Las Vegas Area Real Estate Inventory Shortage Report! - 07/31/09 01:59 PM
The Las Vegas Area is still experiencing inventory shortage. Here is what I am seeing:
Moratorium inventory is coming on to the market (Fannie/Freddie started unleashing big time end May/early June - Wells and IndyMac started their releases end June/early July.) Still haven't seen much of Bank of America or Countrywide inventory out there. I get this information from examining tax records and being an active Realtor showing these new listings.
Multiple offers are streaming in still. I have heard from several REO list agents that lower cash offers may take precedent over financed offers. This is to avoid appraisal issues … (5 comments)
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Las Vegas Small Business Profile: Dr Jon Wise, Wise Chiropractic - 07/30/09 06:18 PM
Dr Jon Wise of Wise Chiropractic is a Holistic Wellness Practitioner who treats patients from infancy to geriatrics and is focused on getting people healthy. He also sees patients for: Pain Management, Sports Injuries and Personal Injury cases.
Dr Jon has treated all ages of people from 5 minutes old to 92 years old. His clientele includes yoga students, PGA golfers, heavyweight boxers, mixed martial arts, movie stars, singers, dancers and, of course, normal people like ME!
Dr Jon received his bachelor's degree from University of California Irvine and his Doctorate at Cleveland Chiropractic College, Magna Cum Laude, with the John … (9 comments)
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Top 5 Reasons You Patronize Las Vegas Area (or local) Small Businesses - 07/30/09 06:00 PM
In today's economically challenging times, we are all pinching pennies! I will be starting a series of posts that will profile Las Vegas Small Businesses and their owners.
When many people think "boutique" or "small business" they automatically think "EXPENSIVE". You have to just be "resourceful". Many people have come to the conclusion that there is NO SUCH thing as "MADE IN THE USA" anymore. They feel they need to buy foreign made goods in large corporate owned businesses because there is no alternative.
:Game show buzzer: The above paragraph is FALSE! Every local community has ARTISTS and EXPERTS at their … (3 comments)
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Welcome Home to Las Vegas High Rise Communities: Regency Towers! - 07/29/09 07:37 PM
Welcome Home To Las Vegas High Rise Communities: Regency Towers!
Regency Towers is a high rise condominium community developed in 1974. It is located in the prestigious guard gated "Las Vegas Country Club". Community Amenities include a country club, golf, pool, spa, tennis, exercise facilities and security.
There are 218 condominum units in the Regency Towers High Rise complex. The
Condos range between a 584 Square Foot one bedroom unit to a 5938 sq foot luxury penthouse.
Regency Towers in Las Vegas Country Club is conveniently located between the strip and convention centers.
Other amenities just minutes away: World Famous Las Vegas Strip, Hospital, Shopping, Professional Offices (Howard Hughes Center), World Class Entertainment, Gaming, … (4 comments)
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Welcome Home to SW Las Vegas Communities: Ladera Canyon! - 07/28/09 08:23 PM
Welcome Home To Southwest Las Vegas Community: Ladera Canyon!
Ladera is a community developed in Summerlin and builders include Richmond American and KB Home. It is snuggled in the mountain foothills in the "Mesa" Village of Summerlin. Majestic mountain and city light views surround the community. Community Amenities include a swimming pool and playground. Ladera Canyon sits adjacent to the Mesa's 19 Acre Park.
There are currently 642 Homes in the Ladera Canyon Community and they are still building!
Homes in Ladera Canyon range between 1638 sq feet to 2873 sq feet.
Other amenities just minutes away: a major hospital (Southern Hills), Mesa's 19 acre park, retail, restaurants and a medical corridor.
… (5 comments)
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Welcome Home to SW Las Vegas Communities: Nevada Trails! - 07/27/09 07:28 PM
Welcome Home To Southwest Las Vegas Community: Nevada Trails!
Nevada Trails is a community developed by Pardee Builders. Nevada Trails is well known for the beautiful Palm Tree Grove lined up and down Robindale Blvd (between Buffalo and Rainbow.) Community Amenities include walking/biking paths and a playground.
There are currently 1432 Homes in the Nevada Trails Community.
Homes in Nevada Trails range between 1418 sq feet entry level homes to a 5542 square feet luxury homes. Some subdivisions in Nevada trails are gated but most are not.
Other amenities just minutes away: 215/Rainbow or Buffalo Freeway Ramp which provides great proximity to the south strip and airport, schools, 2 major … (6 comments)
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Welcome Home to Las Vegas High Rise Communities: Metropolis! - 07/26/09 07:14 PM
Welcome Home To Las Vegas High Rise Communities: Metropolis!
Metropolis is a high rise condominium community developed by Randall Davis Builders. Community Amenities include a swimmping pool, state of the art fitness center, spa and recroom.
