Damon Botticelli's Blog

For Rent Less Than 3 Miles From The Strip in Las Vegas - 1 Bedroom Condo, Pool, Tennis, Security

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Thu, 05 Nov 2009 13:43:37 -0600

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Description

1 Bedroom Condo for Rent. Guard gated community less than 3 miles from The Strip!!!

Features

Bedrooms:	1
Bathrooms:	1
Located on Floor #:	2
Floors in Bldg:	1
Square Footage:	700
Parking Spaces:	1
Property Type:	Condo
Pets Allowed:	None
Year Built:	1982
Agent Name:	Damon Botticelli
Broker:	Realty One Group

Location

5314 RIVER GLEN DR Las Vegas NV 89103

vFlyer Id: 2928845

Brand New!!! - 1934 SF 3 bedroom for $199,990 - Summerlin Homes For Sale - Can Close Before 12/1/09

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Thu, 15 Oct 2009 16:22:22 -0500

8 Quick Move-in Homes Available in Summerlin
That Can Close in Time for Tax Credit!

Both of these communities are conveniently located in the heart of Summerlin,
near shopping, dining and several recreational activities.

Ruby - Homesite #58
$318,989 (Includes $32,499 in Options)
2,716 sq. ft.
4 bedrooms & 3.5 baths
Oversized homesite - Great mountain views!
Tax Credit Available Move-In

Ruby - Homesite #63
$311,190 (Includes $28,200 in Options)
2,716 sq. ft.
4 bedrooms & 3.5 baths
Oversized homesite - Great mountain views!
Tax Credit Available Move-In

Ruby - Homesite #216
$293,890 (Includes $16,900 in Options)
2,716 sq. ft.
3 bedrooms & 2.5 baths
Flooring & appliance selections still available
Tax Credit Available Move-In

Ruby - Homesite #218
$299,990 (Includes $23,000 in Options)
2,716 sq. ft.
4 bedrooms & 3.5 baths
Flooring & appliance selections still available
Tax Credit Available Move-In

Sapphire - Homesite #198
$276,040 (Includes $28,050 in Options)
2,111 sq. ft.
3 bedrooms & 3.5 baths
Dual masters (one on the first floor)
Tax Credit Available Move-In

Rembrandt - Homesite #132
$199,990 (Includes $10,000 in Options)
1,934 sq. ft.
3 bedrooms & 3.5 baths
Flooring & appliance selections still available
Tax Credit Available Move-In

Eldon - Homesite #66
$250,940(Includes $9,950 in options)
1,515 sq. ft.
1 story home with 2 bedrooms & 2 baths
Flooring & appliance selections still available
Tax Credit Available Move-In

Vista - Homesite #162
$264,490 (Includes $14,150 in options)
1,637 sq. ft.
1 story home with 2 bedrooms & 2 baths
CORNER HOMESITE!
Tax Credit Available Move-In

*Tax credit of $8,000 applies to single taxpayers with incomes under $75,000 and couples with incomes under $150,000. If your income exceeds these levels, you may be eligible for a partial tax credit. The tax credit only applies to homes that close before December 1, 2009. Some tax credit restrictions apply. The information provided is a summary only and does not constitute legal or tax advice. See your tax professional for details.

Trouble getting an REO in contract? This is hilarious...and sad because it's true

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Wed, 14 Oct 2009 03:35:07 -0500

1 Story Las Vegas Home - 3 bedrooms, 2 baths, 2 car garage & fireplace

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Sun, 06 Sep 2009 21:55:05 -0500

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Description

FEELS JUST RIGHT! COMPLETELY FURNISHED, EXCEPT CURIO CAB*NO HOA*NOT BANK OWNED* CLEAN! GREAT LOCATION*NO MAINTENENCE*READY TO MOVE INTO* 3 CAR GAR HAS BUILT-INS,OPEN FLOORPLAN* 2 WAY FIREPLACE* COVERED PATIO*OVERSIZED BED* INGROUND SPA* DON'T MISS THIS 1* EASY TO SEE*

Features

Bedrooms:	3
Bathrooms:	2
Year Built:	1990
Subdivision:	SIBONEY VILLAS
Lot Size:	9750
Garage Size:	2
Square Footage:	2521
Agent Name:	Jane Tacker
Broker:	Realty One Group
MLS #:	969667

Location

3220 SIBONEY VILLA CR Las Vegas NV 89121

vFlyer Id: 2805704

Golf Course Home With Pool Less Than 4 Miles From The Las Vegas Strip

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Wed, 26 Aug 2009 21:13:17 -0500

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Description

Amazing potential in this 3024 square foot home backing the Las Vegas National Golf Course less than 4 miles from the Las Vegas Strip. Large yard, private pool and no hoa. Large rooms include living, dining, an entertainment room, sun room, loft and more. Not a short sale, not an REO.

