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December 11, 2008    News Release
Contact:  Sally Young    For Immediate Release
775.829.5911    Attn: Real Estate Editor

Olivia McClellan, Triple8 Associates Inc. Graduates from Nevada Association of Realtors® Ninth Leadership Class

Olivia McClellan of Triple8 Associates Inc. in Las Vegas successfully completed the LeadershipNVAR 2008 program offered by the Nevada Association of REALTORS® (NVAR).  The graduation took place on December 11th at the Green Valley Ranch in Las Vegas.

The comprehensive program is designed to identify emerging leaders and assist them in sharpening their leadership skills through a series of workshops held throughout the year. Individuals who graduate from this program exemplify effective leadership skills.
 
Participation in LeadershipNVAR, which includes four multiple-day workshops throughout the year, is open to REALTORS® living in the state of Nevada. Participants are chosen through the LeadershipNVAR Selection Committee based on community and real estate involvement in addition to vision for the real estate profession.

More information on the program can be found on the website of the Nevada Association of REALTORS® - www.nvar.org

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Vegas is changing with more high rise condos being completed on the Strip....

Another Las Vegas project close to finishing has filed Chapter 11.
"Creditors have forced the 63-unit Onyx condominium project on Duke Ellington Way into involuntary Chapter 11 bankruptcy.

Onyx ranged from 740 square feet to 2,300 square feet and were priced from the $400,000s to more than $900,000″ and was located close to the strip and mccarren airport.

We have noticed that more and more REO properties are being fixed up by the bank.   Over the past 6 months 70% of all sales have been REO properties so those properties were probably in better shape than what is left.   We have been doing REO tours over the past 3 weeks and we have seen a ton of properties in bad shape with DOM stats ranging in the high 7 months plus.

So we have seen crews in condos and single family homes putting low grade carpet and paint which is just enough to get it sold.

A good sign the market is turning and banks have adjusted to the market.  Their adjustment was like making a u-turn in a aircraft carrier which dosent turn on a dime.   Good news all in all.

Over the past three months we have seen over 50% of the foreclosures either close or go contingent meaning the Buyers are coming off the fence and taking action.

Some of my clients are running into multiple offers with the reo listing agents where we do not get anything back in writing from the bank or the agent just and email or phone call asking for our highest and best offer.

We tour or preview as many foreclosures as possible taking photos to not waste time on properties that are completely thrashed or gutted by the former owners or tenants.   Most foreclosures are not move-in ready and need carpet, paint and most of the time appliances which is a big diffrence than having all of the doors kicked in, sheetrock crushed everywhere, and copper ripped out of the walls.

Last, week we toured 3 bed 2 bath homes in the south, southwest and north las vegas under $200k and there wasnt inventory that didnt need $15k and more put into rehabbing the unit.

The market is picking up just in time for summer.

 

In a depreciating market, we have seen many projects looking like a ghost town no construction crew's onsite. At Luxe Lofts, construction is moving briskly with crews onsite working away.

If you are interested in this unique project please contact us.

 

According to In Business, on May 2nd, co-owner Glen, Smith and Glen Development of Sullivan Square has closed their sales office. The other co-owner Hardcourt Developments intend to reopen new offices and start construction on the 16.5 acre project this summer.

More to come on this breaking story.

MLS# 812110 Las Vegas

2 bedroom 2 bath furnished condo minutes from the World Famous Las Vegas Strip and McCarren Airport. Short Term Rental 3, 6, 12 month leases. Gated community has 2 pools and fitness center, master bedroom (queen), guest room (full) all rooms have TVs. Patio backs to quiet area at the rear of the property.

Listed at $1895 per month + deposit.  (Call for lease terms 3, 6, 12 months)

Call us to schedule a showing or to review more photos.

Thanks

Olivia

Olivia McClellan, ABR, CRS, GRI, RRG
Corporate Broker, REALTOR®
Triple8 Associates Inc.
5940 S. Rainbow Blvd Ste 1007
Las Vegas, NV 89117
Direct: 702-372-2671
Fax: 702-543-4845
www.oliviasellsvegas.com

The new Trump Tower in Vegas stands out with a large T lit at night along with TRUMP on the sides of the building. Tower II is scheduled to break ground in 2008 now that the Frontier has been flattened and clean-up has begun.

Las Vegas is just one city that Trump is building high rise luxury condos in. He is currently either has built or is building in New York, New Jersey, Honolulu, Los Angeles, Chicago, Florida, Dominican Republic, Seoul, Toronto, Panama, Mexico, Connecticut and future development sites in Soho, NY, Atlanta, New Orleans and Dubai.

Trump dominates the luxury high rise market with his exclusive product and unstoppable brand.

Trump stands apart from other developments in Las Vegas due to the fact it is exclusive, high end and very expensive per square ft. If you are looking for exclusivity in Las Vegas give us a call to check inventory.