Whitten & Associates

Open House Today!!!! Sunday July 1

Aaron Whitten (Universal Realty) — Sun, 01 Jul 2007 11:49:35 -0500

Join us for refreshments, answers to your real estate related questions by industry leaders and an open house in fantastic Whitney Ranch, at one of the most well maintained properties I have EVER seen!

Sunday July 1st between 11:00 and 3:00pm

Also, enter to win $100 dollar Home Depot gift card!

We will see you there!

1429 Hawkwood Rd
Henderson, Nv 89014

At Sunset and Stephanie, head west on Sunset to Whitney Ranch, head north on Whitney Ranch to Hawkwood, head east on Hawkwood to property on right.

For those who can't wait! Check out our website for a virtual tour and full details on this exquisite property.

Housing Bounces Back: Here are the Signs

Aaron Whitten (Universal Realty) — Wed, 20 Jun 2007 14:06:02 -0500

Several factors suggest that housing is looking better, after a year when a slump has had a hold on not only housing but also economic growth in general.

Here are some of the signs that things are starting to look up:

Sales of new homes soared 16.2 percent in April, the largest monthly gain in 14 years, reaching an annual rate of 981,000.

Total single-family sales - both new and existing - during the first four months of the year have averaged 5.5 million, about the same pace as in the final four months of last year.

Through May 25, the four-week average of applications for new mortgages was at its highest level since early 2006, according to data from the Mortgage Bankers Association.

To put the decline into perspective, nationwide home prices are up 29.2 percent over the past three years and 64.3 percent over the past five years. That should be enough to comfort consumers who might be worried about the value of their homes, say Business Week Magazine analysts,.

Source: Business Week, James C. Cooper (06/11/07)

Mortgage Application Activity, Rates Increase

Aaron Whitten (Universal Realty) — Wed, 20 Jun 2007 14:04:56 -0500

The Mortgage Bankers Association's seasonally adjusted index of home-loan application activity rose 6.6 percent to 666.5 for the week ended June 8. The index of purchase activity advanced 7.2 percent, while refinancing activity bumped up 5.6 percent.

Meanwhile, mortgage rates climbed to an 11-month high, with the average 30-year fixed mortgage rate hitting a 10-month high of 6.84 percent, according to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.27 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing increased by a similar amount, to 6.53 percent. Adjustable rate mortgages were no different, with the average one-year ARM nosing higher to 6.19 percent and the 5/1 ARM bounding up to 6.67 percent.

Mortgage rates staged a significant increase over the past week, and it came in the absence of any major economic data. Instead, rising interest rates overseas proved to be the catalyst, even though the Federal Reserve stands pat here at home, Bankrate said. Higher interest rates and strong economic growth in other parts of the world could force Uncle Sam to pay higher yields to attract funds from foreign investors.

Fixed mortgage rates have increased more than one-half percentage point since mid-May. At the time, the average 30-year fixed mortgage rate was 6.32 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,023.46. With the average 30-year fixed rate now 6.84 percent, the same loan originated today would carry a monthly payment of $1,080.08.

Fixed mortgage rates still remain the better refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.

Source: Bankrate.com, Mortgage Bankers Association

Foreclosures Hit 37-Year High

Aaron Whitten (Universal Realty) — Wed, 20 Jun 2007 14:03:55 -0500

More home owners entered the foreclosure process during the first three months of 2007 than during the record-setting final quarter of 2006, according to a report by the Mortgage Bankers Association.

The MBA's Chief Economist Doug Duncan predicts that delinquencies would continue to rise, peaking later this year. He also points out that the rate would have fallen if it weren't for substantial increases in seven states.

"The percentage of loans in foreclosure would be well below the average of the last 10 years were it not for Ohio, Michigan, and Indiana," Duncan says. "And the rate of foreclosures started nationwide would have fallen were it not for the big jumps in California, Florida, Nevada, and Arizona. Those states have special circumstances that do not reflect what is happening in the rest of the country."

