Watching the US Open made me think about how many wonderful golf course and country club communities
in Las Vegas. Golfers can buy beautiful homes in these Las Vegas communities for reasonable prices, as compared to other cities in the southwest. Among the country club developments in Greater Las Vegas are TPC Summerlin, Spanish Trail, Canyon Gate, Anthem Country Club, Southern Highlands Golf Club, Red Rock Country Club and Dragonridge Country Club.
Real estate investors need to be aware of tenant laws in their states. For example, in Nevada, most foreclosures are by a “summary proceeding” - meaning that termination of tenancy by foreclosure occurs when the landlord is unable to pay his mortgage, or a third party forecloses on a lien or judgement. According to NVAR General Counsel, Sue Saunders, Nevada Revised Statutes provides a process for evicting tenants when the property ahs been sold or title has been transfered. And many tenants and real estate brokers are finding that the landlords are not following the basic laws. Tenants are entitled to a 3 day written notice to quit; this means that they must vacate the property, and many do not understand how the foreclosure process affects them. There are some exceptions based on when the lease was initiated and when the loan was made on the property. If you are a tenant, or if you are a real estate agent representing a tenant, the tenant is well advised to seek legal cousel to detemine what rights and remedies they have. There have been many cases of tenants being given just hours notice to vacate a property, and often unable to get security deposit refunds. This has been a big problem in cities like Las Vegas, where foreclosures have been widespread. But property owners who are not facing foreclosure have benefited by being able to place tenants into their properties without concern. Hiring a professional management company is the best way for an investor to secure tenants and the best way for prospective tenants to find and negotiate a lease on a home.
Las Vegas is hearing some good news about its residential real estate market! Sales of existing homes have increased, with April showing the first year-over-year increase in more than 2 years. According to In Business Magazine, there is a six-week supply of new homes. That is a great improvement, caused by builders offering some great incentives and huge price reductions in their new developments. Traffic has definitely picked up in the past several weeks, and more potential buyers are now trying to purchase homes, given the new affordability of both new and resale homes. Most analysts agree that we are “near” or at the “bottom” of the cycle, and expect the market to stabalize late in 2008 or early in 2009. There is till the effect of so many foreclosures and short sales in this market, but many of those properties are being absorbed, which has a positive effect on the market. The new jobs being created by companies like MGM City Center, Boyd Group/Echelon and other construction projects will create a stronger housing market next year. Real estate professionals and experts have varying opinions, but the overall outlook is much more positive than it was at the start of 2008. So, this is a great time to buy, with interest rates low and prices in Las Vegas at their lowest since 2000. We can send you a list of new home inventory, including special promotions and incentives, as well as all of the resale properties currently available. If you’d like to be updated daily as to inventory, pricing and special financing, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.
With the recent decline in the real estate market in Las Vegas, lenders have tightened their underwriting standards and have made qualifying for a mortgage challenging to many home buyers. For the first time in several years, FHA and VA loans are the most popular in the Las Vegas area. Buyers are choosing fixed rate loans, as compared to adjustable rate loans, as they see the effects that the adjustments have had on their future payments. Buyers in Las Vegas are finding it more difficult to obtain financing, but there are some really great loan programs available. FANNIE MAE has set new guidlines, including a “tier” system used to determine interest rates. For example, the first “tier” of home buyers with FICO scores of 720 receive a lower interest rate than buyers with lower scores. This, in addition to other new underwriting standards, are a result of lenders becoming more cautious in areas like Las Vegas, where the appreciation was so great in 2004 and 2005. Since this is the best “Buyers’ Market” Las Vegas has seen in more than 20 years, prospective buyers should be encouraged by several new mortgage programs available. Las Vegas Properties can help to direct you to several lenders with programs to fit your needs. Some of the loan programs include those offered by The Nevada Housing Division, City of Henderson, Clark County School District and City of North Las Vegas. The City of Las Vegas also offers special mortgage programs. We can provide details of each of these programs. Call us at 1-888-876-8383 or email terrilvp@cox.net and we’ll send you the specifications on each program. This is the greatest “Buyers’ Market” Las Vegas has seen, so don’t miss this opportunity to buy your home or investment property at reduced prices!
The Cosmopolitan, an upscale high-rise Las Vegas Strip condominium development under construction adjacent to MGM City Center, is facing questions about its future owner. Construction is continuing, with the general contractor, Perini Building Co. stating that the project will be completed on time. But the question of who will actually complete this project remains unanswered. Several hotel and development companies are reportedly negotiating with Deutsche Bank, who provided construction financing, to acquire The Cosmopolitan. One of the companies, Hyatt Hotels, had previously contracted to be the Cosmopolitan’s hotel operator. Starwood Hotels and Related Cos. have also been considering involvement in the project. Located adjacent to the new MGM City Center, this is a great development and sales have been strong since they began 2 years ago. According to MGM sources, MGM is not considering purchasing this project, as the company would not be able to integrate the Cosmopolitan into the Leadership in Energy and Environmental Design (LEED) certification that MGM City Center is obtaining. But, those of us who have been in the Las Vegas real estate industry for man years, have no doubt that this property will be completed and will be successful. We’ll continue to post updates as they are provided.
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