Have you ever been guilty of falling into the unfortunate predicament where you "Bought High" ... and "Sold Low"? Yep - me too. It wasn't what I set out to do ... but my timing was all wrong. Let's just say, I learned from my experience!
Presently, I keep hearing people say that they want to "hold off" on buying for a little while. Really??? Why??? The truth of the matter is that we truly are in the BEST TIME TO BUY that we've seen in years. Prices have come down dramatically and the rates just dropped again on Tuesday. You can actually get a 5.5% interest rate right now. Maybe lower if things continue the way my mortgage friends anticipate.
Now I know there are some of you that keep thinking that the market is going to drop even more. Maybe it will - I definitely don't have a crystal ball ... and I don't know anyone who does. So on the flip side - it could stay flat ... it could go up. The one thing I DO know FOR SURE is that no one can ever truly time the market - but right now is a GOLDEN buying opportunity. My point is that if you wait ... and wait ... you could miss it.
Don't get me wrong - there are still some overpriced homes out there - but if you know how to find the good deals ... you can buy below market right now. Bank-owned properties are at an all-time high in Las Vegas & the banks are wanting to get rid of the property ... Short Sales (if handled properly) can be bought well ... Builders are wanting to sell existing inventory and are offering great incentives ... and traditional resales have some great deals as well. You just have to do some research.
So what are you waiting for??? If you have been renting - you can pay almost the same for your mortgage that you are for rent. If you've wanted to own a property in "Sin City" Las Vegas - now is your chance.
Okay - slap my hands ... I've been gone AGAIN for a while. Sorry all. But geez - it's a "Crazy World" we're living in right now ... isn't it?? Can we say foreclosure spikes, short sales galore, mortgage companies going "kaboom" and a slow down in the real estate market.
So ... what's the mortgage industry coming to? Can you believe there is actually a site that has "The Mortgage Lender Implode-O-Meter"???? If you're curious if they are alive or dead, there's a place to go. Classic. But seriously, things have changed quite a bit out there. Subprime lenders are few and far between right now. Do you want 100% financing - you better have good credit, otherwise - good luck. Want a jumbo loan - those are tough now too. Things really look like they are trying to go back to ... honestly - where they probably should have been. That is, requiring that people have good credit, that they have some "skin in the game" by requiring money down, and showing documentation that they can afford the home. Way too many people received loans for homes that they had no business getting. (No offense to anyone). We're seeing that result now with the increase in foreclosures.
With all that being said, there are still a lot of good programs available. The mortgage banks that have their feet on solid ground are coming out with new product to fill the void of programs that have gone "poof". Don't get me wrong, things are still changing daily, but it is still a great time to buy ... especially if you're one of those that lenders love!
To sum it up .... the song (from the 90's) by Jamiroquai "Virtual Insanity" seems fitting - that or OMC's "How Bizarre". I think we have a few more months of the craziness ahead, with a bit of overcorrection ... then hopefully the mortgage industry will find a middle ground and we can try and get back to normal. Whatever normal is!
Those "buzz" words of late ... Short Sales and Foreclosures. With the 100% financing terms, or Adjustable Rate Mortgages (ARM) that have popped up a bit for people (let's just say there is $1 trillion ARM loans that will need to be refinanced in 2007 alone) ... it seems as if Foreclosure is looming for many right now. So if you're one of those people - what can you do??
It's been said, even by someone with the Mortgage Bankers Association, that Short Sales might help the U.S. Housing slump. Yes, of course the decreased sales prices may hurt the median sales price for others ... but it also reduces the number of foreclosures that occur, thereby helping to ease the housing downturn. Then maybe a Short Sale is the way to go.
Now let me inform you that going this route isn't easy. You had to prove that you could afford the home when you got the loan - now you have to prove that things changed (i.e. loss of job, divorce, etc..) where you can no longer afford the home. I will say that if you have had the loan for a year or less - they aren't as likely to go for a short sale. Do keep in mind however, that the bank does not want to own your property. It can be more costly for them to go into foreclosure, have it sit empty and then loose more value before it goes to auction.
