, Ophelia’s, Blasé Cafe
Fishing
Boating
Night Life: Beach Club

The Sarasota MLS reports more than 600 properties for sale currently on Siesta Key. Single family homes on Siesta Key range from $215,000 to $15,000,000. Prime locations for Siesta Key homes for sale are the properties closest to the beach and closest to Siesta Key Village. Condo living on Siesta Key is especially popular and currently there are 453 condos, town houses and villas for sale on the Key.

Siesta Key Village

Specialty shops, cafes, and restaurants are abundant in Siesta Key Village where beachgoers have quite an array of surf shops to browse for beach towels, suntan lotions, and most importantly flip flops. Residents and visitors mingle and connect in this small eclectic beach village. Siesta Key is a great spot if you want to live where the sand isn’t hot when it hits your toes!

Additionally, residents of Siesta Key drive a short distance to downtown Sarasota for excellent shopping, restaurants and the cultural venues of this coastal area.

For more information on Siesta Key homes for sale or perhaps a waterfront condo in South West Florida, contact Annette Smith at 941-504-3922 for a prompt reply.

Short Sales Don’t Have to Ruin Your Credit!

2009-05-12T13:01:00.002-07:00

Like markets across the country, Las Vegas real estate has been hit hard by declining values and many homeowners are unable to sell their properties without coming out of pocket. Good news has arrived for those who have so far kept their payments current, but have been seriously considering filing for bankruptcy or letting their homes go into foreclosure. Some lenders are now allowing homeowners to go ahead and do a short sale without first falling behind on their payments.

A short sale or pre foreclosure occurs when a homeowner owes more on his property than it is currently worth and the creditor agrees to take less than the amount owed. First the homeowner has to show proof of true hardship which can be due to a variety of reasons: loss of employment or drastic cut in pay, loss of income from investments (stock market declines), illness, divorce, or death in the family. The homeowner has to write a hardship letter explaining in detail why they can no longer afford the payments on the property. They also have to provide tax returns, pay check stubs and current financials to support the hardship letter.

After the seller completes the short sale documentation, the property is put on the market. Once a bona fide buyer makes an offer that is accepted by the seller, the listing agent then submits the offer and the short sale package to the lender for approval. The bank will do their own estimate of value and decide whether to approve or possibly counter the original offer with what they are willing to accept.

Until recently the banks were not willing to look at a short sale package unless the property owner was already behind in their payments. The late payments and the short sale settlement meant the that property owner took a huge hit on their credit scores and were ineligible to buy another home for at least four years.

But with the glut of Las Vegas foreclosures on the market and the increasing costs of maintenance on foreclosure properties, the banks are becoming a bit more lenient toward Las Vegas short sales. Some are now willing to approve a short sale even if the homeowners have kept their payments current. Most of the time the homeowner remains living in the residence and taking care of it until the sale, meaning the properties are in better shape and sell for more than they would later after foreclosure. The credit report reads “negotiated settlement,” and the homeowner may only take a minor hit on their credit score. If their scores were high enough to begin with, they may even be able to buy other lesser priced Las Vegas homes almost immediately, or as soon as they can save up the down payment money.

So if you have been feeling that you need to get out from under a huge mortgage balance, but you hate the idea of damaging your credit, there may be hope! The inventory on Las Vegas homes for sale is down dramatically from what it was a year ago, so it may not be as hard as you think. Contact one of our short sale specialists today and let us help.

Multiple Offers On Las Vegas Properties Again

2009-04-23T01:32:00.005-07:00

Dear Readers,

Below is a letter that I sent last night to an Australian agent who has clients that want to buy Las Vegas real estate. I had sent her some "best buy" Las Vegas MLS listings two weeks prior and her clients were supposed to respond immediately. But they procrastinated and lost out on the home they wanted. I realized as I was writing my response, that it was a great lesson in timeliness and patience for any buyer that is looking to purchase in this crazy market.

Hey Jo,

Where you been, girl?! The property your clients chose already has a contract on it – actually they had multiple offers. It sold for cash above the most recent list price, and is due to close this Friday.

We are experiencing a HUGE surge in buying. You know the frustrating experiences you already had trying to put in offers? Well just in the past couple of weeks our market has gone officially insane. Everything decent under $150k is now getting multiple offers within a couple of days and averaging 3% above list price. By the end of March we had 80% more sales than last year at this time!

The listing agents won’t even present an offer now unless it is accompanied by either proof of funds for cash buyers (in the form of a current bank statement) or full loan approval for buyers getting Las Vegas mortgages. The banks don’t even care if the buyers are cash or getting loans – they are only looking at the bottom line since the mortgage buyers are fully approved anyway.

And just to make it even tougher, some of the REO listing agents are playing games with the offers and trying to sell them “in house.” Not what you wanted to hear, I know.

But we have so much pent up demand from first time home buyers: prices are affordable for the first time in years and our federal government passed a tremendous first time homebuyer tax credit. Plus the news is starting to report Las Vegas as one of the most undervalued markets again, so here come the investors once more!

I am right on the spot, and in order to get two properties in escrow for myself this week I had my offers out to the listing agents within hours of the properties going on the market, sight unseen. We actually bid on five Las Vegas homes to get two. They are both short sales, so I still have to wait for the banks to approve the shorts on the loans. (Oh, yes, I am definitely in buying mode myself. I really think we have hit bottom and will start to see a rise again by year’s end. Personal opinion, of course, but it feels right to me based on what I am seeing in the market.) One of the properties I bid on got THIRTY offers!

Anyway, long story short (too late!), first of all your buyers would have to send us their proof of funds in advance, and second they have to be ready to pounce immediately. Literally: we send you the homes, they pick at least two or three to put offers on within just a few hours and then email us back right away so we can prepare contracts. (ALL the banks have counter offer addendums, so the clients won’t ever have to worry about being on the hook for more than one property. If we got lucky enough to get a positive response from more than one, we would just pick the one we liked the best and reject the counter on the other.)

We email back the contracts along with the comparable sales info on the properties they have chosen so that your clients can feel totally confident that they are paying a reasonable price. They sign the contracts and send them back, and then we “present and pray.” We will already be working with a time zone challenge, and really only have perhaps 72 hours between the property going on the market (or having a significant price reduction to below market value) to offer presentation to be effective. And that’s because we truly are sending you the BEST listings.

The buyers should also be prepared to wire funds within one business day to the escrow company to cover the earnest deposit if they get an accepted offer. Very few properties will be completely turn-key – some handy work will probably be required, though there are enough that just require basic cosmetics. (Touch up paint, landscape maintenance, carpet cleaning, etc.) Remember, the lowest priced properties are all Las Vegas foreclosures (bank owned) or Las Vegas short sales - the banks are not making any repairs and are selling “as is, where is.” And most of the original owners were not all that happy about moving out.

If your buyers are truly serious about proceeding, we should get their current proof of funds first off. Then they need to commit to responding with a couple of properties they are willing to purchase within a short (few hours) time frame so that we can prepare contracts. And they need to know that they are probably going to have to bid over list price unless the comparable sales data indicates otherwise. Low balling worked when prices were higher and no one was buying. Now everyone is back in the game again.

Deep breath!! Did I put you to sleep with this novella? I don’t want to discourage your buyers, but unless they are prepared to be really aggressive it’s going to be hard to get them something good.

Cheers and looking forward to hearing back from you - quickly!
Diann

PS When I speak of Las Vegas real estate, that also includes Henderson real estate. It is a small valley and they run right into each other. Also, if your clients do want to go higher in pricing, there are some dynamite deals in some of our gorgeous Las Vegas golf course homes too!

Las Vegas Top Ten Luxury Homes and Condos Deals for March 2009!

2009-03-12T18:57:00.006-07:00

Las Vegas real estate prices have not been this low since the year 2000! Now is the time to take advantage of the tremendous bargains you can find on these fabulous Las Vegas homes and condos in the most beautiful neighborhoods in our Valley.

Seven Hills sensation reduced over $340,000 below original sales price! Luxurious almost 4500sf home with pool in prestigious guard gated community! Owner’s loss is buyer’s gain on this amazing pre-foreclosure home upgraded to the max in a gorgeous Seven Hills guard gated neighborhood! Bright and spacious 4497 sf 6 bedroom 4.5 bath beauty with 3 car garage and resort style pool/spa on an oversized beautifully landscaped lot. Crown moldings, plantation shutters,16" tile throughout, 2 fireplaces and more priced WAY below market for a fast sale at $460,000!
Stunning custom with unobstructed Strip Views for HALF the original price!! How low will the bank go on this truly incredible estate home in guard gated Anthem Country Club?!!! Exquisite 10,000 sf 5 bedroom 6 bath luxury home with stunning Strip and golf course views! Beautiful marble flooring, superb gourmet kitchen with top of the line stainless steel appliances, phenomenal master suite with balcony, crown moldings, basement game room with 16 seat home theater, six fireplaces, elevator, spectacular pool, spa, waterfall and koi pond and just too much more to list! Las Vegas foreclosures have never been better deals - originally sold for $3.2M and now fire sale priced at only $1.6M.

Amazing deal in the District at Green Valley Ranch for 70% off last sales price! If you have been looking for a deal at 30 cents on the dollar in a luxury setting, look no more! Gorgeous bank owned unit on the 3rd floor of the fabulous District at Green Valley Ranch. 1256 sf 2 bedroom 2 bath luxury condominium upgraded to the max with detached two car garage, just steps from boutique shopping, casino and gourmet restaurants. Granite counters, custom cabinetry, stainless steel appliances, travertine flooring and much more with spectacular city and mountain views plus on site fitness center, theater room, concierge service and security. Sold in 2007 for $1,015,000 and now sale priced at only $299,999. First come, first served!

