Olivia McClellan Triple8 Las Vegas Blog

The Short Sale Game has Changed - Why?

Olivia McClellan (Triple8 Associates Inc.) — Tue, 08 Dec 2009 16:56:48 -0600

It seems the game has changed overnight since the banks got their Federal Government bailout and they are cooperating less and less with a viable short sale, opting instead to string the process along until foreclosure is the only options.

I know this seems counter intuitive. Wouldn’t the banks want to save the cost of legal fees to complete a foreclosure and the costs of having the property sit on the market for what could be months in a declining market, potentially incur loss in value, the cost of repairs, and then the cost of paying real estate commission, vandalism, back taxes, and back Home Owners Association (HOA) dues.

In a Short Sale, the buyer is already here; ready to purchase and although the bank will incur some of these same costs such as closing costs and commissions, they save on legal fees and the cost of the property sitting on the market and deteriorating in value.

It doesn’t seem to make sense, but it is exactly what is happening. I’ve seen Loan Servicers willing to blow a deal that’s been in place for months over $1500 or less. I’m going to share with you a basic short sale process step by step and then explain how the lenders are benefiting from the manner in which they are delaying and not approving Short Sales.

First, in a Short Sale it’s important to remember you are dealing with the middleman, your Loan Serving Company, which in most cases does not own the loan, so much like the secretary that blocks your access to speak with the CEO, the “Loan Servicer” blocks your access to speak with the owner of the loan; the “Investor” which could be a pension fund, a Government backed Lender such as Fannie Mae, or even a private bank.

Each Loan Servicer has their own process, but all and it is starts out with the borrower either being in default and/or listing your home for sale. Next, the borrower’s Real Estate Agent must start what we call the “Faxing Campaign.” This is not your every day fax and many agents will not have the technology necessary to get through even this first step.

The Loan Servicer will request at a bare minimum what amounts to 70 to 100 plus page package depending on the program at the time. The Loan Servicers have been insistent in receiving the requested documents via fax only, despite technology such as email. This is just the first road block the Loan Servicer takes to delay and stall the process and force Home Owners into Foreclosure.

The documents may be required include: a hardship letter, your mortgage statements, two years of tax returns, bank statements, pay stubs, or P&L if self employed, and other additional items, such as utility bills or insurance bills.

Once you’ve faxes the 100 or so pages the Loan Servicer will advise you it takes a few weeks to be scanned or imaged into their system before they can see it. Of course when you call back a few days later, they haven’t received the fax and request it to be re-sent. These games can last for months if you do as they ask, and wait a few days and check to see if it shows up in the system.

The insanity of this practice in itself is evidence of Loan Servicer’s unwillingness to cooperate and a clear act of bad faith. I’ve have this conversations with almost every major bank, Countrywide, Bank of America, Indymac, Chase, Citibank, Coldwell Bank, GMAC, and more and the process is consistent. Why? If they deny receiving the faxed package the timeline in which they are required to start working on it doesn’t start.

I’ve been given every excuse from “we don’t know where the fax went, to “just try again” to “it’s not our fault you don’t know how to use a fax” and my personal favorite, “just because you have a confirmation of 100 pages faxed on your end doesn’t mean we got it our end.” In fact that is exactly what a confirmation of fax means, but I digress.

The requirement to fax docs just so they can be come out to a scanning department only to be re-scanned into the system is outdated at best and just moronic, especially when I’m faxing an already digital copy. There should be no need to print and re-scanned just to be uploaded to the proper location. This is a day and age when I can scan it and email with a bar code so it will go directly to proper upload location, or even an email as a pdf so it can be saved to the proper location on the server and it takes them 2 to 3 months or longer to find the documents faxed.

The Loan Servicers continue to insist on the archaic system of faxing and re scanning and then wonder why pages are lost and illegible.

Our solution is to create a document with a cover sheet on each item the Loan Servicer has requested and using software we digital fax in .pdf format repeatedly once a day until they acknowledge having received them. They receive multiple copies of our fax package, which the theory that statistically they must be able to find one of the many sent. Although there have been time we’ve been forced to resort to FedEx and even after being presented with a tracking number and signature it took over 6 weeks for the documents to show up in the system at the call centers.

Once the Loan Servicer has finally admitted to receiving the Short Sale Package with the requested documents, which include an offer, the next step is to have them assign a negotiator and order an appraisal and/or a BPO (Broker Price Opinion). Most of the time there are three phases to the process.