There are 71 condominum units in the Metropolis High Rise complex. There is 24 hour security at the entrance.
Condos in Metropolis range between a 877 Square Feet to a 5467 sq foot penthouse. Some units are only one story and some are 2 stories.
The kitchens and bathrooms are very contemporary with granite countertops and high end appliances. Many units have "to die for" views of the Las Vegas Strip from their living areas … (5 comments)
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Las Vegas - Henderson - North Las Vegas Sun Cities Market Report - 07/26/09 09:27 AM
Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles.
Here are real estate market reports for the most popular 5 Age Restricted Communities in the Las Vegas Valley:
Sun City MacDonald Ranch is located in the Green Valley Area of Henderson, NV (zip 89012). There are 893 Homes in Sun City MacDonald Ranch ranging from 1020-2489 Square Feet. Community Amenities Include: Clubhouse, Community Golf, Gym, Pool, Spa, Tennis
Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 90-44). There are 7312 … (3 comments)
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Desert Shores May 2009 Resale Market Report - 07/26/09 08:04 AM
Desert Shores June 2009 Real Estate Resale Market Report:
Listings (7/16/2009): 78 Under Contract (7/16/2009): 83 Sold June 2009: 24 Month's Inventory: 3.3 Last Month's Report
Click here for Most Recent Desert Shores Market Report
Click here for More Information on Desert Shores Lake Living.
If you are thinking about buying, renting or selling a Desert Shores Home Please Call: 702-966-2494:
Option 1 if you are a Buyer wanting to purchase Desert Shores Property. (Varieties range from bank owned to new construction!) Option 2 if you are a Renter wanting to rent a Desert Shores Home Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers) Option … (3 comments)
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Silverado Ranch June 2009 Resale Market Report - 07/25/09 04:57 PM
Silverado Ranch June 2009 Real Estate Resale Market Report:
Listings (7/16/2009): 163 Under Contract (7/16/2009): 231 Sold June 2009: 74 Month's Inventory: 2.2 Since last month: Listings are DOWN -62, Pendings are UP +12, Sales are UP +15
Read Last Month's Report Here
If you are thinking about buying, renting or selling a Silverado Ranch Home Please Call: 702-966-2494:
Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) Option 2 if you are a Renter wanting to rent a Mountain's Edge Home Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers) … (1 comments)
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Welcome Home to SW Las Vegas Communities: Arlington Ranch! - 07/25/09 01:19 AM
Welcome Home To Southwest Las Vegas Community: Arlington Ranch!
Arlington Ranch is a Las Vegas community developed by DR Horton Builders. Types of homes range from Townhome to Single Family Living with various community amenities! Homes Ranch from 1060 Sq Feet to 3396 Sq Ft.
Gated w/ Community Pool and Park:
First Light at Arlington Ranch: 378 Townhomes Ranging from 1060 Sq Feet to 1553 Sq Feet High Noon at Arlington Ranch: 342 Townhomes Ranging from 1118-1588 Sq Feet Twilight at Arlington Ranch: 144 Single Family Detached Homes Ranging from 1793-2400 Sq Feet All Single Story Communities (not gated):
Manor at Arlington Ranch: … (6 comments)
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Las Vegas NV Area June 2009 Sales and Listings by Type - 07/25/09 12:22 AM
July 15, 2009 Listings by Type
REO: 2758 (23%) Short Sale: 5035 (42%) All Other: 4221 (35%)
June 2009 Sales by Type:
REO: 3530 (76%) Short Sale: 400 (9%) Other: 689 (15%) This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to view the most recent stats (scroll to bottom)
DISCLAIMER: The information, photographs & content contained within Renee Burrows' blog is … (2 comments)
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Las Vegas NV Area Sold Terms & Trends for June 2009: Cash is Still the Front Runner! - 07/24/09 11:47 PM
Cash REMAINS KING in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying! It is important to understand how a seller looks at each financing type:
Cash Offers: Generally have less contingencies and quicker close times. A cash offer may be accepted even if it is lower than a financed offer.
Conventional Financing: Less strict with lender required repairs but larger down payments and more strict credit guidelines.
FHA/VA Financing: Requires more scrutiny with lender required repairs via appraisal. … (2 comments)
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Welcome Home to S Las Vegas Communities: Park Avenue Condo! - 07/24/09 10:38 PM
Welcome Home To South Las Vegas Condominium Community: Park Avenue Condo!
Park Avenue is a guard gated condominium community developed in 2003 by Amland Builders. Community Amenities include three swimming pools, state of the art fitness center, tennis court, spa and clubhouse.
There are 851 condominum units in the Park Avenue complex. The style is a contemporary 5 story midrise with one level units.
