It's clearly out of control with Las Vegas real estate agents grabbing the luxury condo foreclosures I need for my cash buyers. I really don't get it. The media continue to show how Las Vegas is in freefall with sliding real estate prices and surely there must be just tons of Las Vegas luxury condo foreclosures that my clients can buy. Wrong and this isn't an April Fools joke either.
Last week the number of Las Vegas luxury high rise condo foreclosures on or near the prime Strip area were 31 with over half under contract. Some of those foreclosures under contract were for my clients so I thought things were going to show 2009 might just turn out to be a good year afterall. The number of Short Sales for luxury high rise condos in the MLS were 63 with over 1/3 under contract and growing. So much for tons of luxury condo foreclosures in the pipeline. No wonder I'm exhausted running around with my buyers seeking these "tons of inventory" per the media that just don't exist.
Please don't tell the banks what's happening in Las Vegas either. Just a few weeks ago they were willing to negotiate with me for pricing of the luxury high rise condo foreclosure offers I submitted. Now they are trying to hold prices firm and that just isn't fair. Afterall, if the Wall Street Journal can show Las Vegas has one of the worst housing markets across the country then there must be a lot of hidden luxury condo inventory we just can't seem to find. Worse, we are now facing multiple offer situations on our offers too.
So please help spread the word so Las Vegas real estate agents will go sell something else other than the luxury high rise condo foreclosures. We need the inventory for our buyers and surely we can't be forming a bottom already in 2009. Or are we?
Bruce Hiatt can be reached at (702) 456-7080 x201 PST. You can also follow Bruce on Twitter @LuxuryRealtyGrp.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
Since the start of 2009 the real estate market in Las Vegas has been challenging for sure. However, for the past two weeks, we have seen a significant influx of international buyers seeking luxury high rise condo foreclosures. These are cash buyers seeking prime locations near or on the Las Vegas Strip for prices under $600,000.
What I found interesting are the countries representing these buyers. We expect Canadian and the recent Beijing foreclosure buyers but now the buyer location profile is changing. This week we wrote foreclosure offers for buyers from New Zealand, Switzerland and Germany. Two of those offers are now pending transactions. These are savvy, uber-rich cash buyers who seem to really understand prices in Las Vegas and also understand that some luxury high rise condo foreclosures are most likely below replacement cost (per high rise developer estimates).
In thinking this trend was just a short-term anomaly, we asked the valet and concierge staff at the few luxury high rise towers near or on the Strip about recent real estate agent traffic. What we learned is some towers are adding daytime valet staff to handle the agents and their buyers for foreclosure luxury condos. We confirmed this trend with the guards and concierge staff who seem exhausted from foreclosure buyer traffic in their high rise towers lately.
is this a bottom for Las Vegas luxury high rise condo prices? We don't know but one thing for certain, 2009 may not be the bad year we thought it was going to be. There's no doubt 2009 will be the year for Las Vegas luxury foreclosure real estate.
Bruce Hiatt can be reached at (702) 456-7080 x201 PST. You can also follow Bruce on Twitter @LuxuryRealtyGrp.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
It is so fascinating to watch the glass wall skin as it expands upward along the steel and concrete frame comprising the new Las Vegas Fontainebleau Resort Hotel. Sitting right across the street from the luxury high rise condo Sky Las Vegas, Sky residents have watched Fontainebleau unfold from a dirt hole in the ground to the magnificent giant it is becoming.
On March 12, 2009, the Fontainebleau workers are installing some of the last glass panels near the top of the resort hotel.
To gain a better perspective of this amazing blue giant resort, this photo shows just half of the hotel height from the top of Sky Las Vegas.
And if you think this is incredible, take a look at the multiple pool structure being created. I can't wait to walk across the street from Sky Las Vegas to have a spa day at the 16,000 square foot spa or just lounge at one of these incredible pools.