Seasonally adjusted, 0.58 percent of loans entered the foreclosure process last quarter, compared with 0.54 percent in the fourth quarter of 2006 and 0.41 percent in last year's first quarter. The rates for the past two quarters are the highest in the survey's 37-year history.

- REALTOR® Magazine Online and The Wall Street Journal, Damian Paletta and James R. Hagerty

Newly Listed!

Aaron Whitten (Universal Realty) — Wed, 20 Jun 2007 13:47:28 -0500

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89014-Henderson

(Whitney Ranch)

MLS #729819 FOR SALE
$349,900 Immaculately Maintained!

	Universal Realty

	Universal Realty Email Aaron Work: 702-938-7700 Cell: 702-354-9637 Fax: 702-938-7701
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Address: 1429 Hawkwood Rd Type: Residential Style: 2 Story Bedrooms: 4 Bathrooms: 3 Living Area: 2,133 square feet Year Built: 1991 More Details

	Description


Welcome home to perfection! Enter to this warm and inviting yet open and spacious home. Upon entry you'll find yourself admiring the custom built in cabinetry, beautiful hardwood flooring and exquisite wainscoting and baseboards. Step down into the open and spacious formal living room with gas or wood burning fireplace, large picture windows, cathedral ceilings, and brand new luxurious carpeting. To your left you’ll find the home’s formal dining room that is sure to impress with its dramatic vaulted ceilings. Next you'll enter the spacious kitchen with island, walk in pantry and custom stained cabinetry. Adjoining is the family room with more custom built-ins and access to the rear yard through custom french doors. The downstairs bedroom has its own entrance and is convenient to the guest bathroom with shower. Upstairs you'll find a jack and jill bathroom with double sinks for the two guest rooms, and a large and spacious master suite with double door entry, dual walk-in closets, and double sinks in the spacious bathroom. Exiting to the rear yard is like stepping out into your own private park! A tranquil pond surrounded by lush low maintenance landscaping greets you as you step out onto the large stucco and tile roofed patio cover with two ceiling fans and recessed lighting. Or enjoy the open air on the separate uncovered patio. This home is the epitome of turn-key, the sellers have thought of everything, new carpet, warm/neutral colors, built in storage in the garage, upgraded raised panel doors throughout, it even has two BRAND NEW central air units. An absolutely fantastic home located in a wonderful neighborhood. Conveniently set in beautiful Whitney Ranch, this home is an ABSOLUTE must see. Call today for a private showing, or come by Sunday July 1st for our open house as well as complimentary refreshments and answers to your real estate questions by industry leaders in real estate, escrow and finance. More Description

Brokered and Advertised by Universal Realty LID 1122392

Information is deemed to be correct but not guaranteed.

Architects Say Residential Business Stays Brisk

Aaron Whitten (Universal Realty) — Wed, 20 Jun 2007 13:43:41 -0500

Here's more evidence that the housing market is stabilizing. The Architecture Billings Index rose to 55 last month, up from 52.6 in April and the fourth consecutive monthly increase, the American Institute of Architects said.

Numbers above 50 indicate growth.

Residential construction posted the largest gains and the most activity was in western states. Construction activity tends to lag architects' billings by nine to 12 months, the group noted.

Source: Reuters News, Scott Malone (06/20/2007)

Real Estate Pro Shares Secrets of Luxury Home Marketing

Aaron Whitten (Universal Realty) — Tue, 05 Jun 2007 14:20:09 -0500

The best way to sell a luxury property is to make top-producing real estate professionals aware that it's for sale, says Nancy Cook of Kuper Sotheby's International Realty, which specializes in high-end properties.

Cook, who is selling a $7.5 million home in Austin, Texas, recently invited real estate professionals from Dallas, Austin, Houston, and San Antonio to a lunch and open house at the home. More than 100 practitioners attended.

Sending out invitations gave Cook a chance to distribute the eight-page color brochure that she had printed for the property, which is likely to generate more leads than the party itself, she says.

After the party, Cook sent pictures from the luncheon to a real estate trade publication in Austin - a simple way to get free publicity, she adds. She also asked each of the practitioners to give her the names of five potential buyers, or people who know potential buyers, so that she can host a cocktail party at the house later this month.

