Located in the heart of Green Valley / Henderson. Upstairs unit with 1 car garage. 2 Generously Sized Bedrooms. Large Balcony. Custom Paint. Hurry, This One Won't Last Long!!! Bank Owned / Sold As Is
I have been so busy with the REO side of business I haven't had any time to write. Lately I have been getting 30-50 Broker Price Opinion requests a week. Add to that the 20 something clients I am still working with and sitting still long enough to write on the blog is a dream.
Just wanted to share somehting that I haven't seen in a while. Multiple offers on houses. I have a few clients in the sub $200K range who have been looking and we have been writing offers on REO listings. We are looking at properties that have just been listed and by the time we get back to the office and I cal lthe agent there are 4 to 5 offers on the property and the bank is going to counter with the "best and highest" counter offer scenario.
Scared me at first as I had flash backs of a few years ago. Then I realized that actually this could be a good thing, that maybe this is the bottom of the market. The homes we are looking at are 3+ beds, 2 baths, 1 car garage or larger and built in the 2000's.
I still hear buyers saying they want to wait for the market to hit bottom before buying. If I were to show one of these houses and the people I was with said that they wanted to wait for the prices to hit 150,00 I would probably have to tell them they are not likely to find a house. At 185,000, we are seeing multiple offers on the properties I am looking at.
It is official. I have now moved my real estate license to Desert Sun Realty.
I willl be working directly with the broker, Bret Runion, who has a team of 3 assistants, a dedicated property manager, a special division (I can't talk about yet) that I and one other is involved in and 3 or so other agents that work independantly.
The brokerage may be small but they are one of the most professional groups I have ever seen.
A little bit about Bret and why I have wanted to work with him:
Broker / Owner Desert Sun Realty - 20 years
One of the top 25 Real Estate Professionals in Southern Nevada
Closes 120+ transactions a year
Over 90% of business is referal or past clients
UNLV B.S. in Business administration 1989
UNLV MBA with Honors 1991
Certified Residential Specialist (CRS) - Less than 5% of all Realtors have earned this designation
Graduate, Realtors Institute (G.R.I.)
On top of that, the office is located in my hometown of Boulder City. No more 30 minute commutes for me. :)~
Although I will miss a lot of people at C21 MW, I am looking forward to increasing my knowledge, taking my business to the next level and for once working with someone who is interested in my success. MW was great for what it is, but as with all large brokerages that I have worked for, there are just too many people that a broker has to manage and to get one on one interaction is near impossible.
I look forward to serving my exsisting clients with a higher level of service and if you are looking to work with one of the top agents in the Southern Nevada Area, give us a call.
I was just reading Richard Lee's latest article that says less than 30 units separate total sales figures for the last four months. This usually signifies the bottom of the market, however he also noted that until we see the upward swing, foreclosures are going to be the reality.
To go along with that, today's news of the fed lowering interest rates by 1/2 % is good news for all in Las Vegas wondering what is going to happen next.
As Richard says, September data is what we are truly waiting for to read the future. Of course, they won't be available until October.
On a similar note, for those waiting to buy until the market levels, or bottoms out or whatever you call it... I had 16 out of 24 people thru my last open house that are approved, have money available for down payment and ready to buy. That seems like a good indicator to me that the market is bottomed/bottoming out.
Recently updated with new faucets and granite counter tops in the kitchen and bathroom. Soaking/ garden tub. All new ceramic tile with diagonal layed tile in the kitchen. Stainless fridge, stove, dishwasher & microhood. Custom paint in living room. Ceiling fans in master and living room. Formal dining area. Seperate laundry room off of kitchen with storage.
1 Bed, 1 bath, 775 sq ft with balcony and storage. Custom paint in living room.
3 miles to the strip, 6.7 miles to Mc Carran Intl Airport.
This is a pre-foreclosure. Sellers loss is your gain. Willing to do down payment assistance.
I got this info from one of my title reps. I am still trying to validate the numbers. Although they seem quite high, this very well could be correct....
Daily power bill - $300k
1/3 of buyers are local. 1/3 from California.
They estimate 20 to 30% of their buyers will live there full time.
Avg price is $1,600 per sqft.
$1.4 billion in sales so far
Construction cost is about $4 million dollars a day and will increase to $7million per day! (WOW) Currently 4000 men working on the job site. This will be increased to 7000 in March
They have a seven person team that does nothing but obtain building permits.
Recently updated with new faucets and granite counter tops in the kitchen and bathroom. Soaking/ garden tub. All new ceramic tile with diagonal layed tile in the kitchen. Stainless fridge, stove, dishwasher & microhood. Custom paint in living room. Ceiling fans in master and living room. Formal dining area. Seperate laundry room off of kitchen with storage.