The best piece of advice I can give you is Don't Try To Do This Alone. When you're sick ... you go to the doctor. In other words ... seek a professional for their assistance. You'll need a Realtor who knows how to handle Short Sales or Pre-Foreclosures; I would seek advice of a real estate attorney and a tax accountant. That way you have a complete understanding of how this process will occur. Remember you may only have one chance to have a truly successful negotiation with the lender.
If you have questions - let me know. I'd be happy to help.
Yes ... I know I've been "MIA" for a bit, which I apologize. But hey ... I now come to you with my "Crystal Ball" - or should I say that of Housing Intelligence. Just this last month, they put out a report of various Real Estate Market Statistics taking us to 2010. So "What do they say??" you ask? ... here's the low down:
The good news is the total number of households here in the Las Vegas Valley is going up. Maybe that 5,000 people moving Las Vegas every month is legit after all! The number of permits for new builds are going to drop a bit more towards the end of this year and then level out for the duration - YEAH! That should increase resales of Homes, Condos, etc..
So what about price right?? According to Housing Intelligence ... we'll be coming down just a little bit more than we have in the past few months and by the end of the year we'll level off until 2010. Oh, by the way, our median home price is right around $300,000. I'm not too sure how much I believe this. I agree with the coming down a bit more in price(well in specific areas while others hold flat) but then staying flat?? With new hotel projects, City Center and numerous people moving to our great town of Las Vegas ... that to me spells a bit of an increase in the next year or two. But heck - I did say it was a Crystal Ball!
Now lets look at the sales ... it looks like we'll come up a bit towards the end of this year and then have a progressional increase through 2010. I like the sound of that one ... don't you??
I'm sure we've all wondered what the numbers really say on how our Real Estate Market is doing in Summerlin and in Las Vegas in general. Here's the latest and greatest according to the Greater Las Vegas Association of Realtors for the period ending May 2007.
In Las Vegas, we have 23,042 Single Family Homes on the market at a median list price of $339,900. We also have 6,343 Condos and Townhouses on the market at a median list price of $217,000. That's quite a bit of inventory. In May alone we added 5,760 listings of Single Family Homes and 1,482 Condos and Townhouses.
So how about the good news - the SALES!! In May we sold 1,568 Single Family Homes at an average price of $398,000 and 373 Condos and Townhouses at an average price of $248,000. The numbers are down about 38% from May of 2006 ... BUT ... The good news is that these numbers are up from April 2007. We are entering the summer months, which even in the heat tends to have people "house hunting" prior to the next school year starting.
How about how long these homes are sitting on the market?? About 30% are selling in under 30 days. 22% are taking 30-60 days to sell and another 17% are taking 60-90 days to sell. So we still have over half the homes selling in less than 60 days. That's good to see. There are those areas, as I've hinted before, that tend to fall in the 120 day plus range. According to the Greater Las Vegas Association of Realtors, about 21% of the homes fall into this "fearful" category.
Let's look at some highlights for Summerlin specifically. In Las Vegas, for those of you who don't know, we tend to function on area numbers. Summerlin falls into the areas of 404 and 502. So by looking at those area numbers, Summerlin had a total of 178 Single Family Homes sold in May 2007, with a median price of $400,000 and 36 Condos and Townhouses sold at a median price of $207,000.
If you'd like more information on these Las Vegas Real Estate Statistics - or on your home specifically ... let me know.
After two years of construction, the 180-acre Springs Preserve opened this weekend!! It all began June 8th at 10am and the hours this weekend will be 10am - 10pm. During the Grand Opening weekend of Springs Preserve - there will be a full festival of entertainment ... including a concert tonight, June 9th, at 9pm featuring JEWEL. The Springs Preserve is located at 333 S. Valley View Blvd - just south of US 95 near the Meadows Mall. If you want to see the concert tonight, tickets are $45.
