Mary Kennedy's Blog from Las Vegas

Las Vegas Real Estate Update from the Trenches.

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 27 Mar 2011 19:40:52 -0700

Good Sunday Morning-

I have been showing a lot of homes at Siena in Summerlin, an Active Adult Community, where we live, in the Las Vegas Valley. An interesting phenomenon is taking place here as there are only 63 active listings available FOR SALE. As you read through this e-mail, feel free to click on the links to see the properties and websites that more clearly define my content.

As of the time I'm writing this e-mail, there are 5 Town homes on the market, priced from $132,000 to $288,000, and 58 Single Family Homes that are priced from $169,000 to $1,160,000.

Unlike many parts of the Las Vegas Valley the number of properties available in Siena, are about half of what they were last year at this time. Only 2 of the homes are defined as bank foreclosures, so the Siena Community is very stable. There are other reasons for this stability. Here are my top 5.

It's a great place to live! Many residents tell me that living in Siena is like living at a resort. The award winning Home Owners Association is one of the most financially sound in the Las Vegas Valley. There are reasonable guidelines for homeowners to follow and the Community Facilities and Grounds are kept in impeccable shape. It makes it a GREAT Living Environment.
Siena is located in Summerlin! A Master Planned Community located about 13 miles West of the Las Vegas Strip. The proximity to all the services needed to sustain life are within minutes of Siena including the main travel arteries that make it easy to travel through the Las Vegas Valley.
There are a wide range of properties to choose from, priced from $132,000 to $1,160,000. That serves a wide range of buyers that can invest to the level that they are comfortable with.
Beginning on January 1, of this year, 10,000 Baby Boomers began retiring per day in the United States. This will go on for the next 19 years. Basic math will tell you that some of them will migrate here from all over the country on a full or part time basis. The fact that Siena is totally built out to 2200 households means that demand will eventually go up, creating even more stability.
Nevada is a Tax Friendly State and I don't need to say more about that.

To illustrate what one of the 26 home plans look like, I just happen to have a still active listing left that is located at 4401 Palloni Ct. Las Vegas, NV. 89135. This 2200 Square foot 3 Bedroom is full of upgrades and has been barely lived in as the 2 previous owners were here very part time. So it's like new inside!

At 2:00 PM yesterday, we dropped the price to $424,900 which moves the property into a buyer friendly price range. Additionally, some of the practically new furniture can be purchased to furnish the home which makes the property a move in and sit down kind of investment.

If you are interested in any of the Siena Active Listings or if you are thinking of selling you home in Siena and would like me to perform a market analysis for your home, feel free to call on me at anytime at 702-324-5390.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Bobbing around at the Bottom of the Las Vegas Real Estate Market.

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 27 Mar 2011 19:34:21 -0700

Dear Reader,

We are currently, it seems, bobbing around on the bottom of the Las Vegas Valley Real Estate Market. One month our average sales price goes up as the number of units sold goes down. The next month, the number of homes units sold goes up while the average price goes down.

In a recent article, written by Hubble Smith at the Las Vegas Review Journal, we are told Economic Indicators are flat in Las Vegas compared to the rest of the nation, which is moving up. I don't know about you, but I'll take flat for the time being because there are other factors that are beginning to push us along in a positive direction.

As I wrote last month: "As Time Passes, Shadow Inventory will be Sold off to Baby Boomers" The past few weeks really tell a different story. The Baby Boomers are coming and they are buying shadow inventory from investors. They are also investing in regular sales in Active Adult Living Communities.

For example: We live in an Active Adult Community called "Siena in Summerlin". From January through October there were 100 to 130 homes for sale at any given time. In November the numbers dropped into the high 90's. December and January it dropped into the 80's. In February it went into the 70's and as of the time I'm writing this e-mail, there are just 63 active listings in Siena. So as we look at the overall market as being weak, there are pockets of Active Adult Communities that are in a good selling mode, which is good news for home buyers and sellers in those communities. Don't forget: As Inventory goes down and demand goes up, the prices will follow.

Another interesting little note is that 51% of the homes that were purchased last month were paid for in CASH. Over time that will reduce the amount leveraged homes in the valley, which should lead to more stability in our Real Estate Market.

Here are a couple other articles that you should read:

Las Vegas Home Sales Increase in February as Prices Drop

Foreigners Paying Top Dollar for Distressed Commercial Properties

I keep a close eye on this market each day. If you want to see everything I post on a recurring basis, visit and LIKE my Facebook Real Estate Page.

Click here to Visit & Like my Facebook Real Estate Page

If I can be of any help or answer anymore questions, feel free to contact me at 702-324-5390. Have a GREAT week!

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

A New Look at MaryKennedyLasVegas.com

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 27 Mar 2011 19:25:24 -0700

Dear Reader,

I would like to introduce you my new and improved website at www.MaryKennedyLasVegas.com.

We have finally developed a web capability that integrates the tools I need to help home buyers and sellers meet their real estate goals in the Las Vegas Valley. Some of the highlights include:

A new Property Search tool that allows home buyers search by neighborhood, giving sellers the best opportunity to market and sell their property through me.
In depth neighborhood information that includes new video capabilities.
Relocation information that cover topics such as Moving to Las Vegas, Las Vegas Lifestyle, Education and Child Care Information for the kids, Home Financing and Insurance information, Employment and Job Listings.
A FREE PDF download of the 100+page of the Las Vegas Relocation Guide
Information on Listing Your Home for Sale that sets a template and standard to help us set up a marketing plan for your property.
Tips on buying Foreclosures and how to help avoid foreclosure by short selling your home.
Download a Free "Investing in Las Vegas " Powerpoint Presentation.
My Mary Kennedy Blog and Subscribe button is now be integrated into my website.
Direct access links to Mary Kennedy, Remax Central Summerlin in Las Vegas, NV and Siena in Summerlin Las Vegas pages on Facebook.

As you can see, we now have just about everything you need on this site to help buy or sell a home in the Las Vegas Valley. The only ingredient left is to connect with me. If you, or anyone that you may know, is considering a move to the Las Vegas Valley or you know of anyone that may want sell their Las Vegas Valley home, feel free to give me a call or forward this e-mail to them. I would appreciate your business and/or your referral.

Make it a GREAT Week!

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

I get asked: Do you have loans available for Canadian Buyers in Las Vegas?

