Summerlin Home with Pool
| Title: | Summerlin Pool Home |
Summerlin Pool Home
February 22, 2012 By Leave a Comment
Why Las Vegas New Homes Sales Will Rebound in 2012
January 26, 2012 By Leave a Comment
My prediction is that this year there will be 15% more new home sales this year than last. According to the Southern Nevada Home Builders Association, 3,894 new homes were sold in 2011 which was the lowest amount in more than three decades. Some experts predict 4,000 new homes will be sold in 2012. And I say it will be 4,475 units. Why?
- Lack of resale inventory. Did the media mislead you? That’s right, lack of resale inventory. See http://www.houseofvegas.com/?p=815.The scarce “used home” availability will shift some buyers into buying a new home because of the competition on resale properties. These buyers started in the resale market but are fatigued from being outbid by investors and owner-occupied buyers.
- Short sales are nothing but short. Buyers who have experienced failed short sale purchases (happens often) and long lag times will give up and look to new homes.
- REOS have been picked clean. I mean this as a double entendre. First, all of the good REOS have been purchase. And second, the ones that remain have been stripped or need significant work. When buyers consider the repair costs they start to ask, if I’m going to pay this money for a used home, why not pay a bit more and buy a new home built specifically for you?
- New home builders are offering significant incentives to buyers such as 10′s of thousands in upgrades, closing costs allowances, or super-low interest rates. Ask me about these if you are interested.
I strongly believe that these four items and especially the lack of good resale inventory will cause the new home sales to out-perform even what the home builders are currently forecasting. Do you think I’m right? Am I completely wrong? What do you think? Let’s see…
Glut of Las Vegas Home Inventory? You Might Have Been Misled.
January 26, 2012 By 1 Comment
A common perception is that Las Vegas has a “ton” of inventory. For those that have been actively looking to purchase a property in Las Vegas, especially entry-level houses, have experienced the opposite. Lets examine the market to find out the reality:
Take a look a the Foreclosure Filings graph below from ForeclosureRadar.com. This graph is for the state of Nevada. The green line, “Notice of Default,” is the bank filing telling the homeowner you have not paid your mortgage and the next step is a foreclosure filing, Notice of Sale. As you can see, the defaults went to near-zero in October due to some complicated state regulations. So there are very few homes being foreclosed on. Even been the new regulations went into place there was a downward trend. Keep in mind that typically 47% of all sales in Las Vegas were REOs.
So, 47% of our sales has historically come from a product type that is about to come near-extinct! Let me be clear: There is very little REO inventory and huge demand; 2011 saw the most homes sold in Las Vegas ever. Let me repeat, the most sales ever and the media forget to tell you: http://www.lasvegasrealtor.com/Newsroom/article/GLVAR-December-2011-and-Year-End-Housing-Statistics-799
Okay, so REO inventory is now low and falling. But John what about short sales and “traditional” sales? Well, yes, there are a lot of short sale inventory although very little traditional (homes with equity) properties. But taking into account demand, there is almost no inventory of any kind. Think I’m crazy? Take a look at the Days of Supply graph below from NARREIA.
For Single Family Residences we have ONLY 25 DAYS OF INVENTORY. Does that look like too much inventory to you? Yes, less than one month’s worth of inventory.
What this means on a practical level is that if you want to buy a home (especially under $160,000) there will be a ton of buyers you will be competing with and very little to choose from. I also expect the average home price to go up just slightly in February. Let’s see, shall we?
Las Vegas Foreclosure Inventory Tightens More
January 16, 2012 By Leave a Comment
The graph below is from ForeclosureRadar.com. The green line “Notice of Default” is the bank filing telling the homeowner you have not paid your mortgage and the next step is a foreclosure filing (Notice of Sale). As you can see, the defaults went to near-zero in October due to some complicated state regulations. So there are very few homes being foreclosed on a ton of investors wanting to buy them.
The non-short sale inventory in Las Vegas is being eaten away rather quickly while demand is extremely strong. Watch for a small uptick in average prices in February.
Foreclosure Filings in Clark County Halted
December 19, 2011 By Leave a Comment
Foreclosure sales have been on a steady decline for about a year in Clark County (Las Vegas), Nevada. However, since October the Notices of Default have all but stopped.
This is due to new legislation requiring banks to attest that the are the legal beneficiary of the deed of trust and have the authority to foreclose. How novel isn’t it? The banks have to swear they are the note holder or authorized representative and that they have their documents in order. Is the state of Nevada asking for too much with such a simple request?
Well, with the “Robo-signing” scandal coming to light, banks are now very apprehensive to attest having their documentation in order.
So the result, VERY LOW REO inventory at the moment and it will probably stay that way for several more months.
Southern Highlands – Las Vegas Home for Sale.