For those of us who like to avoid the Strip - that is unless there's a concert or show we want to see ... or friends are in town - the Springs Preserve was built as a locals attraction. This cultural and historic attraction includes a Wolfgang Pucks cafe, gardens, trails, a working flash-flood exhibit, an animal observatory, and much more. This amazing project was funded by federal, state and private grants - totalling a "strip worthy" price tag of $250 million.
One sad point for all - the Nevada State Museum with all of Nevada's rich history encompassed in a 70,000 square foot building - won't open until Spring 2009.
So head on over - enjoy the new Springs Preserve ... and the reduced locals price for admittance. It's just $14.95 for adults and $6.95 for children/teens age 5-17. Visit their site at http://www.springspreserve.org/
Today's market seems to be full of short sales! For those of you who haven't run into this yet - brace yourself ... you will. Some people look at this as a bad thing - but in all honesty, it's not. So how do you handle a short sale?? Here's some basics for you...
A Short Sale is when a home is sold for less than what they owe ... and usually under market. The lender is accepting less than the total amount due as payoff for the loan. Not all lenders will do this - especially if it makes more financial sense for them to foreclose. BUT ... a big but there - lenders DO NOT want to own your home. It's more costly for them (usually) to foreclose on a property and then sell it either at auction or with an agent. If you're the one selling the home, a Short Sale can prevent you from possible foreclosure - which is fabulous. But understand that there are certain precautions you want to make as a seller in a Short Sale transaction. 1) Be sure the Realtor you are using is familiar with how the Short Sale process works. 2) Understand that the IRS may look at the difference from what you paid to what you owe as income (1099 time) - there is a document you can obtain from Title to potentially eliminate that problem ... but be sure and talk to your tax advisor. 3) There are some banks (whose names I won't mention) that try to have you accept the difference as a personal lien. This can be worked around - so again - be sure to work with someone who has done this before.
For a buyer, a short sale can be a great purchase ... especially when it's priced under market (as it should be) to assist the seller in selling the home quickly. Just keep in mind that buying a home through Short Sale can be a long process. Sometimes the bank will respond quickly and other times it can be months. So if you're an investor - this is a good place to look.
Personally I've dealt with and am currently dealing with short sales. With the Adjustable Rate Mortgages (ARMs) that people got into a few years ago - there are many people out there who can no longer afford their mortgage payments. The number of foreclosures in Las Vegas has grown - and a Short Sale is a great way to avoid that.
If you have any questions about Short Sales or if it's the right decision for you and your home - give me a call or send me an email. I'd be happy to talk to you about it.
Buildings ... buildings ... everywhere! If you ever have any questions on how "hot" our real estate market still is - just take a look at the value of the land on the Las Vegas Strip. Elad, the owner of the renowned Plaza Hotel in New York, spent $1.2 billion to acquire a 34.5 acre parcel on the Las Vegas Strip. Wow!
The site is directly across from the Wynn Las Vegas. By the way, if you haven't heard already ... Steve Wynn is building a $2.1 billion new complex called Encore. Currently on Elad's new site is the New Frontier Hotel & Casino. The New Frontier will close this summer and be demolished next year. Elad's Las Vegas Plaza complex will include a casino, hotel (with at least 3,500 rooms), private residences, a convention center and retail space. Can we say multi-use at it's finest?? The Las Vegas Plaza will be the first of potentially 20 Plaza developments in major global cities. Oh ... and if you were interested - sorry ... Elad's not taking on partners for this HUGE project. They'll be going solo!
Elad's Las Vegas Plaza will join the company of some enormous projects already in the works. CityCenter by MGM Mirage is scheduled for late 2009, Echelon by Boyd Gaming in the 3rd quarter of 2010, The Cosmopolitan by Ian Bruce Elchner in late 2009, Fontainebleau by Fontainebleau Resorts in the 4th quarter of 2009, Wynn Encore by Wynn Resorts in early 2009, The Palazzo by Las Vegas Sands in the 4th quarter of 2007 and last but definitely not least - Las Vegas Plaza is scheduled for 2011.