Jason Glast of the Phyllis Browning Co. agrees that networking and cooperating with other agents is important. "You have to play well with the [real estate] community," he says. "That's why [practitioners] who are hostile or overly competitive, I don't see how that helps their clients."

Source: San Antonio Express-News, Rachel Stone (06/01/07)

Public Housing Complex Goes Green

Aaron Whitten (Universal Realty) — Tue, 05 Jun 2007 14:19:08 -0500

In a California public housing complex, there are no utility bills - the place is powered by solar. The landscape is edible, with grounds that include sage, rosemary, and lemon trees. And, tenants of this 56-unit Solara in Poway pay 40 percent below market.

In California, public housing is the green wave of the future.

"It's really an innovative project. It serves as a living, breathing ... model," says Adam Gottlieb of the California Energy Commission. "Not only are they building smart and fighting climate change, but they are reducing greenhouse gases for the rest of us."

The project was designed by Global Green USA, a nonprofit that combats global warming and nuclear proliferation. The complex boasts the following key features:

Carport shade structures that hold solar panels to convert the sun's rays into electricity that powers virtually the entire complex.

Buildings situated to take advantage of southern exposure.

Windows offering cooling cross-ventilation.

Tankless water heaters.

Water-saving dual-flush toilets.

Dual-paned windows.

Heat-reflecting roofs.

Nontoxic formaldehyde-free insulation.

Non-Freon-fueled air conditioners.

Source: San Diego Union Tribune, Lisa Petrillo (06/02/07)

Nationally, Average Home Prices Inch Up

Aaron Whitten (Universal Realty) — Tue, 05 Jun 2007 14:11:56 -0500

Homes prices increased gradually in the first quarter of 2007, according to figures released Thursday by the Office of Federal Housing Enterprise Oversight, the agency that oversees Fannie Mae and Freddie Mac.

Average home prices rose 0.5 percent in the January-March period, compared with 2.2 percent in the first quarter of 2006. Year over year, home prices were 4.3 percent higher this year than last.

"Nationwide, house prices continued to rise in the first quarter of 2007, albeit at the lowest rate in 10 years," OFHEO Director James B. Lockhart said in a statement.

Two states, Massachusetts and Michigan, had home-price declines over four consecutive quarters, the first time in seven years that has occurred, according to the OFHEO.

Source: The Associated Press, Marcy Gordon (05/31/07)

Vacation Home Owners Beware Where You Call Home

Aaron Whitten (Universal Realty) — Tue, 05 Jun 2007 14:10:35 -0500

Vacation home owners who have residences in different states should be careful to make clear which house they call home, or they may trigger state income taxes in both places.

"It's an issue today with people shopping for low tax jurisdictions," says Dan Meehan, a tax partner at New Jersey-based J.H. Cohn LLP, an accounting, auditing, and consulting firm.

Meehan recommends that those who move from high-tax states to one with lower taxes take care to switch addresses on passports, voter registrations, automobile, registrations, and driver's licenses. They should file federal income-tax returns from their preferred address. It's also important that people spend more than six months in their chosen state and keep good records so they can demonstrate that.

Seven states - Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming - don't have a personal income tax. New Hampshire and Tennessee have only a very limited tax on some items.

Source: The Wall Street Journal, Arden Dale (05/31/07)

NAR Index: Market Shows Signs of Stabilizing

Aaron Whitten (Universal Realty) — Tue, 05 Jun 2007 14:08:48 -0500

forward-looking indicator based on pending home sales shows the housing market could edge down but appears to be in the process of leveling off, according to the NATIONAL ASSOCIATION OF REALTORS^®.

The Pending Home Sales Index, based on contracts signed in April, stood at 101.4, down 3.2 percent from an upwardly revised March reading of 104.8. The index is 10.2 percent lower than April 2006 when it registered 112.9. The revised March index was 10 percent below a year earlier.