Bruce Hiatt can be reached at (702) 456-7080 x201 PST. You can also follow Bruce on Twitter @LuxuryRealtyGrp.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
No doubt 2009 is the year of the short sale and REO foreclosure real estate transaction. At Luxury Realty Group we've seen a significant increase in the number of luxury forecosures in Las Vegas hence why we recently launched www.LuxuryVegasForeclosures.com .
While we've had a 100% success track record to date for our Las Vegas luxury REO foreclosure buyers, that's not the case for short sale transactions. We now take 3 steps prior to writing short sale offers to educate our buyers about the potential risk in making such an offer for a specific property.
The three steps are:
Inquire as to how many short sale transactions has the listing agent had in 2009. 2009 is important as many rules have changed and loss mitigators are often changing the way they handle short sales. If the listing agent has minimal experience then consider the risks as the listing agent needs to know how to properly assemble the short sale package for the loss mitigator.
Ask the listing agent as to the number of loans on the property. One loan is ideal and more than one can involve multiple loss mitigator negotiations which comes back again to the level of short sale experience the listing agent has in 2009.
Find out how where in the foreclosure process is the property. If the property is close to foreclosure then time is of the essence to gain loss mitigator attention to your short sale offer.
I could go on with an extensive list and short sale horror stories but these three steps are a starting point. It's a complex world with short sales and we hope all of you have much success with them in 2009.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
With an increasing number of Las Vegas luxury homes and luxury high rise condos going into short sale or foreclosure status, Luxury Realty Group has created a new website just for those seeking such types of real estate.
www.LuxuryVegasForeclosures.com provides pre-defined searches for Las Vegas luxury homes and luxury high rise condos. For the high rise condos, specific short sale and foreclosure targeted searches are pre-defined by high rise tower.
The creator of this new website, Bruce Hiatt, broker-owner of Luxury Realty Group, said "We are the first real estate brokerage in the Las Vegas area to offer a luxury short sale and foreclosure real estate targeted website. We know from feedback of users who participated in our beta version of the website that pre-defined searches were difficult to find on Las Vegas real estate websites. We believe we've filled a niche missing in our market until the arrival of LuxuryVegasForeclosures.com".
Luxury Realty Group has already closed transactions in 2009 for both short sale and foreclosure luxury properties. Such transactions are expected to increase in 2009 with more of luxury real estate moving into short sale and foreclosure status in Las Vegas.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
I find it interesting that speakers at Las Vegas real estate meetings are now attempting to project the timetable to build the next condominium high rise in Las Vegas. The latest projection was presented last week at 10 years by a prominent businessman who was involved in the development of Panorama Towers.
The curious part of such presentations is on what basis are these projections made? Is it labor cost or raw materials? Is it land costs? Is it supply and demand? Is it the current credit crunch? Sure these play a part in any developer's decision to build or not but how can one predict it will be EXACTLY 10 years when the next luxury high rise gets built? Careful running out and telling your clients this information without doing your own homework first.
I spoke with a very prominent Canadian client of Luxury Realty Group yesterday and I couldn't get him to stop laughing on this 10 year projection. Why was he laughing? It seems in Toronto, a developer is currently building a luxury high rise building that is very unique and prices begin at CDN$3 million. This developer researched the market and demand and concluded that his high rise condo project would attract the upper end of the market globally and demand would be strong. Turns out he is right so far.
So the lesson learned in all of this is while we have strong economic barriers to entry in Las Vegas for building new luxury high rise condominiums like Turnberry Towers or Sky Las Vegas, if the market will support a specific high rise project then it can get built and demand may very well be there.
The good news for Las Vegas is supply in the prime Resort Strip Corridor is already very limited for luxury high rise condos unlike Miami. So if another high-end luxury condo high rise project gets built in 3 years or 5 years, the market is ideally in a position to handle it if it is unique and demand is there.
So be careful what you assume when you see projections in any real estate market. Know the numbers and assumptions behind those projections before you declare them to your clients as fact.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
Smarter Agent launched its Homes for Sale mobile search service in Las Vegas today and across the US. Currently available on the Sprint and AT&T networks with over 130 million customers, Smarter Agent will extend its current converage by year-end 2008 to a wider variety of cell phones than today.