Features

Bedrooms:	3
Bathrooms:	3
Parking Spaces:	4
Subdivision:	PARADISE PALMS
Lot Size:	12,500
Garage Size:	0
Square Footage:	3024
Agent Name:	Damon Botticelli
Broker:	Realty One Group
MLS #:	965435

Location

1989 OTTAWA DR Las Vegas NV 89169

vFlyer Id: 2730114

SHORT SALE DEFICIENCY DEMANDS AND DEFENSES - The Interstate Highway Analogy

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Fri, 26 Jun 2009 16:04:54 -0500

Another terrific article on short sales by Richard Zaretsky...

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

"What chance is there that the bank is going to make me pay the difference (or deficiency) when we are through?" This is the most often asked question I get as an attorney that specializes in residential mortgage loan workouts and (avoiding foreclosure through short sales or modification). If you need basic information to understand the short sale and deficiency issue, see Back to Basics - a Review on Short Sales.

Our Basic Answer

Basically from what we see in our daily practice, if we could give a measure of chance that the bank will seek to have a borrower in a short sale or deed in lieu of foreclosure situation pay all or a portion of the unpaid portion, we would say it was only 30%. Don't confuse the short sale deficiency - with a foreclosure "deficiency judgment" - see: Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios for a detailed explanation).

The "But"

But it is not that simple and frankly, you would think given a set of circumstances so obvious your 4 year old would have the correct analysis, there are often results that make no sense. My best to date analysis deals with an analogy with which we are familiar - driving on the Interstate.

The Interstate Highway Analogy to Short Sale Deficiency Demands

I live close to Interstate 95, and my clients in Florida use either I-95 or I-75 to get up and down the beautiful Florida peninsula, but it works for any Interstate where it has 5 lanes. If you local Interstate has fewer lanes, just sit back and think of the free flow of traffic a wider highway would give you - and the additional zillion neighbors you would have.

The Middle Lanes

In any event, the Interstate by West Palm Beach has 5 lanes. The middle 5 carry the bulk of the traffic and you can pretty much predict that everyone there is doing the speed limit or 5 or so miles over it. This is where the bulk of short sales occur, the three middle lanes. The 30% demand / 70% release result is pretty much predicable. If you have a lot of liquidity with reachable funds, there is a 30% chance you are going to be asked to make either a reduced financial contribution or a payout over time for all or a portion of the deficiency. And if you don't have financial resources there is a 70% chance you are going to just get a release. For a better understanding to the process, see TOO RICH TO DO A SHORT SALE? - ECONOMIC LOGIC APPLIES and ECONOMICS 101 - SHORT SALES - WILL THE LENDER SHARE THE LOSS).

The Right Lane

Let's now look at the results of the two outer lanes. The right lane is reserved for "slower traffic". Here we find the most conservative drivers, and the speed they travel is a slower rate - the speed limit or usually lower. Everything in this lane is predicable and cautious. The short sale client in this lane is usually on a limited fixed income, perhaps social security, no real savings, may be disabled or cannot work anymore because of a terminal illness. The bank will (should?) analyze the finances of the borrower and see that there is no way that the borrower could either come up with any funds or repay any portion of the debt without winning the lottery. So it makes overwhelming sense that the bank for this right lane is going to give 100% of all travelers a free pass and thus a complete release from the deficiency debt.

The Right Lane Exception

Let me give you a real life case from last week. Client is a female with colon and liver cancer. She has been receiving radiation and chemotherapy for 6 months and the results are so horrific that she cannot work at all. Her prognosis is poor and she is being cared for by her mother in her mother's home, as she was unable to continue living by herself. She has no savings and is getting some social security benefits but because of her too young age it is insufficient except for food or drugs. There are two loans on the house. The first lender is still making up its mind, but the second lender, having full disclosure of her medical and financial situation, demanded a $10,000 payment at closing and $89,000 unsecured after closing at the same pay rate as the existing second mortgage. Now I could not have predicted this demand (which we outright rejected) in a million years - but this is a typical exception that we get all the time. Different yet similar problems and every once in a while this "Twilight Zone" demand from the lender.

The Left Lane and its Exception - Pop the Cork on the Cristal!

Another real life case from late this summer make the point for the "passing lane" or far left lane on the Interstate. Here we have the BMW's, Mercedes, Jaguars, and the inevitable "29 year olds driving Maseratis". Here we have still fat $250,000 and over incomes, $500,000 or more in cash or other liquidity in the bank and a free flowing checking account. My prediction to these clients is the obvious - be ready to write a check to cover the deficiency or maybe we can get a no or low interest unsecured workout amount to be paid post closing. Then we get the short sale approval documentation and low and behold, it has a complete release! The client puts away their checkbook and buys themselves another case of Cristal champagne.