Lawrence Yun, NAR senior economist, says the current index appears to be a fair representation of overall housing market conditions. "It looks like we may be leaving a period of market disruptions," Yun says. "For the past two months the pending home sales index has been similar in year-ago comparisons, which means home sales might ease but should be fairly stable in the months ahead."

Will Sales Bounce Back?

In April, existing-home sales declined in part because some subprime lenders went out of business and disrupted the market, Yun says.

"But the impact appears to be diminishing and mortgage applications have risen in the last month," he notes. "This tells us that some borrowers who originally planned to finance with subprime mortgages are finding suitable loans in the conventional market, which will help to stabilize home sales."

On the other hand, Yun says psychological factors seem to be holding buyers back as they look for clear signs that the market has bottomed. That varies from one area to another, he adds.

Across the Region

The index is based on pending sales of existing homes; a sale is listed as pending when the contract has been signed but the transaction has not closed. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Here's what the index indicated by region:

Midwest: rose 2.3 percent in April to 98.1, but was 4.4 percent below a year ago.

South: increased 0.7 percent from March to 116, but was 10.4 percent below April 2006.

West: fell 10.2 percent in April to 91.4, and was 11.7 percent lower than a year ago.

Northeast: dropped 10.4 percent from March to 89.3, and was 15.4 percent below April 2006.

- REALTOR® Magazine Online

A Warning to Those Who Use 1031 Exchanges

Aaron Whitten (Universal Realty) — Thu, 31 May 2007 14:03:00 -0500

Investors using 1031 exchanges to defer capital-gains taxes on an investment property they have sold can run into trouble if the Internal Revenue Service-required qualified intermediary, known as a QI, has financial trouble.

IRS regulations say that investors can't touch the money from the sale of an investment property and must use a QI to manage the money while their search for a "like kind" property to invest in. The IRS doesn't place restrictions on where the money is invested.

In the past year, at least two independent QIs have allegedly misappropriated client funds. In one case, businessman Donald McGhan is accused of operating a Ponzi scheme with money in his care - he lost more than $95 million of customer proceeds. The 1031 Tax Group has filed for bankruptcy protection after its principals lost $151 million through bad investments and loans.

The Federation of Exchange Accommodators, the qualified intermediaries' industry-trade group, says it has been working with states and the federal government to enhance oversight of the industry.

Source: The Wall Street Journal, Peter Lattman and Kemba Dunham (05/26/07)

Mortgage Applications Up Despite Higher Rates

Aaron Whitten (Universal Realty) — Thu, 31 May 2007 14:01:34 -0500

Mortgage applications continue to climb steadily, rising 1.6 percent last week compared to the previous week, as measured by the Market Composite Index reported by the Mortgage Bankers Association.

On an unadjusted basis, the number of mortgage applications was up 23 percent compared with the same week one year ago.

The refinance share of mortgage activity increased to 42.3 percent of total applications from 42.1 percent the previous week.

The average interest rate for 30-year fixed-rate mortgages increased to 6.23 percent from 6.13 percent. The average interest rate for 15-year fixed-rate mortgages increased to 5.96 from 5.81 percent. The average contract interest rate for one-year ARMs increased to 5.72 from 5.61 percent.

Source: REALTOR® Magazine Online

Do-It-Yourself Mold Tests Can Prove Useful

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:58:34 -0500

Some do-it-yourself mold test kits are a simple and inexpensive way to uncover a mold problem. But choose carefully, as other are a waste of your money, says mold specialist David C. Straus, a professor of microbiology at Texas Tech University.
The simplest and most effective tests, he says, are those that rely on a piece of adhesive to transfer a mold sample to a Petri dish filled with a nourishing growth medium. After the mold grows, the user sends it to a lab where it is identified and evaluated. The lab also provides advice on removal. Cost is about $50.

Tests that purport to capture mold from the air are not worth the money, Strauss says, because most homes have a significant amount of mold spores that fly in from the outdoors but aren't growing in the house.

Miami: Where Road Rage Reigns Supreme

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:55:37 -0500

Miami has the rudest drivers, according to the annual Driver's Seat Road Rage Survey, commissioned by auto club AutoVantage.