Smarter Agent will allow Las Vegas cell phone users to see homes and condos for sale using GPS technology, property photos, property data and much more. Should the mobile user wish more information about a specific property, including the one the home or condo in which they are standing in front to view, they can be connected to one of Luxury Realty Group's agents to assist. Imagine standing in front of Sky Las Vegas to review current luxury condos for sale, photos and recent sales and more data on your cell phone.
Bruce Hiatt, Broker and owner of Luxury Realty Group, says "Smarter Agent in this real estate climate delivers a key mobile service highly desired by real estate buyers in Las Vegas". Bruce also said, "With the iPhone increasingly being carried by our clients and prospected clients, Smarter Agent will provide a whole new level of real estate services while the client is in front of the home or condo of interest to them." He further said,"Of course the iPhone is just one of many mobile device types supported by Smarter Agent."
For the Las Vegas area, Luxury Realty Group is the exclusive provider of the Smarter Agent service.
Additional information can be read on the RISMedia website with the following article:
Contact Bruce Hiatt at (702) 456-7080 x201 and let's create a referral opportunity for your buyer and Luxury Realty Group. You can also follow Bruce on Twitter @LuxuryRealtyGrp.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
Just when you thought you mastered social media websites here come more. In the ever growing world of Twitter comes http://tweetdeck.com. This is a new, somewhat buggy, website that offers a very powerful Twitter console. Once installed on your PC, this website offers awesome Twitter naviation and communication.
If you are seeking a referral real estate relationship for Las Vegas luxury real estate, please follow me @LuxuryRealtyGrp on Twitter.
Just as the federal bailout plan was passed and signed into law today, look at what happened next regarding California and New York with regard to their financial situation.
Both states declared they are in financial trouble. California sent a request to U.S. Treasury Secretary Henry Paulson for a $7 Billion bailout to rescue to pay "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns as stated on CNNPolitics.com today. If California doesn't get this bailout then won't taxes increase for Californians to pay down the state's debt?
We've seen this scenario in the past when the two governors of Nevada and California began aggressive marketing campaigns to educate (and to to counter such ads) California businesses and residents as to why Nevada is the better place to grow your business and live. With no state income tax, Nevada is well positioned to once again take full advantage of California's high tax and deficit situation.
Nevada saw a huge influx of luxury single family real estate and luxury high rise condos in 2005 as a result of Californians moving or investing in Nevada real estate, especially in Las Vegas. So why wouldn't you not expect this to happen again?
Consider that right now you can buy a one bedroom luxury condo on the Las Vegas Strip in Sky Las Vegas under $300,000 and no state income tax. With a low cost of living, great climate and low real estate prices in comparision to California, seems like Las Vegas is positioned for a huge spotlight of low cost opportunity by the media. At Luxury Realty Group in Las Vegas, we are fully prepared to assist your buyers with the latest list of luxury real estate opportunities.
Contact Bruce Hiatt at (702) 456-7080 x201 and let's create a referral opportunity for your buyer and Luxury Realty Group. Keep in touch with the latest Las Vegas luxury high rise trends at LasVegasHighRiseBlog.com
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
It's very unusual knowing the high land prices for a Las Vegas Blvd premium address to see a luxury condo come onto the market under $300,000. That has just happened in Sky Las Vegas which is currently the only luxury high rise located on the Las Vegas Strip resort corridor.
The one bedroom condo is currently priced at $292,000. This condo has many upgrades such as granite kitchen counters and a jetted tub in the master bath.
With only 4 miles of the Strip resort corridor which consists mainly of casino hotels like Bellagio, Palazzo and Wynn, available land to build is very limited and expensive even in these times. The developers of Sky Las Vegas informed me that you could not rebuild this one bedroom condo for its current price in today's market. Of course we're not implying instant appreciation but replacement cost analysis will show this condo to be a great opportunity for the right buyer.
Contact Bruce Hiatt at (702) 456-7080 x201 and let's create a referral opportunity for your buyer and Luxury Realty Group.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
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.
;)
;)
