News & Views of Las Vegas

I am writing this post from an auction being held today in Las Vegas;  approximately 300 homes that are owned by banks and mortgage companies will be sold this weekend at deep discounts, through the auction process.  There are several real estate auctions on the calendar for the Las Vegas area!  We have not seen the end of the foreclosures, which will probably last through next year.  Terri White, Las Vegas Properties, is also the Broker for Real Estate Disposition Corporation, who is conducting many of these auctions.   There are auctions held on behalf of lenders who are liquidating the “REO” properties, as well as auctions being held for the developers and new home builders with standing inventory.  Both are viable options for you as a home buyer.

Buying properties ”at auction” is quite different from the more traditional way of purchasing real estate.  By knowing what to look for, and by having a real estate professional assist you with your “due diligence,” this can be a great way to take advantage of today’s declining prices.  In order to get the most benefit from an auction property, a buyer must be well informed as to current market value, anticipated future value, potential appraised value and the overall condition of the real estate market in a particular city where the properties are located.   You can get some great buys, with excellent and easy financing on many of these properties.  So, if you are a buyer looking for a home, or an investor looking for a great “deal” in this market, call me and I’ll send you my report, “Pro’s and Con’s Of Buying Real Estate At Auction.”  And I can provide you with a list of upcoming auction dates and details of the properties being offered.  Call today at 1-888-876-8383 or email terrilvp@cox.net.

    Summerlin, the fastest growing Master Planned Community in the country, is also the fastest growing area for new office space in the Las Vegas valley.  More than 350,000 square feet of office space was completed in the past year, bringing the total to more than 3 million square feet of office space.  According to Kevin Orrock of The Howard Hughes Corporation, “Summerlin has become “much more than a premier place to live; it’s also growing in desirability as a great place to work.

General Growth Partners recently announced plans to build 500,000 square feet of office space in the new Summerlin Centre, which is the “urban core” and downtown of Summerlin.  Among major office tenants in Summerlin are City National Bank; UBS Financial, Land America, Ameritrade and First National Bank.New developments will include Hills Center North Business Park, The Gardens Plaza, Hills Center North Business Park,  The Executive Park at The Ridges, The Hills South Village (recipient of the 2008 NAIOP Spolight Award in second story office building category.) 

The amenities found in Summerlin have made the community so popular for office buildings.  Its proximity to freeways, restaurants, shopping, golf and community amenities make it an ideal choice.  The suburban office trent, according to Orrock, “is driven by reduced commute times and proximity to neighborhood amenities.” 

Summerlin is home to more than 95,000 residents who enjoy more than 100 parks, shopping centers, 150 miles of Summerlin trail system, nine golf courses, medical facilities, pubic and private schools and the new Summerlin Centre.  A complete list of office inventory and pricing is available by contacting Las Vegas Properties at 1-888-876-8383.

Downtown Las Vegas is emerging as a popular urban community, with the development of Union Park and several luxury condominium properties.  Among those is NEWPORT LOFTS, located in the heart of the the downtown cultural, entertainment and dining corridor.  Newport Lofts is a 24-story lucury condominium high-rise that was developed with the target market of professionals, singles and vacation home buyers wanting a more urban, sophisticated lifestyle than the suburban subdivisions in the Las Vegas valley.  With a 360-degree panoramic view from its SkyDeck, the property offers concierge service, state-of-the-art fitness center, valet, 24-hour security, a resort-style pool and spa and many other special amenities.  The property includes spacious loft-style condominiums and penthouses, ranging in size from 911 to 3,052 square feet.  Pricing starts in the $300,000’s and there are still some great units available.  With the World Market, Union Park, the future Jewelry Mart and downtown casinos, downtown Las Vegas has enjoyed new popularity this year.  For information about Union Park, Newport Lofts and other luxury downtown condominiums, contact www.lasvegashomesandcondos.com at 1-888-876-8383.

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.

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The Las Vegas Review Journal’s economic report shows exciting growth in Las Vegas!  Clark County’s population increased by more than 6,000 residents, according to the Dept of Motor Vehicles, showing a 12% increase from the previous month.  McCarran International Airport traffic into Las Vegas increased by 15%, with a traffic count of more than 4 million visitors.  The real estate market showed signs of recovery in May, with existing home sales increasing by 18% from the previous month.  There were 2,247 resale homes sold in the Las Vegas valley in May.  And, even with the slowing economy, consumer spending in Las Vegas was strong, with taxable sales from the retail sector increasing 7.8%  And the Leading Economic Indicators Index for Clark County grew by 0.7% in April, showing a major recovery from the previous month.  This index is comprised of several factors that predict economic activity in future months.  The index includes residential building permits for Las Vegas and Clark County, commercial building permits, taxable sales and gross gaming revenues.  Nevada’s unemployment rate fropped in April, as more than 8,500 jobs have been added to Nevada’s education, health services and retail sales segments.  All of these indicators, as reported by the Las Vegas Review Journal, make us all optomistic about a strong recovery for the Las Vegas real estate market for the rest of 2008 and 2009.  This is still a great time to invest in real estate in Las Vegas, Henderson and North Las Vegas, as prices are still lower than they have been in 8 years.  So, if you are considering a real estate purchase, do that before prices begin to increase later this year.  There are some great “deals” on new and resale properties - for a list of inventory and pricing, contact us at www.lasvegasproperties.com, 1-888-876-8383

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!