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Las Vegas Multi Family Unit Building Permits Pulled Up Again For September! - 10/31/07 11:19 AM

The amount of Multi-Family Unit Building Permits are up again. They are up 330.8% from one year ago and up 44% from August!
Amount of Multi-Family Unit Permits Pulled:
September 2007: 2296 August 2007: 1594 September 2006: 533See my report from last month on this.
For single family homes building permits pulled:
September 2007: 587August 2007: 794September … (10 comments)

Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market Reports Generated October 31, 2007 - 10/31/07 10:32 AM

This Rhodes Ranch Area market report was generated on October 31, 2007 (graph on bottom):
Active Listings: 490 Under Contract: 56Sold 9/27-10/27/2007: 23 Months Inventory: 21.3Low: $129,900; High: $3,490,000; Median: 289,900 Rental Market Report generated on October 31, 2007 (graph on top):
Active Listings: 81Under Contract: 6Leased 9/27-10/27/2007: 57Months Inventory: 1.4Median … (0 comments)

What Will They Do With the Blue Diamond Choo-Choo? - 10/29/07 09:29 PM

Growth in the south end of the valley has outpaced infrastructure development (once again!)
Blue Diamond separates Mountain's Edge, Southern Highlands, Arlington Ranch and many other fine communities from the "other end of the earth". It is a two lane highway that is known as a death trap. Rental and Resale values … (1 comments)

Are Banks Becoming the Upcoming Buy & Hold Investor in Las Vegas? - 10/28/07 12:11 PM

That is the pressing question of the week!
Here is something I have noticed:
Las Vegas Rental Inventory Slight IncreaseResale Inventory Stable to Slight DecreaseLast Three BPO's have Requested a Rental CMACoincidence?
I was talking about this with an LO on Friday and he confirmed that banks are considering a buy/rent/hold strategy to avoid … (20 comments)

I Love My Profession Because... - 10/27/07 09:33 PM

There is so much opportunity. Even in what is considered a "down" residential resale market there is so much out there to do. BPO's, Rentals, REO bundles, New Construction etc.
I set my own schedule. It allows me to be right here in my home office monitoring my high school children's … (14 comments)

Welcome Home to Las Vegas Communities: Providence Master Plan - 10/27/07 09:05 PM

The Providence Master Planned community features 17 builders and 30 neighborhoods. Plenty of choices from entry level homes to executive living homes to condominiums.
Providence is located north of the 215/North Hualapai exit and there are many fantastic deals to be found there today. I found two that were incredible bargains:
1700 square … (0 comments)

The California Smoke is infiltrating the Las Vegas Valley - 10/26/07 10:31 AM

Last night we watched a glorious sunset as the smoke started infiltrating the Las Vegas Valley by pouring over the western mountains.
Picture 1: The first picture I took from our house. The sunset was so beautiful and pink.
Picture 2: The wafts of smoke taken from Sunset/215 you can see the streaks … (13 comments)

Las Vegas High Rise Condo Rentals: Some Great Opportunities for Renters! - 10/26/07 09:59 AM

There are currently very slim pickings in the las vegas single family rental home market. The absorption rate remains very low when you look at the entire rental market in Las Vegas (hovers between 2.7-3.2 months.) It is definitely a landlord's market. When you look at some areas in particular, like … (0 comments)

Las Vegas Italian Greyhounds Trick or Treat Night: Sunday Oct 28, 3 PM - 10/23/07 11:21 PM

FYI: Renee Burrows is a founding member and she organizes and writes this material. It is hers, no copyright violations here! … (11 comments)

Las Vegas New Construction Bundles: Get Them While They Last! - 10/23/07 10:05 PM

There is still much standing inventory in the Las Vegas New Construction market. Some builders are bundling up their standing inventory ~ some as low as 75 cents on the dollar ~ minimums as low as $2-3 million. While that may seem high, the builders are ahead of the curve with … (9 comments)

Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market Reports Generated October 23, 2007 - 10/23/07 04:05 PM

This Rhodes Ranch Area market report was generated on October 23, 2007 (graph on bottom):
Active Listings: 485 Under Contract:52Sold 9/15-10/15/2007: 28 Months Inventory: 17.3Low: $129,000; High: $3,490,000; Median: 295,000 Rental Market Report generated on October 22, 2007 (graph on top):
Active Listings: 81Under Contract: 8Leased 8/1-9/1/2007:63Months Inventory: 1.3Median List Price … (3 comments)