You must repeatedly request to be assigned a negotiator or you may never hear from them again. If one is assigned and they do not look at the file within a 20 day time period it goes back into the pool and may get reassigned. Persistence is key.

And even once they’ll ordered an appraisal and/or BPO, I have seen them lose, misplace, be unable to retrieve, or see in their system the appraisal once it’s completed for more than 2 months. The first excuse you get is it’s not back yet and that it can take 7 to 10 days before it’s scanned into the system. Then the excuses become more vague after about 4 weeks with responses such as “well I see the appraisal came in, but there is no value on it” I’m extremely persistent and it has taken as much a daily call for 12 weeks before I was able to get a supervisor to make a phone call and within 10 minutes or 24 hours in a couple of cases the appraisals became magically available. Of course they are now 8 to 10 weeks old so, the next delay tactic starts.

The Loan Servicer will state “since the appraisal if from 8 or 10 weeks ago: they will need a 2nd because it will expire before they can complete the Short Sale Approval process.” It probably goes without saying but the 2nd appraisal /BPO generally takes another 6 to 10 weeks with the same run around, all the while, the home owner has taxes and HOA bills being paid with money the Home Owner can’t afford or going to collections in default making it that much harder to close if and when an approval ever comes.

All of this leads to the next step which puts the entire process into a tail spin. The Loan Servicer now advises that all the home owner “Borrowers: financial documents previously sent are out-dated due to the time it has taken to get to where we are in the process which for all insensitive purposes is nowhere.

So now we must launch yet another “Faxing Campaign” with updated everything, from tax returns (if new ones have been filed), new pay stubs, new monthly breakdown of income and expenses, new company current YTD P&L (if self employed), new bank statements, updated hardship letter if situation has changed, and on and on it goes.

Once they finally admit to receiving these documents, months have often passed. It’s like they have an entire department of people in room full of scanners and fax machines with the papers flying out of the fax machine full speed, so fast they can’t catch them all in time and those they miss are sucked out of the room by a giant vacuum before they can be scanned, never to be seen and again. The pages they do catch must be rescanned into their system into the correct place holder. It’s just painful.

And then the kicker is, after all the months have passed and all the docs have been lost repeatedly and the Loan Servicer finally comes back with an approval with counter offer that asks for $10k or $15k higher than the property comps causing appraisal issues, or they take so long by the time they give you an approval letter the buyers have moved on. Even if you have an approval and even if you get another offer with exactly the same net proceeds the Loan Servicer will make you start over in many cases. Why you ask, because they say because it’s a different offer. The fact is the entire process is a total joke. Why?

The Loan Servicers do not want to complete the Home Owners Short Sale. One fact, they don’t want to have to hire additional staff to staff a department that’s sole responsibility to lose money as a Short Sale is from the Lenders perspective accepting less than owed on a debt.

But here’s what you don’t know, the Investors in many cases have purchased Mortgage Insurance (MI) on these loans. While the MI carrier wants the Short Sale to go through the Loan Servicer gets paid in full if it doesn’t go through allowing the insurance policy to payout.

Additionally, many of these servicing agreements are long standing and have bonuses to the Loan Servicer to foreclosure instead of approving short sales, which made sense when a home owner may have been foreclosed on due to a job loss and the home was worth more than originally purchased for or the home owners had equity in the home because they purchased conventionally with 20% before the new age of subprime lending and exotic loans.

But The Loan Servicers benefit further, if they accept a Short Sale, they can sell the Deficiency to a collection agency and get paid up front, while the collection agency gets the Deficiency Judgment and tries to collect on the debt.

They are also asking for cash up front or out of escrow to close the deal, or a promissory note from the home owner.

Then the investor then gets to 1099 you for the deficiency (the different between your mortgage balance and the net proceeds) and while this 1099 is taxable to you, it is a tax write off to them, just as if they’d paid an independent contractor.

And lastly, the one that really stings is while they collect the proceeds from the Short Sale, and ruin your credit in the process, and while they sell you deficiency for cash, and take it as a tax write off while you get the tax bill, they also get what to date amounts to Trillions in Government Bailout money. Your tax dollars or in this case, printed money the Government is making to give away without a single condition or requirement that they cooperate or act in good faith during these turbulent times as record numbers of Home Owners lose their homes.