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Wed, 23 Feb 2011 14:33:19 -0800

Since I have been attracting alot of Canadians to my Las Vegas Real Estate links, the number 1 question I get in my first discussion is "Do you have loans available for Canadian Buyers in Las Vegas?"

The Answer is Yes! We can do loans here, for Canadian Buyers. Here are the Options:

1. If you are a Canadian Citizen you can declare your Las Vegas Property you buy as a second home. The down payment would be 35%.

2. If a Canadian Citizen has business dealings in Las Vegas, they may be able to establish permanent residency or there are other future citizen options in play here. The loan for "Second Home" is slightly higher in rate, perhaps mid to upper 5's because of a United States/Canadian Reciprocity Agreement with and the liability to the bank in case they have to retrieve it back.

3. The other possibility is 40% down and do hard money for a year then establish and refinance. (But option 1 looks like a better option because it's 30 years)

Each Buyers situation is different and I'm not that well versed about home financing, but I have experts who are. I just want to let you all know that we do have financing here in Las Vegas for Canadians. If you would like to know more, respond to this blog, or shoot me an e-mail, or give me a call or send me a text and I'll put you in touch with the right person to answer your questions.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

As Time Passes, Shadow Inventory will be Sold off to Baby Boomers

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Thu, 17 Feb 2011 11:04:18 -0800

Dear Readers,

So far, we have been very busy in 2011. Home prices have pretty much stabilized and have even gone up in some parts of the Las Vegas Valley. You can read more about this phenomenon in an article written by Hubble Smith in the Las Vegas Review Journal entitled:

Parts of the Las Vegas Valley see Home Prices Improve in 2010

So here is my Shadow Inventory Story and I'm sticking to it!

Many are under the impression that we are going to get multitude of homes in the Las Vegas Valley dumped onto the market that fall under the Shadow Inventory category, causing the market to go lower. Not true! Most are under the impression, that this inventory is defined by lenders (Banks and Loan Servicing Companies) that are holding onto foreclosures and not putting them on the market until there is a turn-around. This is not totally true!

Banks and Loan Servicing Companies tend to get these sellable properties off their books as quickly as possible to maintain an acceptable balance sheet. There are other factors that may cause lenders to have to hang onto foreclosed properties such as title issues, illegal sales, loan origination problems, renter conflicts, trashed and destroyed homes. These are issues that make the home unsellable until they are dealt with by the seller.

A good share of the Shadow Inventory that exists out there today is owned by groups of investors who purchased a bulk quantity of sellable homes from a lender because there were so many that came so fast, the lender needed to liquidate them and get the cash. Today, many of these homes have been or are in the process of being cleaned up for resale or rented out to, you guessed it, people who have been foreclosed on or people that have historically lived in apartments. That is a huge market today! As a general rule, these investor groups know that the Return on Investment will be slow, but based on what the low bulk price they purchased these homes for, they should be able to collect enough rent to get them to cash flow for a few years and the demand goes up.

So where is the demand going to come from?? A Theory!

Beginning on January 1^st of this year, 10,000 Baby Boomers per day started retiring in the United States. That will continue for the next 19 years. Many of the homes I have sold, so far, this year have been to Baby Boomers and they are paying cash. You may ask! Why Las Vegas? Most popular answer: LOW Taxes and LOW Home prices. And so the cycle starts again.

Top 5 Informational Links that I think you should know about:

I have more Resource Links below for your reading pleasure!

Make it a GREAT Week!

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

An Invitation for Baby Boomers to Follow Whats Going on in the Las Vegas Valley Real Estate Market on Facebook.

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Mon, 24 Jan 2011 13:30:07 -0800

I would like to invite you to join Siena in Summerlin Las Vegas on Facebook.

This page was created, on the Facebook Social Network for followers (resident or non-resident) that enjoy sharing positive views about living and/or visiting this beautiful Active Adult Community, post content and/or pictures of family or activities that they have participated in, access updated content and posts and learn about great deals available in and around Siena in Summerlin Las Vegas. Examples of content will include links to:

2 for 1 discounts at local restaurants.
Coupons from local businesses.
Articles on travel and healthy living.
Articles on Active Adult Living.
Good deals on the Las Vegas Strip.
Articles that will be of interest to those who follow the page.
The Latest Real Estate Listings.

I created this page, as a free community network service, on the Facebook Social Network. In order to gain access, you have to have a FREE Facebook Account. In order to sign up, click here.

Once you are logged in, type Siena in Summerlin Las Vegas in the search area and you will be taken to the community page. If the content is valuable to you, click on the THUMBS UP LIKE button on the page and you will receive updates, on your account page, as they are posted.

I hope you enjoy the beginning of Siena in Summerlin Las Vegas page on Facebook. The value and impact of this page to the Siena in Summerlin Las Vegas Facebook Community and its followers will be established by the creativity of those who participate in a positive way. I look forward to it.

Make it a GREAT Week!

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Siena in Summerlin... One of the Best Communities in the Las Vegas Valley.!

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 16 Jan 2011 16:00:48 -0800

I would like to introduce you to the Best Active Adult Living Community in the Las Vegas Valley. The name of this Community is Siena in Summerlin, a Master Planned Community located 12 miles West of the Las Vegas Strip. Siena also happens to be the Community that John & I have lived in for the past 9 years.

Now, you may think I'm being biased. I am! I show and sell Real Estate all over the Las Vegas Valley and here's why Siena stands out against the other Active Adult Living Communities.

Home prices run from around $120,000 for a townhome up to $1.1 million for a single family property. A wide price range to pick from.
The Community, Health & Fitness Centers are among the best in the valley with lots of activities for all residents.
The location is just about perfect with easy access to shopping and main thoroughfares that easily take you around the valley.
The Community is built around Siena Golf Club, one of the highest rated golf courses in the Las Vegas Valley.
The grounds, buildings and homes are outstanding and well maintained based on guidelines of a financially sound Home Owners Association. It's truly like living in a Resort.

There are currently 88 homes (4% of the total) that are for sale in the Siena Community. Here are the current listings for Siena.

I would like to "Help You Find Your Way Home in the Las Vegas Valley". Please call me if I can help!

If you currently living in Siena and are considering selling your home, please fill out this form and I will, send you what I think your home is worth, in strict confidence, without calling you. After receiving my information, I'll leave it up to you to call me if you are interested in discussing further.

Make it a GREAT Week!

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

The Las Vegas Valley will be a Welcome Destination for Baby Boomers to Retire

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 02 Jan 2011 18:33:43 -0800

First off! John & I would like to wish you all a Happy New Year for 2011.We are already beginning to see an improvement in the economy reflected in the article this week by Buck Wargo in the Las Vegas Sun.