Condos in Park Avenue range between a 786 sq foot 1 bedroom to an 1812 sq foot penthouse and include at least one deeded parking spot + open parking for visitors and guests. Some units include a garage.
Park Avenue Condos … (3 comments)
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Welcome Home to SW Las Vegas Communities: X-It Condos! - 07/23/09 03:24 PM
Welcome Home To Southwest Las Vegas Condominium Community: X-It Condos!
X-It is a gated condominium community developed in 2007 by Rhodes Homes. Community Amenities include a swimming pool
There are currently (7/23/2009) 179 completed condominium homes. They style is extremely contemporary & funky with lime green and eggplant purple exterior paint ~ either you love it or you hate it! (I personally love it!)
All condos are 1466-1602 square feet and include an attached garage and community parking for your visitors. The interior of the community (greenbelts) is lined with lush landscaping ~ Rhodes Homes never disappoints with the landscaping!
X-It Condos are conveniently located just a … (6 comments)
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Military Families-More Funding Proposed for the Homeowners Assistance Program - 07/21/09 07:25 PM
If you live in the Las Vegas Valley I could also assist you with the DoD HAP program! ~Renee Burrows, Realtor, Encore Realty Group 702-580-1783
Via Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World):
As families currently eligible for the Department of Defense HAP program await updated guidelines to be published, additional funding is being proposed in the US Senate by Virginia Senator Jim Webb for Fiscal Year 2010.Senate bill (S 1309) proposes an additional $350 million dollars to enhance the funding provided by the American Recovery and Reinvestment Act passed last … (0 comments)
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Economic Conditions for the Las Vegas Valley July 2009 - 07/19/09 07:32 PM
Economic Conditions for the Las Vegas Valley June 2008
Housing Conditions:
Foreclosure/Short Sale Listings (7/16/2009): Total Listings 12014; Short Sales: 5035, 42% of all listings; Bank Owned Listings: 2758, 23% of all listings. Short sale and REO listings consume 65% of total listings New Home Sales (May 2009, units sold): 360 Year Change -51% (excl condo conversions, highrises) New Home Sales (May 2009, median price): $213,990 Year Change -17.3% (excl condo conversions, highrises) Existing Home Sales (May 2009, units sold): 3714 Year Change +42.5% Existing Home Sales (May 2009, median price): $130,000 Year Change: -42.2% New Home Permits (May 2009): 308 Year Change -58.4% … (9 comments)
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Summerlin Las Vegas, NV May 2009 Real Estate Market Report - 07/19/09 12:57 PM
Summerlin May 2009 Real Estate Resale Market Report:
Listings (7/16/2009): 708 Under Contract (7/16/2009): 551 Sold June 2009: 202 Month's Inventory: 3.5 Absorption is slightly higher than Las Vegas Valley.
Since Last Month's Report:
Listings DOWN -47 Pendings UP +28 Sold Units UP +53 Last Month's Summerlin Report
Most Current Summerlin Market Report
If you are thinking about buying, renting or selling a Summerlin Home Please Call: 702-966-2494:
Option 1 if you are a Buyer wanting to purchase Summerlin Property. (Varieties range from bank owned to new construction!) Option 2 if you are a Renter wanting to rent a Summerlin Home Option 3 if you are interested in Financing your Summerlin Property (including down payment assistance for first time … (2 comments)
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I have MOVED! Now Affiliated with Encore Realty Group - 07/18/09 09:58 PM
After much pondering the franchise affiliation with my old brokerage and putting the pen to the paper, I have decided to move to a different brokerage: Encore Realty Group.
I parted ways with my team, however I have a newly licensed agent assisting me with showings currently for the transition.
So far the separation from my team has given me more time to spend on my own business and I admit it has been hard to answer my phone and talk to new possible customers and for referrals the last year.
I am in transition this weekend and have one of my baby … (28 comments)
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Las Vegas, NV Area Short Sale June 2009 Inventory Update - 07/18/09 08:58 PM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement for June 2009. Absorption still remains high BUT is hovering around the 1 year mark. Solds have FINALLY gone from hovering the 200 unit mark and went over the 400 mark. I see improvement in this sector! Inventory has decreased (-482 units). Pending units have increased by +1000 units. Solds have increased by +99 units. Absorption down by 6 months
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 7/16/2009: 5035 Pending 7/16/2009: 6478 Closed June 2009: 400 Month's Inventory: 12.6 Short Sales Currently Account for:
42% of All Las Vegas Valley Listings 9% of … (4 comments)
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Mountain's Edge June 2009 Resale Market Report - 07/18/09 04:08 PM
Mountain's Edge June 2009 Real Estate Resale Market Report:
Listings (7/16/2009): 184 Under Contract (7/16/2009): 307 Sold June 2009: 74 Month's Inventory: 2.5 Last Month's Mountain's Edge Real Estate Market Report
Mountain's Edge is a newer community so many of the listings are short sales or bank owned.