MacDonald Highlands bank owned home for 39 cents on the dollar!! Buy the least expensive home in this exclusive custom neighborhood!Beautiful 4,235 sf 4 bedroom 3.5 bath home with three car garage in spectacular MacDonald Highlands guard gated golf community! Huge open floor plan, designer tile flooring, custom cabinetry, gourmet island kitchen with granite countertops and stainless steel appliances, sinful master suite with balcony, and so much more on 10,000+ sf lot. Originally sold for $1,350,000 and now priced WAY below everything in the neighborhood at only $540,900 by the bank for a fast sale!!!

Steal this Lake Las Vegas luxury home with gorgeous golf and lake views for only $250k! Live the Las Vegas luxury lifestyle and be Celine Dion’s neighbor too!Absolute perfection in V at Lake Las Vegas! Mint condition 1600 sf 3br 3ba town home with separate office and two car garage upgraded to the max. Bright airy great room floor plan, custom tile floors, granite countertops, stainless steel appliances, sensational master bath with spa tub, huge balcony with spectacular views and much more. Privately gated community within Lake Las Vegas with clubhouse, fitness center and pool too. Originally sold for $870k and now priced at only $250k. Plus furniture may be sold separately to make this unit totally turn key!

MGM Signature fully furnished high rise condo hotel unit 60% off last sales price! Come stay and play at the MGM in this luxury high rise tower for only $175k!Fully furnished 520 sf luxury condo suite on the 6th floor overlooking the MGM Grand Lazy River and Brazilian pools with panoramic mountain views! Suite is totally turn key with plasma TVs, kitchenette, granite countertops, marble flooring, Jacuzzi tub, linens and more. Plus there is a private owner’s pool and spa, lounge, valet service, concierge and special privileges to MGM events. And you can place this unit with MGM’s rental program when you are not in residence. Last sold for $449k and price now slashed to $175k.

Almost half price in Trump Tower on the fabulous Las Vegas Strip! Live like the Donald in this spectacular Las Vegas high rise condominium on the 34th floor! Fabulous, elegant and fully designer furnished 34th floor NW corner 974sf 1 bedroom 2 bath luxury condo in Trump Las Vegas, just one block west of the Strip. Walk to Venetian, Encore, Wynn! Beautiful Mountain & City Views! Spectacular marble bath with View Window over Jetted Tub! On site rental program, resort style pool and spa, valet, dining and more! Originally sold for $850k and now incredibly priced at only $465k, even lower than the studio units!

Red Rock Country Club estate with golf and lake views – price slashed! Owner’s loss is buyers gain in this exclusive guard gated golf course community!No expense was spared on this lavish 4000+ sf 6 bedroom 6.5 bath home with all the goodies overlooking the tenth fairway on Red Rock golf course! Gorgeous pebble tech pool and spa, travertine floors, huge gourmet kitchen with granite counters and maple cabinetry, stacked stone walls and fireplaces, lavish master suite with sitting room and balcony, theater room, and more. Owner purchased for $1.375M and now giving away at only $739k!

Enjoy the fabulous views from the 30th floor of this spectacular condo just behind the new MGM City Center! Save over $350k on this sumptuous beauty located in the heart of Las Vegas!Sit back and enjoy the incredible views from all the rooms in this 2291 sf 2 bedroom 2.5 bath contemporary high rise unit in Panorama Towers just across from the MGM City Center. Dual master suites, large living and formal dining areas, marble entry, great kitchen with black granite counters, custom cabinetry and stainless steel appliances, and much more. Plus enjoy the convenient luxury of Panorama’s on site pool and spa, valet service, fitness facility and concierge. Originally purchased for $890k and now just reduced to $525K!

Do the math - last sold for $4.1M and now listed at only $1.4M! Exclusive luxury estate in prestigious Eagle Hills in Summerlin! Relax in over 8400 sf of elegance in this 5 bedroom 5.5 bath custom estate home on almost half an acre backing on to the private park. Spectacular pool with cabana and swim up bar, rounded glass windows, 25’ ceilings, wrap around balcony on the second floor, sumptuous master with two walk ins and steam shower, travertine floors, basement for home theater and more. This pre-foreclosure needs some TLC but the seller has priced it to go fast!!!

To view any of these sensational properties in person, please call our office at 702-985-7654. You can also view more photos at: Las Vegas Top Ten Real Estate Deals.

But hurry. These are true steals, and it won't be long before they are GONE!

Luxury Las Vegas Real Estate Goes Green

2009-03-01T18:53:00.006-07:00

Las Vegas real estate is going green. MGM City Center was the first LEED certified multi-use project in Nevada and now the Las Vegas homes market is following suit.

But the "best of the best" is without a doubt the Marquis Las Vegas project. Not only are the homes supremely energy efficient Smart Homes, they are knock your socks off gorgeous!

Walking through the models at Marquis Las Vegas by Blue Heron will have you voicing a rapidly rising crescendo of “oh wows!” Chosen by the National Association of Home Builders as the New American Home 2009, Marquis Las Vegas was featured during the International Builders Show as the epitome of green technology and innovative building techniques. These incredible homes are located in an ultra-exclusive neighborhood off of Tomiyasu Lane, an historical Las Vegas community that has been home to celebrities like Wayne Newton, Clark Gable, Carole Lombard, Robert Goulet, the Sultan of Brunei and Mike Tyson. The area contains several of Nevada’s most expensive properties, including estates ranging to more than 40 acres, but is just minutes from the Las Vegas Strip and Downtown.

Even as a Realtor who has literally seen thousands of luxury homes over the past 25 years, Marquis Las Vegas had me drooling! These homes have a distinct “desert contemporary” architectural style designed for entertaining and are packed with innovative features. From the zero edge pool, to the meditation room, to the waterfall flowing down the wall of the sunken outdoor patio, to the rooftop gardens, all your senses will be engaged and renewed. The master bath is a sheer delight – the master tub vibrates, sending soothing pulses throughout your body in time to relaxing music, and the steam shower features light therapy and rainbows, yes rainbows, that stimulate your brain.

And of course there is every type of technology that even computer geeks will find impressive. Homebuyers that choose the Smart House Package will actually spend two weeks with Microsoft, programming the entire home for their comfort and lifestyle. You can access the entire home from an I-phone, and if you can’t figure out what light switch to hit, you can call up a 24/7 hotline and they will do it for you!

I could go on and on about these homes, but you really have to see them to believe what you get. Each home is set on a half acre cul-de-sac lot next to Sunset Park which is set to undergo a $30 million dollar renovation. The Marquis courtyard style home plans can range from 4500 square feet to over 10,000 square feet and are exquisitely customized for each buyer according to their needs.

But the best part is: going green does not mean you have to sacrifice quality. The Marquis model home is a 9,000 square foot masterpiece, but since the energy for the home is both solar and solar thermal, you actually generate electricity back into the power grid for a net zero electrical balance. It is estimated that this home will run on natural gas and electricity for a mere $175 per month average.

And the price tag is extraordinarily reasonable for this level of luxury as well. Prices start at about $300 per foot finished, though they can go up to $425 per foot for the complete smart house and green features. To view some photos of this amazing project, visit our site at:

Marquis Las Vegas Homes.

Then to schedule a private tour day or night, call us at 702-985-7654. Even most of the Las Vegas foreclosures in the luxury home price range can't compare in price and amenities to Marquis Las Vegas! Learn more about Las Vegas Green Real Estate.

Las Vegas Homes - Allowable Seller Concessions

2009-01-29T13:47:00.005-07:00

How much can you ask the seller to pay on your behalf when purchasing Las Vegas homes for sale? The seller can actually contribute up to 9% in closing costs on a conventional loan if the you are putting up a large down payment! Below are the current allowable costs that the seller can pay on behalf of the borrower depending on which kind of loan the borrower is obtaining and the total down payment.

1. When it is an FHA loan, sellers can give up to 6% of the sales price towards buyer’s closing costs.
2. When it is a VA loan, sellers can give up to 6% of the sales price towards buyer’s closing costs depending on how the contract is written.
3. When it is a conventional loan on a primary residence or 2nd home the seller can give up to 3% of the sales price towards buyer’s closing costs if the buyer is putting 10% or less down.
4. When it is a conventional loan on a primary residence or 2nd home the seller can give up to 6% of the sales price towards buyer’s closing costs if the buyer is putting 10-25% down
5. When it is a conventional loan on a primary residence or 2second home, the seller can give up to 9% of the sales price towards buyer’s closing costs if the buyer is putting more than 25% down
6. If you have an investor purchasing a home, the maximum seller contribution is 2% of the sales price.

With the Las Vegas real estate market heating up and all the fantastic deals on Las Vegas foreclosures that are currently on the market, not only can we find some great buys, we can use these seller concessions to buy down the interest rates as well. Call our office now at 702-985-7654 to get prequalified for a mortgage and see how much money you can save on your closing costs.

Las Vegas Luxury Homes - Steal these Deals!

2009-01-12T11:35:00.013-07:00

The Las Vegas real estate market is actually coming back - in December of 2008 there were more closed sales than in December of 2005 which was a banner year nation wide. This current wave of buying is fueled by the most affordable homes that we have seen on the market in Las Vegas since 2001. So if you are looking to purchase a luxury property in Las Vegas, there are some amazing deals on Las Vegas homes for sale right now. Las Vegas foreclosures (bank owned also known as REOs) make up the bulk of the inventory at seventy-five percent (75%) of all residential closings.

Below are ten truly amazing steals on luxury properties that are currently on the market. If you would like more detailed information and photos on any of these, just email me at diann@greatlasvegashomes.com.