Coming Up With the Average

This leads us back to the 70 / 30 percent prediction. The point is, you cannot make a prediction that is accurate. These exceptions of the right and left lane give too large a "margin of error" to be able to make any prediction reliable. So at my office and with my clients we use it as a "guideline". Your clients (if you are a Realtor) are asking the same questions. Your answers are important to them, so don't guess and hopefully our experiences in my office will help guide you.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com

SHOULD I PAY MY MORTGAGE? SHOULD I STOP PAYING MY MORTGAGE?

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Fri, 26 Jun 2009 15:43:36 -0500

These very common questions have been addressed in the following article:

Should I continue making payments?
How will credit score be affected be a short sale?
Should I do a loan modification or short sale?
What about the 2nd mortgage?

Thank you to Richard Zaretsky for this well written & informative article.

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

This seems to be THE NUMBER ONE question I get. Unfortunately there are several answers and which is correct for you depends on the Circumstances. I will address the common scenarios in this article.

Policy in my office is to never "tell" - as in "instruct" - our borrower client to pay or not to pay their mortgage. Paying or not paying has a lot of collateral effects and the borrower needs to know what they are before making the decision. We don't make the decision for the borrower (our client) because the effects of paying or not paying are not going to affect me - but they will affect the client, so it is the client that must make the final decision.

Let me make one issue clear - when we are hired to help facilitate a short sale or loan modification it is far easier for us to negotiate with the lender if the payments are late, but it is almost never a requirement. The exceptions to which will be discussed later in this article. Additionally, internal rules change at the banks constantly. A new client came in totally frustrated. They called their bank to help with a modification and the bank said they could not address their situation until they were at least 60 days late. So the near perfect (800+) credit score couple stopped paying for 60 days and then called the bank back. Now the bank says that because they are 60 days late they cannot speak to them about a modification! The point is, if you don't have to be late then why voluntarily create a late payment credit history that will adversely affect your credit-dependent life almost immediately and for years to come?

SO LET'S GET INTO IT - Danger - this is a long article and it covers a lot of ground!

Short Sale:

A borrower that is current and contemplating a short sale wonders if they should stop paying their (first) mortgage. They are upside down and until now they have been current. However they are paying the mortgage at a cost of not paying other bills. (Other or different facts may be that they are paying all their bills but taking the money from savings or a pension fund to make those payments, or they are borrowing money from another equity loan).

Generally, it is not a good idea to get into debt to pay your mortgage, unless you have a solid plan to both (i) keep the mortgage current and (ii) repay the additional indebtedness you are creating. It is not like taking from one pocket to put into another - it is more like taking from someone else's pocket to pay your bills. This would include credit card loans as the source of funds. It all has to be paid back, so if you don't have a plan to pay it back, don't borrow it in the first place! You are only digging a bigger hole for yourself and making it harder to get out of the hole.

If you are taking from your pension or savings money, again you better have a rock solid plan to get that money back into those accounts, or there is no sense in giving up that hard earned and usually irreplaceable retirement money, especially considering these are monies that are usually protected from creditors' judgments including those your mortgage lender could obtain (deficiency judgment)..

Of course the "amount" of money you have "in reserve" comes into consideration. If you have 2 million dollars in reserve and you decide to spend 10% of it to keep the loans current until you can short sale the property, that plan has a basis that the 10% is not going to make a difference in the way you run your life over the remaining time you have left as a mere mortal.

Sometimes, but rarely, we run into a lender that says they won't approve a short sale or modification because the borrower is current with his payments. When we have encountered this it is in most cases associated with a government backed loan, (but later on we will show you why this may be motivated by plain greed on the part of a loan servicer). A properly compiled financial snapshot of the borrower should show why they are current and what will happen if the short sale or modification is not approved.

Your decision on how to proceed should be based on what goal you are trying to accomplish and how you plan to get to that goal (see how to determine your goal).

Mortgage Modification:

Apart for some voluntary government programs regarding (Fannie Mae or Freddie Mac) government involved mortgages, I know of no lender that absolutely will not deal with a borrower who is current with their mortgage payments. Lenders deal with all sorts of situations and "absolutely not" is just not in the vocabulary. A typical borrower calling a lender may hear that they must be late, but that is more of a "vetting" statement than an absolute policy.

The exceptions are some government program guides for modification. The first step to seeing if your loan comes within this exception is to see if it is a Fannie Mae or Freddie Mac loan. You can do this online at the Making Home Affordable site. Many servicers and lenders whose loans are not "government backed" are now choosing to follow this government plan (known as the Home Affordable Modification plan or more affectionately called the "Obama Plan" - see below) for the simple reason that they are being compensated by the government for each successful modification they execute within its guidelines, and either the servicer or lender receive a residual bonus for the loan staying current under the modification. In these cases we have seen non-government backed loans insist on the borrower being late to qualify for modification as well. What is confusing on this point is that when the plan was introduced it included modifications (and compensation for such) for current loans as well. However, we are told time and time again from the lenders directly that they must be late to qualify. There is no such rule in the guidelines.