If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call: 702-966-2494:
Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) Option 2 if you are a Renter wanting to rent a Mountain's Edge Home Option 3 if you are interested in Financing your Mountain's Edge Property (including down payment … (4 comments)
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Las Vegas, NV Area June 2009 Pendings Report: STILL VERY LITTLE INVENTORY! - 07/18/09 10:52 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for June 2009 is a seller's market @ 2.6 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:
(June/July 2008) All SFR, Townhome, Condo Listings:
Listings (7/15/2008): 20744 Under Contract (7/15/2008): 7092 Sold June 2008: 2588 Month's Inventory: 8.0 (July/Aug 2008) All SFR, Townhome, Condo Listings:
Listings (8/16/2008): 20559 Under Contract (8/16/2008): 7070 Sold July … (5 comments)
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Las Vegas NV Area June 2009 REO Inventory Update: Not Much Out There (less than one month inventory!) - 07/17/09 08:50 PM
Inventory has fallen since last report (-188 units), Pendings have dropped -647 units Closing data is up dramatically at +383 units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 76% of all Las Vegas Area Valley resale closings in June 2009. REO listings account for only 23% of total resale listings.
Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.
Current Listed Bank Owned Statistics:
Listings (7/16/2009): 2758 Under Contract (7/16/2009): 5471 Sold June 2009: 3530 Absorption Rate: 0.8 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY) View Last Month's Report Here
To find … (6 comments)
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Here is the Reason WHY I Wake Up in the Morning and Say: "I LOVE MY JOB"... - 07/13/09 08:44 AM
... EVEN WHEN I DON'T...
Selling in Las Vegas currently needs a strong stomach from the Realtor to the client (and even the lender in some cases.) My business should be one where I can hold my emotions back and just let events unfold from the initial contact to the buyer counseling to the showing to the contract to the escrow to the actual handing over (or rekeying) of the property.
Many times we have been through the ringer so bad that tears result on the final closing day. Tears of joy and happiness that a struggle is finally over. The … (38 comments)
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Southern Highlands Las Vegas, NV May 2009 Real Estate Market REport - 07/08/09 12:47 PM
Southern Highlands May 2009 Real Estate Resale Market Report:
Listings (6/15/2009): 164 Under Contract (6/15/2009): 212 Sold May 2009: 51 Month's Inventory: 3.1 This is the first Southern Highlands Monthly Report so there is no past statistical data at this time!
If you are thinking about buying, renting or selling a Southern Highlands Home
Please Call: 702-966-2494:
Option 1 if you are a Buyer wanting to purchase Southern Highlands Property. (Varieties range from bank owned to new construction!) Option 2 if you are a Renter wanting to rent a Southern Highlands Home Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers) Option 0 if you would like … (2 comments)
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Coronado Ranch Las Vegas, NV May 2009 Real Estate Market Report - 07/05/09 01:21 PM
Coronado Ranch May 2009 Real Estate Resale Market Report:
Listings (6/15/2009): 44 Under Contract (6/15/2009): 51 Sold May 2009: 14 Month's Inventory: 3.1 This is the first Coronado Ranch Monthly Report so there is no past statistical data at this time!
If you are thinking about buying, renting or selling a Coronado Ranch Home Please Call: 702-966-2494:
Option 1 if you are a Buyer wanting to purchase Coronado Ranch Property. (Varieties range from bank owned to new construction!) Option 2 if you are a Renter wanting to rent a Coronado Ranch Home Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers) Option 0 if you … (6 comments)
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Las Vegas, NV Area May 2009 High Rise Inventory Update - 07/02/09 08:53 PM
Rentals:
254 Listed 6/15/2009 19 Under Contract 6/15/2009 51 Leased May 2009 5.0 Months Inventory
Resales:
764 Listed 6/15/2009 89 Under Contract 6/15/2009 38 Closed May 2009 20.1 Months Inventory (=1.7 years) Still bad but significant improvement over last several months! This Market is extremely volatile due to the boutique nature and lack of financing. 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 … (7 comments)
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Rhodes Ranch Area Active Listings/Sold/Rental & Resale Real Estate May 2009 Market Report - 07/01/09 07:21 PM
This Rhodes Ranch Area resale market report:
Active Listings (6/15/2009): 217 Under Contract (6/15/2009): 341 Sold May 2009: 115 Months Inventory: 1.9
Rental Market Report:
Active Listings (6/15/2009): 120 Under Contract (6/15/2009): 19 Leased May 2009: 48 Months Inventory: 2.5 How to read my market reports (definitions and terms!)
Last Month's Market Report
Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch (Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.
For More information & … (2 comments)
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