Lake Las Vegas Home Under $1M With Golf Views! Watch the golfers play through play through while you lounge in the pool! Treat yourself to this over 4700 sf 4 bedroom 5.5 bath home in the heart of exclusive Lake Las Vegas. This amazing home has a dramatic open floor plan with all the bedrooms and living areas on the main floor, and the entire South living room looks out across spectacular golf course, water and mountain views. Loads of marble and granite, stainless steel appliances, pool and spa, and a basement for fun. The bank has priced this home to sell at $900k, more than $350k below the last sale!

Live the Lake Las Vegas Lifestyle at 32% of the Original Price! Not a misprint! This luxurious condo is fire sale priced at only $218,500. The bank say sell this beautiful 2021 sf 3 bedroom 2 bath today. Only 2 years new with a bright airy floorplan this fabulous Lake Las Vegas condominium has custom cabinetry, granite countertops, custom tile floors and fireplace, plus a balcony with spectacular mountain and lake views. Original owner paid over $700k – his loss is definitely your gain.

Price slashed $850,000 on exquisite Anthem Country Club estate! Overlook the golf course and the entire Las Vegas Strip from this amazing custom home. Sensational 5849 sf custom estate home on the 5th fairway in prestigious guard gated Anthem Country Club with panoramic city views. Master craftsmanship and high end finishes, huge gourmet kitchen, exercise room, observation room, media room, bonus game, room, 4 balconies, 2 covered patios, 3 wet bars, fabulous Infiniti edge pool, putting green and too much more to list. Plus community fitness center, resort style pools and spas, tennis courts, gourmet restaurant, and championship golf course. Reduced from $2,199,000 to $1,350,000 for quick sale.

Save Over $650,000 on this Prestigious Golf Course Home! Steal this sensational guard gated Red Rock Country Club home for under $1,299,000. Gorgeous Red Rock Country Club is known for its majestic views and this beauty has some of the best. Highly upgraded with travertine floors, French doors, granite countertops, stainless steel appliances, luxurious master suite with balcony and Jacuzzi tub, plus the community boasts two golf courses, tennis courts, world class fitness center and so much more. Originally sold for $1,950,000 and now priced under all the rest for a quick sale.

Almost Half Price in Guard Gated MacDonald Highlands! You’ll think the bank has gone nuts when you see this superb home on the exclusive Dragon Ridge golf course for only $712,000. High in the Southern foothills of Las Vegas you can own this amazing 4257 sf 5 bedroom 3.5 bath home with pool and spa overlooking the 8th tee of Dragon Ridge. Secluded courtyard entry, rich dark wood flooring, entertainment center, two master bedrooms, sunny kitchen with granite countertops and walk in pantry, 3 balconies and much more. Originally sold for $1,304,895 and ready for an offer.

Live with the celebrities in this amazing Panorama condominium reduced almost 200k! Location, Location, Location. Panorama Towers behind the new MGM City Center is home to an assortment of high profile celebrities. This 1582 sf 2 bedroom 2 bath end unit boasts incredible strip and mountain views, granite countertops, cherry wood cabinetry, stainless steel appliances, plus the project offers valet parking, resort style pool and spa and full size gym. Short sale status and bank says bring your offer – listed at $354,000.

Lowest Priced One Bedroom Unit in Trump Tower in Las Vegas! Wake up and greet the day with Donald Trump in this luxury suite on the 21st floor. Save more than $350,000 on this magnificent one bedroom luxury condominium with stunning views of the Las Vegas Strip and surrounding mountains. Comes complete with designer furnishings and luxurious marble bathroom with a separate shower and spa tub. Plus Trump Las Vegas offers on site gourmet restaurant, resort style pool and cabanas, 24 hour security and concierge service, valet, and rental program. Price reduced to $745,000 by motivated owner.

Elegant Turnberry Place Condominium Residence for Almost Half Off. Just a few blocks off the famed Las Vegas Strip is a secluded enclave of luxurious Las Vegas high rise condos to call home. Originally sold for $1,220,000, you can now own this sensational 2805 sf 3 bedroom 3 bath condominium residence in the prestigious guard gated Turnberry Place for only $679,000. Take the private elevator up to your own piece of heaven with terrific views and gorgeous upgrades including granite countertops, rich designer cabinetry, custom flooring, stunning marble baths and more. Plus on site spa, tennis courts and the renowned Stirling Club.

You Can’t Buy Palms Place for Less! Hang out with the “in” crowd in your fully furnished condo at the ultra chic Palms Place next to the Palms Hotel.This stunning unit is priced below all others at $470,000 for a fast sale and features ultra smart design with top of the line furnishings. Enjoy the serenity of spectacular Las Vegas sunsets from the balcony, chill out in the master spa tub, and take advantage of all the owner perks like first choice for event/concert tickets, invitation only parties and immediate access to the ultra lounges and nightclubs. Rental program available too when you’re not in town.

Incredible ¾ Acre Gated Custom Estate High in the Southern Foothills Overlooking Las Vegas! Sold just last year for $3.6M and just reduced to only $1.8M – so hurry. This magnificent Las Vegas luxury home in the exclusive guard gated Terracina subdivision of Seven Hills on ¾ of an acre will take your breath away. Almost 8300 sf of elegance with five bedrooms seven bathrooms and office, stunning foyer with sweeping bridal staircase, pool and spa, home theater, private bar with 500 bottle wine cellar, casita with separate entrance and summer kitchen with BBQ, hardwoods, marble, granite, 4 car garage, porte cochere and so much more. Could be THE best priced home in all of Las Vegas!

Questions Regarding the $7500 tax credit

2008-12-30T16:09:00.005-07:00

The inventory of Las Vegas homes for sale is finally starting to dwindle just a bit, bringing hope for 2009 that our Las Vegas real estate market is starting to show real signs of recovery. But we have found that many buyers who would like to purchase are unaware of the tax credit they may be eligible for if they have not owned a primary residence in the past three years or if they are a first time homebuyer. So we found this great article by Brad Lynn explaining in simple terms who can claim the tax credit in hopes that our readers will find this helpful. If you are a little short in saving for down payment money on one of the great Las Vegas foreclosures deals we have available, this could be your answer.

Information courtesy of Brad Lynn
First Option Mortgage in Las Vegas

Congress created the $7500 tax credit incentive to help first time home buyers get into a home and stimulate the housing market and economy. Their rationale is that it will help stabilize home prices and increase home sales.

First time home buyers purchasing a home between April 9, 2008 and before July 1, 2009 are eligible for the 7500 tax credit. The home must be used as a principal residence and be occupied within this time frame. For newly constructed homes, the settlement date is used instead of the date the home is occupied.

A first-time home buyer is any buyer who has not owned a principal residence, i.e. single family home, condo, townhouse, mobile home, houseboat, during the three years prior to the home purchase. Thus, even people who have bought a house before may still qualify for the tax credit.

An important caveat for married couples regarding the 7500 tax credit is that if any spouse has owned a home as a primary residence in the past three years, then neither spouse may qualify for the first-time home buyer tax credit. Ownership of non-primary residences such as rental properties or vacation homes does not disqualify a first-time home buyer from the $7500 tax credit. All you have to do is claim the tax credit on your federal income tax return. It’s that easy.

There are a few restrictions regarding the 7500 tax credit you should know about. First, the tax credit may not be available or only partially available based on your Adjusted Gross Income (AGI), and this varies for single vs. married couples. The tax credit is completely unavailable to single people with an AGI greater than $95,000 or married people filing jointly with more than $170,000 in AGI. The credit is evenly split for married couples filing seperately, i.e. each spouse can only claim $3,750.

Second, the 7500 tax credit is limited to 10% of the purchase price of the home and capped at $7,500. So as long as the home price is greater than $75,000, most people can get the full credit.

Also, the tax credit is basically a zero interest loan as it will eventually have to be paid back to the government (without interest), over a 15 year period or when the home is sold. The first payment is not until 2 years after the credit is claimed. The payments are generally calculated as the credit amount divided by 15. Thus, a 7500 tax credit would be paid back at $500 per year for 15 years or when the home is sold, which ever comes first. If the home is sold and there is not enough capital gain to payback the remaining portion of the tax credit, then the debt may be forgiven.

To find the best Las Vegas homes on the market and take advantage of the terrific prices we now have, please call us at 702-985-7654. Don't forget, you only have until July 1st to take advantage of the tax credit.

The Difference Between Foreclosures and Short Sales

2008-12-06T00:12:00.002-07:00

We get this question all the time - what is the difference between a foreclosure and a short sale? And which is the better deal?

A foreclosure or REO (which stands for Real Estate Owned) is a property that the bank has already taken back through the foreclosure process. The owner has moved out and the bank holds legal title to the property. In some states the previous owner still has a “redemption period” to get the home back from the bank. But Las Vegas foreclosures are final and the bank can turn around and sell them right away. An offer on a foreclosure property can take anywhere from one day to two weeks to be accepted by the bank and usually 30 to 45 days from acceptance to close.

A short sale or pre-foreclosure, on the other hand, is where the owner owes more money on the property than it is worth and is trying to sell it for less than the amount owed. An offer to purchase may be approved by the owner (who is not going to walk out with any cash anyway), but the contract is still subject to final approval by the bank (or banks if there is more than one mortgage on the property). The bank has to agree to take less than what they are owed. Once a bona fide offer is received, the seller is required to write a hardship letter stating why they should be eligible to do a short sale. They must also provide bank statements, paycheck stubs, and a financial statement to show that they cannot make the payments. In addition, the seller’s Las Vegas real estate agent must provide a market analysis of the most recent comparable sales to justify the selling price. The bank will also send out their own appraiser some time during the process to get an independent analysis done.