While this is contrary to what has been published by the government about the plan, keep mind that following the plan and any of its various aspects is entirely voluntary and up to the Lender or servicer. They can pick and chose from this plan as they see fit for their own internal reasons. Here is a more interesting twist - a servicer that modifies a delinquent loan is paid more under this incentive plan than if the borrower were to modify while the loan is current! If the borrower is current, the servicer can receive up to $3,500 in incentive fees from the government. If the borrower is delinquent, the servicer can receive up to $4,000 in incentive fees from the government. Thus it seems that it pays ($500 to)the servicer to encourage a borrower to be delinquent!

We often see a client that fits the profile for modification under this government plan. Some of these plans are said to require that to be qualified the borrower must be late 60 days (see Guidelines page 5 at bottom). But in fact, being late is not a requirement, but only one factor of many (see Guidelines page 16 at the top - "However, a NPV (net present value) positive result is not necessary to qualify a loan for a Home Affordable Modification"). If the goal is to qualify under such a plan as put in place by the lender at that time, then to accomplish that qualification the borrower may need to make themselves late, but that cannot be determined in a 2 minute telephone call with a lender representative. I cringe when we go this route because just like these "plans" came into existence, I can see them change the plan thus leaving the now 60 day late borrower with ruined credit scores that occurred needlessly.

Generally about a quarter of our modification clients never go late and still get a modification offer from the lender. However, keep in mind that nearly all lenders put up as their first line of defense the policy that going late is a necessity to qualify. We can only speculate this is done to deter the enormous inflow of loan modification requests from borrowers that would come in if this was NOT said to be a requirement. It also helps address those in the most dire amount of need first.

The Pro's and the Con's:

The general rule of thumb we use is if you can pay your mortgage and maintain your life's necessities, you may consider keeping the loan current, taking the points in this article into account. However, if you need to choose between buying food or medications and paying the mortgage, the decision that should be made is clear: your life necessities take precedent.

Here are the pro's to consider when in the short sale or modification process. Keeping the loan CURRENT has the following benefits:

a) Your credit score is not dinged until the short sale transaction occurs (and not at all in most loan modifications) and your overall credit score reduction will be minimized, and b) You will remain in good standing with your lender without worry of penalties, fines, or a foreclosure.

The "con's" of keeping the loan current are that:

(a) You will be out of pocket for the monthly mortgage payment (monies which you may or may not need to survive), and

(b) Your lender may question the sincerity of your claimed hardship, and you may be spending funds that would otherwise be potentially (but rarely) forgiven by the lender. In addition, occasionally the lenders in a short sale may require a lump sum payment above the sale amount from the borrower to forgive the debt. Coming up with that money is sometimes the difference between a deal or no-deal. If you can put your mortgage payments aside and stockpile them, it will help you cover that potential lump sum.

A similar pro/con approach applies to GOING DELINQUENT with your mortgage. In favor of going late is being able to keep the unspent mortgage payments in your pocket (or applied towards other necessities as the case may be) in which event your hardship may appear more sincere to the lender. On the other hand, there are very real consequences to going late with your mortgage payment:

a) You WILL incur late fees and other penalties on the late interest. Usually this is not a large issue as it is part of the forgiven debt in a short sale and usually forgiven in a modification, but it is something to consider,

b) Your credit score downgrade will be harder as you will compound the short sale hit with a 30 day late, 60 day late, etc, (and if this is a modification you will make a non-negative credit score event turn into a negative credit score event), and

c) You will eventually cross a threshold (typical industry standard of 90 days late) where the lender will initiate a foreclosure action in State court.

Going Late on Your Second Mortgage:

Often a borrower comes to us and says that they are late on the first mortgage but current on the second mortgage. The second mortgage is almost always totally upside down with no equity left in the property to secure that financial obligation. The borrower says they paid the second mortgage because they had the money for the smaller payment (second) mortgage but not the larger amount first mortgage. Our answer - if you don't pay the first mortgage they are going to foreclose it and then paying the second mortgage is not going to save your house.

Lately we have seensecond mortgage lenders with 90 day late mortgages skipping the foreclosure process (since if they cause a sale of the house it is sold subject to the first mortgage, and thus any buyer still has to pay the first mortgage, which usually makes no economic sense). Instead the second mortgage lender sues the borrower on the promissory note only and gets a money judgment that they can keep for a long time (20 years in Florida).

So if a client says they are paying the second mortgage but not the first mortgage, we usually suggest they look at the common sense approach and what are they likely to gain or lose by doing so.

Effect of Non-Payment / Late Payment on Credit Score:

This is a big question and nowhere is the answer clear cut. Definitely if you get a report on your credit that you were "late" (in mortgages that means 30 days or more late) then your credit has been "dinged" and your credit score is adversely affected.