This is the second year Miami claimed the road rage top spot, followed by New York City, Boston, Los Angeles and Washington, D.C. The most courteous cities with the least road rage were: Portland, Ore., Pittsburgh, Seattle/Tacoma, St. Louis and Dallas/Ft. Worth.

The survey defined road rage as:

Angry or upset drivers, including out-of-control drivers and drivers who lose their temper.
Bad or aggressive driving, including bad/careless/crazy and/or rude driving, cutting into lanes, cutting people off, tailgating, speeding and/or honking.

- REALTOR® Magazine Online

U.S. Homes Still Mean Big, Bigger, Biggest

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:53:15 -0500

Despite shrinking families, American homes just keep getting bigger.

One in five U.S. homes had at least four bedrooms in 2005, up from one in six in 1990.

Utah leads the nation with nearly 40 percent of homes having at least four bedrooms, according to a report Tuesday by the Census Bureau. Demand is high in part because Utah has more people per household (3.07) than any other state.

States with nearly as high a percentage of four-bedroom homes include Maryland, Virginia, Colorado and Minnesota. Arkansas had the smallest share, at 12.6 percent.

American homes, on average, are nearly twice as large as those in many European countries, including Britain, France and Germany. Only Luxembourg comes close among European nations, with average homes about three-quarters the size of those in the United States.

-Associated Press, Stephen Ohlemacher and Paul Foy (05/22/2007)

New Home Sales Surge in April

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:51:07 -0500

Sales of new single-family homes jumped 16.2 percent in April, the largest increase in 14 years, but the median price fell 11.1 percent, marking the largest one-month decline on record, according to the Commerce Department.

Analysts regarded the mixed signals cautiously, saying that troubles in the subprime market could further crimp demand in coming months.

''What you're seeing is the blue-light special,'' says Pat McPherron, an economist with Moody's Economy.com. ''The only way this market is going to move is by price cutting.''

The strength in new-home sales was led by a 27.8 percent increase in the South. Sales were also up in the West by 8.5 percent and in the Northeast by 3.8 percent. In the Midwest, sales fell 4 percent.

Meanwhile, April's median new-home price of $229,100 made the record books as the largest-ever month-over-month decline, as well as the biggest year-over-year drop (10.9 percent) since 1970.

Source: The New York Times (05/25/07)

Amex Says, 'Pay the Mortgage with Plastic'

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:50:02 -0500

American Express Co. is announcing today that cardholders will be able to pay their mortgages using plastic - and get credit-card rewards for doing so.

American Home Mortgage Investment Corp. and IndyMac Bancorp Inc., two of the top 10 residential-mortgage originators, are the first lenders to sign up for the program.

Participants will be charged a one-time fee of $395 paid to the mortgage lender to cover account management. Once enrolled, the cardholder will earn cash back, airline points or other types of rewards offered by their American Express card.

A cardholder with a $2,500 monthly mortgage would amass 30,000 card points a year.

-The Wall Street Journal, Lingling Wei (05/23/2007)

Restoring a Historic Home? Don't Expect a Profit

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:48:10 -0500

Experts in the restoration of historic dwellings say the process consumes much time, energy, and money; and home owners cannot expect to profit from the transformation.

It cost nearly $300,000 for Mike and Cindie Pappas to restore the 1866 farmhouse they purchased in Fairfax City, Va., in 2003 for $360,000. Despite its location outside of a historic district, Historic Fairfax City Inc. required the Pappases to preserve the home's Mansard roof and log floor joists.

Historic properties often are in poor condition, needing many new components and repairs; and home owners who abide by regulations requiring them to use original building materials and preserve the original architecture are forced to weed through mail-order catalogs, architectural salvage yards, and stores devoted to historical building products.

In addition to the hassle of obtaining building permits, approvals from local historic commissions, and state and federal tax credits, restorers must make personal sacrifices, with the Pappases living in a single room with their two kids during the three-year restoration process.