Las Vegas NV Real Estate Six Pack - 10/21/07 05:04 PM

I love challenges by Chris Elizabeth Griffin, thank you dahling!
Las Vegas Valley Nevada: Real Estate Has Never Been a Better Value. While many people disagreed with me on this one and we are seeing a downturn, this is still appropriately written and applies to today. Notice how I said the demand … (13 comments)

Las Vegas New Construction, Foreclosures & Rental Homes: Let's Talk About the GOOD Markets! - 10/21/07 05:03 PM

Las Vegas NV Real Estate hasn't been a total bomb this year. There are several markets that are moving that need to have their day in the sun. Just like my subject line touts: Rentals & New Construction are chugging along fairly well. Bank Owned Property (REO's or foreclosures) are moving … (2 comments)

Las Vegas Short Sales: Inventory Rise, Closings Drop, Absorption Rate Goes Through the Roof - 10/19/07 10:48 PM

Let me first make a huge statement: Not all sectors of Las Vegas NV Real Estate are bad. I am following two markets that are sinking as quick as mortgage products disappeared in July: the high rise market and the short sale market.
The short sale market absorption rate has risen from … (8 comments)

High Rise Inventory Updates: - 10/18/07 01:21 PM

We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. For several reasons:
Too many speculators in that market. They want to close n flip. They are not interested in holding, renting or living in them. Each … (9 comments)

I Beg Your Pardon, I Never Promised You Would Always Be Able to View That Rose Garden! - 10/18/07 10:39 AM

A great debate has entered the Las Vegas Real Estate landscape over views.
Nevada's laws in regards to views is basically "Caveat Emptor". Which translates to "buyer beware". This means you must do your due diligence in regards to what zoning is going on in and around the property you are purchasing … (17 comments)

The Naughty "F" Word to Rear It's Ugly Head Again... - 10/16/07 09:46 PM

And then I will be done with it :)
There has been several in depth reports in the Las Vegas Review Journal. Y'all know I am not a big fan of the media, but these are some pretty detailed reports outlining many of the problems we are facing right now.
I highly … (5 comments)

Every 'Husker's Wildest Dream Came True Today!! - 10/16/07 06:33 PM

I no longer have to hear two grown men cry from September through December! This is great news for us Husker fans that were bred and born to be! My family has been giving me the updates via phone daily. I am kind of amused by it since I guess I … (15 comments)

REO Prices sliding downward. - 10/14/07 06:47 PM

We are seeing a slide of foreclosure prices which I really didn't expect until the end of this month or November. They do have stiff competition with the new construction market.
I visited one of these steals out in the heart of old Green Valley today. Three car garage, over 1800 … (8 comments)

Viva Laughlin! - 10/14/07 05:39 PM

During some Sunday morning football and me catching up with some blog activities my husband announced that there will be a new TV show called Viva Laughlin. Of course he couldn't say it without laughter. I didn't think it was funny at all!
Laughlin is an hour to an hour and a … (9 comments)

Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market Reports Generated October 13, 2007 - 10/14/07 02:00 PM

This Rhodes Ranch Area market report was generated on October 14, 2007: Active Listings: 481 Under Contract: 42Sold 9/1-9/30/2007Months Inventory: 14.1Low: $149,000; High: $3,490,000; Median: 299,000 Rental Market Report generated on October 14, 2007:
Active Listings: 83Under Contract: 8Leased 8/1-9/1/2007:66Months Inventory: 1.3Median List Price for an area rental:$1295/month, Low: $750, High: $4500 … (0 comments)

Rental Inventory Rising ~ Just Slightly! - 10/14/07 12:40 PM

4231 units are currently listed in the MLS up from 4059 from just a week ago. We are also probably going to see a rise in October from September's numbers which are usually seasonally adjusted downward. We already have 617 units leased as of the 14th of October.
The rise is larger … (0 comments)

Las Vegas High Rise Resale Absorption Rate Reaches Alarming Levels - 10/12/07 11:43 AM

The absorption rate for high rose resale condos has jumped from 29 months in August to a whopping 108 months of inventory in September.
Stats for High Rise Condos were pulled from the GLVAR MLS. Information deemed reliable but not guaranteed.
For August Numbers:
Listings 8/27/2007: 759Under Contract 8/27/2007: 67Closed Between 7/15-8/15/2007: 26 Months Inventory: … (2 comments)

Hey Mommy, I Have a Flesh Wound: Can You Kiss It, Put a Bandage on It & Make It Better? - 10/09/07 09:43 AM