Las Vegas is already the biggest hotel market in the country - but the additional development is definitely in reaction to the demand. Las Vegas has the HIGHEST hotel occupancy rate at 93.2% last year. That's almost 30 points higher than the national average. We even have some hotels that operate near 100% occupancy.
So - it's obvious Las Vegas is still in demand. As all of these developments open, I believe we'll see our Real Estate Market grow ... again.
I know that most of the information I provide to you is focused on the Las Vegas and Summerlin Real Estate market ... but there are certain causes that are extremely important to me, one of which is the growing problem of addiction we have with our youth and our community in general.
In Las Vegas, one of the largest drug addictions we face is Meth. Now, Nevada has chosen to fight back and help our youth in the fight against Meth - a horrible drug.
In January of this year, a 30-minute documentary titled Crystal Darkness was aired in Northern Nevada. It's a collaboration between local media, schools, law enforcement, recovery specialists and the business community. It had a tremendous reaction and is going to be airing again in Reno and for the first time in Las Vegas.
On this Wednesday, May 30th - Las Vegas launches its campaign against Meth by airing Crystal Darkness. The documentary will air at 7:30pm on numerous television stations - Las Vegas 1, KCLV 2, NBC 3, CCTV 4, Fox 5, CBS 8, ABC 13, Cox 96, Vegas PBS, My LV TV, and Spanish stations Univision 15 and Telemundo 39.
Please join me is watching this event and helping our youth in the fight against Meth. For more information please see http://www.crystaldarkness.com/
Here's the latest and greatest happenings in Summerlin ... okay it's not Summerlin ... but close enough!
ManhattanWest had its groundbreaking ceremony on Tuesday, May 22nd - and yours truly was there. Despite the 5 mile trek, in heels no less, to get to the red carpet for the ceremony ... it was a great event. With County Commissioner, Susan Brager and Las Vegas Chamber of Commerce President, Kara Kelly participating at the ManhattanWest site in a ceremonial dig, the cameras were all around. A wine-tasting reception with food and live entertainment followed at the ManhattanWest sales center, where guests sampled wine from Rock and Roll Wines, took model tours, and learned more about the community.
The development company, Gemstone Development, is one of Las Vegas' largest condo builders and this project reinvents the company yet again. Gemstone's CEO, Alex Edelstein, is a young, charismatic guy with a phenomenal vision. He and the rest of his "young" team bring a breath of fresh air to this new development. Alex Edelstein was fun to listen to and I truly look forward to his project getting underway.
ManhattanWest will be a mixed-use development (this is the "hot" term nowadays) - in which residences, shops and office space will reside in one cohesive environment. This 20-acre development will contain 700 residences, which will be able to enjoy an on-site medical practice, shuttle service and delivery "with a smile" for items such as groceries, dry cleaning or even dog walking! ManhattanWest has it all.
Other amenities include a spa, personal training, fitness center, car wash service, art gallery, aesthetician services, cooking classes, movie nights, private dining rooms, Wi-Fi, DVD library - not to mention it's right off of the I-215 and Russell, so it's close to the Strip and to Red Rock.
I do have to admit - I was impressed. Alex Edelstein and the Gemstone Development team seem to have thought of it all. From upgrade packages called the Diva Series (for all the additional items we women want) to the M Series (with the bachelor and his gadgets in mind) it looks to be a hit. Not only that - but these condos at ManhattanWest are actually affordable!!! Starting in the $200s to the high $500s ... and the items that come standard - these are units I don't expect to be available long.
At this Groundbreaking event for ManhattanWest, they went into contract for their 100th unit! Congratulations to Gemstone and ManhattanWest. The first phase of this project is slated for completion in the third quarter of 2008. That's just over a year away.
If you want more information about ManhattanWest or Gemstone's other developments - let me know! I look forward to hearing from you.
Here I'll provide you with information about Las Vegas Real Estate, specializing in the area of Summerlin - and would love your input, as well. Consider me your Summerlin Gal for the inside info!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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