December 12, 2011 By Leave a Comment
11006 Santorini Dr, Las Vegas, NV 89141 (MLS # 1209688)
(all data current as of 2/22/2012)
| Price | $149,888 |
|---|---|
| Beds | 4 |
| Baths | 3 full, 1 half |
| Home size | 2,152 sq ft |
| Lot Size | 3,920 sq ft |
| Days on Market | 72 |
Property Type(s): Residential / All, Residential / Single Family
| Last Updated | 12/20/2011 | Tract | Dakota Unit #2 At Southern Hig |
|---|---|---|---|
| Year Built | 2002 | Community | Southern Highlands |
| Garage Spaces | 2.0 | County | Clark |
| Total Parking | 2 | Walk Score ® |
17
|
Schools
| Elementary School | Frias Charles & Phyllis |
|---|---|
| Grade School | Frias Charles & Phyllis |
| Jr. High School | Tarkanian |
| High School | Desert Oasis |
Additional Details
| 2nd Bedroom Dimensions | 11x11 | 3rd Bedroom Dimensions | 11x10 |
|---|---|---|---|
| 4th Bedroom Dimensions | 20x15 | Master Bedroom Dimensions | 14x12 |
Features
| 4th Bedroom Description | Upstairs |
|---|---|
| Area | 505 - South West |
| Assoc/Comm Features Desc | CCRs, Not Age Restricted, Security |
| Bath Downstairs Description | 1/2 Bath Downstairs |
| Bath Downstairs? Y/N | Yes |
| Bedroom Downstairs? Y/N | No |
| Bldg Desc | Two Story |
| Built Description | Resale |
| CommentaryY/N | Yes |
| Community Name | Southern Highlands |
| Construction Description | Frame & Stucco |
| Contingency Desc | Short Sale Approval |
| Converted Garage | No |
| Cooling Fuel Description | Electric |
| Cooling System | 2 or More Central Units |
| Dining Room Description | Formal Dining Room |
| Dishwasher Inc | Yes |
| Disposal Included | Yes |
| Dryer Included? | Yes |
| Dryer Utilities | Gas |
| Elementary School 3-5 | Frias Charles & Phyllis |
| Elementary School K-2 | Frias Charles & Phyllis |
| Energy Description | Dual Pane Windows |
| Equestrian Description | None |
| Exterior Description | Patio, Porch |
| Family Room Description | None |
| Fence | Backyard Full Fenced |
| Fence Type | Block |
| Flooring Description | Carpet, Linoleum/Vinyl, Tile |
| Foreclosure Commenced Y/N | No |
| Furnishings Description | No Furniture |
| Garage Description | Attached, Auto Door Opener(s), Entry to House, Finished Interior |
| Great Room Description | Downstairs |
| Great Room Y/N | Yes |
| Ground Mounted? Y/N | Yes |
| Heating Description | Central |
| Heating Fuel Description | Gas |
| House Faces | South |
| House Views | Strip View |
| Interior Description | Skylight(s), Window Coverings Throughout |
| Internet? Y/N | Yes |
| Kitchen Description | Breakfast Bar/Counter, Granite Countertops, Tile Flooring |
| Landscape Description | Desert Landscaping |
| Living Room Description | None |
| Lot Description | Under 1/4 Acre |
| Master Bath Desc | Double Sink, Shower Only, Tub |
| Master Bedroom Description | 2 Mbr's, Master Bedroom Upstairs, Mbr Walk-In Closet |
| Miscellaneous Description | None |
| Occupancy Description | Occupied By Owner |
| Other Appliance Description | Built-In Microwave |
| Oven Description | Stove (G) |
| Property Description | Guest Quarters |
| Property Subtype | Single Family Residential |
| Property Type | Single Family Res |
| PvPool | No |
| PvSpa | No |
| Record Delete Flag | No |
| Refrigerator Included | Yes |
| Repo/Reo Y/N | No |
| Roof Description | Tile Like |
| Sewer | Public |
| Short Sale | Yes |
| Sold Term | CONV |
| Utility Information | Underground Utilities |
| Washer Dryer Location | Separate Laundry Room |
| Washer Included? | No |
| Water | Public |
| Zoning | Single-Family |
Location
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Listed with Prudential Americana Group
Brookfield of Canada buys Prudential Real Estate and Relocation Services
December 7, 2011 By Leave a Comment
Brookfield Residential Property Services a subsidiary of Brookfield Asset Management group of Toronto has bought Prudential Real Estate and Relocation Services. The deal is valued at $110M excluding transactional costs.
Spanish Trail, Las Vegas Home For Sale. Golf Course!