Credit scores are used for many purposes, including the amount of credit you can get on a credit card, the interest rate you get on credit cards, car loans and mortgages, your ability and price of life and disability insurance and even car or house liability insurance, your ability to get a certain type of job, or to establish business relationships, and your ability to rent a place to live, to name a few. So credit scores are important. If you want to better understand credit scoring you can see the Federal Reserve Board's Report to Congress from April 2008.

How much your credit score is affected by a 30, 60 or 90 day late report depends on a lot of other factors about your financial well being, your past credit history and myriad other issues. Generally though we have our clients reporting drops of as little as 50 points for a no late payment short sale or up to 150 points for a short sale with multiple late payment reports. We have seen an 800 go to 720 and we have seen a 740 go to 500. It all depends on too many uncontrollable credit issues to be able to give a formula that works for everyone. For a discussion on credit scores this our past article.

Confused?

Rightfully so. The fact of the matter is that we are in uncharted waters and there is no industry standard for Short Sales or Loan Modifications, which makes pinning down exactly what the Lenders may do near impossible. Pile on the fact that there are a large number of lenders out there and each have their own internal policies which change as readily as the tides. The best anyone can hope to do is make an educated decision, set a plan, and be ready for anything.

Copyright 2009 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com. See our easy to find articles at SHORT SALE AND LOAN MODIFICATION TABLE OF CONTENTS

Seller Representative Specialist - Classes at GLVAR

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Tue, 23 Jun 2009 19:24:49 -0500

I had the opportunity to take 2 full days of classes focused on representing sellers in today's real estate market. It was nice to spend a couple days to learn a few new tricks and a few old tricks, and even though we learned that only 1% of the public care about designations, I'm still looking forward to receiving my SRS (Seller Representative Specialist) Designation!

The instructor, Lee Barrett was terrific and had a wealth of information to share and I also learned quite a bit from meeting and speaking with other agents in the class. I enjoyed the atmosphere created by the group seating and appreciate all the other agent who were openly sharing ideas and information to help their fellow co-workers.

A big AH HA for me was getting the affirmation that we are now in a SELLERS MARKET in Las Vegas! It's certainly felt like a sellers market when most of the homes have multiple offers and more than 50% are closing at or above list price, but calculating the absorption rate and seeing that we currently only have a 4-5 month inventory was eye opening.

The Paseos Park in Summerlin - Las Vegas, Nevada

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Tue, 23 Jun 2009 18:48:25 -0500

Views of The Las Vegas Strip can be seen in the background from the top of the hill at The Paseos Park in Summerlin. My son has hours of fun playing in the fountains at this park!

Beach Volleyball at The Paseos Park in Summerlin, Las Vegas, NV

Nice Mountain Views behind the basketball courts

Huge covered playground next to the water fountains provides year round fun for the kids!

The Paseos Park in Summerlin also has 2 grass softball fields and plenty of room for walking, jogging, and riding bikes. My little guy learned to ride without the training wheels at this park!

Summerlin home for Rent - 3 bedrooms plus den & 2 car garage near Red Rock Casino

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Sun, 21 Jun 2009 16:15:33 -0500

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Description

Nice open floor plan in this Summerlin home. 3 bedrooms plus den & 2 car garage. Great location near schools, parks, shopping, 215, and Red Rock Casino. Private backyard with no homes directly behind. Owner/Licensee

Features

Bedrooms:	3
Bathrooms:	2
Parking Spaces:	4
Year Built:	2000
Subdivision:	Rosewood
Garage Size:	2
Square Footage:	1458
Agent Name:	Damon Botticelli
Broker:	Realty One Group
MLS #:	944873

Location

10741 Moon Flower Arbor Place Las Vegas NV 89144

vFlyer Id: 2597209

3 Bedroom Home for Rent in Northwest Las Vegas w/ Backyard and 2 Car Garage - Convenient Location!

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Sat, 13 Jun 2009 16:25:25 -0500

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Description

Super clean 3 bedroom with loft. Nicely upgraded Silestone counter tops, all appliances, & tile floors in kitchen and baths. New owner says, "No foreclosure worries here." Be sure to check out how close to shopping, neighborhood park, & highway access!

Features

Bedrooms:	3
Bathrooms:	3
Parking Spaces:	2
Year Built:	2006
Subdivision:	Centennial Hills
Lot Size:	3049
Garage Size:	2
Square Footage:	1949
Agent Name:	Damon Botticelli
Broker:	Realty One Group
MLS #:	944044

Location

7123 Forest Frost Las Vegas NV 89149

vFlyer Id: 2583730

Home Prices Up...The May Numbers - Las Vegas Housing Market Statistics for May 2009

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Sun, 07 Jun 2009 00:21:53 -0500

The average price of single family homes in Las Vegas rose 4.8% from $166,000 in April to $174,000 in May.