Clearly, the government bailout money was not used to buy bad loads, complete loan modifications. If you read the news, three weeks after BofA took $15 Billion in Government Bailout money they invested $24 Billion giving them a 20% stake in the largest Construction Bank in China. Yes, you hear that right, China.

President Obama has made it clear that the Government bailout money was to help owner-occupied home owners, not “those people” referring to investors, never taking into account that Small businesses make up more than 99.7% of all employers and create more than 50 percent of the non-farming private gross domestic product (GDP).

These small business owners in many cases are “those people” that invested their life savings into real estate not as a gamble but as a retirement plan. After all many of us, may have gotten caught in the crash of real estate market, but we are not naive enough to think Social Security will be around when the time comes and we need it. So Buyers we hope you are a saint and have the patience to stick with it and not write 10 other offers and pull out after 3 months. Banks if you’re listening you get paid 4 times over for each loan.

Question for the Banks: Is it really worth it to fight a Short Sale so hard over $100 or $1500 that the Buyer not only loses the home and is forced into foreclosure adding additional fees and costing your more? I'd be surprised what your shareholders would say. The longer this crisis lasts the real estate industry will continue to lose as agents, lenders, escrow agents, and title officers who try to close deals with services who aren't cooperating for months only not to get paid.

By Olivia McClellan, Broker/Property Manager Copyright © Triple8 Associates Inc. 2009

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

Frank Gehry Lou Ruvo Brain Institute Moving Along

Olivia McClellan (Triple8 Associates Inc.) — Fri, 24 Apr 2009 01:01:52 -0500

Frank Ghery - Lou Ruvo Brain Institute 3/17/09

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

Olivia McClellan (Triple8 Associates Inc.) — Sun, 14 Dec 2008 17:10:50 -0600

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

Download Full PDF Press Release

Citycenter Moving Along on the Las Vegas Strip

Olivia McClellan (Triple8 Associates Inc.) — Wed, 29 Oct 2008 15:27:59 -0500

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

Onyx - Another midrise project goes BK11

Olivia McClellan (Triple8 Associates Inc.) — Wed, 29 Oct 2008 15:08:49 -0500

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.

Banks Paying More Attention to REO properties

Olivia McClellan (Triple8 Associates Inc.) — Wed, 29 Oct 2008 14:42:07 -0500

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.

Foreclosure Market - Las Vegas

Olivia McClellan (Triple8 Associates Inc.) — Tue, 10 Jun 2008 15:14:03 -0500

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.

Luxe Lofts Construction Moving Briskly

Olivia McClellan (Triple8 Associates Inc.) — Thu, 15 May 2008 19:22:44 -0500

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.

Sullivan Square Office Closed

Olivia McClellan (Triple8 Associates Inc.) — Thu, 15 May 2008 19:18:40 -0500

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.

2 bedroom 2 bath Furnished Corporate Housing

Olivia McClellan (Triple8 Associates Inc.) — Fri, 28 Mar 2008 23:50:24 -0500

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

Trump Tower Move-ins in March 2008

Olivia McClellan (Triple8 Associates Inc.) — Sat, 08 Mar 2008 15:45:31 -0600

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.

C@ Lofts - First Owners Move-in

Olivia McClellan (Triple8 Associates Inc.) — Sat, 08 Mar 2008 15:43:18 -0600

C2 Lofts located off the 215 and Charleston in Summerlin started move-ins this month. This property is one of the few properties in Las Vegas that features a true loft residence with high ceilings and sleek comtemporary design.

Most units have huge floor to ceiling windows and some of the most high end upgrades available. The builder Christopher Homes has a reputation of designing and putting out a great product within the luxury sector.

C2 Lofts is located near red rock canyon, shopping and restaurants. There is also one of the most anticpated shopping malls being built across the freeway which is patterned after Fashion Island in Newport Beach CA. If you shop and live in Las Vegas this is a wonderful addition.

There are units available at C2 Lofts for sale and for corporate lease so call us if you have questions.

Is the Las Vegas a Bad Market?

Olivia McClellan (Triple8 Associates Inc.) — Sat, 08 Mar 2008 15:40:18 -0600

Is it really a bad market or just a Buyers Market?

All of our clients who have purchased either a resale, bank foreclosure or new home have been pretty happy with the incentives and results.