Report: Economy to see slight improvements through 2012

Another good sign is the amount of calls that we receiving from Baby Boomers, who we have been sending information to during the past 5 years, that have made appointments and are ready to come out and purchase a property.

Beginning yesterday, 10,000 Baby Boomers will begin retiring each day over the next 19 years in the United States. Nevada's tax friendly environment and excellent climate combined with home prices that are down to 2002-03 levels will make the Las Vegas Valley an attractive place to live on a part time or full time basis.

For more information, visit my Las Vegas Active Adult Living page at MaryKennedyLasVegas.com and if you want me to send you resource information on "How to Select the Best Retirement Community for You", just let me know and I'll drop you an e-mail with a PDF attachment.

As always, I appreciate your support in reading this e-newsletter during the past year. Many of you have passed them along to others that may have an interest in living, working and/or retiring in the Las Vegas Valley and I appreciate it. If there is anything more I can do to help you or others that you know that may be interested, please feel free to contact me at anytime.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Positive Changes Already Surfacing for 2011

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Fri, 31 Dec 2010 14:49:29 -0800

There have been some positive changes coming out of the Las Vegas Valley Real Estate Market this past week and I didn't want to wait to share the following links with you.

GLVAR housing statistics show home sales, prices up in November

Report: Las Vegas economy gets sunnier

I'm not going to tell you that everything is going to rosy from here on out, but I will say that I haven't see headlines like this since the end of 2005.

Here is a link to my latest listings on Realtor.com. I just listed a couple of foreclosed side by side 1 acre lots located a mile East of Lone Mountain and Hwy 215 for $110,000. Other lots in the area are priced at $88,000 to $99,000 per half acre. So if you wanted to subdivide and develop one or both lots you would realize quite a savings at $55,000 per half acre and the bank that owns them would like to write the loan to build homes on them.

As you know we have moved into the age of Social Networking and have established a Mary Kennedy, Remax Central Summerlin in Las Vegas, NV page on Facebook.com Each day, we post links that will keep you updated on the Las Vegas Valley Real Estate Market. To receive periodic updates just click on the "LIKE" link on the page and our updates will migrate to your Facebook page as they are posted.

As always if I can help you with additional information on any Las Vegas Valley property, please feel free to contact me at anytime.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Looking for 2011 to be a whole lot better in the Las Vegas Valley.

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Tue, 07 Dec 2010 13:46:29 -0800

It sure is interesting what mid-term elections can do to begin to change your outlook on life here in the good old USA. A lot of political items need to be settled before the first of the year, but I'm keeping the faith that all will go in the right direction by then. But I do have one question:

"If the Bush Tax Cuts aren't extended or compromised on by the end of 2010, do we change the name to the Obama Tax Increase beginning to 2011?"

Please send your feedback and encouragement to your United States Senator and/or your United States Congressman.

Now, I encourage you to be polite and respectful. No matter what side of the aisle you sit on, I just think that these folks really need to hear from us now, more than ever. They also need to know that we are watching what's going on. I have no agenda other than I just want them to do what the people want.

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV on Facebook

I have some better news to share with you about Las Vegas Valley Real Estate.

First, Las Vegas Valley unemployment rate dropped for the first time in 5 years.
Nevada's Gaming Revenue officially went up in September.
Even better, our traffic at McCarron Airport increased in October.
Our Real Estate prices are stabilizing and even moving up in some price ranges.

You can read more about each of the items above by clicking on the link below to visit my Facebook Business Page. If you like what you see click on the LIKE link below the article and receive periodic updates through Facebook as they are posted.

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV on Facebook.

Now for the really good news:

I've always thought that in order for the Las Vegas Valley to make it in the long term, we would have to diversify our business base to be less dependent on gaming. That's been slowly happening since we moved here in 2002. It looks like more diversification is not too far off. Check out the recent news links below.

Nationally

Construction Market to Increase 8% in 2011, Says McGraw-Hill Construction Outlook Report

Locally

Job picture improves in Nevada, Las Vegas

Business Diversification (Thank you California!)

Veterans Affairs call center to bring 400 jobs to Las Vegas

Zappos views Las Vegas City Hall as perfect fit for new headquarters

For Veterans of our Armed Forces

Progress continues on Veterans Affairs hospital.: Project opening in 2012 will serve military personnel from parts of five states

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV on Facebook.

I know that I harp, just a little on this! With the friendly tax climate in Nevada, along with future job opportunities, the climate and that Baby Boomers will start retiring in mass starting in 2011, you really need to takes a closer look at what this area has to offer. Soon!

If you have any questions, feel free to contact me at anytime. I would be happy to send you some properties to see and help you find your way home in the Las Vegas Valley.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Is the Las Vegas Economy beginning to heal?? Some think so!

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 14 Nov 2010 15:28:47 -0800

Dear Reader,

You may remember that the last blog I posted was after I thought I had a client scheduled for October 24, but it was really supposed to be the 31^st and I wondered if this ever happened to you. There must have been something in my subject line to trigger opening because that e-mail has been opened and clicked more than any of the others I have sent.

In fact, my readership numbers have been steadily increasing for the past year and I want to THANK all of you who read. My goal is to organize information about the economy in the Las Vegas Valley and how it relates to our real estate market. My comments come from my real estate sales perspective. So if you think I'm missing anything, talk to me!

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV on Facebook

I inserted a link to an article by Tim O'Reiley at the Las Vegas Review Journal. I like the article because they are interviewing local people that live and work here. The economy is not as bad as the national, so called, experts make us out to be. The article is a good read. Enjoy it!

Locals debate how rapidly once-thriving Las Vegas Valley will recover

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV on Facebook

Here's an interesting article written by Tony Illia at the Las Vegas Business Press.

We are starting to hear more rumblings about companies relocating to Las Vegas. Why? Because, as their president said "Of the area's competitive business climate, talented labor pool, state-of-the-art technology and transportation infrastructure, as well as its proximity to some of the world's largest information technology markets." Plus! California's business climate is becoming much less friendly. At the end of the article there is additional information on other projects going on in the Las Vegas Valley.

U.S. Micro Corp. moves headquarters to Las Vegas

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV on Facebook.

Here is the link to my latest group of listings. I'm down to 4, with more appointments next week. In fact, will be listing a short sale on Monday in Northwest Las Vegas. I can't divulge the address until we sign the listing agreement tomorrow. If you want more information, let me know, because they sell quickly.