The links to stats pages contained in this blog are usually good until the 5th day of the following month. If this blog was posted more than 30 days ago, email me and I will look up the information for you.

Average Sale Price by Month

Monthly Activity Report - By Zip Code and Property Type

Previous Month Activity Report - By Zip Code and Property Type

Monthly Comparison Report - By Zip Code and Property Type compared to 1 year ago

Foreclosure Chart - (last chart on the page)

Luxury Summerlin Condo For Rent in The Paseos - 2 Bed 2 Bath 1 Car Garage

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Thu, 04 Jun 2009 00:51:18 -0500

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Description

Nicely upgraded 2nd floor condo in Summerlin less than 2 miles from Red Rock Casino. 2 Bedroom, 2 Bath and a 1 car garage in this gated community with a pool, spa, exercise room, and more.

Features

Bedrooms:	2
Bathrooms:	2
Located on Floor #:	2
Floors in Bldg:	2
Square Footage:	1319
Parking Spaces:	1
Property Type:	Condo
Pets Allowed:	None
Year Built:	2006
Agent Name:	Damon Botticelli
Broker:	Realty One Group

Location

820 Canterra St Las Vegas NV 89138

vFlyer Id: 1902156

Luxury Condo in Summerlin, 2 Bedroom + Den, Pool, Spa, Exercise Room, 2 Car Garage

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Mon, 25 May 2009 17:38:50 -0500

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Description

Originally sold for over $430,000 in 2006!!! Large luxury second floor corner unit in Coronado in The Paseos in Summerlin, Las Vegas, NV. Less than 1 mile to The Vistas shopping and less than 2 miles to The Red Rock Casino. Beautiful wood floors, granite counters, fireplace and spacious balcony. Gated community with pool, spa, exercise room, park & bar-b-q.

Features

Bedrooms:	2
Bathrooms:	2
Parking Spaces:	4
Year Built:	2006
Subdivision:	Summerlin
Located on Floor #:	2
Floors in Bldg:	2
Square Footage:	1762
Agent Name:	Damon Botticelli
Broker:	Realty One Group
MLS #:	936157

Location

11830 Tevare Lane Las Vegas NV 89138

vFlyer Id: 2530842

The April Numbers - Las Vegas Housing Market Statistics for April 2009

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Mon, 18 May 2009 17:09:59 -0500

Average Sale Price by Month

Monthly Activity Report - By Zip Code and Property Type

Previous Month Activity Report - By Zip Code and Property Type

Monthly Comparison Report - By Zip Code and Property Type compared to 1 year ago

Foreclosure Chart - (last chart on the page)

Very Clean 3 Bedroom + Loft for Rent, only 2 Miles from Las Vegas Blvd - Nicely Upgraded! All Appliances Included

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Sun, 19 Apr 2009 12:29:59 -0500

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	Neighborhood Park

Description

Brand new carpet and paint in this clean home about 2 miles from Las Vegas Blvd. Tile floors, granite countertops, and nicely upgraded kitchen and baths. 3 bedroom plus a loft, 2.5 bath, 2 car garage and new owners say, "No foreclosure worries here!"

Features

Bedrooms:	3
Bathrooms:	2.5
Year Built:	2005
Subdivision:	BLUE DIAMOND-CAMERON
Lot Size:	3485
Garage Size:	2
Square Footage:	1826
Agent Name:	Damon Botticelli
Broker:	Realty One Group
MLS #:	928656

Location

4754 Portola Vista Ave Las Vegas NV 89139

vFlyer Id: 2437681

2 Bedroom, 2 Bath Las Vegas Condo Convenient to The Strip, The Rio, The Palms, Shopping & Entertainment & Chinatown

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Sun, 19 Apr 2009 00:52:33 -0500

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Description

Gated community just South of Chinatown. Convenient to The Strip, The Rio, The Palms, Shopping & Entertainment and the I-15. Enjoy the views from your balcony and from inside your condo too. Relax at the pool or spa, have a barbeque, or reserve the community room for a large gathering. Move-in-ready!

Features

Bedrooms:	2
Bathrooms:	2
Parking Spaces:	1
Year Built:	1984
Subdivision:	Silverado Villas
Located on Floor #:	2
Floors in Bldg:	2
Square Footage:	828
Agent Name:	Damon Botticelli
Broker:	Realty One Group
MLS #:	918636

Location

3926 Bushnell Dr Las Vegas 89103

vFlyer Id: 2437490

The March Numbers - Las Vegas Housing Market Statistics for March 2009

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Tue, 14 Apr 2009 19:23:36 -0500

Average Sale Price by Month

Monthly Activity Report - By Zip Code and Property Type

Previous Month Activity Report - By Zip Code and Property Type

Monthly Comparison Report - By Zip Code and Property Type compared to 1 year ago

Foreclosure Chart - (last chart on the page)

The art of the deal...or not

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Mon, 13 Apr 2009 02:30:26 -0500

Thanks to Fairbanks Ak Real Estate Broker Jesse & Kathy Clifton 907-699-6024 for this well written post on buyer representation. People who choose to "go it alone" in a real estate transaction often don't fully understand the benefits of using an experienced Realtor until they are in a situation like Stanley.

