Las Vegas Area Residential Single Family Dwelling Inventory Officially Dropped Below 20K Units This Afternoon! - 02/27/09 04:56 PM
Who knows if this will hold steady through the week.
Here are the numbers as of 7/27/2009 2:51 PM PST:
Active:  19975 Pendings:  7797 February 2009 Closes:  2234 (not official end closing tally) Usually pendings drop as end of month closes rise.  Not the case today!!
Will hopefully be back to write more blog posts this evening!
Check out my regular monthly report here.  This one definitely deserved a special post on it's own!
… (7 comments)

Las Vegas, NV Area Short Sale January 2009 Inventory Update - 02/26/09 02:16 PM

The absorption rate for Las Vegas Valley Area Short Sales went up slightly for January 2008.  Absorption still remains high and above the two year mark.  Inventory has increased sharply (+191units).  Pending units have increased sharply by +330 units.    Solds have  decreased by -221 units.  Absorption up by almost 9 months
There are many reasons for the lack of closings in this market and it is outlined in this post. 
Short Sale Synopsis:
Listings 2/15/2008: 6771 Pending 2/15/2008: 2295 Closed January 2009: 221 Month's Inventory: 30.6 (=2.5 Years Inventory.) Short Sales Currently Account for:
33.5% of All Las Vegas Valley Listings 8.4% of All Las Vegas Valley Sales One thing you really need to consider when buying or selling … (4 comments)

Burrows Breakdown: Las Vegas Area Buy, Rent or Invest? 2/25/2009 - 02/25/09 06:46 PM
Las Vegas, NV Area First Time Buyers to All Cash Investors:  Does it Make Sense to Buy a Home Right Now?
Can you own for less than renting?  Can you own a rental and see a decent monthly return on your investment?
Weekly feature w/ 4 homes in different areas of the valley designed to help people from first time buyers to all cash investors to see if the numbers make sense!
Address:  8132 Winslow Ave
West Las Vegas:  Gated Community, Pool Home on 1/4 Acre Lot More Pictures, Virtual Tour & Floorplan Here Price: $330,000 Rental Comps:  $2000-2100* Estimated FHA Monthly … (2 comments)

NW Las Vegas Home For Sale: Pool, Spa, Quarter Acre Lot! - 02/24/09 07:07 AM
Northwest Las Vegas Pool Home on Large LotLocation: Northshore ReflectionsMore Pictures, Virtual Tour, Floorplan Located at: www.ReneeBurrows.com/8132Well Maintained, Pride of Ownership (rare find these days!) Oversized Garage for Extra Storage, Save Automatic Rectractable Pool Cover, Super Large Quarter Acre Lot, Low Maintenance Desert Landscaping, Granite Countertops, Balcony off Master Bedroom with Mountain Views, Vaulted Ceilings, Upgraded Plumbing Fixtures, Fountain, POOL, SPA, Full Bed & 2/3 Bath Down, Fireplace, FRUIT TREES, Lots of Kitchen Cabinets, Tile Floors, Upgraded Carpet and MORE MORE MORE!This is the ONLY listing in the GATED subdivision!!InformationContact Information Renee Burrows702-966-2494Contact Reply FormForward to a FriendView Other FlyersPricingPrice: $330,000Additional … (1 comments)

Summerlin Las Vegas, NV Home Back On Market: 3176 SF, Pool, Spa, BBQ! - 02/23/09 06:35 PM
Summerlin Pool HomeLocation: Canyon Oaks (Summerlin)Spiral Staircase, Built in Murphy Bed in Secondary Room, Tile Floors, Two Tone Paint, Granite Countertops, Plantation Shutters, Intercom, Surround Sound, 3 (count em, THREE!) Fireplaces. Private Backyard Oasis Features: Pool, Spa, mature Landscaping and Built In BBQ. For more pictures/virtual tour go to: www.ReneeBurrows.com/2020InformationContact Information Renee Burrows702-966-2494Contact Reply FormForward to a FriendView Other FlyersPricingPrice: $445,000.00Additional Pricing Information: Short Sale Previously Approved at this price. If you want concessions, the price will have to go upProperty Location2020 Aspen OakLas Vegas, NV 89148View MapLinksMore Info on This HomeFeaturesBedrooms: 4Bathrooms: 3Year Built: 1998Subdivision: Canyon Oaks (Summerlin)Lot Size: 6904Garage … (8 comments)

Want to Sell your Las Vegas Area Home? A Comprehensive CMA is ESSENTIAL! - 02/23/09 05:29 PM

There is so much market confusion for those that may need to sell and may actually have something that they believe is non-existent such as equity.
First of all we (as licensed market experts) have to be very careful when pulling comps.  We cannot look at list prices and say "this is what it is".  More often times than not (at this point in the game,) sale prices are going well above list prices.
A market analysis currently takes a nice chunk of time for me these days.  It isn't about pulling up the subdivision and saying "this is what they … (6 comments)

Las Vegas, NV Area January 2009 Pendings Report: UP UP UP - 02/21/09 07:23 PM

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for January 2009 is a healthy 7.7 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!)   Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm! 
Here is a snapshot of valley listings:
(Jan/Feb 2008)  All SFR, Townhome, Condo Listings:
Listings (2/10/2008):  23665 Under Contract (2/10/2008):  3107 Sold January 2008:  1164 Month's Inventory:  20.3 (Feb/Mar 2008)  All SFR, Townhome, Condo Listings:
Listings (3/20/2008):  22,644 Under Contract (3/20/2008):  4516 Sold … (9 comments)