You can buy short sales at a very good price. The only down side is that they take 4 to 6 months to get them approved by the sellers lender and closed. So if you can wait a bit, you can get some great buys.

If you have any questions, feel free to contact me at anytime.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Does that ever happen to you???

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Mon, 25 Oct 2010 12:36:03 -0700

I scheduled myself to meet a client at the office this morning at 10:00 AM. So I was up early to:

Pull the updated property list of properties we were going to look at.
Arrange the properties in showing order to be most efficient with our time.
Have breakfast with John, my husband.

So its 9:34 AM, I'm just ready to leave and I go to my calendar only to find that I had the client scheduled for October 31 at 10:00 AM and not today!

Does that ever happen to you??? It doesn't happen often to me, but I just hate when it does. So, instead, I decided to put this e-newsletter together today and send it because I won't have time next week. Ha Ha!

A couple of really good articles surfaced this week that I would like to comment on.

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV is now on Facebook

I would like to personally THANK Andrea Brambila at Inman news for actually calling someone inside the Las Vegas Real Estate Market to find out what's going on in Las Vegas. It's a novel idea since most of the (so called) experts that write from outside the market are dead wrong! The article below best describes what's going on in the Las Vegas Valley at this point in time.

Click on the link below to read the whole story. Thanks again Andrea!

Short sales, REOs rule in Las Vegas | Inman News www.inman.com

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV is now on Facebook

Here's an Interesting article on Las Vegas Properties in the Stock Market Review. It seems that some stock brokers are encouraging clients to take part of their portfolio and invest in a Vegas property. Wow! When have you ever seen that? Click on the link below and enjoy the whole article.

Taking Charge of Low Property Value in Las Vegas « Real Estate Blog www.stockmarketsreview.com

We are just a week away from the elections. Harry Reid and Sharron Angle have really been slinging the mud at each other this past week. The poles have them really close. This final week should be interesting. John and I voted this past Tuesday. Glad we are done, but it doesn't stop the phone calls.

Mary Kennedy, Remax Central Summerlin in Las Vegas, NV is now on Facebook.

You may have noticed that I have inserted the link you see above into my e-newsletter as a line break between stories.

As I mentioned in my last letter, we have made a few changes in our marketing and communications. Each morning John & I peruse the Internet looking for articles that have been written about the Las Vegas Real Estate Market. In my newsletters, I only have room to comment on two to three articles. If you are reading my letters and want to see more of what we have posted, just click on the link and to go to my Facebook page. If you like what you see, click on LIKE IT and you will receive the feeds at your Facebook account as we post them. (Just a quick aside: You have to have a Facebook account to participate. So sign up if you don't have one. It's FREE!)

Like many of us, I'm looking forward to the elections being over. After a rather slow August and part of September, I have had a very busy October and have a lot scheduled through the end of the year. My Baby Boomers are starting their future migration plans.

As always, if I can be of any help, please feel free to contact me at anytime. I would be happy to assist you or answer any questions that you may have.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Social Networking will "Help You Find Your Way Home" in the Las Vegas Valley

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 03 Oct 2010 04:47:02 -0700

"Innovation- The Heart of the Knowledge Economy- Is Fundamentally Social." - Malcolm Gladwell.

This quote you see above seems fitting as we announce some changes we are making in our communications with our loyal readers and the people that follow us and that we follow on our Social Networks.

In the past, we have been marketing all of our properties on Realtor.com, RE/MAX.com and our website at MaryKennedyLasVegas.com. That strategy has worked out very well and we will continue in that direction.

In more recent months, we have been sending select targeted e-mails to both buyers and sellers. So far, those efforts have proved to be successful as we are realizing that over 50% of the recipients that receive our emails open & read them. We have also converted those e-mails to a blog version that we post on Mary Kennedy's Blog from Las Vegas.

As our readership increases each month we see that many of these e-mails and blog postings have been forwarded by our readers to referring realtors, friends and relatives that may be researching and/or considering a move in or out of the Las Vegas Valley. Thank You for that as we plan to continue both!

To continue building a community of communication we recently launched Mary Kennedy, Remax Central Summerlin in Las Vegas, NV, a Social Networking Page on Facebook.

Our goal is to establish more interactive communication with our readers and to package and post valuable information about the Las Vegas Valley to anyone that visits for vacation or is considering relocation.

To access our page just click on the link, log into your Facebook Account to access the links. If you don't have a Facebook Account you can sign up to have one FREE by clicking on the Green Sign-Up button in the upper left hand corner of the page. If you don't have an account, they are very easy to open up and you will be surprised how many of your friends and relatives are already there and how easy it is to stay in touch with them.

We hope that you will find Mary Kennedy, Remax Central Summerlin in Las Vegas, NV on Facebook to be a useful tool in your research and/or to stay up to date about what's going on in the Las Vegas Valley. If you like what you see, please click on the Like button and leave feedback on what you would like to see posted in the future.

As always, if I can be of any help, please feel free to contact me at anytime.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

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RE/MAX CENTRAL
Cell: (702) 324-5390

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I'm just going to be about GOOD NEWS today!

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 26 Sep 2010 11:49:55 -0700

Dear Reader,

I'm just going to be about GOOD NEWS today! As I finalize this letter its 70`F degrees here in Las Vegas. The high will be 104`F today. No wind and sunny. A nearly perfect day!

In a previous newsletter, I wrote that some home prices are beginning to increase here in the Las Vegas Valley. Here is a link to an article written by Buck Wargo in the Las Vegas Sun this past week.

"Some Home Prices Come Up as ZIPs with Largest Declines see Rebound"

Buck does a good job of explaining the current status of the Las Vegas Valley Real Estate market, by zip code, and reinforces some of what I have been writing to you during the past couple of months. The long and the short of it is and according to analysts,

"Some Prices are Beginning to Stabilize and we may Begin to see Price Increases as soon as the Beginning of Next Year."

Will they be big increases? I don't think so! The prices, as always will be determined by demand. Our inventory of properties for sale is way down so we'll have to see if there are more foreclosures coming from lenders that are reluctant to release them at this point. Retiring Baby Boomers will begin to plan where they want to live starting next year. Las Vegas will be attractive to them for a variety of reasons and that's good news!

My other good news is "You Can Really get a Big Bang for Your Dollar" when you purchase a home or condo in the Las Vegas Valley today. Take a look at the listings on my Realtor.com home page by clicking on the following link.