Via Fairbanks Ak Real Estate Broker Jesse & Kathy Clifton 907-699-6024 (Jesse Clifton & Associates, REALTORS®):

Principles of negotiation. Books have been written about it. Speakers travel the world lecturing about it. Millions have been spent trying to uncover the secret. For some, it will remain an abstract principle they will sadly never master.

A few weeks ago I had the chance to speak with a fellow for whom negotiations had not been a kind mistress. This fellow, we'll call him Stanley, set out to buy a home for his family and ended up outmaneuvered by a more skilled negotiator into a contract he now wishes he had never signed.

Stanley and his family had been renting a small house in Fairbanks for the past couple of years. It was comfortable and the price was right but with the changes in the housing market, he hoped to make the transition from renter to owner. A yard for his children to play in... a place in which to make memories of opening presents on Christmas mornings and birthday BBQ's on the deck. Reasons which we can no doubt all relate to.

When Stanley found 'the house' he sat down with his lender and later the seller to hammer out the details of a purchase agreement. The seller was ready to sell... he and his wife had plans of moving to be closer to their grandchildren and were ready to take the house off the market.

"Let's get this done and get you moved in." Motivated seller. That's good, right?

Having watched HGTV's endless parade of real estate programming and read every real estate article he saw on MSN, he had a plan. Take the purchase price, slice 10% off the top and negotiate up from there, if necessary. Armed with his offer strategy, Stanley and the sellers put pen to paper and in short order had a mutually agreeable contract.

"10% off the asking price and the seller agreed to pay $5,500 toward our closing costs if we would waive any contingencies and close in three weeks." The anguish was palpable as he told me the story. He ddn't need to continue... I knew the house and where this conversaton was going.

"Earnest money was placed in escrow with the title company. An appraisal was ordered and we were planning furniture placement." Imagine Stanley's surprise when the lender calls to say the appraisal came in... well... a little low. Seems as though there's a near $37,000 difference between appraised value and the contract price.

A call to the seller turns the butterflies in Stanley's stomach to catapulting, trapeze-flying monkey's trying to claw their way through his belly button. No re-negotiations. "You agreed to remove the contingencies for the 10% price reduction and the $5,500 in closing costs I'm paying" replied the seller. Hmmm. Now what? This is where Stanley begins his search for answers and where he lands on this blog and calls us for answers... guidance... absolution... something.

Unfortunately the only truly helpful advice I could offer is a referral to a reputable real estate attorney. Where and how did the train heading to paradise go so far off the tracks?

Representation - Stanley had none. No buyer-agent representation. No legal representation. Nothing. Mano-a-mano as it were. Given the complexities of contract law, finance, discovery, disclosures, etc. representation is key. A buyers-agent is the buyers advocate in a transaction. What a concept, huh? Their primary responsibility is to protect and promote the buyers interests. Most of the time said representation comes at little to no cost to the buyer.

Research - If you don't know the local real estate market, you need to hire someone who does. A sellers asking price is simply a number. Unrepresented sellers are notorious for having an inflated opinion of their homes worth. What are comparable homes selling for? How long is it taking to sell those homes... and how does that compare to the subject property? You need detailed market information... and someone to interpret that data.

Last but not least, forget the hype. Not even HGTV, your Uncle Bob in Poughkeepsie or Donald 'Combover' Trump will be much help in crafting a negotiation strategy in Fairbanks, Alaska... or in any market they're not well versed in. When the time comes to buy a home for your family, and now is a pretty good time, rely on a local expert. As luck would have it, I happen to know a couple.

(gold man image courtesy of Guido Jansen)

Furnished 2 Bed - 2 Bath - 2 Car in Sun City, Summerlin, a 55+ community

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Mon, 30 Mar 2009 20:58:54 -0500

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Description

Unpack your suitcase and move right in. Fully furnished home in Sun City Summerlin is ready for you to enjoy along with all the amenities Sun City has to offer including Golf, Tennis, Pool, Spa, Fitness Rooms, nearby shopping, dining, and more. BBQ & patio furniture in the courtyard, Eat in kitchen, separate dining & spacious living area.

Features

Bedrooms:	2
Bathrooms:	2
Parking Spaces:	4
Year Built:	1991
Subdivision:	Sun City Summerlin
Lot Size:	2800
Garage Size:	2
Square Footage:	1315
Agent Name:	Damon Botticelli
Broker:	Realty One Group
MLS #:	920639

vFlyer Id: 2381718

Understanding the $8,000 First-Time Home Buyers Tax Credit

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Sun, 22 Mar 2009 14:51:27 -0500

Via Jan O'Brien - Real Estate Coach (Business, Life and Blog Coaching) (Prudential Americana Group Realtors):

Is the newly modified $8,000 First-Time Home Buyer Tax Credit going to encourage more buyers to jump off the fence and purchase a home in 2009?