When the Party's Over: The Hangover Begins! - 02/15/09 09:54 PM
Mayor Goodman, the Mayor of this fine fine city whom I actually love for his candid ideas and flair, thinks President Obama owes us an apology for stating:  "You can't get corporate jets, you can't go take a trip to Las Vegas or go down to the Super Bowl on the taxpayer's dime."
My belief:  No he doesn't owe us an apology.  Convention business has been going down for several reasons:
Cost:  Unions control convention space and what happens within the confines.  You would be surprised how much it costs to put a plug in an outlet here. Corporate Credit Running … (9 comments)

My FABULOUS Las Vegas Vendor's List is UP AND RUNNING! - 02/15/09 07:46 PM
This will be a living document and constantly changing as I meet more new and fantastic vendors in the Las Vegas Valley!  You can view the updated list here!
Mortgage:Rey Gallegos:  702-808-8328 Click here to emailFHA, VA, Jumbo, Conventional, First Buyer Grant and Bond Down Payment Assistance, Culinary Union Down Payment AssistanceHernan Zuniga: 702-217-4555 Click here to emailResidential Loans: FHA, VA, ConventionalSpanish speakingBari Fraire 702-949-5415 click here to emailDennis Thomas: 702-493-5658Loan Modifications, Private Money for Construction Defect, Foreign National, Stated.  5% Down Conventional ProgramInspection:Dan Ryan:   702-339-5676  Homerica InspectionsAppraisal:Dwyer Home Appraisal:  702-917-1919 Click here to emailAppraisals for lending, estate, probate & divorceInsurance:Jason … (4 comments)

Las Vegas Area Inventory Getting Burned Up: Just a Heads Up - 02/15/09 07:35 PM
Las Vegas Area Inventory may drop below 20K units in as little as a couple of weeks if this keeps up.  Pending units have gone up by over 1K and inventory has dropped by over 1K since my last pendings report.  I don't think we have been below 20K units of active inventory since April or May 2006.
We have been very busy with Las Vegas Buyers (hence the lack of blog posts recently.)  Buyers are ranging from first time buyers using FHA programs (and down payment assistance programs) to All-Cash Investors.
The new $8K tax credit (see your CPA for … (7 comments)

TWO RARE LAS VEGAS, NV FOUR-PLEX BANK OWNED OPPORTUNITIES! - 02/08/09 04:44 PM
Las Vegas Area Multi-Unit Property For SaleLocation: Arrowhead Acres TractForeclosure property, all units combined on this spec sheet, call for additional info!FeaturesBedrooms: 8Bathrooms: 4Year Built: 1977Subdivision: Arrowhead AcresLot Size: 10125School District: CCSDSquare Footage: 3026Agent Name: Renee BurrowsBroker: NVRSMLS #: 873096InformationContact Information Renee Burrows702-966-2494Contact Reply FormForward to a FriendView Other FlyersPricingPrice: $179,900Additional Pricing Information: REOProperty Location2032 Ellis StNorth Las Vegas, NV 89030View MapPowered by vFlyer.com EQUAL HOUSING OPPORTUNITYVFLYER ID: 2254480RARE BANK OWNED FOUR PLEX OPPORTUNITY!!Location: Shenandoah SquareBank Owned: Specs are for all four unitsFHA Loans Available: 5% Down, One Unit Must be Owner OccupiedFeaturesBedrooms: 8Bathrooms: 4Year Built: 1963Subdivision: Shenandoa SquareLot Size: 7980School … (8 comments)

Las Vegas, NV December 2008 High Rise Inventory Update - 02/08/09 12:36 PM

Rentals:
341 Listed 1/25/2008 16 Under Contract 1/25/2008 45 Leased December 2008 7.6 Months Inventory
Resales:
887 Listed 1/25/2008 39 Under Contract 1/25/2008 24 Closed December 2008  37 Months Inventory (=3.1 years) Rental inventory decreased from last month.  Resale inventory also cut in half from last month. THis is how volatile this market is.    Read last month's report here.
This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  Information is deemed reliable but not guaranteed.
Read the most current market report for the Las Vegas High Rise … (2 comments)

Las Vegas NV Area December 2008 Rental Home Report - 02/02/09 11:16 AM

The rental sector has surprisingly remained stable throughout all this market turmoil!
Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.
Units Leased:
December 2008:  1390 November 2008:  1405 October 2008:  1707 September 2008:  1531 August 2008:  1719 July 2008:  1697 June 2008 1564 May 2008:  1554 April 2008:  1536 March 2008:  1531  February 2008:  1632  January 2008:  1500  December 2007:  1156  Average Monthly Rental Rates:
December 2008:  $1594 November 2008:  $1506 October 2008:  $1393 September 2008:  $1610 August 2008:  $1464 July 2008:  … (1 comments)

 
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Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com

Las Vegas, NV

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Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate

Address: 6525 W Warm Springs Rd, Ste 100, Las Vegas, NV, 89119

Office Phone: (702) 966-2494 x 0

Cell Phone: (702) 580-1783

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