Left click here to go to my Realtor.com Homepage

These homes are all move in ready! There are hundreds of these homes in good neighborhoods all across the valley and the weather is absolutely perfect this time of year.

If you would like to schedule some time to take a look, I'm here to

"Help Your Find Your Way Home in the Las Vegas Valley"

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Is the Poster Child for the Busted Housing Market coming Back to Life?

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 12 Sep 2010 09:58:59 -0700

Is the Poster Child for the Busted Housing Market coming Back to Life?

(Let's look at the Big Picture!)

I'm passing along 2 articles today. The first one was published in the Las Vegas Review Journal last week by Lew Sichelman.

The Housing Scene: Average Home Prices Across Dip, Las Vegas Up Slightly

As I have said in previous letters, Las Vegas, now considered to be a large market by the Federal Housing Finance Agency, is beginning to see prices move up slightly (year over year) in homes valued from $100 to $249,000. Homes that are priced from $250,000 to $450,000 are pretty much at the bottom and beginning to stabilize, with a few exceptions. Our problem area continues to be at anything approaching $500,000 and higher. Because of tight loan guidelines they are harder to finance. But financing may become a non-issue for some.

Beginning in about 3 ½ months, the Baby Boomer Generation, will start retiring in mass and will continue to do so for the next 18 years. As was quoted in the article, Las Vegas now has the least expensive home prices of the nation's 32 largest markets. In my local research, many experts, including lenders that are holding onto foreclosed properties, are predicting that low home prices are going to attract many Baby Boomer buyers to this great climate beginning next year.

I hope they are right! As the demand goes up, so will the prices. At 25% per year? NO WAY! I'm told that we are looking at more modest gains of 7% to 10% price increases on an annual basis. You may think that's an aggressive number, but remember, according to the author, Las Vegas is the poster child for the busted housing market. Our single family home values have dropped 50% from the peak of 2004. So the expert's appreciation predictions may not be far off.

So what can you do to be a part of our future growth? Here is an idea that's a 2 step process to "Finding Your Way Home in the Las Vegas Valley". Buy a Condo as a second home! They are ON SALE! The link to the article you see below, authored by Larry Olmsted at USA Today illustrates the appeal of living here and what the numbers look like.

Second homes: Las Vegas Condos are On Sale

Now you may be thinking! I don't want a condo! I want a single family home or a Townhouse! The reality is that Las Vegas condos are selling at 47% of what they were 5 years ago. Buying that condo today as a second home or a rental property would be a worthwhile investment that could help you graduate to the "Home of Your Dreams" in the next 3 to 5 years.

I'm actively showing, listing and selling properties in Sky Las Vegas, Turnberry Towers and Lake Las Vegas. There is a wide range of pricing and you won't believe how far your dollar can go on these properties and others like them.

I have access to the whole market and would like to schedule some time with you over the next couple of months to come and take a look while you're enjoying what Las Vegas and what we have to offer. For more details, give me a call at 702-324-5390 or toll free at 877-300-5390.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Finally! Some Clarity to the Situation in the Las Vegas Valley

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 22 Aug 2010 18:59:30 -0700

Finally! Some clarity to the situation!

I'm forwarding a link to a very well written article, by Frank Geary, published in today's Las Vegas Review Journal. The article is entitled:

IS THE HOMEOWNER HOME?: Who's living there? Owner-occupied houses decline in Clark County

The article does a really good job of telling us what's transpired during the past 6 years in this market, where we are today and, hopefully, where we are headed.

But, as usual, I can't help myself and have some comments, on the article, that I would like to share from the trenches because, Franks right, Foreclosures and Unemployment can't explain the data, they just keep us from moving forward. More on that later!

Some Area's are in Better Shape then others

First, Ms. Michaud's neighborhood, Commerce Street and Centennial Parkway, North Las Vegas, does not accurately reflect what's happening in all of Clark County, which also includes Las Vegas and Henderson. The homes in her area is very nice, but came together very quickly from 2004 to 2006 when investors could borrow very easily. Builders were in a hurry to get done and out as the lending guidelines began to tighten. I'm not saying that this didn't happen in other parts of the valley, but it was magnified in areas that rapidly expanded. On the South side, Mountains Edge would be a prime example of an area that had some of the same kind of issues.

HOA's are something to think about

Based on the statistics that you see in the article, crime is more of an issue in some of these areas. This is where I make my argument that, based on the price of homes today in Las Vegas, it is well worth the little bit of extra money to buy a home where there is a Home Owners Organization (HOA). Many of them have owner/non-owner occupied rules to live by.

As an example of one of many HOA communities out here, we moved to Siena in Summerlin (13 miles West of Mandalay Bay) from Mpls. Minnesota in 2002. It was our first home ever with HOA governance. We didn't like it at first. We even, unknowingly, broke a couple of rules the first few months we were here. But as time went on, we grew to understand the value of having an HOA and best of all; you financially see the benefit when it comes time to sell, even in tough economic times.

Now! I'm not saying that neighborhoods without HOA's are not any good! We have a lot of nice areas without HOA's, but, at the same time, there are generally no rules in place that would make residents keep up their property or stop them from parking RV's or cars in the front yard. So if that matters to you, you have something to think about. If it doesn't matter, no problem!

What does lie ahead for the Las Vegas Valley real estate market?

I get jazzed up when people, that aren't politicians, and are much more brilliant than I speak about this real estate market and I get to quote and credit them. Lewis Spellman, finance professor at the University of Texas, Austin , said it best in this article and I'm going to quote him again. Unlike others that lack any vision that were quoted in the article, Spellman is more optimistic about Las Vegas' future. His quote:

"Baby boomers, which represent 30 percent of the country's population, are expected to start retiring in January. As they depart the work force in droves during the next 18 years, many will retire to Nevada because it doesn't have an income tax."

If that's true, the professor just made my day, weekend, month and the rest of this year! But Baby Boomers can't do it alone. Las Vegas is very dependent on a healthy National economy to thrive. There are things that we have to fix in Washington while these folks are getting ready to retire. It's perfect timing that November is just around the corner.

In the meantime, if there is anything more that I can do to help you start your transition, I'm ready, willing and able you whenever you are ready.

Make it a GREAT week! I'm off to a pretty good one so far.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Economist: Las Vegas home prices to go up slightly in 2011?? Hmmm!

