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Mar 272014
 
New and Existing Homes, Foreclosures, 2013, Las Vegas

February, 2014. According to National Title of Nevada, 534 New Homes were sold in December, 2013 at a Median Sales Price of $300,469. Sales of existing homes was 3,453 units at a median sales price of only $160,000. Expect the price gap between new and existing to narrow as this wide of a gap is not sustainable.

In the same period, 428 homes were sold at foreclosure auction while 367 Notices of Default (NODs) were recorded. NOD is the first step in the foreclosure process.

New and Existing Homes, Foreclosures, 2013, Las Vegas

New and Existing Homes, Foreclosures, 2013, Las Vegas

Nov 212012
 
Eblana Explority Well Rig Near Tonopah

Many may not know that Nevada historically was quite a productive oil-producing state. Now there is news that there may be more oil in the center of the state than all of Texas. If you think Williston, North Dakota is a boom town, just wait to see what the Hot Creek Valley in Nevada will turn into. Here is one story from KLAS-TV: http://www.8newsnow.com/story/19926814/i-team-oil-discovered-in-nevada

The Eblana  #1  exploration  well,  drilled by U.S. Oil’s (actually an Irish company) wholly owned subsidiary  Major  Oil   International  LLC in May 2012, encountered  nine  large  potential porous oil reservoir intervals.

If Williston is any example of things to come, Nevada may soon go from the highest unemployment rate in the Union to the lowest. And, expect real estate throughout the state to increase faster than expected.

Also see http://www.canadalasvegas.com/?p=587

 

Eblana Explority Well Rig Near Tonopah

Nov 012012
 
Take Two Adding Jobs in Las Vegas

LTake Two Adding Jobs in Las Vegasas Vegas is starting to look more like ‘Silicon Desert.” Most people know that downtown Las Vegas is home to Zappos.com and a burgeoning start-up/incubator tech culture. Today it was announced that Take-Two Interactive, makers of the video game hit Grand Theft Auto and many other titles are negotiating to lease an office in Las Vegas. It is expected that 150 jobs will be created by the company (although I suspect some of those will be filled by current transferring employees).

Oct 222012
 
Clark County Schools
Clark County Schools

Clark County School District Capital Projects Funding Question

I’ve seen some confusion on how this tax is calculated; On what basis it is calculated. I did some research and then confirmed that the math works by examining 420 properties.

Firstly, in the voter guide, the “new” home description is a misnomer. It is “a” home, new or otherwise. It is a poorly written explanation. So according to CCSD.net http://ccsd.net/district/capital-improvement-plan/includes/pdfs/quick-facts-brochure.pdf, the tax is $0.21 per $100 of ASSESSED value. Assessed value is 35% of taxable value which is why the number is lower than what people think it should be when they try to calculate it (they are wrongly using taxable value not assessed value). The assessed value is the basis for our taxes not taxable value, how confusing is that for the layman?!?! And then just for clarification, taxable value actually has very little relation to sales price or market value. It is based on the depreciated replacement value of the house/improvements plus market value of the land. So, in other words, you can’t figure it out yourself. You just need to look at your tax record.

“Just for fun.” I just took the averaged assessed value for all homes that sold for exactly $100k in the past 12 months from the assessor’s data. The average was $33,284. So mulitple that by .21% and we get just about $70 which jives with the $72 that the school district claims will be the average impact on a $100k house. So, it certainly seems that it is based on the assessed value not taxable value and their calculations are just about right based on my four-hundred parcel analysis. Data here if you want it: http://www.houseofvegas.com/wp-content/uploads/2012/10/tax_2012_10_22_23_50_21.xls

4 minutes ago · Edited · Like

Jun 282012
 
Las Vegas Housing Economics

In last Friday’s article at “The Real Deal,” http://therealdeal.com/blog/2012/06/22/are-too-low-appraisals-preventing-some-markets-from-recovering/, they ask if appraisers are “scared” to value homes at higher prices in hot markets like Las Vegas.

My answer is “yes” in many cases. They are not reflecting the market conditions. In Las Vegas, most reasonable properties under $200k have multiple offers with many contract prices above the latest comparable sold homes. And in Las Vegas, a slight majority of purchases are all cash. Appraisers seem to be ignoring the cash closed sales or putting little weight on them. So using just the latest financed comps is causing closed-loop feedback where values are remaining study even though the market is speaking volumes that prices should be rising. We have some of the highest demand in history, lowest inventory, mulitple offers over list, and yet prices are just barely ticking up? I guess my economics professor was incorrect.