Here's the September 28, 2007 Press Release from the Governor of Nevada's office: Economic Summit on Housing Stability. Here's the coverage on Channel 3, the lack of coverage on Channel 5, more lack of coverage on Channel 8, and absolutely zero coverage on Channel 13 & the Las Vegas Review Journal.
So … (14 comments)

Las Vegas New Construction Opportunity Knocks! - 10/08/07 07:38 AM

Lennar has just reduced prices in most of its subdivisions by 24%! You can buy a 5000 square foot home in ANTHEM for just a little over $600K right now! $119 a square foot in HENDERSON! How about the same home in the Northwest on a 1/4 of an acre for … (6 comments)

Photovoltaic Shingles: An Asthetically Pleasing Way to be Green in Las Vegas! - 10/06/07 08:30 PM

Fox news published this story and it is pretty cool! Also Inhabitat has published some juicy details in it's blog!
A couple of replies in my blog last month: "Are out of Control Electricity Rates Squeezing Money Out of the Las Vegas Economy?" prompted me to do some research.
Major manufacturers are:
… (14 comments)

What Renters Need to Know About the Las Vegas Rental Market: - 10/06/07 08:25 PM

First of all, it is HOT. The entire rental market has only 2.9 months of inventory. When you break other market's down, like the Rhodes Ranch area, for example, there is only 1.3 months of inventory. With the absorption rate very low, that means rental homes go off the market as … (2 comments)

Rental Market Statistics for September, Average Rate Rises Again! - 10/06/07 07:53 PM

While we didn't quite beat August's record breaking numbers, when you do factor in the seasonal adjustment, the number of units leased was still phenomenal!
Rental Homes in Las Vegas leased for September 2007 ended up with a total of 1387 units. Down slightly from August's number of 1735 units leased and … (0 comments)

Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market Reports Generated October 6, 2007 - 10/06/07 07:34 PM

This Rhodes Ranch Area market report was generated on October 6, 2007: Active Listings: 476 Under Contract: 40Sold 8/1-9/1/2007: 34Months Inventory: 14Rental Market Report generated on October 6, 2007:
Active Listings: 79Under Contract:5Leased 8/1-9/1/2007: 59Months Inventory: 1.3Median List Price for an area rental:$1275/month, Low: $750, High: $4500
Information from GLVAR is deemed … (0 comments)

An Open Letter to the Clark County School District - 10/04/07 10:09 AM

On Monday afternoon just as I was running out on an appointment I got a call from one of my children. The emotion in her voice was frantic and annoyed. Someone was smoking pot on the school bus. Oh joy. As I rounded the corner, I saw the school bus parked … (9 comments)

If this Little Broad Can Figure it Out, Why Can't They? - 10/04/07 01:28 AM

I have been extremely busy and have figured something out that it doesn't take a brain surgeon to figure out.
I am in the field working with buyers, renters, marketing a couple of my broker's 200 foreclosure listings and interior inspections for BPOs, just to name a few :)
What the … (59 comments)

Las Vegas Short Sales Absorption Rate Rises YET AGAIN! - 10/03/07 10:08 AM

The Las Vegas Short Sale Absorption Rate has risen to a pitiful 51 months of inventory, up from 43 months last month!
On 8/27 there were 2743 listings with 250 pendings and 63 closed between 7/15-8/15/2007. On 10/3 there were 3393 listings with 244 pendings and 66 closed between 8/16-9/16/2007.
Some underlying … (9 comments)

Icky Green Pools! - 10/02/07 11:22 PM

There are SO many foreclosures and vacant homes in the valley. With the foreclosures, usually the electricity and water gets shut off too.
Homes with pools will turn into soupy green pools. A stagnant pool will provide the ideal breeding ground for mosquitoes .
The Southern Nevada Health District is also concerned … (10 comments)

YIKES! You've Been Paying Your Rent ~BUT~ Your Landlord Has Not Been Paying the Mortgage! - 10/01/07 02:36 PM

I absolutely HATE these calls. I get them 1-2 times a week so I can calm them down and let them know they are NOT alone! I have been noticing this trend also when searching for buyers. When are the banks going to wise up and start cracking down on mortgage … (18 comments)

A Few Bank Owned Listings in Southwest Las Vegas - 10/01/07 02:15 PM

Bank Owned in the Southwest: 161/square foot!Location: Eldorado & LindellPopular 4 Bedroom Floorplan. Living/Dining Combo; Spacious Family Room w/ Media Niche. Island Kitchen w/ Granite Countertops & Maple Cabinets. Large Master Suite w/ 2 Walk In Closets. Master Bath has Seperate Shower/Garden Tub. Private Backyard. To View the Floorplan & Virtual … (0 comments)

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