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Wed, 11 Aug 2010 19:12:44 -0700

Las Vegas Home Prices to Increase

I have a Las Vegas Sun article, authored by Buck Wargo that I would like to share if you have not seen it yet. Click here--> Economist: Las Vegas home prices to go up slightly in '11

Wow! A bold prediction on Bucks part. As I wrote in an earlier e-mail, the Homes priced from $90,000 to $200,000 are stable and creeping up a bit.

The homes from $201,000 to $500,000 are really good buys and are not dropping like they were and there are some really good loan packages for them. Homes priced from $501,000 and up are taking a hit now because of tight lending and the elimination of the Jumbo Loans.

Before I buy in some other issues need to be addressed. Soon! We need to create some jobs nationally. Companies are not hiring because:

They are uneasy about the new healthcare insurance guidelines that kick in 2014. You will notice that the premiums are going up now. 20% per year for the past 2 years for us.
They are nervous about what the Government is going to do to them next with regards to taxes. I'm less concerned about Obama and more concerned about the Congress and the Senate. Have you watched the Sunday morning shows lately? It's a paralyzed mess on both sides of the aisle.

If there was ever a political system that needed term limits, it's ours and I'm talking BOTH PARTIES! We need some new blood in Washington. About 1/3 of both bodies are out of touch and living in the past.

Thanks for reading my half rant! On the lighter side!

Food for Thought

My husband, John, has been on Weight Watchers for about a year now and has lost a considerable amount of weight very slowly. He recently discovered and purchased Latin Grill: Sultry and Simple Food for Red-Hot Dinners and Parties on Amazon.com for like $11.00. Everything he has made has been very good. Although they talk about spicy, the heat can be dialed down on most of the recipes and it's changed the way we barbeque.

Holistic Health Discovery

As we shopped for other healthcare insurance options this past Spring we found that the premiums that we were going to be paying were in line with other plans that we researched. So after speaking with our insurance company and our family doctor about steps we could take to reduce our costs (and my Cholesterol) they directed us to Herbally Grounded Health Store & Learning Center. We have a retail store, here in Las Vegas, but they have a toll free number you can call and they ship all over.

With their direction we have:

Replaced Claritin D with their Aller-Free.
Replaced my Cholesterol reducing medication with their Heartland.

So far, I'm getting a lot better relief with the allergy formula and we'll have to wait and see on the others.

I hope you all have a great week. I'm off to show some houses and sign up a new listing. If I can be of any help with your Real Estate needs, please let me know.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Wow! Las Vegas Home Prices to Increase? Bold Prediction

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Mon, 09 Aug 2010 16:22:02 -0700

Dear Reader,

Las Vegas Home Prices to Increase

I have a Las Vegas Sun article, authored by Buck Wargo that I would like to share if you have not seen it yet. Click here--> Economist: Las Vegas home prices to go up slightly in '11

Wow! A bold prediction on Bucks part. As I wrote in an earlier e-mail, the Homes priced from $90,000 to $200,000 are stable and creeping up a bit.

Before I buy in some other issues need to be addressed. Soon! We need to create some jobs nationally. Companies are not hiring because:

1. They are uneasy about the new healthcare insurance guidelines that kick in 2014. You will notice that the premiums are going up now. 20% per year for the past 2 years for us.

2. They are nervous about what the Government is going to do to them next with regards to taxes. I'm less concerned about Obama and more concerned about the Congress and the Senate. Have you watched the Sunday morning shows lately? It's a paralyzed mess on both sides of the aisle.

Thanks for reading my half rant! On the lighter side!

Food for Thought

Holistic Health Discovery

With their direction we have:

Replaced Claritin D with their Aller-Free
Replaced my Cholesterol reducing medication with their Heartland.

So far, I'm getting a lot better relief with the allergy formula and we'll have to wait and see on the others. I hope you all have a great weekend. I'm off to show some houses and sign up a new listing. If I can be of any help with your Real Estate needs, please let me know.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

Las Vegas Valley Real Estate Update from the Trenches 07/14/2010

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Wed, 14 Jul 2010 17:36:50 -0700

Summerlin Las Vegas News to Share

I have a Las Vegas Sun article, authored by Steve Green that I would like to share if you have not seen it yet.

Click here-à Land Plans Signal Growth in Summerlin

The good news is that it appears that Summerlin is headed for a growth spurt that many of us who work and live here have been waiting for. The bad news is that these projects are coming on the heels of a bankruptcy filing by General Growth Properties. So while these projects aren't finalized yet, I'm gratified that these kinds of discussions are taking place in Summerlin and in other communities around the Las Vegas Valley.

Home Prices in the Valley- Foreclosures, Short Sales & Regular Sales

We were invited to a THINK TANK last week. About 30 participants attended made up Las Vegas Valley Realtors, Brokers, Lenders & Title Companies. We also attend our quarterly broker meeting at Red Rock Country Club.

In both meetings there was some in depth discussion about home prices and whether the bottom has been hit in Las Vegas. The consensus was:

Homes priced from $90,000 to $200,000 are stable... In fact, many said the prices are moving upward because as these properties come on the market, there are up to 15-20 (mainly cash) offers within just a few days.

If the properties come up short on the appraisal, buyers are coming up with the extra cash because they know that, in the long run, they will recoup the extra investment. These homes were valued from $170 to $350,000 3 years ago.

Homes priced from $201,000 to $500,000 are very attractive. These homes were $400 to $850,000 homes 3 years ago. The prices at this level seem to be on the bottom.

There are still many buyers in this price range with high credit scores that can come up with at least 20% down and get a mortgage under the current tight lending guidelines. When they hit the market and are priced right there are normally 5-6 offers that come within a few days and underwriting moves very slowly for FHA and VA. A little quicker for Conventional Loans.

Homes priced from $501,000 and up. The bad news is that homes at this level are struggling to hold their value. In fact this level is showing the greatest amount devaluation right now. Why? There are very few, if any, Jumbo loans anymore. This puts these homes out of reach for buyers that have to come up with at least $100K to put down. Plus lending guidelines are so tight that Class "A" buyers are really under the underwriting microscope.

Baby boomers with cash are not really looking to invest that much in a property as a second home, but if they want to be here on more of a full time basis there are some great values in homes that were $$850,000 plus 3 years ago.

I have built several links into this email for you to visit as you read. My goal is to introduce, educate and share information with you that is relevant to what's going on in the Las Vegas Valley as I see it from the trenches.