1 Bed, 1 bath, 775 sq ft with balcony and storage. Custom paint in living room.
3 miles to the strip, 6.7 miles to Mc Carran Intl Airport.
This is a pre-foreclosure. Sellers loss is your gain. Willing to do down payment assistance.
I've discovered a search method to find properties in Las Vegas that are listed under market value (Comps) and even quite a few that are under a recent, 3 month or less, appraisal or under comparable sales in the last 3 months. I am using the 3 month guidline as I am seeing that more and more lenders are tightening up their appraisal guidlines to only allow comps from within the last 3 months.
Some examples:
Priced at 849,000 - Appraised at 1.1M. That is about 23% under. I even talked to the appraiser and he will still put it at an easy 1.1M today, 3 months later. That is a purchase, not a refi appraisal.
Priced at 510,000 - 680,000 appraisal 1 year ago and appraiser said she would put it at 630,000 this year putting it at about 6k away from 20% under.
Priced at 349,999 - Comparable sales in last 3 months at 535,000 puts this home 33% under comparable market value.
Yes, some of the homes I am pulling up are short sales which will have to be approved by the bank but most are not. They are simply sellers who have owned their home since before the boom and don't have to clear the inflated prices that were paid over the last 2 years. This allows them to price their homes agressively and sell them quickly rather than having to hold out for a purchase price that will let them clear what they owe and break even.
As we gear up for the upswing of the market, these homes represent a chance to buy at the low end or possibly lower with the ones that are 30% and under, and have a better chance at retaining or making equity in a purchase.
How am I finding these properties, what is my motivation and why am I putting these searches together? My big money investors who stopped calling me for the last year and a half are coming out of the woodwork and picking up any and everything under market by at leastt 20%. When my big money investors talk, I REALLY listen.
If you are looking for properties like these let me know and I will add you to the list. I have found them from just under 200,000 to over $3,000,000, all with at least 20%.
The GLVAR (Greater Las Vegas Association of Realtors) came up with some great points on why now is a great time to buy in Las Vegas.
Mortgage interest rates remain at historically low levels, effectively lowering the cost of buying a home. It is not clear when interest rates will begin to rise. However, economists and other experts generally agree that rates are unlikely to fall significantly in the near future.
Southern Nevada's economy remains stronger than most metropolitan areas, with steady job and population growth. According to Las Vegas Perspective, Clark County added more than 96,000 new residents in 2006. This bodes well for the long-term strength of the local housing market. The Las Vegas valley continues to be a leader in job creation and has one of the lowest unemployment rates in the nation. Over the next three years nearly 20,000 hotel rooms will be added to our city, representing approximately 4 1 billion dollars worth of new construction. Of course, these economic factors fuel demand for housing and offer more opportunities for newcomers and existing residents to own their own home. For every hotel room added, the Las Vegas Convention and Visitors Authority estimates 1.8-1.9 new employees will be needed.
Recent increases in foreclosures present opportunities for buyers as well. When lenders are forced to foreclose on a property, they typically are motivated to sell that property as quickly as possible to recoup their investment. This presents bargains for buyers.
The unprecedented housing boom of a few years ago may never be duplicated, but Southern Nevada still offers attractive real estate investment opportunities. Examples include high-profile residential properties being built as part of MGM MIRAGE'S Citycenter and similar billion dollar developments on and near the Las Vegas Strip.
The history of the local housing market suggests long-term growth. More than most markets, the history of steady housing and real estate appreciation in Southern Nevada suggests the value of property will rise as long as the nation's boomtown continues to grow. All markets are cyclical. But with privately owned land being scarce in the rapidly growing Las Vegas area, history and the laws of supply and demand suggest that prices will appreciate in the coming years.
Americans have never been more informed about the housing market than they are today. However, one byproduct of the well-publicized national real estate boom is the temptation to view real estate as a short-term investment, similar to the stock market. This perception has had unhealthy impacts on the housing market. The GLVAR believes buying a home is a long-term investment and should be thought of that way.
These points compound on top of my own thoughts and I am happy to see that the GLVAR is using the same sources as I am to view what the market is and will be doing. Looking at other sectors, such as tourism, new construction on the strip, the LVCVA, foreclosures and economist input. Simply relying on the MLS for information on the market is a good way to miss the bigger picture.
If you know about Las Vegas Real Estate you will know the name Richard Lee. Since 1989, Lee has been guiding the real estate community on development and growth. He advises developers, investors, business owners and gaming companies on opportunities and acquisitions. Richard is the Vice president and director of public relations for First American Title Co.
If any of you were at the "Best of Las Vegas" awards on Saturday night you saw that our Richard Lee got the "Visionary" of the year award.
Here is a graph sent to me by my title rep at First American Title showing historical data from 1980 to present and forecasting data for resident and visitor population to 2035.
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