Are my Sellers happy? "No" especially if they have to sell. They feel like they are wading out into waist deep waters knowing there are sharks swimming around. If they are not priced close to market most of them are getting offers 20% below asking. So not happy.

In 1999,2000,2001,2002.2003 it was a Sellers Market and Buyers were paying over asking and getting into bidding wars. The Buyers weren't happy when they were buying but in 6 months when they put that home back are the market and Flipped it for a nice profit, they turned into a Seller and they were happy.

Really, is there a Bad market or just a Buyers Market and Sellers Market. The market shifts back and forth almost like one of those wave machines that sits on your desk. It is sure to shift the other way.

Las Vegas continues to have about 6,000 new residents a month and tourism is maxing out McCarren Airport. There are many new residential and condo hotels on the verge of hitting the market AND MGM Mirage City Center is moving along nicely. By the way have you heard, City Center II on the north end of the Strip...

If you are buyer who is looking for something specific in Las Vegas give us a call we will research it to let you know if it is available and at what price. There are one bedroom units on the strip available for around 400k. Just give us a buzz

Triple8 Associates Inc. Property Management Services

Olivia McClellan (Triple8 Associates Inc.) — Tue, 06 Nov 2007 00:23:57 -0600

Hi all,

We just wanted to drop a line to let everyone know we offer full service property management.

If you have a investment property in Las Vegas and need assistance with leasing your unit please call us.

Olivia McClellan, ABR, GRI, RRG
Corporate Broker REALTOR® Designee
Triple8 Associates Inc
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-543-4845
Olivia@OliviaSellsVegas.com
Visit me online at www.OliviaSellsVegas.com

Investors - Cash Positive Deals with Cap Rates as high as 12%

Olivia McClellan (Triple8 Associates Inc.) — Fri, 19 Oct 2007 14:35:12 -0500

Investor Leaseback Information

Las Vegas is experiencing a Buyers Market allowing some of the local developers to capitalize on seling their model homes and leasing them back at very attractive terms. These do not stay on the market long so if you are interested please contact us.

Here is a list of opportunites that are currently available:

20 MODEL LEASE BACKS - UP TO 12% CAP RATES Includes all furniture, upgrades, and furnishings. One or more of these listings may be sold by the time you respond to this posting. For a current list please contact me.

Southern Highlands - Luxury Townhomes/brownstones
1492 SF 3 Bed/ 2.5 bath - 2 car garage
List Price $520k -12% CAP RATE
(1% of sales price per month) -18 month lease
1614 SF 2 Bed/ 2.5 bath - 2 car garage
List Price $559k -12% CAP RATE
(1% of sales price per month) -18 month lease
1659 SF 3 Bed/ 2.5 bath - 2 car garage
List Price $589k -12% CAP RATE
(1% of sales price per month) -18 month lease
1869 SF 2 Bed/ 2.5 bath - 2 car garage
List Price $699k -12% CAP RATE
(1% of sales price per month) -18 month lease
Summerlin - Single family
2575 SF 3 Bed/ 2.5 bath - 3 car garage
List price $770,155 - 8.5% CAP RATE
(8.5% of sales price annually) -12 month lease
2843 SF 4 Bed/ 2.5 bath - 3 car garage
List price $895,349 - 8.5% CAP RATE
(8.5% of sales price annually) -12 month lease
3124 SF 4 Bed/ 3 bath - 3 car garage
List price $919,246 - 8.5% CAP RATE
(8.5% of sales price annually) -12 month lease
Southeast- Single family
4086 SF 5 Bed/ 3.5 bath - 4 car garage
List price $1,005,321 -8.5% CAP RATE
(8.5% of sales price annually) -12 month lease
NW - Single family
1666 SF 3 Bed/ 2 bath - 2 car garage
List price $482,878 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
1905 SF 4 Bed/ 3.5 bath - 2car garage
List price $583,562 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
2068 SF 4 Bed/ 2.5 bath - 2 car garage
List price $617,201 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
2635 SF 5 Bed/ 3 bath - 2 car garage
List price $645,885 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
1921 SF 3 Bed/ 2.5 bath - 3 car garage
List price $641,865 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
2575 SF 4 Bed/ 3 bath - 3 car garage
List price $671,797 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
2843 SF 4 Bed/ 2.5 bath - 3 car garage
List price $840,759 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
3123 SF 4 Bed/ 3 bath - 3 car garage
List price $832,625 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
2409 SF 3 Bed/ 2 bath - 3 car garage
List price $687,220 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
3424 SF 4 Bed/ 3 bath - 3 car garage
List price $949,603 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
3408 SF 4 Bed/ 3.5 bath - 3 car garage
List price $937,675 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease
3514 SF 6 Bed/ 3 bath - 3 car garage
List price $935,181 - 8.5% CAP RATE
(8.5% of sales price annually) -18 month lease