If you have any questions and you are working with a Realtor that's doing the job for you, stay with them. They have earned your business!

If you are not currently working with anyone and have questions, I would be happy to help you. I also love referrals, so don't be afraid to forward this email and/or send someone my way.

Thanks and Have a Great Weekend!

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

The Weeding Out Has Started! The Question is: When Will it End??

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Thu, 24 Jun 2010 17:55:51 -0700

There are a high number of homeowners that had previously applied to have their loans modified that are leaving the program. The link below will take you to an Associated Press article that appeared in the Palm Beach Post this past week.

The article does a good job of outlining the issues that have surfaced since the implementation of the HAFA Program. Link to article-- Borrowers exit troubled Obama mortgage program

The long of the short of it is this! Most of the homeowners that are leaving are homeowners that:

Were not making enough income to pay for their mortgage from the beginning. (Previous loose lending guidelines)
Had lost their job and were currently not making enough income to qualify for the modified loan.

As these homeowners leave the program we will likely see a second round of foreclosures that will come at a much slower pace and as the article says, it's bound to slow down our recovery.

The good news is The US Senate has passed a bill to give homebuyers another three months to close on their homes and receive tax credits of up to $8,000.

This Bill would help homebuyers who met the April 30, 2010 deadline with a signed contract to purchase a new or existing primary residence. The amendment, to the bill, extends the deadline to September 30, 2010 for homebuyers to close on their real estate transaction. The previous deadline was June 30, 2010. The bill now goes to the House of Representatives to be approved and it will be.

So the Real Estate market is still in a quandary but questions are being asked by lenders and answered from troubled homeowners. While some home buyer programs are set to expire, other will surface. This will allow us to sell down the foreclosure and shortsale inventory to home buyers that can meet the new loan guidelines. Then, and only then, we will be able to stabilize the Real Estate Market, not only in Las Vegas, but around the rest of the country.

I keep a close eye on these trends for my clients in Las Vegas. See what some of them have said about me by visiting Mary Kennedy Client Testimonial Page on my website.

If I can help, like I have helped them, please feel free to call on me at anytime.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

The Wonderful World of Las Vegas Valley Short Sales and Additional Information

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Mon, 07 Jun 2010 20:43:14 -0700

Dear Reader,

Wow! I haven't heard this line in awhile. "Forget Renting, it's now Cheaper to Buy in the Las Vegas Valley"

The line is also a link for you to click and print this article which appeared in the Las Vegas Review Journal. For those of you who don't take the print edition at home, this is a site to bookmark.

I'm also sending you another Las Vegas Review Journal Link called Housing in Southern NV. This link lists nearly all of the articles that have been written in the RJ about the Las Vegas Housing Market since the first of the year.

These links have really helped me educate my home buyers and sellers about the best times to buy and/or sell. Everyone's circumstances are different and there's never a dull moment for me!

I'm currently showing buyers a good mix of short sales and regular listings that are on the market here. I just closed on a new construction property and there is another in escrow to close in August. This is the first time in 3 years that there has been a mix of property types that I'm selling. We had 2 years of just selling foreclosures... Now, we have been into short sales for about 7 months with a mix of regular listings.. It seems that there is some balance coming back. I have no opinion on whether that's good or bad yet... The direction keeps changing!

Lenders are slow to settle when it comes to short sales. If the property has mortgage insurance, our experience has been that they would rather collect the benefit on the policy pushing the homeowner into a foreclosure and/or bankruptcy rather than close the sale. If there is no mortgage insurance they have more of an incentive to settle. Every property is different! On some properties I hear of lenders that are double-dipping between the mortgage insurance benefit and money that they receive from the Federal Governments TARP Program. I guess the double dipping is allowed because nobody seems to be doing anything about it.

Lending guidelines have also tightened (as they should have) and we are seeing lots of cash offers coming for properties. So there is plenty of money out there. Once we get through this correction period and burn through some of this short sale inventory, my hope is that the market will improve in the Las Vegas Valley and other parts of the country. As always, I appreciate your feedback (good or bad) on my letters and if I can answer any questions feel FREE to call on me at anytime.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

The Truth About Las Vegas Short Sales From Ground Zero

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Wed, 19 May 2010 13:00:46 -0700

When I interview and sign-up home owners to sell their property in a short sale the most asked question is: What is average time frame for an approval letter?

Answer: Three months seems to be the average, but it varies greatly from bank to bank and file to file. I have a real advantage in that, through my Real Estate Broker, RE/MAX Central in Las Vegas I'm able to work with Short-Sale Attorney Eric Earley and his team of negotiators at the Law Offices of Steven Serle (located in our Las Vegas location). When we get a good offer on your short sale listing, I turn it in and they negotiate the purchase to a successful conclusion with no out-of-pocket charge to the home seller.

Even then, we find the timeline hard to predict because so many factors are beyond our control-Factors like:

Who is the bank and what is the case load of the particular bank negotiator assigned to the file?
Who is the bank's appraiser and what is his caseload? Is the appraiser conservative or liberal in his appraisals?
Is there a second loan on the property and who is the investor behind the bank or banks and what is their particular caseload?
Is there a mortgage insurance company, which PMI Company is it and what is their particular caseload?
Is there one Borrower or two and are they still married?
What about the offer? Is the buyer paying cash or getting a loan? Is the buyer a Trust, LLC, or individual (if it's a trust or LLC the bank will likely want to scrutinize the organizational documents and examine the members or beneficiaries to make sure this is an "arms-length transaction")?

And certainly, we should ask whether anyone along this chain of individuals, involved with this file, has had a bad day---the day they happen to be looking at your file.

There are other factors that make the files take much longer than one might think. I know of one Real Estate Agent that had a short sale sell seven times over a two-year period because the buyers kept falling out of escrow. On the other hand, I know of another short sale where the seller closed in three weeks from start to finish and was never late on a payment. Why was it able to close in just 3 weeks? It was a local bank's own portfolio loan, they did not need to seek approvals from anyone else, and they were able to make their own decision on the file based on circumstances that the committee members all knew about. Certainly, this applies to very few loans and is ‘abnormal'-to say the least.

The best way to say it: There is no standard-nor could there be! Anyone that says otherwise is a fool or simply does not get the complexities behind all of it. Every file presents its own unique circumstances and must be dealt with in its own time frame. There are typically too many parties involved for this to be a quick process unless the stars align just right. This also applies to government programs like HAMP and HAFA-even though government bureaucrats with preconceived notions of how this all works may say otherwise, building false hopes and expectations. Once individuals get involved with their unique needs and circumstances, the time-frames in these one-size-fits-all programs are typically out the window.