November 28, 2011 By Leave a Comment
7729 Spanish Bay Dr, Las Vegas, NV 89113 (MLS # 1204455)
(all data current as of 2/22/2012)
| Price | $349,888 |
|---|---|
| Beds | 3 |
| Baths | 3 full, 1 half |
| Home size | 3,277 sq ft |
| Lot Size | 6,098 sq ft |
| Days on Market | 95 |
Property Type(s): Residential / All, Residential / Single Family
| Last Updated | 2/16/2012 | Tract | Villas At Spanish Trail #2 |
|---|---|---|---|
| Year Built | 1985 | Community | Spanish Trails |
| Garage Spaces | 2.0 | County | Clark |
| Total Parking | 2 | Walk Score ® |
8
|
Schools
| Elementary School | Rogers Lucille S* |
|---|---|
| Grade School | Rogers Lucille S* |
| Jr. High School | Sawyer Grant* |
| High School | Durango |
Additional Details
| 2nd Bedroom Dimensions | 13x13 | 3rd Bedroom Dimensions | 16x13 |
|---|---|---|---|
| Master Bedroom Dimensions | 17x17 |
Features
| 2nd Bedroom Description | Downstairs, Walk-In Closet(s), With Bath |
|---|---|
| 3rd Bedroom Description | Walk-In Closet(s) |
| Area | 503 - South West |
| Assoc/Comm Features Desc | CCRs, Clubhouse, Community Pool, Country Club, Gated, Guard Gated, Jogging Trail, Tennis Courts |
| Bath Downstairs Description | Full Bath Downstairs |
| Bath Downstairs? Y/N | Yes |
| Bedroom Downstairs? Y/N | Yes |
| Bldg Desc | Two Story |
| Built Description | Resale |
| CommentaryY/N | Yes |
| Community Name | Spanish Trails |
| Construction Description | Frame & Stucco |
| Contingency Desc | Short Sale Approval |
| Converted Garage | No |
| Cooling Fuel Description | Electric |
| Cooling System | Central |
| Dining Room Description | Formal Dining Room |
| Dishwasher Inc | Yes |
| Disposal Included | Yes |
| Dryer Included? | Yes |
| Dryer Utilities | Both |
| Elementary School 3-5 | Rogers Lucille S* |
| Elementary School K-2 | Rogers Lucille S* |
| Energy Description | None |
| Equestrian Description | None |
| Exterior Description | Back Yard Access, Covered Patio, Patio, Private Yard |
| Family Room Description | Separate Family Room |
| Fence | Backyard Full Fenced |
| Fence Type | Wrought Iron |
| Fireplace Description | Gas |
| Fireplace Location | Living/Great Rm |
| Flooring Description | Carpet, Tile |
| Foreclosure Commenced Y/N | No |
| Furnishings Description | No Furniture |
| Garage Description | Attached, Auto Door Opener(s), Entry to House, Finished Interior |
| Great Room Y/N | No |
| Ground Mounted? Y/N | Yes |
| Heating Description | Central |
| Heating Fuel Description | Gas |
| House Faces | North |
| House Views | Golf Course View, Mountain View |
| Interior Description | Intercom System, Shutters, Window Coverings Throughout |
| Internet? Y/N | Yes |
| Kitchen Description | Breakfast Bar/Counter, Tile Flooring |
| Landscape Description | Front Lawn, Front Sprinkler System, Mature Landscaping |
| Living Room Description | Formal, Vaulted Ceiling |
| Lot Description | Golf Course Frontage |
| Master Bath Desc | Double Sink, Make Up Table, Shower Only, Tub |
| Master Bedroom Description | Mirrored Door Closet |
| Miscellaneous Description | None |
| Occupancy Description | Vacant |
| Other Appliance Description | None |
| Oven Description | Double Built-In Ovens (G) |
| Pool Description | Pool/Spa Combo |
| Property Subtype | Single Family Residential |
| Property Type | Single Family Res |
| PvPool | Yes |
| PvSpa | Yes |
| Record Delete Flag | No |
| Refrigerator Included | Yes |
| Repo/Reo Y/N | No |
| Roof Description | Tile Like |
| Sewer | Public |
| Short Sale | Yes |
| Sold Term | Cash |
| Utility Information | Underground Utilities |
| Washer Dryer Location | Separate Laundry Room |
| Washer Included? | Yes |
| Water | Public |
| Zoning | Single-Family |
Location
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Listed with Prudential Americana Group
What does CNN Money Say About Las Vegas’ Housing Market?
November 9, 2011 By Leave a Comment
Is Las Vegas’ housing market ready to make a comeback? CNN Money thinks it just might.
With brisk sales, low inventory (yes, the press generally misinforms the public about Las Vegas’ home inventory) Las Vegas is poised for a turnaround.
See article here:
Former Sahara Hotel in Las Vegas to Re-open
November 2, 2011 By Leave a Comment
It was announced today that the Clark County commissioners have approved a plan to remodel and re-brand the former Sahara hotel and casino. The new owners are planning to remodel the property to make it more “hip” and approachable. The new name has not been announced as of yet. Construction on the property could start within a few months. More good news for Las Vegas!
Just two months ago, Caesar’s Entertainment also announced construction will resume on the high-end Octavius Tower expansion to the Caesar’s Palace property. Executives cited improvements in local business trends for the decision.
If you want a “piece of the strip” as well, I have access to some great deals on high-rise condos with great views starting at $199k!
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