Thank you

Olivia McClellan
Triple8 Associates Inc, Las Vegas NV
www.triple8associates.com

Olivia McClellan, ABR, GRI, RRG
Corporate Broker REALTOR® Designee
Triple8 Associates Inc
5940 S. Rainbow Blvd., Ste. 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-543-4845
Olivia@Triple8Associates.com

A quote we live by: "You will miss 100% of all the shots you never take" Wayne Gretzky

The Las Vegas Housing Market - What is going on?

Olivia McClellan (Triple8 Associates Inc.) — Fri, 08 Jun 2007 19:35:47 -0500

What is the state of the housing market in Las Vegas?

Buyers are having great time bargain hunting and finding deals on new homes. Resale's - hit and miss based on sellers willingness to negotiate their price, many of whom are reluctant to lower prices because they are under water. Some because they refinanced and pulled cash out and with the slow down they have lost value and now owe more than the home is worth. Others of course went the route of negative amortization loans thinking they could flip or refi at a lower rate when the time came only to find, the time came and the rates went up and values down.

Many sellers are frozen and unwilling to listen to market data or their REALTORS. The bottom line is if a seller NEEDS to sell - they may need to make concessions to sell the property. This is what developers are doing by offering huge buyer incentives like closing costs, upgrades, and back yard landscaping. Developers are also offering large realtor co-ops so re sale homes are competing against this factor as well.

Many sellers are testing the market and are not serious about selling unless it is at asking price AND on their terms even when the recent sales indicate a buyer could buy twice the home for half the cost elsewhere.

There is a collision either way with Buyers writing offers 20% or 30% under the asking price and Sellers listing their property over market comparisons adding in 2004 unrealized appreciation.

All of this contributed to an almost all time record of resale's on the market in May, with over 23,000 homes listed for sale and a 2.8% decrease in the median home price from a year ago down to $301,352. And with only 1568 recorded sales in the month of May, sales are down 38.7%.

It's not pretty, Nevada leads the nation in foreclosures and nearly half the resales on the market are sitting vacant. I see out of state investors unwilling or unable to pay a property manager and unable to handle renting or maintenance and turnover long distance, so the property remains unrented and vacant. In the long run, this vacancy costs more, but many investors jumped into the hot real estate market with little to no experience and high hopes of making big bucks. Many did so without the assistance of a professional realtor and the foreclosures and short sales we are seeing is a result of that.

On the up side, in a buyers market like we have today, there are some great opportunities for an investor to buy low. Sitting down with a realtor to be educated about the market and discuss your long term investment goals can make all the difference in the right purchase. There hasn't been a better time to buy in the past 30 years, and despite the foreclosure rate there are still 100% loan programs and even some down payment assistance programs for owner occupied homes. Call your realtor today to get in the deals.

C2 Lofts Getting Close to Move-ins

Olivia McClellan (Triple8 Associates Inc.) — Thu, 03 May 2007 23:37:32 -0500

C2 Lofts is getting close to moving in buyers into this very cool development located on the West side of Summerlin.

There are a few units left if you are interested. C2 Lofts has a new project on the horizon located just east of Desert Shores so more units are coming from Christopher Homes.

These guys have built a very cool property by Vegas standards. These units have large windows and go very light on the pink stucco...

Buzz me if you are interested.

Olivia McClellan
702-372-2671
Liberty Realty

17th and Vine Out - Stephanie Village at Green Valley In

Olivia McClellan (Triple8 Associates Inc.) — Sat, 21 Apr 2007 16:44:29 -0500

17th and Vine has been selling for a while and just recently changed their name to Stephanie Village. All of the existing data, floorplans, design is staying the same.

This is a true mixed use development with planned retain, etc down a central main street.

Call me for more info on this beautiful project located in Green Valley, NV.