Just the approval on a short sale can take anywhere from 60 to 120 days, and sometimes even longer. Until the bank approves the sale, the buyer is in limbo, not knowing whether they will actually be able to buy the home. There is, unfortunately, no way to speed up the process. The banks won’t even talk to the real estate agents or sellers in the meantime to let them know what the status of the approval is. Often the property goes to foreclosure sale before an approval can be generated.

In either case, don’t expect to have repairs made or receive a lot in buyer concessions (closing costs paid by the seller). Most short sales and foreclosures are sold “as is, where is.” Banks will only be willing to do the minimum repairs to a property that will allow it to be financed. (Missing flooring, missing stove or A/C, etc.) On a short sale the seller does not have the money to make repairs at all.

In the past six months we have seen many short sales on Las Vegas homes and condos that have been foreclosed upon even though there was a good offer on the table. The kicker is, after the foreclosure is complete the bank often turns around and lists the property for LESS than the offer that was tendered!

Though this doesn’t seem to make any sense, there is actually a good rationale behind the bank’s actions. If a bank approves a short sale, they cannot write off the loss (the difference between the mortgage owed and the actual sales price). With a drop of more than 30% in the Las Vegas real estate market over the past two years, a home that was worth $300k might now only be worth $200k. If the buyer got in with no money down originally, the bank is facing a principal loss of $100k plus expenses and past due interest payments.

But if the bank forecloses on the property, they can write off 100% of the loss. Now they can afford to sell that $200k home for $170k and still come out ahead of the short sale scenario by taking the $100k+ write off on their taxes.

Generally speaking, we can get our clients better deals on Las Vegas condos and homes by targeting foreclosure listings. Foreclosure buyers need to keep in mind that EVERYONE is looking for those deals right now. Sales volume in Las Vegas in August and July was back up to 2005 levels, and most well priced foreclosures have multiple offers submitted. Most foreclosures are actually selling above the listed price, not below.

Buyers need to keep in mind that these foreclosures are steals to begin with. Then they need to have a savvy agent that can provide comparables to judge a home’s true worth. It’s not how much you can “get off” the sales price that counts - it is how much the winning bid is in relation to the home’s value. Buyers need to be patient and realize it might take anywhere from two to six offers to acquire the home of their dreams at the price they want to pay. But IT CAN BE DONE!

Loan Modifications for Las Vegas Homeowners?

2008-11-22T10:40:00.004-07:00

After the boom of the Las Vegas real estate market 2003 through 2005 and the subsequent decline of 2006 through 2008 and the ensuing Las Vegas foreclosures, many borrowers have been left owing much more on their Las Vegas homes than what they were worth. For those going through divorce, health issues, job relocation or job loss who can no longer afford the payment terms on their loan, there are only three options: foreclosure, short sale or the newest rage: loan modification.

Foreclosure is the most drastic of the three alternatives. Not only is the borrower’s credit ruined for many years, the banks can later come after the borrower for any loss (deficiency) they may take on the home at a foreclosure sale.

A short sale is better, when it can be achieved. While the borrower’s credit is ruined for a number of years, the bank cannot look to the borrower to make up any loss the bank sustains as the bank has already “approved” the short sale amount. However, short sales are very difficult to close, and only an experienced Las Vegas short sale real estate agent can cut through the red tape. And, if the agent can find an investor to buy the home, often the investor is willing to allow the original owner to remain as a tenant.

A loan modification is a legal agreement that takes place between the home owner (or their legal representatives) and the lender that holds the mortgage note (deed) to the property. The modification is an agreement between both parties to resolve the homeowner’s financial situation so that he can afford the mortgage. It is intended to avoid a possible foreclosure and ensure that the homeowner can handle the new monthly payment on a long term basis. Depending on the circumstances, the lender may choose to lower the interest rate on the mortgage, lower the principal balance due on the mortgage, and/or extend the length of time for repayment of the mortgage.

Below are the top 5 frequently asked questions about loan modifications.

How does the loan modification process work? The process is simple, but results can vary greatly depending on how you go about it. Homeowners can try to negotiate on their own behalf with the bank to reduce the payments on their Las Vegas mortgages. But without the technical know how and an understanding of the systems and entities involved, seldom will the homeowners achieve success on their own. Or if they do, the rate and terms negotiated may not be the best possible.

The other way is to talk to a professional modification consultant and to see if you qualify. After you have been pre-approved, you will need to provide the back up documentation to your representatives. Your representatives will present your situation to your lender and handle the negotiating for you. The modification process can take up to 90 days, but the results usually benefit both the homeowner and the lender in knowing that a possible foreclosure will be avoided. Before anyone walks away from their home, they should find out if they qualify for a modification.

How do you qualify for a loan modification? Any homeowner that has experienced a hardship that prevents the homeowner from fulfilling their monthly obligations may qualify. Typically, anyone who has seen a loss of income, anyone who is currently late on their mortgage, anyone who is in foreclosure, anyone who has had medical issues, anyone who has divorced, or anyone who has had any other form of legitimate financial hardship that can be proved may be eligible for a loan modification. Modifications can be used for Las Vegas condos as well as homes.

What are the benefits of a loan modification? The benefits usually involve a lower interest rate for the homeowner, a reduction in the principle owed, and/or possibly the term of the loan can be extended. In some cases all three of these modifications can be negotiated for the homeowner. Each case is unique, and the outcome will be based on the negotiating between the client or their representative, and the lender. But typically anyone who has experienced a hardship should achieve a lower monthly payment.

What are the negatives of a loan modification? The negatives will also vary on a case by case basis. There is usually an up front fee charged by most companies. Be sure that you contact a modification consultant or company that has a high success rate and no up front fees. If a company does not use attorneys with strong relationships to the lenders, their chances of a successful negotiation will be less than those companies that have already established those relationships. Other negatives should be discussed up front by any modification consultant or professional company that you talk with.

So unless you find someone reputable that has successfully done Las Vegas loan modifications (preferably referred to you by a satisfied client) it may make sense to at least try and sell your home on a short sale. The benefit is, if the bank approves the sale they cannot come after you later for a deficiency judgement for any money they may lose. If you would like more information on the shortsale process and how it works, please contact our office at 702-985-7654. With so many homes for sale in Las Vegas, you need to make sure you choose an agent experienced in the short sale process.

Canadian Financing for Las Vegas Real Estate

2008-11-08T09:54:00.003-07:00

We have discovered a great lender for Canadians wanting to buy Las Vegas homes or condos, either as a second home or as an investment! This lender charges no loan discount points or origination fees, and the rates are the same as what a US citizen can obtain.

Lately all our blog posts have been about finding Las Vegas mortgages for our clients. With the high rate of national foreclosures, many traditional venues and programs have been discontinued, leaving buyers, even those with substantial down payments, in limbo. It has truly been a challenge for us to find mortgage lenders with reasonable down payment and rate structures.

In our never ending quest for foreign national financing for Las Vegas real estate purchases, we have literally stumbled across a lender who is able to loan money at competitive rates to Canadian citizens. This lender is able to use Canadian credit scores and income to provide mortgage loans for the thousands who are trying to flee a harsh winter climate for a few months each year.

General program guidelines for this lender are as follows:

The program is available for both second homes and Las Vegas investment properties. The minimum down payment is 20%, although the best financing on investment properties would be with a 25% down payment.

The programs that are offered are full qualifying loans. Available are the 3/1, 5/1, 7/1, and 10/1 Adjustable Rate Mortgages. Each is a 30 year loan with a 30 year amortization locking in the loan rate for the short term of the loan. For example, if you got a 3/1 ARM, your start rate would be locked in for three years. (Rates are typically lower for shorter loan locks.)

The typical documentation list is as follows. Based on your own individual circumstances, more documentation may be required:

2 years personal tax returns including all pages and schedules
2 years T4s
2 years corporate tax returns including all pages and schedules (if self employed)
Most recent 2 months bank statements reflecting name, account number, and 2 month transaction history
Most recent 1 month retirement / investment account statement reflecting name, account number, and current balance.
Mortgage statement on any property owned in borrowers personal name reflecting name, property address, current balance, current interest rate, and current payment.
Line of credit statement on any property owned in the borrowers personal name reflecting: name, property address, current balance, current interest rate, current payment, and available balance.
Lease agreement for any rental properties.
Clear copy of passport to include the signature page and picture page.

Two unique benefits of this lender are their rate renegotiation prior to closing and their loan modification process.

The rate renegotiation is available to a client in the event that they lock their rate in but before closing rates drop. The borrower has the ability to renegotiate the rate to that day’s pricing with a modest premium paid.

The loan modification process would come in to play should rates drop after the borrower has closed the loan. There is a one time modification available to the borrower. It allows them to simply lower the rate with no documentation, appraisals or closing fees that a refinance would incur. It is one page that the client signs and it gets recorded behind the deed of trust. Again, a modest fee is paid for this privilege should the borrower elect to take advantage of it.

Like all loan programs, there is no guarantee on how long this one will last. So if you are a Canadian citizen who has been thinking about purchasing property in the States, call us right away so we can put you in touch with this lender. 702-985-7654 Once your financing is in place, we can find you a phenomenal STEAL on Las Vegas foreclosures! Las Vegas Nevada real estate hasn't been priced this low in almost ten years.

Financing for Foreign Investors Discontinued

2008-10-24T00:16:00.002-07:00

Once again the mortgage lending guidelines have changed with the wind. For a brief period there was a window for foreign nationals to obtain mortgage financing on investment and second homes in the United States with down payments as low as 25%, but now that window has been slammed shut along with a host of other “make sense” loan programs. (Don’t even get me started on condo hotels that can’t be financed by anyone with even 50% down!)