Flipping historic homes at a profit is virtually impossible, as Steve Habetz says the 1825 Greek Revival property in Fairfield, Conn., that he bought and restored for $2.55 million would not command $3 million on the open market.

Source: Investor's Business Daily, Brad Kelly (05/18/07)

How to Sell a Modest Home in an Upscale Area

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:42:11 -0500

If you are selling a "C-level" house in an "A level" area, what's the best way to market the house?

"You're never going to get as much for your house as you do the big boys, the people with the 'A' houses," says Mark Nash, a Coldwell Banker associate and author of 1001 Tips for Buying and Selling a Home. "But on a square footage basis, you could get even more per square foot - assuming you present your house well."

Here are some pointers from Nash:

Price carefully. "Sellers who overshoot on price at the outset can be severely penalized later in the game - especially if their houses remain unsold for a lengthy period," says Joan McLellan Tayler, the author of several real estate books.

Consider hiring a landscape designer to create an overall plan for the yard, emphasizing blooming plants.

Pay attention to the details. Paint colors, faux finishes, and specialty wallpaper sell homes in posh neighborhoods.

Focus on the floors. Quality carpet or hardwood floors are expected. Nash is partial to hardwoods. "They speak volumes about [the home owner's] good taste," he says.

Rely on an interior decorator familiar with the neighborhood. "An interior designer can help you bring your look up to the neighborhood standard in one swoop - making your return on investment tremendous," he says.

Source: Universal Press Syndicate, Ellen James Martin (05/24/07)

THE LUXURY HOMES TOPPING THE MARKET

Aaron Whitten (Universal Realty) — Mon, 28 May 2007 13:40:24 -0500

America's priciest real estate is just getting more and more expensive. Why? A good mega-mansion is hard to find.

"God's not making any more land. [Trophy properties] are a true microeconomy with much less supply than demand," says Mauricio Umansky, an associate at Hilton & Hyland in Beverly Hills, Calif.

Many of the deals are done in cash - and as in lesser markets, some of the properties sell quickly and some don't.

"Think of it this way," Umansky says, "I could put three mega-yachts in a line - one contemporary, one traditional, and one Mediterranean. I don't know which one is going to sell because I don't know which one Larry Ellison or Bill Gates is going to pick."

Here are the top 10 priciest properties for sale in the U.S.

1. Hala Ranch Aspen, Colo., $135 million: Owned by Prince Bandar bin Sultan bin Abdul Aziz, former Saudi Arabian ambassador to the United States, this 95-acre estate boasts a 56,000-square-foot, 15-bedroom, 16-bathroom mansion.

2. Fleur de Lys, Beverly Hills, Calif., $125 million: Suzanne Saperstein's 45,000-square-foot home is modeled after Louis XIV's palace at Versailles.

3. Maison de L'Amitie, Palm Beach, Fla., $125 million: In 2004 Donald Trump bought this property at a bankruptcy auction for $41.25 million. The refurbished version comes complete with a ballroom, conservatory, 100-foot-long ballroom, and 475 feet of ocean-front.

4. Tranquility, Lake Tahoe, Nev., $100 million: On the tax-free Nevada side of Lake Tahoe, this 210-acre property is owned by Joel Horowitz, co-founder of Tommy Hilfiger. The 20,000-square-foot main house is modeled after a northern European mountain home and has a 3,500-bottle wine cellar.

5. Three Ponds, Bridgehampton, N.Y., $75 million: This home on 60 acres features its own USGA-rated Rees Jones golf course. Surrounding the main house are 14 gardens, a 75-foot-long swimming pool, golf pro shop, grass tennis court, and a guest house.

6. The Portabello Estate, Corona del Mar, Calif., $75 million: Built in 2002, this home has eight bedrooms and 10 full baths in nearly 30,000 square feet of ultra-modern space on a triple ocean-front lot along the Pacific Ocean.

7. Malibu, Calif., $75 million: A beach home located on a flat seven-acre lot with two riding stables, a riding ring, swimming pool, tennis court, and private access to the beach.