Last week, Dr. Lawrence Yun, Chief Economist for NAR, spoke at the Rocky Mountain Conference in Las Vegas and predicted that las Vegas would lead the country out of the housing crisis. He cited two key reasons: 1. Las Vegas home prices are under market and 2. The Stimulus Plan

Read Kathryn Bovard's full post for more Today Chief Economist Predicts Las Vegas Real Estate Market to Lead the Nation Out of Housing Crisis

The Tax Credit ...In a nutshell:

Changes the 2008 $7500, repayable credit to $8000 and no repayment (tax credit - "refundable")

Good for purchases of principal residence on or after January 1 to December 1, 2009

Only first-time home buyers are eligible (defined as anyone who has not had any home ownership in 3 years prior to day of 2009 purchase)

Income restriction - individuals earning up to $75,000 and married couples who file joint return no more than $150,000

There is a reduced credit which totally phases out for individuals at $95,000 annual income and $170,000 (joint return)

Here's more on the home buyer tax credit from NAR:

Home Buying Tax Credit. "The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser."

Download HomeBuyers_Tax_Credit - NAR Presentation

Download HomeBuyer_tax_cred_qa - FAQ from NAR

Las Vegas High Rise Condo Foreclosures - Free Hi Rise Foreclosure List

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Tue, 10 Mar 2009 19:50:43 -0500

For a Free List of Las Vegas High Rise Condo Foreclosures visit:

http://www.hirise.investinvegas.us/

List includes pictures, addresses, listing price, building fees, amenities, & tax information on all available bank owned, REO Hi Rise Properties in Las Vegas, Nevada.

Bank Owned Property Short Sales/Pre-Foreclosures Notice of Default/Trustee Sales

Including the following properties: Allure, Avalon, Boca Raton, City Center, Cosmopolitan, Manhattan, Meridian, Metropolis, MGM Signature, Newport Lofts, One Las Vegas, One Queensridge Place, Palms Place, Panorama Towers, Platinum, Regency Towers, Sky Las Vegas, SOHO Lofts, Streamline Tower, Trump Tower, Turnberry Place, Turnberry Towers, and more.

http://www.hirise.investinvegas.us/

The February Numbers - Las Vegas Housing Market Statistics for February 2009

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Mon, 09 Mar 2009 16:14:36 -0500

Average Sale Price by Month

Monthly Activity Report - By Zip Code and Property Type

Previous Month Activity Report - By Zip Code and Property Type

Monthly Comparison Report - By Zip Code and Property Type compared to 1 year ago

Foreclosure Chart - (last chart on the page)

8 Las Vegas Homes For Sylvia

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Mon, 16 Feb 2009 21:58:01 -0600

Hello Sylvia!

Click the link below to view a webpage with 8 homes that I thought you would be interested in.

http://las.mlxchange.com/Pub/EmailView.asp?r=820563059&s=LAS&t=LAS

The following link will allow you to view the same homes and (with certain web browsers) view maps and aerial images of the property, save as favorites, keep notes on the property, etc...

http://botticelli.las.mlxchange.com/?id=31363039393432.367

After following the link above, click on the tab "agent recommendations" to view the homes I've selected for you.

They all have dual master bedrooms and either a private pool or are in a community with a community pool.

I did research the addresses you asked me about and found the following:

Bella Viera Ct has 2 homes already in contract. They were listed for $229k & $ 199k

Altadonna Ave. has 1 home on the market at $425k and 1 home in contract listed at $379k

Crystal Creek Circle has one home on the market listed at $274k

Cobblestone Cove Rd has one home on the market at $149,900

Nordoff Circle has one home on the market at $399k

2009 Summerlin Events Calendar

Damon Botticelli - Las Vegas Real Estate (Realtor) (Realty One Group) — Thu, 12 Feb 2009 12:21:04 -0600

2 0 0 9 E V E N T S C A L E N D A R

Click on the links below for more information about these fun events organized by the Summerlin Council.

January 24, SNOW DAY

March 7 & 8, SUMMERLIN CIRCUS
April 4, EGG HUNT

April 25, SWIM SIGN-UP DAY

May 12, FARMERS MARKET STRAWBERRY FESTIVAL
May 16, SWIM TEAM SIGN-UP

June 12, FRIDAY NITE LIVE

July 4, SUMMERLIN PATRIOTIC PARADE
July 17, FRIDAY NITE LIVE

August 14, FRIDAY NITE LIVE

September 11, FRIDAY NITE LIVE

October 11, SUMMERLIN PUMPKIN FESTIVAL

December 4 & 5, HOMETOWN HOLIDAYS