Many of the foreign nationals who contacted us in recent weeks were willing to put down as much as 30% to 40% or even 50% on Las Vegas foreclosures. With the current housing market crunch, what are the big banks thinking? Here are people with real money, good credit and big down payments that would love to take advantage of lower prices and they can’t get financed?!!! Some of these investors were already under contract on projects in development, and they may have to walk away from substantial deposits unless alternative financing is brought online. (Just as a side note, permanent resident aliens are still able to obtain financing on the same terms as US citizens. If you are a permanent resident alien and need a Las Vegas mortgage, please contact us at 702-985-7654 so we can put you in touch with the right lender.)

On top of all this, with the stock market dives globally, even those foreign investors who didn’t need financing and were planning on paying all cash are now stepping back as they watch the value of their portfolios diminish. The Euro is back down to 2005 levels and the British pound has plummeted even below that level.

Canadians, who saw their dollar rise to all an all time high against US currency at $1.10, have watched it tumble in just the past few days to 79 cents versus the US dollar. Literally thousands of Canadians were looking for winter getaways in the US, but have had to put their plans on hold. Again, many of these were all cash buyers looking for modest Las Vegas condos under $100k, but with the devaluation of their dollar they have once again been priced out of the market without financing.

And even US citizens are being crunched/punished in the mortgage marketplace. The latest is that anyone who has three or more properties with any kind of mortgage on them cannot get financing for a fourth property. Again, even if they are willing to put 50% down and have low loan to value ratios on their existing properties and excellent credit and income, they still can’t get a fourth loan. Not even if you’re Donald Trump.

With all the resale Las Vegas homes and condos for sale, not to mention the hundreds of thousands nationwide, and all the opportunities to pick up great deals on foreclosures, our banks are not willing to lend to these impeccable buyers who want to buy and have money. Certainly I am not suggesting we should go back to no or low money down programs with no income or asset verifications. But why not create some solid loan programs to entice these good buyers, whether or not they are citizens of the US? The banks would be able to lower their inventories of properties substantially, which would in turn stimulate the economy and gradually raise prices again in a controlled manner.

All I know is that in the months to come, those with cash who are willing to take a chance on the market now are probably going to come up looking like geniuses in couple of years. My other prediction is that while Las Vegas real estate was one of the first to fall, it will also be one of the first to recover, and I am personally putting my money where my mouth is.

Financing Las Vegas Real Estate for Foreign Nationals

2008-10-03T05:06:00.003-07:00

With the dollar expected to rise against foreign currencies later this year (that trend has already started), foreign investors are hurrying to purchase real estate in the US while their dollar goes further. Most of these investors are targeting the Las Vegas real estate market in particular, where the sharp decline in prices (due to the high amount of Las Vegas foreclosures) and the world class amenities have made it an attractive get-away destination. In particular, Canadian buyers are looking to Las Vegas homes as a vacation retreat from their harsh winter climate.

Most banks will not loan on real estate outside of their own country. With all the recent shifts in the credit markets, the qualifying criteria has changed for mortgage loans in the United States across the board, including those to foreign purchasers. Prior to this year, a foreign national could obtain financing from US banks as long as they had 35% to put down with no or limited documentation. Now US mortgage lenders are requiring full documentation of income and assets on all mortgage loans without exception, though the down payment requirements have dropped.

A citizen of a country other than the US can obtain a loan for property in the US based on what classification they fall under. A permanent resident alien is a foreign national who has been granted the right to work in the US permanently and who has been given a US social security number. A permanent resident alien can purchase property under the same guidelines as a US citizen. They can get a loan with as little as 5% down payment for a primary residence, either on a fixed rate or adjustable rate mortgage at the current interest rates available to US citizens.

All other foreign nationals, including those with temporary work visas, are required to put down a minimum of 25% for properties under $650,000 or 35% for properties over $650,000, whether the property is a primary residence or a rental property. Lenders will also require the equivalent of a US TRW rating as well as full documentation of their employment income and assets. In addition, the down payment money must be “seasoned” in a US bank for at least 60 days prior to the close of escrow.

These loans to foreign nationals are only currently available as adjustable rate mortgages or ARMS. The fixed rate terms can be for 3, 5, 7 or 10 years and interest rates are currently running between 7.5% and 8.5% with approximately 5 loan discount points prepaid for the amount of the loan (points can vary on a day to day basis just like interest rates). Each point is the equivalent of 1% of the loan amount, so on a $100,000 loan 5 points would be $5,000.

Another alternative is for the foreign national to obtain an equity credit line on their property in their home country and come to the US with cash in hand. Cash offers are very strong, and enable the buyer’s agent to negotiate the best possible price on behalf of their client.

For more information on getting qualified for a Las Vegas mortgage and to receive the latest listings on great deals in Las Vegas new homes, high rise condos or MLS listings, please contact our office at 702-985-7654 or email us at sold@greatlasvegashomes.com.

Las Vegas Home Inspectors

2008-09-24T14:59:00.004-07:00

I really must begin by thanking Diann Tonnesen for offering to allow me to blog on her site. In case you’re not aware Diann is somewhat of an icon in the Las Vegas real estate community. To be offered to provide input for her web site is truly an honor. Thank you, Diann.

Diann told me that I could write about anything I wanted to write so I chose something that has been needling me for quite some time now; the way people shop for a Las Vegas home inspector. Do you realize how most people shop for a home inspector? They gain a list of inspectors, usually from their real estate agent, and call three or four inspectors asking what they charge for the inspection. They generally do this without knowing what they are buying. Especially with all the Las Vegas foreclosures on the market being sold "as is, where is" this truly boggles the mind.

Can you imagine people shopping for a car they same way they shop for a home inspector? It would look something like this:

Ring, ring.
“Hello, Lamborghini, Mazarati, Rolls Royce, Bentley dealership, can I help you?”
“Yeah, hi. You guys sell cars, right?”
“Yes ma’am, we do.”
“What do you charge for them?”
“Excuse me?
“Yeah, you know, how much do they cost?”
“Well are you aware of what kind of cars we sell?”
“Naw, I’m really not interested in hearing about that, I’m just calling around getting prices.”
“Well we have a beautifully reconditioned Bentley on sale this week that is valued at $35,000 that we are selling as a lost leader for $22,000.
“That’s great. Twenty-two thousand hunh? Okay, I may call you back. Thanks for your time.”
Ring, ring.
“Yeah, Arties Autos. What do you want?”
“Yeah, hi. You guys sell cars, right?”
“Why sure we do. What cha lookin for toots?”
“How much do you charge?”
“Well I can put you in this sweet little Yugo that was towed in, I mean, that came in last night for say… $15,000.”
“Fifteen thousand hunh? Okay. Sweet. I’ll take it.”

Sound absurd? Well sure it does. But many, many people who are about to make what is often the single largest purchase they’ll make in their entire life shop for their home inspector and their Las Vegas mortgage loans the same exact way.

So here is where I am coming from: I retired from the Navy in 1998 after spending nearly my entire adult life as an engineering inspector. I wasn’t just an “engineering inspector,” I was an engineering inspector and instructor where I was one of eight members of an elite team that earned the distinction as the most successful engineering inspection team in the history of the United States Navy. The distinction still stands today where our success record has never been matched.

When I retired from the Navy I transitioned into the civilian world as a Las Vegas real estate agent. After several years as a modestly successful real estate agent I became very frustrated with the quality and depth of home inspections available for my clients. There simply weren’t any good inspections available. The inspectors were more interested in protecting their own liability through the use of complicated and legalistic inspection agreements than they were in protecting my clients. I couldn’t even find an inspector who would walk on a concrete tile roof. They mostly used binoculars to review the roofing.

I thought the public deserved better. I thought people wouldn’t mind paying a little more for a true quality inspection where the inspector spent hours really investigating the home rather than hiring an inspector that spent several minutes walking through the home filling out a worthless checklist that contained no actual useful information.

I set out to create such a service. Now, after nearly eleven years performing thousands of home inspections, continually refining our procedures, attending thousands of hours of training, holding hundreds of training seminars, and developing an organization that is truly unique and first class I can truly state that there is no better inspection service available in the entire Las Vegas Valley, regardless of the price. It is not an opinion; it is a fact. We have inspecting Las Vegas homes down to an art. We don’t do cheap inspections, and our service is nothing like the inspections that the cheap guys perform.

Nowadays, the most common comment I hear is that we don’t charge enough for our inspections (compared to what we provide). I once had a home buyer say that he didn’t think we charged half of what we should charge for our service. I promptly quipped, “That’s not a problem. You’re more than welcome to pay double.” To my astonishment he did exactly that.

It is a statistical fact that the average home inspector ends up in litigation an average of three times each year because of issues the inspector did not discover and disclose in the course of his inspection. In eleven years that my company has been in existence neither I nor any of the inspectors who work for me has ever been named in any litigation in conjunction with a home we inspected. We have never gone to arbitration; we have never gone to mediation; and we were recently named on the Honor Roll for the Better Business Bureau of Southern Nevada, once again, for maintaining a complaint-free status.

For the consumer who swallows the paradigm that all home inspections are pretty much the same and selects their home inspector based solely upon the price of the inspection, they often get exactly what they are looking for: a cheap inspection. But for the consumer who shops for their home inspector based upon the quality of the service provided and who is able to discount the paradigm that all home inspections are the same: these are people who draw outside the lines and when they stumble across our firm we reward them with a Picasso every time. I can only hope that when it is time for you to get a home inspection you are able to discern the difference between “Art” and “Artie.” Have a great day!

Paul J. Donohue, RHI, RREI, CREI
President / Senior InspectorSpectrum Inspection Group Inc.
8345 Coyado Street
Las Vegas, NV 89123

Email: pdonohue@INSPECTLV.com
Web: http://www.inspectlv.com/
Scheduling: (702) 269-6716

Good News for Cosmopolitan Condo Owners

2008-09-07T14:56:00.005-07:00

To the right, the Las Vegas Cosmopolitan Condos and the
Bellagio Hotel and Casino, to the left the MGM CityCenter project.
Phot0 taken September 5th, 2008.