There are some advantages of all this complexity. When a short-sale offer is being considered by a lender, our legal team is typically able to get the bank to postpone the foreclosure sale even when an offer comes in only a week before the sale. As long as they have a complete file, the bank typically wants to compare that offer with what they anticipate getting through the foreclosure process. And since the banks are so backlogged, this means they must postpone the sale to give the offer consideration. In our cases we are able to get a postponement about 19 out of 20 times; but it is virtually impossible to predict which foreclosures will not be postponed.

In addition to the short sale negotiation, our team spends a great deal of time getting literally dozens of foreclosures postponed every month. This may allow the home owner more time to get things in order before the inevitable move.

There has been a lot of discussion about speeding up the process. I generally ask for an update on each of my properties every week. The reality of the situation is there is not a thing anyone can do to speed up a mortgage insurance company. I hate this saying but, "It Is What It Is." Lenders are backlogged along with nearly everyone else: And it varies from lender to lender, "4 to 6 weeks" according to the bank of my latest file. Some of our negotiation team members stay up past midnight every weeknight answering emails from me and other Realtors. I'm learning to understand the process-so that heightened expectations don't lead to frustration and paralysis later. This applies to all involved: from my clients who are sellers or buyers of short sale properties as well as other Realtors and the negotiators-who obviously need more sleep so they can stay healthy.

Right now, our focus is to maintain the scheduled property follow-ups and work with lenders to improve the process by timely supplying the documents they require on a day to day basis so that these deals can close and the buyers and sellers can move on with their lives.

Are you or do you know of anyone that is considering a short of their property? I know there are questions or concerns and we have the answers. We are available to meet at anytime at our Las Vegas office or at a location of the seller's choice. We know these are tough decisions. It's our goal to offer the best service there is to offer and to make this experience as painless as possible.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

I'll Report and You Decide!

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Tue, 04 May 2010 13:24:14 -0700

I have some really good information to share with you. Please click and print the report below and read on. This is one e-mail where I'll report and you decide.

Market Watch: Resale Home Inventory for March 29, 2010

I just keep reading and hearing in the news that Las Vegas just continues to be a declining market. So here is another perspective.

Dennis Smith of Las Vegas Home Builders Research reported that:

Las Vegas New Home Sales increased 37% in the first quarter of 2010 as buyers took advantage of the tax credit.
474 new home permits were issued in February as compared to last February's 139 permits.

Dennis reported that appraisers and underwriters need to understand that Las Vegas is no longer a ‘Declining Market'.

Some neighborhoods may in decline due to excessive foreclosures and even that changes from week to week.

The Shadow inventory is estimated at 40,000 to 50,000 bank owned homes being held back from the market. Dennis reports that his discussions with bank attorneys assured him that lenders are very close to releasing 1000 a month. Bank of America reports that they will be releasing 500 a month. That's a total of 1500 a month which we desperately need.

Median sales prices have remained steady over the past 12 months for resales according to Dennis Smith. New home prices have increased from $108/SF to $112/SF. Residential lot prices have increased from $40,000 to $50,000 per lot compared with $25,000 to $35,000 a year ago.

There are 17,500 finished lots in Las Vegas including 6789 in the southwest submarket.

And finally, in March 2010 we sold more homes than any other month in history!!!!

So what does that tell you? I would be interested in your thoughts

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

It's Time to Hold Seminars on Short Sales for Homeowners that are "Underwater"

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Mon, 26 Apr 2010 14:07:15 -0700

In a previous blog post, I wrote about how the Lenders are moving from foreclosure mentality towards a 3 step process to help homeowners:

Stay in their homes through loan modification or
To short sell their homes if a loan modification will not work out.

I also wrote about the sense of relief that homeowners feel when they realize that there is a chance for them to save their home or if they have to sell, there is a good chance that the lender will forgive the amount owed if the home sells for less than what's owed on the mortgage.

To further educate homeowners that are facing foreclosure in the Las Vegas Valley, my broker, RE/MAX Central Summerlin in Las Vegas, will hold Avoid Foreclosure Seminars hosted by attorneys and industry experts (like myself) for homeowners that want to learn about their options for avoiding foreclosure. FREE legal consultation will be provided by RE/MAX Central and our team of attorneys.

Seminars will be held May 8^th, 15^th and 21^st from 10 AM to 12 Noon. The presentation will focus on:

Nine ways to avoid foreclosure.
How to save your credit.
Guideline review on the new Home Affordable Foreclosure Alternatives (HAFA) Program.

For more information and locations, you can contact Mary Kennedy, at 702-324-5390 or send me an e-mail to Mary.Kennedy@remax.net. If you are unwilling or unable to attend the seminars, I can schedule a FREE confidential consultation for you with our experts.

HAFA, is a new government program that was implemented on April 5, 2010, to help home owners that are "Underwater" with their mortgage. There are defined parameters as to what lenders will accept and a timeline for when the contact needs to be approved or declined. So time is of the essence!

If you have more questions, please feel free to call on me at anytime.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390

A Message about Short Sales from Ground Zero

Mary Kennedy, Las Vegas RE/MAX Realtor (REMAX CENTRAL Summerlin) — Sun, 25 Apr 2010 17:40:58 -0700

There are a couple of interesting articles popped up in the Las Vegas Review Journal during the past few days. Since Las Vegas has been called "Ground Zero" for foreclosures and short sales (check the numbers in Florida!), I thought I would share this information from "Ground Zero", where the experts are.

FROM THE LAS VEGAS REVIEW JOURNAL- Unfazed by numbers, analyst forecasts fewer foreclosures

FROM THE LAS VEGAS REVIEW JOURNAL- Short Sales Skyrocketing.. Trend may prevent a foreclosure wave.

I think that this will be a positive step for Las Vegas and many other markets accross the country. As we reduce the number of foreclosures and improve the time for processing loan modifications and short sales, we should see more stabilized home prices as we burn through this inventory of homes.

Enjoy the read and as always, I would appreciate your feedback.

Regards,

Mary Kennedy

http://www.MaryKennedyLasVegas.com

Mary Kennedy On Twitter or Mary Kennedy of Facebook or Mary Kennedy on Linked In or Realtor.com Home Page

RE/MAX CENTRAL
Cell: (702) 324-5390

Toll Free Cell: (877) 300-5390