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:

http://money.cnn.com/2011/11/09/real_estate/vegas_housing_market/index.htm?section=money_realestate&utm_source=pulsenews&utm_medium=referral&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29

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!

702-808-9816

The “Occupy Any Street” campaign has started. Do you part and take back home ownership!

Great deals on:

• New Homes
• REOS / Bank owned
• Traditional home “equity” homes
• And don’t forget commercial properties too!

Las Vegas Real Estate Market Report: 10/26/11

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of October 26, 2011, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available – 10,597 (-34, Last Week 10,631)
Under Contract – 10,964 (-2, Last Week 10,966)
Days of Supply – 29 (+0, Last Week 29)
Short Sales – 12,169 (+4, Last Week 12,165)

Condominiums and Town Homes (CONDO/TH)
Available – 1,927 (-42, Last Week 1,969)
Under Contract – 2,217 (-29, Last Week 2,246)
Days of Supply – 26 (-1, Last Week 27)
Short Sales – 2,257 (-32, Last Week 2,289)

Combined SFR + CONDO/TH
Available – 12,524 (-76, Last Week 12,600)
Under Contract – 13,181 (-31 , Last Week 13,212)
Days of Supply – 29 (+0, Last Week 29)
Short Sales – 14,426 (-28, Last Week 14,454)

Las Vegas Home Sales Statistics

HUD Homes in Las Vegas

We’ve all heard of the legends of buying a HUD home for a dollar. Well, on November 5, 2011 you can choose from about 80 Las Vegas area homes for $100 down payment, assuming you qualify for an FHA loan and win the auction bid. This program is for owner-occupied homes only. There are even a few homes available in Summerlin on the list. You can get a great deal on a home and only have to pay $100 down! HUD will even pay 3% of your closing costs. Call or email me for the list of homes and to get pre-qualified for FHA financing before the November 5th auction

Effective today (10/1/2011) Senate Bill 314 goes into effect. This revokes the buyer’s ability to waive their right to get a Seller’s Real Property Disclosure (SRPD) form from the seller. The effectively forces a bank/REO/foreclosure/almost any seller to providing the buyer with this important disclosure form. The SRPD is filled out by the seller to indicate what systems in the house may need repairs that they are aware of as well as other things that may affect the value/usability of the property.

In practice, a buyer could expect to see an SRPD that may be less than helpful. For example, the bank may just write across the form in big letters, “Nothing wrong that we know of.” HOWEVER, if there is something they know about and didn’t disclose it, the buyer now has more ammunition to go after the seller should the defect be discovered after the sale. By the way, banks usually do have some knowledge of things that could need repair. This is because either a “BPO” (kind of a mini-appraisal done by a real estate agent) was done where the agent usually notes what obvious repairs need to be done or the listing agent noted the same when they came up with a suggested listing price.

I love Summerlin (Las Vegas) at the end of September. Color everywhere. Las Vegas comes alive each Spring and glows well into the Fall.

Last month we saw 3706 Single Family Residences sell (MLS sales, doesn’t include non-mls listed properties). That was the 3rd best month in Las Vegas area home sales history. This represents a 31% increase in sales over the same period last year and a 17% increase over last month.