Many proposed high rise condo projects around the country have had the plug pulled in the past two years due to cost overruns and tightening credit. Since Deutsche Bank announced they were beginning foreclosure proceedings on the Las Vegas Cosmopolitan condo hotel project at the beginning of 2008 on their $760 million dollar loan, over 1800 contract owners have been holding their breath, wondering if the development would be completed. Or if they would get their money back in full if the development was canceled.

There were many "interested parties" making bids to purchase the project, but as of this week Deutsche Bank has taken over full ownership of the Cosmopolitan under an affiliate, Nevada Property I. Deutsche Bank was the high bidder, paying $1 billion at a recent foreclosure sale to acquire ownership of the project.

And Deutsche Bank isn't letting any grass grow under its feet to make sure the project goes forward. It has already inked contracts with Related Companies to take over as the resort's new developer. In addition Perini Corp. signed a new contract to complete construction work on the project. Perini has been working on the project from the beginning, and was being paid under an interim agreement since March when Deutsche Bank began foreclosing after the original developer, Bruce Eichner, failed to complete a deal to secure more financing. Increased construction costs helped drive the Cosmopolitan's construction budget from its original $2 billion price in early 2006 to its current $3.9 billion price, and Eichner was unable to find a new partner with enough capital to infuse into the project.

A letter has already been drafted to contract owners by the resort's new developer, Related Companies, letting them know of the management changes and informing them of progress to date. This letter will go out on Monday to almost 1825 contract holders, assuring them of the project's completion. To date over 50% of the Cosmopolitan's exterior construction has been completed, and it is anticipated that by December of 2008 owners will be celebrating the "topping off" of both towers, including the penthouse units. The new proposed completion date for the entire project is estimated for the second quarter of 2010.

Along with a rebounding resale housing market, this is great news for the local Las Vegas real estate market. For four months straight statistics have shown a significant rise in Las Vegas homes sales, with multiple offers on lower end properties, especially Las Vegas foreclosures. The buyers are back!

Sales Statistics Brighter for Las Vegas Real Estate

2008-08-17T09:40:00.004-07:00

Things seem to be looking up in Las Vegas according to the statistics, no matter what the national media is reporting. In July 2008, 3036 units were sold, and inventory ended the month at 22,178. At the current rate of consumption, that is 7.3 months of inventory, and many Las Vegas new homes developments are reporting waiting lists again. For those who are wondering when the bottom is going to be reached, we are getting very close to what has historically been called a “normal market”.

And for those that think they can lowball the already ridiculous foreclosure prices on Las Vegas homes, think again. There were 3036 closings in July, and here are the averages between list price and sales price:

For units that sold for under $500k, the average unit sold for $2,888 less than the asking price.

For all units selling under $1m, the average unit sold for $3,855 less than the asking price.

For ALL units selling in July, (including the multi million dollar penthouses and homes which bring the dollar amounts up) the average unit sold for $5,326 less than the asking price.

1,220 of the 3036 units that closed in July 2008 closed at a HIGHER sales price than their asking price. In other words, 40% of the homes sold, actually closed at more their advertised list price. The low prices on Las Vegas foreclosures are generating multiple offers on each property and creating mini bidding wars reminiscent of the "golden years" of 2004 and 2oo5.

Another good indicator is the percentage of listings taken vs sales over the past few years. In 2008 so far 34% of all listings taken have sold as opposed to 2007 when only 24% of all listings taken sold.

And it looks like with the anticipated population growth over the next 12 years, that things will start moving back up in price. Jeremy Aguero, a principal at Applied Analysis, was quoted in the paper saying he expects "Southern Nevada’s population by 2020 will grow to 3 million, from 2 million”. The Clark County School District is the fifth-largest school system in the country with 308,783 students, and district officials predict enrollment will grow to 473,000 students by 2018. Pointing to projects such as the CityCenter development under construction on the Strip, Aguero said, "We're not going to have all the employees to fill all the jobs we're going to create in the next 10 years."

Think about that for a minute. That means that there will have to be a roughly 50% increase in housing over what is currently built. With the scarcity of land for sale in Las Vegas, prices may just start creeping up before the analysts are predicting. This is one real estate agent who definitely thinks we are seeing the bottom of the market and is buying as much as she can.

Las Vegas Home Warranty Plans Can Be Customized!

2008-08-15T12:48:00.003-07:00

Partnering with Las Vegas real estate agents to deliver the service and products that home buyers and sellers want, American Home Shield® developed the FlexPlan®, an innovative product that provides an unprecedented level of coverage and price options. Homeowners can customize the plan to fit their specific coverage needs and budget requirements, choosing from a wide range of packages and options. The AHS Home Warranty FlexPlan also offers coverage for items and services never before available in the industry.

Homeowners can choose coverage starting with the Core Coverage Plan®, the basic coverage that every AHS customer receives. This plan provides repair or replacement of many frequently occurring breakdowns associated with heating and air conditioning systems, duct work, plumbing and whirlpool motors and pumps, plumbing stoppages, electrical systems, water heaters, built-in microwaves, dishwashers, garbage disposals, ranges, ovens and cook tops, exhaust, vents, and attic fans and trash compactors. The Core Coverage Plan also includes new coverages such as 13 SEER, rust, corrosion or sediment and insufficiently maintained equipment.

Beyond the Core Coverage Plan, purchasers of Las Vegas homes may decide to customize their coverage with one or more of the ServicePlus Package® and CoveragePlus Package®. The ServicePlus Package was created for customers who wish to add a level of service coverage and includes repair or replacements associated with mismatched systems, undetectable pre-existing conditions, code violations, permits, removal of defective equipment, refrigerant recapture, reclaim and disposal and improper installations, repairs or modifications.

The CoveragePlus Package was designed as an option for AHS customers who desire enhanced coverage on previously uncovered items like garage door openers, doorbells, ceiling fans, telephone wiring, central vacuums, smoke detectors, food processors, and instant hot and cold water dispensers. This option also extends coverage on breakdowns associated with plumbing (faucets, showerheads and toilets) heating and air conditioning (geothermal and/or water source heat pump units, registers, grills and heat lamps), built-in microwaves (door glass and racks), ranges, ovens, and cook tops (rotisseries, racks, handles, knobs and dials) and trash compactors (removable buckets).

For a warranty specifically tailored to additional needs, customers may choose from the impressive list of additional FlexPlan options, including coverage for breakdowns associated with septic system pumping and septic sewage ejector pumps, swimming pool or spa equipment, kitchen refrigerator with ice maker and water dispenser, second refrigerator with ice maker, washer and dryer, free standing ice maker, water softener and well pump.

This gamut of options through the FlexPlan is available only through real estate transactions.
About two weeks after closing, each participating homeowner receives a contract package with contact information, wallet reference cards, specific coverages and exclusions, system and appliance maintenance tips and much more. Homeowners will also receive periodic customer relationship mailings and e-mails containing valuable home and maintenance information.

Since 1971, AHS has focused on providing the most innovative products and best customer service delivery in the business. The FlexPlan is another example of the company’s commitment of partnering with real estate professionals to serve home buyers and sellers with excellence. Designed in direct response to feedback from customers and the real estate community, the FlexPlan can help agents market properties and increase client satisfaction. And don't forget, you can also purchase warranties for Las Vegas new homes as well as resales. Many sellers offer home warranties through the Las Vegas MLS listing service.

For more information or to purchase an AHS Home Warranty FlexPlan, visit www.ahsflexplan.com, call 1-800-735-4663, or contact your local AHS Account Executive.

Luxury Las Vegas Homes Available for Vacation Rentals

2008-07-18T11:41:00.006-07:00

What is Top Destinations, LLC?

Top Destinations is a trendsetting, high-end property management and vacation rental company located in the entertainment capital of the world: Las Vegas, Nevada. Clients of Top Destinations receive the greatest quantity and highest quality of service that the industry has to offer. Our vacationing clients find themselves staying in some of the most lavish and elegant homes in Las Vegas.

Satisfying the needs of our vacationing clients is one of our primary concerns. While Top Destinations is focused on making the vacation experience one of the most pleasurable and memorable events in the lives of our guests, we are simultaneously concerned with meeting the unique needs and high expectations of the Las Vegas investor-homeowner.

To that end, the members of our friendly staff work closely with investor-homeowners to ensure they fully understand the vacation rental process. Our experienced staff inspects each prospective home to ensure the property meets our trendsetting standards of excellence. In this way, all of our vacationing clients are assured the same once-in-a-lifetime vacation experience.

Our investor-homeowner rests comfortably knowing their property will be well-taken care of by our vacationing clients; because, Top Destinations thoroughly screens its prospective guests. In the unlikely event that something is damaged, the vacationer agrees, in advance and in writing, to have their credit card immediately charged for the cost of any damage to the homeowner-investors’ property.

With the homeowner-investors’ approval, Top Destinations arranges for the maintenance of the property. Our staff inspects the interior and exterior of the property on a weekly basis when the property is vacant. Our bonded cleaning service routinely inspects and, when necessary, changes the air-conditioning filters. When the unit is vacant, the staff sets the thermostat on vacation mode to save on energy.

Top Destinations mails monthly statements to the investor-homeowner by the tenth (10th) of each month. The statement details the monthly income received and expenses paid out. In most instances, a check is included with the statement. The investor-homeowner can go on-line at www.topdestinationsllc.com and view their property rental calendar, 24/7. Our investor-homeowners are not concerned about receiving their portion of the rental fees; because, Top Destinations has a $100,000 fidelity bond from American Family Insurance.