8. The Pierre Penthouse, New York City, $70 million: This penthouse occupies the top three floors of one of the most posh hotels in New York, located on the edge of Central Park. The balconies and windows have 360-degree views of Manhattan, Central Park, the East River, and the Hudson River.

9. Belvedere, Calif., $65 million: This six-bedroom, 10,000-square-foot home offers breathtaking views of San Francisco, Angel Island, the Golden Gate Bridge, and the bay.

10. San Francisco, $65 million: This limestone mansion's neighbors on billionaires' row are the Getty family.

Source: Forbes.com, Matt Woolsey (05/23/07)

Las Vegas Market Conditions

Aaron Whitten (Universal Realty) — Sat, 19 May 2007 16:03:49 -0500

We have added a new page to the website! See current market conditions in your area. Including market aprreciation and month to month comparisons visit http://www.primevegasrealestate.com/Market_Report/page_1849693.html

Bank of America Rolls Out No-Fee Mortgage

Aaron Whitten (Universal Realty) — Sat, 19 May 2007 16:02:31 -0500

Bank of America on Tuesday will begin offering nationally a no-fee mortgage, which will eliminate most of the charges that add a few thousand dollars to every closing.

Bank of America, which is the nation's second largest lender by assets, has been offering this mortgage in Washington state since September. In February, it expanded the program to eight additional states. Tomorrow, it will begin advertising the "No Fee Mortgage Plus" nationally.

The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. The loans aren't available to sub-prime customers.

Floyd Robinson, Bank of America's president of consumer real estate and insurance services, said the loan eliminates on average $3,350 in closing costs on a $200,000 loan.

No other major bank appears to be offering similar loans. Robinson says the bank is able to make money by cross-selling new products. "This is about a relationship more so than about a single product sell," he says.

Source: The Associated Press, Ieva M. Augstums (05/07/2007)

Construction of Ultra-Tall Buildings Is Booming

Aaron Whitten (Universal Realty) — Sat, 19 May 2007 16:01:24 -0500

The market for skyscrapers recovered quickly after the terrorist attacks of Sept. 11, 2001. Fourteen of the 50 highest buildings in the world have been completed since the World Trade Center attacks, the majority in the last two years, according to Hamburg, Germany-based Emporis, a firm that tracks international building.

"Tall buildings are a matter of ego. Tall buildings are a sign of success," says George Efstathiou, managing partner at Skidmore, Owings and Merrill, the architecture firm behind the new Freedom Tower, the tallest building being built on the World Trade Center site, and the Burj Dubai, soon to be the world's largest "ultratall" building.

Building in Europe and America is slower than the frenzy in Dubai and China, where seven of the world's top 10 buildings are located. But Chicago, Miami, Las Vegas and Denver also are enjoying tall construction booms.

Source: Associated Press, Matt Surman (05/10/2007)

Top 10 Tax-Friendliest Cities

Aaron Whitten (Universal Realty) — Sat, 19 May 2007 16:00:15 -0500

A recent survey by the District of Columbia government identified the metro areas that take the smallest tax bite. The survey looked at the tax burden for families in the largest city in each of the 50 states and Washington, D.C.

The D.C. government in its survey accounted for local income, sales, real estate, and car/personal property taxes for couples at various income levels. The survey's rankings provided below from Kiplinger's Personal Finance Magazine are based on a dual-income couple, with one school-age child and a combined gross income of $75,000 in 2005.

Here are the 10 metro areas that under those circumstances claim the lowest percentage of taxes.

Anchorage, Alaska: 4.1 percent
Cheyenne, Wyo.: 4.3 percent
Jacksonville, Fla.: 4.6 percent
Las Vegas, Nev.: 5.4 percent
Honolulu, Hawaii.: 5.6 percent
Memphis, Tenn.: 6.1 percent
Sioux Falls, S.D.: 6.3 percent
Fargo, N.D.: 6.3 percent
Houston, Texas: 6.3 percent
Billings, Mont.: 6.7 percent

Not surprisingly, seven of the top 10 cities above are in states with no income tax.

Source: Kiplinger Personal Finance (05/07)