Thanks

Olivia

Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson
Liberty Realty
7674 West Lake Mead Blvd., Ste 150
Las Vegas, NV 89130
Direct: 702-543-4845
www.oliviasellvegas.com

High Rise Landscape Continues to Change

Olivia McClellan (Triple8 Associates Inc.) — Mon, 02 Apr 2007 15:53:07 -0500

The Las Vegas Market continues to grow and contract with new developers starting to build and other developers closing their doors.

The latest causalties are Las Vegas Central and Sandhurst Las Vegas. Both developments along with a few others have been quiet for a very long time.

Las Vegas Central was just bought out of foreclosure and Sandhurst Las Vegas quietly shut down.

On the positive end, The Verge has started taking reservations on their development located on Bonaza and Main Street. This development looks promising based on their build time and building process.

If you would like more information on any of these properties or other Las Vegas real estate please do not hesitate to call me.

Thanks

Olivia McClellan
Liberty Realty
702-372-2671

Verge Living Goes Live

Olivia McClellan (Triple8 Associates Inc.) — Thu, 29 Mar 2007 17:14:50 -0500

The Verge development is heading full steam ahead taking reservations as planned.

The team kicked off the project with Mayor Goodman and about 400 REALTORS and clients at its grand opening.

The development has lofts, condos starting at 140k and up.

If would like more information or floor plans on The Verge do not hesitate to call me at 702-372-2671.

Olivia McClellan
Liberty Realty

Current Listings as of 1-26-07

Olivia McClellan (Triple8 Associates Inc.) — Mon, 29 Jan 2007 11:24:15 -0600

Hello All,

I have a few fantastic condos listings in Las Vegas, NV.

2 Bedroom 2 Bath near Boca Park View
2 Bedroom 2 Bath near Boca Park View
2 Bedroom 2 Bath near 215 and Cheyenne View
2 Bedroom 2 Bath near Summerlin Centre View
2 Bedroom 2 Bath in Desert Shores View

Please contact me if you are interested in these properties or would like information about other homes, condos or land.

Thanks

Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845

Las Vegas Real Estate Info (High Rise Condo Hotel)

Olivia McClellan (Triple8 Associates Inc.) — Mon, 11 Dec 2006 17:05:55 -0600

The Las Vegas Market continues to buck the rest of the country by growing it's economy and finally after 100 years "Going Vertical" with the infusion of high rise condos and condo hotel units.

The Vertical Luxury High Rise Market in Las Vegas had a wide variety of products. There are many true High Rise products that have come to market.

The two major categories of properties are Residential and Condo Hotel.

Which is the right product to meet your Real Estate Investment Goals?

Residential:
If you are buying this type of unit you are probably planning on living in the unit or leasing it out.

Condo Hotel:
A fully furnished unit with all amenities included makes this product very popular. Many Condo Hotels have leasing programs and will rent your unit out as needed. As an owner you are allowed to stay in the unit only 30 days out of a calendar year. * Check Contract for Property Details

It is a exciting time to be liviing and working in Las Vegas. Not only is Job Growth on the rise but Nevada is such a business friendly state many companies have plans or are already in the process of relocation to Las Vegas.

Thanks

Olivia

Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845
www.oliviasellsvegas.com

Current Listings as of 12/11/06

Olivia McClellan (Triple8 Associates Inc.) — Mon, 11 Dec 2006 16:50:16 -0600

Las Vegas Condos:

8600 West Charleston Ave, Las Vegas, NV 89117 Located at Park1 (with tenant included) Central Summerlin
10233 King Henry, Las Vegas, NV 89144 Located at Carlise at Summerlin (with tenant included) Northwest
10550 West Alexander Rd. , Las Vegas, NV 89129 Located at Chateau Versailles (with tenant included) Northwest off 215 - Great views of the Las Vegas Strip

These are primary for investment due to the current tenant lease. If you are interested in an owner occupied unit please contact me.

Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845

Hot Las Vegas MLS Listings

Olivia McClellan (Triple8 Associates Inc.) — Sat, 19 Aug 2006 19:08:57 -0500

Las Vegas Condos:

599089 - 8600 West Charleston Ave, Las Vegas, NV 89117 Located at Park1 (with tenant included)
587101 - 10233 King Henry, Las Vegas, NV 89144 Located at Carlise at Summerlin (with tenant included)
614617 - 10550 West Alexander Rd. , Las Vegas, NV 89129 Located at Chateau Versailles (with tenant included)