Top Destinations is seeking forward thinking investor-owners, who are interested in becoming apart of the $740 billion dollar tourist industry. Top Destinations would like to create synergistic relationships with investor-owners to meet the housing needs of over 232,000 internet users, who visit Las Vegas annually, who stay in accommodations other than a hotel or motel room and who do not stay with family or friends. This market segment produced over $75 million dollars in 2007 and $25 million dollars the first third of 2008. The Center for Business and Economic Research at the University of Nevada, Las Vegas predicts this market will grow at an average rate of 3% over the next five years.

Top Destinations is asking you to allow us to assess your property with an eye towards including it in our growing portfolio of fine homes. If you have any questions, please call (702) 586-2281 or (866) 544-1686; visit our website at http://www.topdestinationsllc.com/ or stop by our office at 2881 South Valley View, Suite #4, Las Vegas, NV 89102.

Next month, we will take an in-depth look at the accommodation and food services industry and focus on some of the issues that effect our industry’s growth.

Going Green with Las Vegas Real Estate

2008-07-11T17:10:00.003-07:00

Green, Green and more Green by Lisa Santacaterina, a Tonnesen Team guest blogger and Las Vegas real estate agent

I am not one for "banging on my drum" about turning green or saving the environment or green house gases. That said, I am all for "Green Building" or Environmental Friendly Building" on the basis that it makes sense, and why would you not go green in this case?

Since when was building a home to be durable, energy efficient, built from renewable materials and with a low toxic content a bad thing?

If we turn this around, you have got the following: a poorly built home that is wasting money through poor insulation and energy efficiency, and one that is made from materials that could cause harm to you and your family. And of course, it actually costs you money.

So as I stated earlier, "Why would you not go green?"

And what is "green home building?"

I am fairly sure that if you look around at any Las Vegas new homes construction that is going on, you will not go far before you run into something that is "green." Green building, in short, very short, is building a home with three key elements:

Material Selection (renewable, durable, recyclable, etc.)

Building Performance (Energy Efficiency, Air Quality, low toxicity, etc.) and

Site Development (re-vitalizing existing developed areas, down sizing homes, reduced water run off, providing shade cooling, xeriscaping, etc.).

Making the home as tight as possible will have an incredible impact on your heating and cooling bills.

There are several good websites out there that will give you information on green homes or making you home greener, try www.HGTVPro.com, or www.LowImpactLiving.com for an endless resource of articles and videos. While on the Low Impact Living website be sure to check out my profile and visit my personal web site at: http://www.gotlvrealestate.com/
Or find local organizations like The Las Vegas Green Performance Network (www.LVGPN.com), a local non-profit organization. The Las Vegas Green Performance Network is a community of consumers, corporations and organizations who promote Eco-information for Las Vegas homes, and progress and share a mutual interest in protecting the environment. At The Las Vegas Green Performance Network, information and an open dialogue is expected to both stimulate new interest in the green lifestyle and act as a foundation of action. The Las Vegas Green Performance Network also holds monthly meetings, bringing green products directly to consumers. These meetings allow consumers to see, touch and feel in a no pressure, no sales environment.

To understand what makes a house "green", the US Green Building Council has set up an industry wide certification program, LEED for Homes, to promote, certificate and monitor "green" homes.

Lisa Santacaterina is a valued member of the Tonnesen Team of Prudential Americana Group REALTORS, and she is one of only a handful of certified EcoBrokers in the Las Vegas Valley. To find out more about homes for sale in Las Vegas and how to buy a “green” house, Lisa can be reached at 702-540-2956.

Escrow Officers Say Las Vegas Real Estate Market Improving!

2008-07-09T07:50:00.006-07:00

The phones are ringing! This is a good sign that things are happening in the real estate marketplace.

People are beginning to buy Las Vegas homes again, showing more confidence that perhaps the worst of the housing crisis has passed and that housing costs have reached an affordable level. Whether they have found a home in their price range, are negotiating for a short sale, have beaten the builder up on Las Vegas new homes or are looking at a Bank owned property, the contracts are being written.

Increasingly again, more and more properties are coming on the market “in the selling zone.” They are being listed at a competitve price and selling in a relatively short timeframe, while those that are overpriced continue languish on MLS without even generating an offer. Approximately 36% of June 2008 closings (those priced “in the selling zone” at listing) were listed under 90 days on the market, with an average of 60 days on market. The remaining 64% suffered through an average of 230 days on market - that’s nearly 8 months, definitely out of the selling zone.

Listing prices have now dropped 19.5% since September 2007, while closed sales are up 149% since their low in December 2007. June 2008 closed sales represent another 5% improvement over May. More importantly, this is the only the second month since August 2006 that we have witnessed more than 2000 single family home closings.

June closings may also set the tone for the balance of 2008. This is the first time since 2006 that June closings were above the May closings. And inventory is holding steady rather than increasing as it usually does at this time of year. As more of the overpriced Las Vegas homes for sale come off the market in the coming months, inventory levels should actually start to decline.

Previously Escrow Officers were the last to know that a deal was in the works or that a purchase contract was on the way toward an opening. However in these changing times there are many questions about the status of ownership on properties and Escrow Officers are being asked to preview the titles of properties right from the first day of the listing interview. There are more questions and more challenges that need to be overcome before these properties can be listed, let alone get sold, so we become informed of the progress of a property step by step.

All principals in transactions today, Buyers, Sellers, Las Vegas mortgage lenders and Agents, need to be more than patient during the transaction process, as clearing titles, arranging for financing, working with out of State clients and negotiating with banks on the short sales and Las Vegas foreclosures adds to the number of days a property is in escrow before closing. Being prepared to allow lots of extra time and knowing that more than likely the transaction will not close on time will ease the tensions for everyone.

All in all, as long as the phones keep ringing, things are looking great from the Escrow side!

Contributed by guest blogger:
Debra Leatham
Vice President, Escrow Manager
Equity Title of Nevada

Outstanding New Home Protection Plan for Las Vegas Buyers

2008-07-06T09:49:00.004-07:00

Innovative new American Home Shield® Product Maximizes Flexibility, Minimizes Questions for Purchases on Las Vegas Homes or condos as well as nationwide. Direct from American Home Shield - one of the Tonnesen Team's featured guest bloggers and preferred home warranty providers.

A dynamic solution for marketing properties, delivering service excellence, protecting clients and increasing customer satisfaction is within the reach of real estate professionals nationwide. The unique AHS® Home Warranty FlexPlan® offers unprecedented levels of coverage and price options, allowing agents and homeowners to customize the plan to fit their specific needs. With this plan, homeowners can choose coverage for items and services never before available in the home warranty industry.

Easy to use and understand, the FlexPlan is available ONLY through real estate transactions. Developed in direct response to suggestions and requests from customers and the real estate community, it replaces all previously available American Home Shield products and streamlines product offerings.

FlexPlan customers can choose options starting with the Core Coverage Plan, the basic services package and foundational AHS product. Customers can then choose to add one or both bundles of coverage through the ServicePlus and CoveragePlus packages, as well as additional options from the list of FlexPlan add-ons. Depending on the level of protection chosen, coverage may even include unexpected costs related to permits, code violations, improper installations, mismatched systems, septic systems, geothermal conditions, and more. As well, clients can choose to cover such items as ceiling fans, pools, spas, freestanding ice makers, and second refrigerators, to name a few available options.

The FlexPlan’s full-service package is a highly effective marketing tool for agents that can help encourage quicker sales and may discourage downward price negotiation on Las Vegas homes for sale. Since every house and every situation is different, the price and coverage options available through FlexPlan enable agents to present inventive solutions to their clients, fostering increased service satisfaction and repeat business. In addition, having the industry-leading AHS brand associated with a listing can help attract buyers and inspire confidence.

With this total package of flexible coverage and exceptional customer service, AHS continues to seek innovative ways to partner with real estate professionals and to deliver superior customer service to home buyers and sellers. Today, AHS is proud to provide more than 1.2 million home warranties nationwide.

For more information or to purchase an AHS Home Warranty FlexPlan, visit http://www.ahsflexplan.com/, call 1-800-735-4663, or contact your local AHS Account Executive. To find the AHS account executive in your area, ask your Las Vegas real estate agents to visit the web site and click the “Find an Account Executive” link. Remember, these plans are available only through your agent.

100% Financing for Las Vegas Homes

2008-07-02T22:54:00.002-07:00

The Nehemiah program explained courtesy of Adam Kearney, your local Las Vegas mortgage lender and guest blogger.

With the crash of the subprime market, all the conventional 100% financing options disappeared overnight, leaving many borrowers who were already in escrow scrambling to find a way to complete the purchase of their Las Vegas homes. While investors were pretty much out of luck unless they had money for a down payment, primary home buyers were given a reprieve due to an FHA program which has been revived.

The FHA Nehemiah program is a great way to get 100% financing at a great rate. The seller can contribute 3% to the down payment assistance as well as up to 6% towards closing costs.

There are several different options to the Nehemiah program. One very popular option is the 2/1 buydown. This option gives you a start rate of 2% below your "fully indexed" rate. What is a "fully indexed rate?" That is the maximum rate that will be charged during the life of the loan.

For example, if you choose to do a 2/1 buydown, part of your closing costs are going toward "buying down" the interest rate during the first two years of the loan, allowing you to qualify for more home now. This is based on the premise that your income will go up as the payment goes up. If your fully indexed (maximum) rate was 6.5% for thirty years, your rate for the first year would be 4.5%. This 4.5% would only be fixed for the first year . Beginning year two the rate would move to 5.5% and stay fixed for all of year two. On year three you would reach your fully indexed rate of 6.5% and your rate would remain fixed at 6.5% for the remaining 27 years.

Just to give you an example of what your payments would be on this loan program, let's say you need a $300,000 mortgage. Your Principal and Interest payment at 4.5% would be $1,475.00 during year one. During year two your Principal and Interest payment would be $1656.00 at 5.5%. The third year your Principal and Interest payment would adjust at 6.5%to $1847.15 and this payment would stay the same for the remaining 27 years of your mortgage.

The Nehemiah program is a government backed loan and works well in a buyer's market like today, even if you are looking at Las Vegas foreclosures that are bank owned. It is one of the only 100% financing options available to date.

If you have any questions regarding this program, please contact me at the 702-528-3775 or to prequalify, fill out a loan application at: Las Vegas loan application.

Regards,
Adam Kearney

High End Buyers "Dissed" by Las Vegas Realtor

2008-07-01T14:28:00.004-07:00

With the current market for Las Vegas foreclosures, we are getting a lot of out of state enquiries on bank repossessions, auctions and short sales. Many of these requests are actually for high end Las Vegas homes where the foreclosures are not quite as prevalent, but where the buyer can really pick up some equity on distressed properties.

We received an enquiry last month from a Canadian couple who were looking to purchase Lake Las Vegas real estate. They were looking for a high end Las Vegas luxury property that they could use as a vacation home and they were planning on paying cash. One of our agents, Janet, was assigned to take them on a tour of potential homes.

Janet emailed the clients while they were still in Canada and sent them some listings to look over. They were able to narrow down their search and on the scheduled day Janet met with the buyers, who were very nice and very adamant about getting a real "deal." Since these are high end homes, Janet had arranged appointments with the listing agents on the ones they were interested in.

At the very first home Janet took the buyers to see, Mrs. Buyer got a funny look on her face when she saw the listing agent. She pulled Janet aside and asked for the agent's name. Janet told her, and as soon as she got the chance, Mrs. Buyer said to the agent, "Oh so YOU'RE Agent N." Of course the way she said it caused the listing agent to reply, "Yes, I am. Have we met before?"

"No," replied Mrs. Buyer. But you spoke to my husband on the phone the other day. I'd like to introduce you to Mr. Bottomfeeder." Agent N had to leave the room to compose himself when he realized what he had done.

As it turns out, like most Internet buyers these clients had been surfing the web and had talked to quite a few agents before deciding who they wanted to represent them. Evidently Mr. Buyer had talked to Agent N about a particular property and had asked if the sellers would consider a sales price quite a bit less than what the property was listed for. Unfortunately Agent N took umbrage and called Mr. Buyer a "bottomfeeder" and hung up on him.

Needless to say, the buyers were not interested in putting in an offer on Agent N's listing. But they are going to put an offer in on another home Janet showed them listed at over $6 million.

Who can blame a buyer for trying to get the best deal possible in today's market? And who are we as Las Vegas real estate agents to say that they should not give it a shot? We love it when we know we have gotten a smoking deal for one of our clients, and we are certainly not going to discourage them from doing so. Because Janet took their concerns seriously, she now has some loyal clients who know she truly has their best interests at heart. But Agent N, who insulted these same clients, lost out on a huge sale. Hopefully he learned a lesson, but at what a cost!

Las Vegas - New Construction

2008-06-14T05:51:00.002-07:00

With Las Vegas foreclosures keeping prices down in all segments of the market, Las Vegas homebuilders and commercial developers are looking for ways to cut expenses during the development stage so that they can keep prices competitive with existing projects. Many are exploring new building systems that incorporate "green real estate" for energy savings as well.

In the Las Vegas condos high rise market, a yet to be announced project has a cost cutting system that will save the developer more than a third over the traditional high rise building expense building from the ground up. The developer says this will allow him to price his units competitively with low rise product, and blow other high rise projects out of the water.

In downtown Las Vegas VERGE, a midrise project, is utilizing more new technology to build their product in the redevelopment district. Inspired by architect Dennis Rusk, VERGE was initially priced about 20% under existing competition.

Both projects will also offer special financing on Las Vegas mortgage loans to entice Las Vegas new homes buyers to the table.

And innovation is also coming to the Las Vegas commercial real estate sector, which until now has resisted change. Booming market conditions dissuaded builders from considering out of the box solutions, but a slow down has them scrambling for alternatives. The following are excerpts from an article about a new commercial building application:

Developer touts new construction concept
By Mark Hansel / Staff Writer

A local developer has introduced an innovative building concept to the Las Vegas market.
LM Construction is using the Koreteck system - a series of connected panels that can be installed using a small crew with minimal equipment to quickly enclose a building - at Wagon Trail Village, a shopping center at Decatur Boulevard and Wagon Trail Avenue, just off Interstate 215.
Larry Monkarsh, owner of LM Construction, said this is the first time Koreteck has been used in the valley.

Monkarsh is a third-generation contractor and developer, and LM Construction has built more than 3 million square feet of industrial and commercial space. Local projects include the Arrowhead Commerce Center on Pearl Street, and the Arroyo, adjacent to I-215 between Buffalo Drive and Rainbow Boulevard.

He has been looking for a project that would be a good fit for Koreteck, but had a hard time persuading local partners of its value.

"Everybody I brought this idea to thought I was crazy," Monkarsh said. "Now I believe the market is ready for this product."

Monkarsh said the development business is very much an "if-it's-not-broke-don't-fix-it" industry and with the prolonged success of proven methods in the valley, builders were reluctant to explore new concepts.

Changes in the development landscape, including increased construction costs and slumping real estate sales, have made the industry more receptive to alternatives, especially those that reduce cost.

A product with the potential to shorten a development timeline and decrease the number of workers needed on a job makes more sense now than ever, even if it has never been tried in Las Vegas before.

In a recent demonstration at Wagon Trail Village, a crew of five was able to completely attach the product to a 50-foot-wide, 25-foot-tall end wall in less than an hour.

Although developers who market Koreteck probably cringe at the comparison, the product's exterior looks remarkably like Styrofoam, which may explain the reluctance of some to embrace its use.

Kris Kutterer of Virginia-based Koreteck said, however, that in this case looks are deceiving.
Koreteck, he said, is extremely durable and consists of a solid, galvanized 20-gauge steel core surrounded by polystyrene insulation. It can be ordered in heights up to 18 feet, which are stackable for greater heights. Widths are 2 to 4 feet with solid, noncavity construction in 6 or 8 inch thicknesses. Interior and exterior finishes are applied as they are with other building material.

Kutterer said the product also offers energy savings over traditional building methods with heating and cooling systems, regardless of climate and location.

The monolithic (single-piece) nature of the insulation that is formed around the metal core increases efficiency by eliminating the thermal bridging at the panel-to-panel connection used in conventional wall construction. Although the amount of credits vary by market, Kutterer says the system adds points toward Leadership in Energy and Environmental Design certification.
Modifications, Kutterer said, are much simpler than traditional brick-and-mortar construction because panels can be easily removed to install an additional entrance or window.
"We can pretty much modify a project to suit a change in our clients needs, with a minimal increase in costs to them," Kutterer said.

Wagon Trail Village, Kutterer says, is typical of the type of project Koreteck was designed for. The roughly 24,000-square-foot center will include two future pad sites along Wagon Trail Avenue.

Koreteck can be custom designed for a client almost as a kit, with predetermined specifications and custom-made, numbered pieces shipped to the site. If a piece is damaged during construction, it can be reordered by number. Mark Hansel covers retail and Las Vegas homes for sale for In Business Las Vegas and its sister publication, the Las Vegas Sun. He can be reached at 259-4069

Las Vegas Real Estate - Media Slow to Report Good News

2008-06-08T13:03:00.004-07:00

It has long been my contention that the national media created both the real estate boom of 2004 and 2005, and then the real estate bust in 2006 and 2007. But unfortunately, bad news sells better than good news, and so the busts tend to last longer. Buyers are timidly trying to come back into the market, yet every new article about the sad shape of the economy makes them wonder if the time is right. Locally, the big question is: When is the Las Vegas housing market going to turn around? Sales of existing homes have picked up this spring, dropping housing inventory to a thirteen month supply, and in April the market had its first year over year increase in more than two years. The number of single family Las Vegas homes for sale rose for the fifth consecutive month to 2,206 in May, a 29.2 percent increase from a year ago. Applied Analysis, a Las Vegas-based financial consultancy, listed less than 22,000 homes in the resale inventory as of June 2, the lowest total since February 2007.

The number of contingent and pending sales has been escalating since the beginning of the year. About 45 percent of contingent sales have been identified as "short sales," or sales in which the lender will agree to accept less than the mortgage balance owed against the property as well as Las Vegas foreclosures. But local Las Vegas real estate agents are reporting multiple offers on homes under $225,000, reminiscent of 2004 when buyers were lucky to have two or three homes to choose from. Jackie Goodman, an agent on our team with Prudential Americana, started out with 21 homes from the MLS system last week to preview for her client, and 18 already had offers in on them waiting for final seller approval! Jackie had to start all over again to find enough good properties to show her client who was discouraged that her favorites had already sold.

And we are getting this type activity despite the “experts” who declare Las Vegas will see a 30% decline in the next few months. Are prices down? Yes, of course they are. But with the strong job growth and ever increasing population coupled with a steadily diminishing supply, my own personal prediction is that we will start to see actual appreciation in early 2009.

And fortunately the Fed is cooperating by keeping interest rates down near all time lows, even though credit restrictions are limiting the Las Vegas mortgages programs buyers have to choose from. Right now FHA is the most popular choice as purchasers that are buying a primary residence can still do a version of 100% financing through the Nehemiah program where the seller contributes 6% for down payment and closing costs.

So if you are wondering if now is the time to buy Las Vegas homes, well, they don’t ring a bell when the market hits bottom, but all the signs are there. And if you are trying to sell your home, hang in there, baby, better times are ahead as the market comes around to being more balanced!